Unification a bonanza for Korean Peninsula
The ostensible economic benefits of unification are beyond imagination. The capital and technology of South Korea can promote rapid development when combined with the huge labor forces and untapped natural resources of North Korea. A considerable amount of money might be needed at the beginning for unification, but that money can be seen an investment when compared with the economic benefits that unification will bring.
Global investors have their eyes on the potential value of a unified Korea. Investment prospects in a unified Korea are bright. Jim Rogers, a leading international investor, expressed a willingness to invest all of his money into the Korean Peninsula after unification. Other investors on Wall Street also showed their interest to invest in a unified Korea, which indicates the high investment value of a unified Korea. At a recent symposium held in Korea, a projection was made that the country’s per capita income will increase four times if unification takes place immediately. According to this projection, Korea’s GDP could surpass Japan and the United Kingdom after unification.
South Korea is spending a huge amount of money on its military because of the North’s continuous threats. Cutbacks on military spending can contribute in the development of the Korean Peninsula if unification takes place. Currently, South Korea is at its last phase of development. So after unification, attention can be given to the development of North Korea, which will bring prosperity to a unified Korea.
Unification will not only bring economic benefits to Korea, but also bring solutions to some of the serious problems that both Koreas are facing. South Korea’s population is aging fast. South Korea has one of the lowest birthrates in OECD countries. If the current birthrate continues, the country’s potential growth could fall in the near future.
The Korean government is actively encouraging multicultural marriage in order to solve this problem. Unification can play an important role in solving this problem. Young North Koreans will join the country’s work force after unification. Unification will also encourage marriage between people of North and South Korea, which will help to solve the population problem of South Korea.
By promising to launch a unification preparation committee, President Park has given North Korea the green light. The willingness of North Korea can accelerate the process of unification. A systematic and peaceful unification will not only unite the separated families, but it could also solve the economic and population problems of both Koreas. Unification could happen sooner or later, but now is the best time. If unification takes place within few years, it could really be a bonanza for a unified Korea.
By Fahad Abdullah, Student at Hankuk University of Foreign Studies