Kim Dong-yeon, 'Gyeonggi Province's No. 1 Sales Executive,' Pitches 'Hidden Champions'

[Suwon Ilbo=Reporter Kim Gap-dong] Governor Kim Dong-yeon of Gyeonggi Province met with Dr. Martin Kocher, Austria's Minister of Labor and Economy, in Vienna on the 28th (local time) as his first stop on a European tour, discussing the attraction of 'Hidden Champions' investments.

During talks with Minister Kocher, Governor Kim said, "Austria is an industrial powerhouse with many Hidden Champions," and pledged, "When Austrian companies enter Gyeonggi Province, I will provide all administrative support I can."

The concept of 'Hidden Champions,' developed by German economist Hermann Simon, refers to strong yet small companies that rank in the top 1-3 global market share. Austria boasts 171 Hidden Champions (as of 2021), ranking 4th worldwide.

Austrian Hidden Champions have already entered Gyeonggi Province.

A prime example is ENGEL, a plastic injection molding machine manufacturer founded in 1945. ENGEL established Korea ENGEL Machinery in Pyeongtaek, making it an Asia-Pacific production hub, while generating job creation (170 employees) and sales (1.318 billion won last year) in Gyeonggi Province.

This is a 'win-win' for both Gyeonggi Province and the Hidden Champions.

Other Austrian Hidden Champions in Gyeonggi Province include Planze (a precision materials company) in Dongtan and Palfinger (a crane manufacturer) in Pangyo.

To expand Hidden Champions' investments in Gyeonggi Province, Governor Kim presented four areas of cooperation during the meeting: △electric vehicle components △pharmaceuticals and biotechnology △renewable energy △beauty industry.

Governor Kim stated, "Beyond these four sectors, additional cooperation in other areas should be possible," and expressed hope to "establish bilateral consultation channels to advance discussions."

In response to Governor Kim's proposal, Minister Kocher said, "These four sectors are also high value-added industries in Austria," and added, "We share mutual interest in these priority sectors."

Following his meeting with Minister Kocher, Governor Kim delivered a keynote address at the 'World Korean Business Conference' (28th session) held at Vienna Center, expounding on 'Humanomics' (People-Centered Economy) as South Korea's 'transformation strategy.'

'Humanomics' (Human+Economics) is the core strategy for the latter half of Governor Kim's provincial administration and his policy vision.

Governor Kim began his keynote by showing a photo on a PowerPoint screen from when he threw the first pitch at a San Diego baseball stadium during his May visit to the western United States.

He asked, "What is the difference between baseball and other ball sports?" and then answered, "In other ball sports, a goal scores points, but in baseball, not the ball but a person scores points. In soccer, you score when the ball goes in the goal, but in baseball, you score when a person steps on home plate."

This signified the importance of 'people,' and Governor Kim introduced the topic of 'people' using baseball as his opening.

Next, Governor Kim displayed a Newsweek cover reading 'The Koreans are coming' on the second PowerPoint slide, beginning with the 'economic DNA of Koreans' recognized by the world.

However, Governor Kim characterized the present era as "a time of economic DNA loss." This diagnosis stems from growing income inequality and imbalance. He characterized the current period as an era of "three deficiencies"—insecurity, distrust, and discontent.

Governor Kim emphasized, "The way to revive Koreans' economic DNA (in this era of loss) is through 'people-centered economy,'" and stated, "Going forward, South Korea must pursue a people-centered economy. Of course, this did not apply during the absolute poverty period of the development era when growth had to come first. But now that quantitative living conditions have been sufficiently met, we must quickly abandon (past) success experiences. If we do not change the framework of development-era economic management, it will be difficult to leap into a new stage."

Governor Kim summarized the three keywords of people-centered economy underlying Gyeonggi Province's policy initiatives: opportunity, balance, and trust.

Meanwhile, the 28th World Korean Business Conference runs from the 28th to November 1st (local time). After finishing his keynote address at the opening ceremony, Governor Kim plans to visit the Gyeonggi Province pavilion at the trade fair tomorrow (the 29th local time) to encourage provincial business leaders.

The World Korean Business Conference trade fair features 376 booths with approximately 300 companies participating, while Gyeonggi Province has 80 companies showcasing products across 51 booths—the largest scale among Korean local governments participating in the trade fair.