Why I believe in fostering the creative economy

Last month, in my role as Chairman of the U.S.-Korea Business Council, I had the honor to host President Park Geun-hye for a roundtable discussion with 20 American and Korean CEOs to discuss how our two nations can continue to grow and strengthen our business relationships. President Park’s remarks how to achieve creative economy to enhance Korea’s attractiveness as a investment partner continued.

I found it telling that President Park’s first trip as president was to the United States, demonstrating the close ties our two countries have cultivated and the promising future we mutually hope to achieve. During her visit, President Park spoke of her vision of a creative economy - one where invention and innovation prosper.

As CEO of a technology company where invention is rooted in everything we do, I not only agreed with her vision, I identified with it. Qualcomm is focused on the evolution of mobile communications and bringing innovative mobile solutions to people across the globe. Looking toward the future, we see even more collaboration and creative engagement with our Korean partners, and thanks to President Park’s leadership, I’m confident this innovative spirit will thrive in the years ahead.

The state of the economic environment in Korea is quite stunning. Despite the global recession and the slow recovery around the world, Korea has become a premier destination for many American companies when it comes to investing. Further, as President Park noted during her remarks to the Council, Korea’s strong ICT infrastructure, advanced education system and robust manufacturing base, make it ripe for an economy where “creativity is currency.” President Park noted, quite correctly, that creativity and imaginative thinking can flourish when there is fair competition. The FTA sets the stage for more openness and cooperation.

From my perspective, the technology that provides the most exciting opportunity is mobile. Korea was among the first countries to adopt and successfully commercialize Qualcomm’s Code Division Multiple Access, or CDMA technology.

Korea is home to global leaders in the manufacturing of mobile devices with whom Qualcomm has longstanding relationships. Overwhelming majorities in South Korea see advancements in wireless technology as beneficial to the most important aspects of life, especially business and the economy.

There can be no doubt that the mutually beneficial partnership between the U.S. and Korean mobile communications industries has achieved much and there is great potential for continued growth.

The message President Park relayed that had the most impact on me was to “continue believing in the dynamism of the Korean people and in the strength of our alliance .?.?. to move forward hand in hand and to aim for the prosperity of our two countries.” I am confident in Korea and President Park’s vision for the country and could not agree more. As President Obama noted, South Korea “is one of America’s closest allies and greatest friends.”

It truly was an honor to host President Park, and I look forward to continuing to build our relationship through the U.S.-Korea Business Council and with business leaders in Korea. The desire to build a creative economy that President Park envisions is one that I share, and sincerely believe is within our grasp as we continue to look for inventive solutions to make that vision a reality.

I heard the news that President Park will visit China from June 27 with 70 Korean Economic mission. I hope that she gets “trust” as a business result in China like she did in the U.S.

*The author is chairman of the U.S.-Korea Business Council & CEO and Chairman, Qualcomm Incorporated.

by Paul Jacobs