To understand the miracle of the Han River, analysis through books and cases sometimes is not enough. For Korea, key decisions at the right moment allowed the nation to experience one of the most outstanding economic periods of growth in the world.

On May 24th 2017, KOICA and international students from Finance MBA Program were able to experience this economic development by themselves. This was made possible by visiting two of the most important companies and pillars of change in the productive matrix in Korea. Since the country started investing in sectors that are more technology-intensive, POSCO and Hyundai Group, among other companies, were the ones in charge of taking the lead in this development. Hence, visiting these two companies was the beginning for the students to understand this important economic phenomenon.

In the morning of the 24th, the students departed from KAIST for a 5 hours trip to the city of Pohang. POSCO (Pohang Iron and Steel Company) was the first destination in this journey of discovering the economic tools of development. POSCO was established in 1968 as a joint venture between the Korean Government and a Korean private company. Through an extensive tour and a detailed explanation of the operation of the company, the students were able to understand why the government at that time decided that self-sufficiency in steel and an integrated steelworks system were essential for economic improvement.

The next morning, the students left for Ulsan, also called Hyundai City. The first destination was Hyundai Motor Company, a firm established in 1967. Through a 70 minutes tour, students could witness the automobile manufacturing procedure, which includes stamping, welding, painting, assembly and inspection processes. The students’ astonishment could be observed when visiting Factory 3, the world’s largest scale single plant, capable of producing a million units yearly. Amazed by the volume, technology, and level of car production, the visitors left Hyundai Motor Company to enjoy a pleasant seafood buffet lunch before their visit to the place that left the adventurers completely mesmerized.

The final destination started with the history of ‘Asan’ Chung Ju-yung, a leader who devoted himself to create the company that is now the largest shipbuilder in the world. Starting from delivering rice, he created one of the biggest conglomerates in South Korea. Hyundai Heavy Industries is an example of how a company can be a key for development and success of a company, of a nation and an entire society.

With ideas and reflections to meditate on, the students returned to Seoul.