By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
A key aspect of Songdo IBD CityTalk will be commentary, breaking news, and first-hand accounts of the Songdo IBD project. We will try to minimize re-cycling news on Songdo IBD, except when we feel it will promote dialogue. I begin with some commentary.
Full Throttle
Reflecting on my trip to Korea last week, I did see concerns on the economy. For one, firms and businesses are more reserved this year with their holiday decorations. My contacts in many of Korea’s top Groups feel there will be some downsizing and layoffs—the first in ten years. Despite the global economic downturn, some leaders see opportunity. Hyundai-Kia Motors Chairman Chung Mong Koo last week noted the need for the company to “go full throttle” at a time when some in the industry are in turmoil. Chung noted Hyundai-Kia would focus on small cars and Green technology. Hyundai vowed to provide decent jobs and help the national economy.
Songdo IBD Full Speed Ahead
What did stand out last week was the huge concern that foreign investors are pulling out of Korea. Interestingly, this is not so with Songdo IBD. In contrast, the project is moving forward as planned. For example, 2009 will see the completion of the 7.4 mile Incheon Bridge along with the 1st phase of the Songdo IBD, including the 100 acre Central Park and Jack Nicklaus Golf Club Korea. To me, borrowing from the words of Chairman Stan Gale it looks like “ Full Speed Ahead,” for Gale International and Songdo IBD.
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