To embrace this challenge and exploit it as an opportunity to press forward the development of the Korean economy, the Korean people and its government should commit themselves to four major endeavors. Firstly, we must set out to constantly strengthen economic cooperation between South and North on the Korean Peninsula.
This will give us some short-term relief by softening the blow represented by the hollowing-out of manufacturing. South Korean firms should relocate their labor-intensive industrial facilities not just in the Kaesung Industrial Complex, which is now being constructed, but throughout the whole of North Korea. This will breathe new life into Korean enterprises whose competitiveness is now on the wane, and SMEs in particular.