Academic studies are sometimes not enough to develop an understanding of the reasons behind the rapid development of South Korea. With the aim of enhancing the story behind the financial and industrial development of South Korea, on August 23rd, 2018, with the guide of Professor Kwangwoo Park and Professor Joo-Hoon Kim, 21 international students from the FMBA program including 19 KOICA students and 2 international students visited the most significant financial institutions located in Busan, namely, the Korean Stock Exchange, Korea Security Depository and Korea Asset Management Cooperation and POSCO, the fourth largest steelmaker in the world in Pohang.

In the morning of August 23rd, 2018, professors and students departed from Seoul Station for Busan on the KTX. After arriving in Busan, students enjoyed the spectacular seascape and had a wonderful meal. In the afternoon, students visited the Busan International Financial Centre (BIFC) which was ranked 24th in Global Financial Centre Index in 2015. During the time at BIFC, students were able to visited three financial institutions, the Korean Stock Exchange, Korea Security Depository and Korea Asset Management Cooperation. Events included an introduction to the history of the Korean stock market, and speeches from special guests from the Korea Security Depository and Korea Asset Management Cooperation. Students not only enhanced their knowledge of the background of the development of Korean financial market, but also developed a better understanding about the future perspectives and global network of the Korean financial industry.

After visiting those three significant financial institutions, the group headed to another beautiful city- Pohang. The next day, students visited the miracle of the steel industry- POSCO (Pohang Iron and Steel Company), established in 1968. POSCO was the first destination in this journey of discovering the economic tools of development. With the introduction given by a staff member from the Global Relations Department and the detailed tour of one part of the operation of the company, students gained special insight into the reasons behind POSCO’s success.

Upon returning to KAIST, Muhammed Zohaib Alvi (FMBA 2017/Pakistan) commented “The whole trip was planned and handled exceptionally well. I learned a lot about the background, the operations and the objectives of each of the places we visited. The hospitality of all of our hosts was also remarkable. They gave in-depth answers to our questions about their operations and all of them provided us with souvenirs to take with us. The food and facilities during this visit were amazing. I would like to thank Professor Park, Professor Kim and Ms. Lee for this amazing and thoughtful visit.”

Olga Lucia Delgado Del Hierro (FMBA 2017/Ecuador) also remarked “After a hot summer in Seoul, our visit to the financial center in Busan and POSCO in Pohang was such an adventure. Knowledge, experiences, smiles, pictures here and there… Not even the typhoon stopped us from learning and having fun too!”

After visiting the 3 financial institutions and the leading steel corporation, the students returned to Seoul with insight into Korea’s success.


Written by Hiu Ching Chau, Student Reporter, KGSF International Alumni Newsletter