Korea's Green Growth Strategy: Interview with Minister of Environment Mr. Lee Man-ee

President Lee Myung-bak has put low carbon and green growth as the core of a new vision for Korea. Since his inauguration in February 2008, Korea has been preparing to become a leading country in developing green technology and achieving sustainable growth, with the growing public awareness of the importance of green energy and green technology.
The country is also concentrating on supporting research and development in alternative energy and renewable energy areas, which is to transform the entire country. Now a big change is taking place around the entire country, with a strong will to make Korea into a greener, future-leading nation.
The progress on this front has been really good, and even the UN Environment Program has praised the government for these efforts. In a recent report, UNEP has noted that Korea is not only carrying out national eco-friendly policies but also leading global efforts for green growth.
It is in this context that I met with Minister of Environment Mr. Lee Man-ee, to seek his view on the environment policies. Excerpts:

-Korea will improve the quality of environmental services with which citizens can be satisfied. To this end, the country will control hazardous materials for the public health, enhance water welfare of the economically vulnerable, create high added values of natural resources including eco-tourism, advance the weather forecast service, reduce food waste and so on.
Second, Korea will advance environmental policies, contributing to enhancing Koreas profile on the global stage. In order to meet the goal, the country will provide necessary support for a successful holding of the 2010 World Conservation Congress (WCC) so that Korea becomes an environmentally-advanced nation. On top of that, Korea will advance the environmental regulation, while at the same time expanding its support for developing nations to build their environmental capacities.
Third, Korea will put its utmost policy efforts to achieve a low-carbon society. So, it will actively promote a firstcampaign for green lifestyle among the Korean citizens. In order to cut greenhouse gas emissions, the country will strengthen its mechanism to adapt to climate change and develop renewable energy including Waste to Energy.
Last, Korea will try to remove the misunderstanding of the Four Major Rivers Restoration Project, which is a core green growth project of the government. By successfully implementing the Project, the country will restore the river-basin ecosystems and clean water.
-Green technologies are a prerequisite for sustainable growth. Therefore, the Korean government will create green growth engines with a view to improving the global competitiveness of Korean companies to become a global green leader. In addition, in order to meet the mid-term target of cutting GHG emissions and to commercialize the green technologies in a short time, the country will focus on the ten core green technologies including the next generation rechargeable battery, LED light/display, and high-efficient solar cell. For the purpose of creating new jobs, the country will support creating 1,000 venture companies based on green technologies by 2013.
-The Copenhagen Accord provides a direction to the key issues of the post-Kyoto negotiations, which were rather difficult for the state heads to agree upon. For the following negotiations regarding climate change, the Accord is expected to serve as a foundation which suggests political guidelines.
As a follow-up of the Copenhagen Accord, the global community will have to make concrete and practical outcome on climate change-related issues such as the mid-to long-term reduction targets, financial issues and MRV (Measurement, Reporting and Verification).
-The symbolic implications which COP 18 entails is significant as the conference will bridge the Kyoto protocol covering 2008 through 2012 and the post-Kyoto regime starting from 2013.
By holing COP18 in 2012, Korea will be able to advance its climate change adaptation policies and at the same time to alert Korean citizens to the urgency of climate change issues.
More importantly, Korea痴 profile will be enhanced as a green nation, which befits its national vision of Low Carbon, Green Growth. So the country will contribute to the going green of the world with its improved profile and influence on global environmental issues.
-The 5th World Conservation Congress will be held in Jeju, Korea for a 10-day period in 2012 with about 900 events containing the plenary session, regional meetings, workshop sessions, exhibitions, etc.
The participants of the 2012 WCC will have comprehensive discussions on a wide range of topics including conservation of the ecosystems, improvement of bio-diversity and climate change adaptation.
As a host of the 2012 WCC, Korea will lead the global dialogues on global environmental issues. In addition, Korea is expected to be recognized by the global community as an environmentally-advanced nation.
As more than 10 thousand participants from throughout the world will visit Korea to attend the 2012 WCC, Korea is expecting over 90 billion Korean won worth of direct economic effects.

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Investing in Vietnam: Interview- Mr. David Blackhall, Deputy Managing Director, Real Estate, VinaCapital.

With a bevy of development projects in the works, and a strong year-end performance projected, Vietnam is carving out a spot in the emerging property market. A revitalized stock marke; rebounding global economy; and strides in the nation's infrastructure are contributing to the favorable investment outlook.
To learn more about the real estate market in Vietnam and the opportunities available for foreign investors, I caught up with Mr. David Blackhall, deputy Managing Director, Real Estate, VinaCapital.
VinaCapital is one of the largest property investors and developers in Vietnam. VinaCapital Real Estate (VCRE) is the real estate advisory and development service for VinaCapital Group, which manages three closed-end funds that trade on the AIM Market of the London Stock Exchange. These funds are among the largest vehicles for investment in Vietnam, and include VinaLand Limited (VNL), with net assets of USD694 million. VNL invests in residential, retail, office, mixed use and hospitality assets across Vietnam. VinaCapital will launch a new non-listed Vietnam Real Estate LP/GP structured Fund in Q2 2010 that will `capitalize on this exciting market.
The company is responsible for managing and developing over 40 of Vietnam’s top real estate assets. In addition to a team of over 70 of Vietnam’s most qualified real estate professionals, VCRE also works closely with VinaProjects, a newly established construction and project management joint venture between VinaCapital and inProjects from Hong Kong. Together, VCRE and VinaProjects will work to deliver truly international standard real estate projects. Work is currently underway on several major residential and retail projects in Danang, and the Dai Phuoc Lotus township project in Dong Nai, near Ho Chi Minh City.
Excerpts:

Vietnam’s urban landscape is being transformed as the country undergoes unprecedented development that has seen an average annual growth rate of over 7 percent for the past decade. An important part of Vietnam’s development is the complete transformation of its urban and industrial landscape. As incomes rise, Vietnam’s growing middle class is demanding new, well-planned residential areas, and modern retail space and leisure facilities.
In the current market, the residential sector is gaining the most headlines, as middle-class consumers are showing high demand for new housing, and a second-home market has emerged for higher-end residential resort properties. The mortgage market is developing quickly, which will facilitate investment in projects focused on first home, low- and mid-range consumers (previously an area with very low margins). Demand for low- and medium-end projects in 2010 is expected to increase fourfold against 2008.
In Vietnam’s largest city, Ho Chi Minh City, CB Richard Ellis’ fourth quarter 2009 research update states that 60,000 housing units are expected to be completed by 2012, which remains far below expected demand of more than 110,000 units. By 2020, CB Richard Ellis estimates almost half a million new homes will be needed. In this environment, where demand is far outreaching supply, developers looking to bring affordable, good-quality modern housing to the market are increasing as there is great reward potential at hand.
The retail market also is an area seeing significant activity, as there is a very low supply base of modern shopping space in major cities — less than 800,000 square meters in Hanoi and Ho Chi Minh City. Vietnam rated sixth on A.T. Kearney’s 2009 list of the world’s top emerging market retail markets. There are many new developments on the drawing board, but large foreign hypermarket and supermarket chains are still actively pursuing opportunities. Sites with the right blend of size, location and cost are very hard to secure, and this has kept the pace of foreign investment in this sector relatively slow to date.
The hospitality sector was inevitably hit by the global economic slowdown. Hotel occupancy and average daily rates dropped significantly in 2009 as tourist travel to Vietnam was down 20 percent for the year. The market is not expected to fully recover in 2010; however, the long-term potential remains strong with tourist visits expected to top 5 million by 2013. Domestic travel also is increasing rapidly as more budget airlines enter the market. Currently, three- to four star business hotels in city centers are attracting the most attention from international investors.
The sector hardest hit by recent macroeconomic trends is the office market, where a significant increase in supply coincided with the global economic crisis. Vacancy across all office grades was 14.5 percent in Ho Chi Minh City at the end of 2009. Class A office buildings in Ho Chi Minh City have seen rents fall from more than US$60 per square meter in early 2008 to around US$35 per square meter currently. With a further 350,000 square meters of supply expected during 2010, rents are expected to soften an additional 10 percent to 15 percent.
For investors new to Vietnam, recognizing some of the basics is important. There are no REITs in Vietnam, and listed real estate equities are either small-cap or, if larger, are often part of diversified conglomerates that may not interest overseas institutional real estate investors. There are, however, numerous other routes to invest in Vietnam’s real estate sector. Overseas investors are usually best served by partnering with an experienced real estate developer that has in-depth exposure to Vietnam. A team with a strong network, local expertise and a deep understanding of the legal terrain is the key to overcoming Vietnam’s complex regulatory environment.
Land leases from the state or other organizations holding a land-use right can be issued to foreign investors for a maximum of 50 to 70 years (Decree 84/ND-CP) for real estate projects. Generally, a land lease is obtained through a native Vietnamese partner that contributes its right to use the land as part of its capital contribution to the joint venture. However, it also is the case that 100 percent foreign-owned entities can obtain investment licenses and land use rights for real estate development. More recently, effective from 1 January, foreigners can own a majority stake in a Vietnamese real estate joint stock company.
Despite the merits of Vietnam’s developing real estate market, there are many issues to consider. Investors should look carefully at the sector exposures and overall context of any investment platform. Investors also must pay great attention to the ability of the investment team to promptly and effectively manage the many issues specific to investing in real estate in Vietnam.
For instance, Vietnam’s legal system and regulatory framework are fast developing, but weak by international standards. There is a resulting lack of transparency in many areas, such as land resettlement, which can take two to three years depending on the scale and location of the development. Urban infrastructure in Vietnam is poor, and the pace of development is slow, so real estate developers should carefully consider the impact of transport and other types of infrastructure on their projects.
Vietnam’s government during the past two years has demonstrated an admirable ability to manage the economy and maintain a path of stable economic growth. The extreme speculation of 2006 and 2007 has been removed from the real estate market and is not likely to return in the foreseeable future. Going forward, investors and developers who are able to recognize issues early on and successfully negotiate Vietnam’s challenges will be rewarded by a market eager for a complete transformation of its built environment.
Vietnam has strong property rental and income rates compared to many neighboring countries. While investors arriving in Asia predominantly look first to China for opportunities, Vietnam offers compelling overall fundamentals with less risk of a bubble emerging as substantial growth and development of the urban environment continues. Vietnam offers a broad resource base, favorable demographics, low labor costs and a central location in Asia. Two-thirds of the population is below the age of 35, with a population growth rate of 3.4 percent per year. Vietnam has 26 million urban dwellers in 2010 (30 percent of the total population of 86 million by 2020, the country will need to provide housing, retail, entertainment amenities and office and for up to 45 million urban dwellers (45 percent of the estimated total population of 100 million).
Vietnam’s cities are low-rise and overcrowded, with outdated electricity, water and drainage services the norm. In short, a complete transformation of Vietnam’s urban environment remains in its early stages. Market yields for property owners are high compared to regional countries. The challenge for foreign investors is to navigate a complex terrain of business networks and legal frameworks that remain opaque.

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Praise a Korean's English skills and get media space

Is this news? Sometimes I wonder....

Two foreign bank chiefs said in unison that new Bank of Korea (BOK) Governor Kim Choong-soo’s English is excellent, with one of them saying that Kim would prove to be competent enough to preside over the central bankers’ meeting as part of the G-20 meeting to be hosted by Korea.
Their assessments came during a get-together Wednesday at the BOK.
The former ambassador to the Organization for Economic Cooperation and Development (OECD) greeted bank CEOs. They included Larry Klane of Korea Exchange Bank (KEB) and Richard Hill of Standard Chartered First Bank.
The head of the BOK exchanged greetings with the two. Klane said in Korean, "I am the CEO of KEB.’’ Kim responded in English and had no problem in making himself understood.
The chief executive of SC First Bank praised Kim’s English skills. "He was perfect. His English is top class. I’m sure he is the right person to lead G-20 meetings,’’ Hill told The Korea Times.
"As I know, his English is quite advanced. He was a Korean ambassador to the OECD, so I am sure that he can chair international meetings in English,’’ Jung Hee-sik, director general of the press office at the BOK, said.
Kim was selected to succeed Lee Seong-tae as the BOK governor starting in April and some said that his selection was partially based on his international expertise ahead of the G-20 summit to be held in Korea in November.

Just goes to show how obsessed the Koreans are with English!

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Ajumma to the rescue

The much maligned Ajumma- hot-tempered, married woman sporting loose floral print pants and tight perms- has her uses.
As this blogger so aptly puts it:

Ajumma can apply to any Korean woman over 30. By the mid-fifties, because they've "paid their dues," I guess, some behave a little less politely than most other Koreans, and care a little less about the general courtesies that are either the grease that keeps the wheels of society turning, or the B-S- that keeps people from acting out who they really are.
... ajumma is the one most likely to shove you as she dives for a seat on the subway; she's the one most likely to be rude to you in a restaurant, to touch your white skin, poke your curly hair, grab your love handles (out of sheer curiousity -- look at how big those cheese-smelling foreigners get!), comment that you're writing in your journal with the wrong hand (I'm a lefty), and you'll sometimes do what they say, however unnecessary, just so they'll leave you alone. This is the impression many foreigners get of Korean ajummas. Some of us carry a downright bitterness and resentment of the mature set.

Although the butt of jokes among the expat community here, the government has different ideas.
As this news article  notes, the government is hoping that the friendly faces of thousands of middle-aged women will improve the public response to this year’s national census.

Statistics Korea will concentrate on hiring women in their 30s and 40s to conduct the door-to-door surveys in November, the state-run agency announced yesterday. The preference for ajumma, as middle-aged women are known in Korea, reflects the belief that people feel more comfortable opening their doors to female strangers rather than males, while middle-aged women tend to be more persuasive in dealing with households that are reluctant to respond.
The national census, which takes place every five years, will be conducted from Nov. 1 to 15, with 95,000 census takers asking households simple questions about their living conditions.
Hiring for the survey agents will begin in August, with each paid 42,000 won ($37.39) a day. They will be required to wear state-issued identification tags.
“It has become harder to make people open their doors and respond because of so many crimes happening out there,” said one Statistics Korea official.
In previous years, census takers had typically been young college students and housewives hoping to earn extra money by taking temporary work.
But officials believe that the ajumma will prove more effective.
“The college students give up as soon as a household refuses to let them in. But these ajumma are more persistent, trying harder to persuade a homeowner to open the door and answer questions,” said the Statistics Korea official.
“People feel that ajumma are more approachable and so they tend to be more willing to answer their questions.”

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Red Star Operating System

More news on North Korea’s N. Korea's 'Red Star' operating system.

North Korea's new "Red Star" computer operating system is mainly designed to control the flow of information on the Internet tapped by users, a review by a state-run think tank said.
The Science and Technology Policy Institute (STEPI) said a detailed technical analysis of Red Star version 1.1 shows it is a Linux-based operating system with low-end options similar to those found in products that reached the market in the early 2000s.
It added that while it is similar to the ubiquitous Windows OS, emphasis has been placed on meeting security and other local requirements. There is only one Korean-language version of the system and due to the limited number of compatible applications there is little likelihood of its being put to wider use.
STEPI's study is the first technical analysis of the Red Star OS that was first developed in 2002 by the North's Korea Computer Center. Prior to its introduction, Pyongyang used the English versions of Microsoft Windows.
A Russian student in Pyongyang recently purchased an updated version of the Red Star and introduced it on his blog, though this was not a specialized review.
"The review was needed to get an estimate of how far North Korea's OS software has progressed," the STEPI report said. It added that Red Star represents North Korea's attempt to overcome the country's isolation in the computer field while at the same time coping with security concerns.
The communist country maintains close tabs on information and data into and out of the country and does not permit its people to freely surf the World Wide Web, with particular emphasis on prohibiting visits to South Korean Internet sites.
The institute under the education and science ministry said there is almost no political content and that developers have continuously updated the Red Star OS over the years.

One bright side to this is that atleast the country is not shackled to Microsoft like South Korea.

"In short, South Korea is a sad example of a Microsoft monoculture where the course of history and the lack of anti-monopoly oversight have created a nation where every computer user is a Windows user and banking or ecommerce or any secure transaction on the Internet with South Korean entities must be done with Internet Explorer on a Windows OS."

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Was Obama Checking Out This Girl's Butt?

Well, apparently not.

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Interview: Mr. Brian Newman, Founder & CEO, Green Cities Asia Ltd

Established in London, Green Cities Asia Ltd has chosen Seoul, Korea as the corporate base for its Asian property development expansion. The company’s founders – Mr. Brian Newman and Mr. Jason Ahn – are merging their international property development, investment financing and real estate marketing experience with some of the world’s leading thinkers and practitioners in the field of sustainable urban development to give Green Cities Asia Ltd unparalleled capacity to deliver world-class projects for governments, investors and stakeholders.
As noted by Mr. Newman who is also the CEO, Green Cities Asia Ltd is a response to a growing need in Asia for real estate companies who understand the unique complexities of large-scale urban development.
We are a leader a leader in sustainable urban development thinking and practice. Our projects will set new standards for large-scale property development in Asia. GCA is positioned at the cutting-edge of green city development – innovative, intelligent, market responsive and sustainable,” he said.
Mr. Newman has gained over 20 years senior executive experience in the field of large scale urban development having worked for industry leading organizations in Australia, North-East Asia, South-East Asia and the Middle East. His academic qualifications include a degree in Civil Engineering and a Masters Degree in Business Administration.
He brings a unique blend of private and public sector experience and knowhow to his work. As CEO of the Sydney Olympic Park Authority he led the post-Olympic transformation of Sydney’s Olympic precinct to create a new urban township that embraced the same commitment to sustainability that gave Sydney its international ‘Green Games’ reputation.
In an exclusive interview, he noted that whilst the implementation of a more environmentally friendly, carbon neutral approach to urban development is an effective response to the issue of climate change, there is a need for city development to address a broader range of environmental issues. Broader still is the important concept of sustainability.
Green Cities Asia Ltd is committed to a four pillar approach to practicing strategic sustainable urban development. As developers, our challenge is to help make cities more economically efficient, more comfortable, more socially equitable, culturally rich and environmentally sustainable, he said.
Mr. Newman noted that today we exist in a world where 50% of the earth’s population lives in urban areas. By 2050, this figure is forecast to reach 70%, as the world’s population grows from 6.8 billion to 9.1 billion. Cities are known to consume 75% of the world’s energy. By the year 2030 over 5 billion people are likely to live in cities, contributing over 80% of greenhouse gas emissions. Ecological foot-printing shows that the planet is consuming 25% more renewable resources every year than it can replenish.
Cities are the engines of global economic growth. The quality of the living/working environment within cities is a major factor in determining the flow of investment capital and of human resources around the world.
It is therefore imperative for economic and environmental reasons that city leaders promote green cities, towns and urban villages that are planned, designed, built and managed with a view to minimizing their environmental footprint and provide a strong sense of well-being for their communities, he said.
GCA recognizes the responsibility it has to contribute to society by developing environmentally sustainable communities that enunciate a new consciousness to the development of our urban environment, creating exciting new places and spaces in the process. The company has the knowhow and experience to meet the challenge of developing city interventions that improve a city’s quality of life.
One of our key business objectives is to work with governments (national, regional and city governments) and our private sector partners to develop new urban communities that demonstrate what ‘sustainable living’ is about and how an improved quality of life can be offered to communities of all social levels. This is achieved within a framework of qualitative and quantitative performance measures,” he said.
These communities have been referred to as green cities, eco-towns, green villages etc. They are exemplified in existing urban development projects such as Hammarby Sjostad in Stockholm; the Augustenberg and Western Harbour precincts of Malmo, Sweden; Dockside Green in Victoria, British Columbia; Curitiba in Brazil; and in the concepts behind new international urban development projects such as Masdar in Abu Dhabi, Elephant Castle in London and Magok-Dong in Seoul.
In the end, sustainability is about Quality of Life - this notion goes to the core of our company’s philosophy. We believe development is not just about building buildings, it is about creating places for people.”
GCA’s urban communities are characterized by a strong sense of place that are sustainable economically, socially, environmentally and culturally and offer a high Quality of Life for their communities.
Speaking on the competitive advantages of the company, he noted that first and foremost is the knowledge/expertise in the field of sustainable urban development including master planning, eco-design, green building practice, social strategies. The company also has the ability to define unique project concepts that create new product categories in the marketplace.
Our ability to source foreign direct investment (FDI) and international joint venture participation and our commitment to creating great places through every step in the property development process also place us ahead of our competitors,” he said.

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Just so you know...

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Koreans Don't Have Big Faces

Just so you know.....a study by the Korea Food and Drug Administration seems to contradict the stereotype that Koreans have bigger faces than Caucasians.

The KFDA measured the facial dimensions of 387 adults and 304 children and adolescents between 2007 and 2009 and found that the average Korean male's face was 419 sq. cm in area or about 92 percent the size of Caucasian males' 453 sq. cm. The face of the average Korean woman measured 371 sq. cm, a little smaller than the average Caucasian woman's 380 sq. cm.
Experts say the faces of Koreans appear to be bigger due to a kind of optical illusion. "Koreans tend to have relatively flatter facial features than Caucasians so they could be perceived as having bigger faces, but from a three-dimensional perspective, Caucasians have bigger faces," said Cho Yong-jin, head of the Face Research Institute.
The faces of Koreans tend to spread out sideways, while those of Caucasians protrude. "Even if the actual face is small, prominent cheek bones or jaws can make a face appear bigger," said Park Sang-hoon, a plastic surgeon at ID Hospital.
However, the KFDA said it used data from the U.S. Environmental Protection Agency for the facial dimensions of Caucasians and acknowledged that errors could be possible due to differences in measuring. The KFDA measured the faces of Koreans, while facial sizes in the U.S. data were determined by taking the entire area of a person's head and deeming the face to take up one-third.

Then why is it that whenever I take photographs with Koreans I am forced to lean my head forward, so that their faces appear smaller?! Oh yea, I am not Caucasian!!

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Want to read 3D books?

Researchers at South Korea's Gwangju Institute of Science and Technology have been developing 3D software technology for books over the last three years. To date, they've been able to animate two Korean folklore children's books. Certain pictures will trigger animations for those wearing 3D glasses, but don't expect to see it in books any time soon, says Kim Sang-cheol, team leader on the project.Read more here.

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