Pakistan’s Economy: Lessons From South Korea

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Pakistan’s Economy: Lessons From South Korea - The Diplomat

Quick Summary:

Pakistan could look to South Korea as a blueprint for economic development by emphasizing efforts to nurture the private sector.

The top three chaebols in South Korea spent an average of 8.2 billion euros in 2022 on research and development, ranking the country fifth worldwide in R&D expenditures.

As Pakistan embraced nationalization to improve wealth distribution, South Korea’s government embarked on a different path, supporting its chaebols by enabling technology partnerships, licensing, and investing in infrastructure, all within a supportive regulatory framework.