SEOUL – Sharma Sagar is the new face of Korean manufacturing. Hes from Nepal.
Sagar studied Korean for years, competing with other candidates in his native Himalayan homeland to be chosen by a joint-government program that was set up to help South Korea supplement its dwindling labor pool.
Everyone wanted to come, said Sagar, who has been mixing materials to produce vinyl at Homyeong Chemical Industrial north of Seoul since he arrived in May. Im earning a lot here, about 20 to 25 times more than my friends back home. I want to stay here as long as possible.
With one of the worlds fastest-aging populations, South Korea has gone from a country where labor was the only abundant resource to one seeking staff to help run the plants and farms of Asias fourth-largest economy. While neighboring Japan has largely rejected imported labor as a solution to its aging work force, South Korea is beginning to accept it. Immigrants have risen sevenfold since 2000, to 2.8 percent of the population, and could make up more than 6 percent by 2030, the government said.
We should take preemptive structural action to tackle the aging population in order to avert Japans path of the so-called lost decades, said Choi Kwang Hae, a director-general at the Finance Ministry. Its inevitable that we will have to absorb foreign labor to boost our economy.
As the won strengthens and the yen weakens, some of South Koreas exporters are increasingly looking to hire abroad to cut costs and remain competitive. In the past six months, the won has gained 4.3 percent against the U.S. dollar, while the yen has fallen 16 percent.
Our factory cant operate without foreign workers, said Park Kwang Seo, director at Homyeong Chemical, which supplies packaging to Coca-Cola and coating films to Samsung Electronics. Our business is growing fast and we need to hire more to meet the demand.
The government announced steps to attract more immigrants, including easing visa and citizenship requirements and giving more social support for settlement.