South Korea is moving towards a “creative economy” in the hope that it will help the country curb its reliance on the chaebol
firm and South Korea’s most valuable startup, occupies the upper 20 floors of a skyscraper in Jamsil, a district in southern Seoul. The lower floors are still used by affiliates of Hyundai, the country’s second-biggest conglomerate, whose engineering arm built and operates the building. Coupang employees joke that it is easy to spot anyone who works for Hyundai in the weekday-morning jostle for the lifts.
Factory closures in China, where industrial output fell by more than 20% in January and February following the covid-19 outbreak, have had knock-on effects on Korean firms that depend on parts from there. Hyundai, which makes more than half the country’s cars, saw a 13% drop in global sales in February compared with 2019 and disruption to the production of around 120,000 vehicles as Chinese suppliers shuttered their factories.
It is responding to the covid-19 outbreak equally vigorously. Among other measures, the government launched a stimulus package of 11.7trn won, a financing plan worth 100trn won to help small businesses and a fund to stabilise bond and equity markets, similar to one it set up to cope with the crisis of 2008. If these measures work, the shock from the virus may be only temporary, says Mr Park.
Can the startup economy deliver? Like everything in South Korea, its development has been swift. When Coupang was founded in 2010, the country barely had a startup industry. Just five years ago, there were only 80 startups that had raised more than $1m from investors. Today there are nearly 700, including around 200 that have raised more than $10m and ten “unicorns” valued at more than $1bn .
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