Gave a speech in Seoul today at a conference dealing with Globalisation and the Korean Financial Sector, and shared my podium with a cartoon cat that very nearly stole the show! The speech - "Mastering Globalisation: as simple as A-B-C?" focused on three attributes needed to be considered global - A - Attitudes, B - Brand, C - Competitive.
Korea sends mixed messages to the world about its commitment to Globalisation. On the one hand we have the Government regularly proclaiming that the Korean economy is wide open (a view vigorously reinforced today by Kim Yong-Duk, Economic Advisor to the President), and the lingering perceptions that an "us" versus "them" attitude still prevails; where off-handed comments from some officials that it is foreigners who are reaping the profits from the recent bull market, while domestic investors lose money and where, in the words of the Financial Times, Korea "..wants the capital, but not the capitalists".
As my central theme I used HSBC (as you might expect), as an example of an organisation that had opened itself widely to an international market place, and compared it with Korea Inc., which shows a blushing bride attitude - not sure whether it should be excited or terrified of the prospects ahead - and Dubai as a country which in terms of its "internationalism" had almost gone to the other extremes - why else would they be prepared to have a foreigner as the Chairman of the DIFC.
Korea must realise that it does have advantages that would enable it to become the financial hub it craves. For a start, look at where it is geographically located and the economies on either side of it. But it needs to look outwards more.
The fine "words" are okay, and encouraging, but it's the actions that tell you everything. Globalisation is as much a desire by the people within the country who can recognise there are advantages to going global - you cannot "legislate" for globalisation. People who recognise that the participation of foreigners in the domestic market place is not a threat but a vote of confidence in the future of Korea.
Oh..., and "Hello Kitty"? - Used as a prop to demonstrate the power of the brand; of the time when this particular and very friendly looking toy had bigger and better brand recognition, was more respected and had better top of mind recognition, than HSBC - and it was not so long ago at that. And she was also there to help demonstrate how "global" the world is today when I pointed out to the audience that they had just spent 25 minutes "listening to a retired Scottish banker from a former British colony that is now a Chinese Special Administrative Region drawing on his Middle Eastern experiences and all the while sharing the podium with a Japanese cartoon character." Honestly, what one will do to raise a laugh!!
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