글로벌 경제의 '승자' 한국, 한성숙 총리 지명으로 새로운 도약의 기로에 서다 > K-wave Trends

The primary contributor to the South Korean economy's success in the global market is undoubtedly the semiconductor industry, which has grown explosively on the back of the AI boom. As demand for memory semiconductors—essential for building AI infrastructure—surges, Samsung Electronics and SK Hynix are leading the global market, serving as the core engine driving national export performance. Furthermore, South Korean companies hold a unique position in the ultra-high voltage transformer market, which is essential for meeting the power demands of AI data centers. Companies like Hyosung Heavy Industries, HD Hyundai Electric, and LS Electric are accumulating massive order backlogs in line with the global trend of power grid expansion, recording such rapid growth that they are being called the "second semiconductor." This boom in strategic industries is translating into remarkable macroeconomic indicators, including record-breaking exports and a 3.6% GDP growth in the first quarter, going beyond mere corporate profits.

The shipbuilding and defense industries have secured South Korea's exclusive competitiveness by accurately tapping into external variables such as the global security environment and energy transition. The global security anxiety heightened after the Russia-Ukraine war served as an opportunity to prove the reliability and timely delivery capabilities of South Korean weapons, further solidifying the position of the Korean defense industry as an alternative to Western weapon systems. Additionally, the shipbuilding industry has secured a duopoly with China by preempting demand for eco-friendly vessels. Its technological edge is so firm that even the United States has acknowledged the limitations of its own shipbuilding industry and requires South Korea's construction capabilities. The vitality on the ground, with shipyards in Geoje operating at over 100% capacity, proves that South Korean manufacturing still maintains world-class production efficiency.

The success of industries based on soft power, such as cosmetics and tourism, is a prime example of how much the scope of the Korean economy has expanded. Korean cosmetics have now become a global export item on par with France, which is closely linked to the global spread of K-Culture. The surge in foreign tourists has transformed Korea into a hub for attractive consumption and tourism, injecting significant vitality into the domestic service market. Although traditional industries like steel and petrochemicals are facing a double whammy of high oil prices and China's low-price offensive, these new growth engines are acting as a buffer for the overall economy, supporting the resilience of the Korean economy.

The nomination of Han Seong-sook as Prime Minister, a political decision to sustain these economic achievements, has been warmly welcomed by the business community. The six major economic organizations evaluated Han as the "right person to lead innovation and growth" due to her unique background. As a first-generation IT expert who led Naver's growth and as the inaugural Minister of SMEs and Startups for the current administration, her experience in both the language of the private sector and the reality of policy implementation is a major strength. In particular, there is a widespread expectation in the business world that as someone who understands corporate challenges better than anyone else takes the helm of the administration, the creation of a business-friendly environment and regulatory innovation will gain momentum. This is interpreted not as a mere political appointment, but as a pragmatic and professional choice to respond to the era of a technology-centered economic transformation.

Of course, existential threats that must be resolved still loom before the Korean economy. It is a painful reality that as China rapidly transforms from a simple low-cost production base into a high-tech powerhouse, the comparative advantage of existing key industries such as machinery, batteries, and displays is being shaken. Furthermore, structural problems such as high inflation, high youth unemployment, and dependence on imported energy remain tasks that hold back growth. As Professor Kim Young-han warned, industries that fail to maintain technological competitiveness are bound to be weeded out of the market, so South Korea must accelerate innovation more fiercely than ever. If Han takes office as Prime Minister, it will be most important for her to exercise policy leadership that overcomes these structural crises and creates future growth engines through close communication with businesses.