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Cambridge professor urges S. Korean firms to take more risks

All News 13:32 July 23, 2016

SEOUL, July 23 (Yonhap) -- A South Korean professor at Britain's Cambridge University on Saturday said local companies must take more risks to foster new growth engines, adding the government must also roll out consistent policies.

"A company with future-oriented plans will survive, but those being reluctant to make investments will endure for only a few years," Chang Ha-joon said, adding that such risk-taking efforts are also a part of the entrepreneurship.

"Although we cannot know how the scope of industries will change in the future, the companies must gamble to a certain extent," Chang added.

Chang added South Korea should also change its perception on the research and development, adding the U.S. government made progress in the semiconductor sector through a vision that took future decades into consideration.

"Companies and the government should also exchange ideas on how South Korea can compete with the U.S. and Switzerland," Chang added.

The professor also said the government must roll out consistent policies that can survive through different administrations, adding long-term research projects can only come up with results 30-40 years later.

Chang also said South Korea must make efforts to expand welfare, adding the low-birth, aging population and inequality issues may worsen down the road.


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