In this contemporary society, many people have to work really hard to get well-paying jobs. Competition for this is getting fierce because robots and Information Technology replaces unnecessary jobs nowadays. Then if that is the case, is there any way to solve such a problem? People can find ways to tackle this both in the domestic and in the overseas markets. People can study hard to meet the requirements of large corporations in Korea or look for jobs in other countries. Of course, both options need hard work. Just like James Hooper, who was one of the panelists on the JTBC TV program, Unusual Conference, said: “There is a risk in everything, but people should not be afraid of risk. People should see a risk as an opportunity to learn.” However, why do people just turn their eyes away from going overseas and focus only on the domestic job market which does not seem to be getting any better soon? It is time to think global and act globally like the old saying, “A thousand hearing is not worth one seeing.” Let’s take a look at an experience in Mongolia as an example.

According to Jun-Hwa Chung, who is a Korean business man and the CEO of Voyage Hotel in Ulaanbaatar, there are many problems such as economic conditions and infrastructure development in Mongolia just like Korea. However, one big difference between Korea and Mongolia is that Mongolia’s Gross Domestic Product is still growing by over 5~10% annually. This means the domestic market of Mongolia is expanding and therefore, it can create more opportunities both for the locals and foreigners. Moreover, Mongolia has a lot of natural resources such as copper and coal for power generation. This is the main reason for multi-national corporations trying to expand their business operations in Mongolia, especially mining companies. It is also good to have a supportive government for foreign investors nowadays, especially in the mining sector.

After the mining boom in Mongolia 7 years ago, many foreign investments came to Mongolia especially from China because of high demands for commodity from China. Nevertheless, the Mongolian government feared at that time that foreign investors would take all the necessary goods away from them. A mixture of fear and strong nationalism caused parliament members to put a ban on foreign investments in Mongolia. After the good times had come and gone, Mongolia could not avoid the headwind of that law. This was because the slowing down of China’s economy heavily impacted Mongolia’s economy and the law prevented foreign investors from coming to Mongolia. As a result, the government changed their policy to become business friendly.

grand1253@kookmin.ac.kr