S. Korea`s global competitiveness edges up in 2008: think tank

SEOUL, Oct. 1 (Yonhap) -- South Korea's national competitiveness rankings edged
up one notch to 22nd place this year, thanks to improved manufacturing
conditions, a private think tank said Tuesday.

In its annual report, the Institute of Industrial Policy Studies (IPS) said South
Korea received 48.69 points from data and polls covering eight major categories,
including overall market environment, corporate and production capabilities, as
well as the quality of workers, entrepreneurs, government officials and
politicians.
South Korea ranked 22nd in 2001 when the ranking scheme was first initiated, then
fell to 24th in 2002 and 25th in 2004 before rising again to 22nd in 2005 and
2006. The country ranked 23rd in 2007.
Of the 65 countries surveyed, the United States took second place while the
Netherlands and Denmark shared third place, the institute said.
According to the findings, South Korea's numbers in all eight categories reviewed
improved compared to the previous year.
"Steady gains are an indication that the country has potential for growth," an
IPS researcher said. He added that to further raise competitiveness the country
should strive to improve the size and quality of the market and make better use
of entrepreneurs.
The findings, however, showed generally low points being received in such areas
as overseas investment, corruption, and efficient decision-making and
implementation.
Among Asian countries, the report said Hong Kong and Singapore ranked sixth and
eighth respectively.
Japan came in 16th, while China came in 20th, surpassing both South Korea and
Taiwan, which was ranked in 21st place.