Daily Lesson from Life 12 February 2009

"S$1.6b for robot theme parks

It will build two robot theme parks as part of a drive to nurture the robotics industry as a new growth engine. -Thu, Feb 12, 2009 AFP

SEOUL - SOUTH Korea will spend about US$1.05 billion (S$1.6 billion) to build two robot theme parks as part of a drive to nurture the robotics industry as a new growth engine, officials said on Thursday.


The Ministry of Knowledge Economy said it would build the world's first robot theme park by the end of 2013 in Incheon, a port city west of Seoul.

The government said it has set aside 784.5 billion won (US$559 million) for the Incheon park, to be called 'Robot Land.' Construction would begin later this year, it added.

The second theme park will be built in the southern industrial city of Masan although detailed plans have yet to be drawn up, it said.


The two parks - requiring a total of 1.48 trillion won from local and central governments - will help create 18,000 jobs and boost the competitiveness of the robot industry, the ministry said. They will have research and development centres, amusement rides, stadiums where robots can compete in various events and exhibition and education facilities.

South Korea considers robotics a key growth industry, particularly 'service robots' that can clean homes and provide entertainment."

It is awesome news. Investing for the future!

Lessons for me are:

1. some of the Asian governments believed in picking the industries of the future. This is something some Western scholars and economists and businessmen objected too! They feel that government is NOT the right people to make sure bet! It should be left to the private sector!;

2. as the investment is huge, the private companies may not be able to do it, so the government may have to take the lead. With resources available, the private companies can at least give the lofty goal a go!!;

3. of course, the private sector will do their parts by attracting private investors with money and vision and the stomach for the unknown. Based on the track record of South Korea's industry development, they have gotten it right more than they got it wrong. So, there is comfort and confidence in what they are doing. The goal is what we called: Big Hairy and Audacious!

In visioning, it is better to aim high and think at a broader level. This will widen the way we look at the challenges and provoke us to think harder and smarter for new way to achieve the ambitious goal.

I wish South Korea all the best in this endeavour. I believe they will succeed as they had succeeded in becoming champions in the DRAM semiconductor space, the FLAT screen LCD Display penal and TV screen, the shipbuilding, and even the genetic cloning for animal space!!