Money supply expands 14.9 percent, fuels inflation
Money supply is surging amid soaring inflation, which is set to further add to inflationary concerns.
Funds in the market, which find no investment targets, are flocking to short-term products, including money market funds.
According to the “trends of money and liquidity indicators for April,” which was released by the Bank of Korea on Wednesday, M2 money (outstanding balance), a measure of currency in circulation including time deposits and installment deposits with less than two-year maturity, increased to 1339.4349 trillion won, up 14.9 percent on year.
The April M2 growth rate is the highest figure since June 1996, when it posted 16.1 percent. The M2 growth rate has continued to increase since January, when it recorded 12.5 percent.
The Bank of Korea predicts the M2 growth rate will expand around 15 percent in May, higher than the April figure, as bank lending has been on a steady rise.
A BOK official said, “The money supply has increased due to expanding household loans, including mortgage loans, and corporate loans.”
Some economists say the steady growth of money supply will add to inflationary concerns. Money supply growth is one key factor for inflationary pressure along with surging international oil prices and soaring exchange rates.
Meanwhile, market funds are seen to be moving into short-term products, including MMFs, en masse. MMFs are a great channel for standby funds awaiting investments, since real interest rates have turned negative.
According to the “financial market trend for May,” released by the central bank, MMFs expanded 10.9 trillion won in May. The figure is the highest since the bank began tallying the data.
In contrast, fund inflows into banks have slowed.
By Kim Kyu-sung /mirror@fnnews.com
According to the Bank of Korea on wednesday, M2 money(outstanding balance) indicators increased to 1339.4349 trillion won, up 14.9 percent on year.
The bank of Korea predicts the M2 growth rate will expand around 15 % in may as bank lending has been on a steady rise.
Market funds(including MMFs) are seen to be moving into short-term products. And MMFs expanded 10.9 trillion won in may. But Fund inflows into banks have slowed.
The Bank of Korea said that the money supply continously increased since January 2008, and the indicator is recorded second hightest.
The reason of the increasing money supply is by fuels inflation. But by making money, the price index will be increased and the Won's value will be go down. These phenomenon would generate serious problem and richs will be richer and poor will be poorer. The president of Korea, Myung Bak Lee said that he will increase the Korea's economy about 7%, but if the M2 supply increase countinously
20200041 kwon hyuck sung
Sunday, June 15, 2008
Friday, June 13, 2008
Strategy Versus Tactics
20700193 Haeyeon Ryan Kim Entry # 14
Strategy Versus Tactics
What is the difference between a strategy and a tactic?
According to the bald guy in the video, Tim Berry, a doctor slash entrepreneur,
strategy is a long term plan compared to tactic, which is a short term actions.
Strategy requires a lot of committment while tactics requires testing, tracking, tweaking, little more ongoing day to day work. When a Strategy is a road map for overall plan, a tactic is the vehicle for the trip.
When you start working online, you get these emails about what they offer.
They offer you new, awesome tools. If you purchase these tools, you might
end up killing your business. The thing about these tempting tools are that
they all seem to be things that you need for your company. However, the truth is
that your online business is not really a billion dollar company. You have
limited resources; if you choose to buy things that are good for you but are
not necessarily essential, you will end up wasting a good deal of money.
When you start a business, it is critical for you to develop a strategy as soon as possible. Take actions that are congruent to the overall business strategy; if you don't do this, you will end up wasting your time, energy, and resources.
20700193 Haeyeon Ryan Kim Entry # 14
Strategy Versus Tactics
What is the difference between a strategy and a tactic?
According to the bald guy in the video, Tim Berry, a doctor slash entrepreneur,
strategy is a long term plan compared to tactic, which is a short term actions.
Strategy requires a lot of committment while tactics requires testing, tracking, tweaking, little more ongoing day to day work. When a Strategy is a road map for overall plan, a tactic is the vehicle for the trip.
When you start working online, you get these emails about what they offer.
They offer you new, awesome tools. If you purchase these tools, you might
end up killing your business. The thing about these tempting tools are that
they all seem to be things that you need for your company. However, the truth is
that your online business is not really a billion dollar company. You have
limited resources; if you choose to buy things that are good for you but are
not necessarily essential, you will end up wasting a good deal of money.
When you start a business, it is critical for you to develop a strategy as soon as possible. Take actions that are congruent to the overall business strategy; if you don't do this, you will end up wasting your time, energy, and resources.
20700193 Haeyeon Ryan Kim Entry # 14
14. The iPhone Eyes BlackBerry's Turf
With its next-generation iPhone, Apple wants to turn it into a much bigger player in the mobile-phone market. In order to do that, the CEO cut their price for the entry-level iPhone to $199 which is half that of the previous edition and right in line with what competitor's high end phones cost. This strategy of lowering prices was made to attract new customers, especially those who had been turned off by the higher price. Apple knows that everyone wants an iPhone, that's why they had to make it more affordable. Besides the lower prices, they are boosting the speed at which the iPhone can pull in e-mail and other corporate data making sure it works with programs used in corporates. They even opened up the iPhone so that outside software developers could create their own programs for the device.
Apple sees Reasearch in motion, the company behind the Blackberry wireless devices, as a standard for this market. They already have a huge lead in the market offering corporate customers several capabilities that Apple can't yet match. RIM has spent years developing capabilities that corporate tech managers want, but Apple doesn't have all the tools that RIM has built up over the years.
In my personal opinion, Apple is in the right path doing really well in everything they do, including the pc and software market as well as the mobile phone market. They have such a good brand image, that can't be hurt even when prices are lower which is necessary to make their brand more popular. I think they will catch up to the RIM company over the years and getting the experience and tools they need to do so. Apple is seen as a company of innovation and differentiation, which is an image gained by their products. I am sure their development will keep innovating more and more their products and give more satisfaction and comfortability to their products.
20600642 Entry #14
Apple sees Reasearch in motion, the company behind the Blackberry wireless devices, as a standard for this market. They already have a huge lead in the market offering corporate customers several capabilities that Apple can't yet match. RIM has spent years developing capabilities that corporate tech managers want, but Apple doesn't have all the tools that RIM has built up over the years.
In my personal opinion, Apple is in the right path doing really well in everything they do, including the pc and software market as well as the mobile phone market. They have such a good brand image, that can't be hurt even when prices are lower which is necessary to make their brand more popular. I think they will catch up to the RIM company over the years and getting the experience and tools they need to do so. Apple is seen as a company of innovation and differentiation, which is an image gained by their products. I am sure their development will keep innovating more and more their products and give more satisfaction and comfortability to their products.
20600642 Entry #14
13. Has Microsoft really given up on Yahoo as Google Search Deal Looms?
Microsoft, the software giant who was willing to buy the Internet pioneer, Yahoo for $33 a share, announced that they abandoned their plans of acquisition. But, there are rumors that Yahoo may shortly sign a search deal with Google. The problem is that Yahoo's investors aren't so happy because of its stocks which closed down 10%. It happened because if there's no Microsoft deal, there is less support for the acquistion premium that has buoyed Yahoo's stock since Microsoft's first offer. Investors are not seeing Yahoo's deal with Google as valuable as the Microsoft buyout offer because any deal that can pass regulatory muster most likely would require Yahoo to keep its own search ad unit in operation. In the deal created by Yahoo and Google there would be a creation of a open search ad auction in which any company could participate. In their statement Yahoo indicated that they saw little value to selling off its search operation to Microsoft, for this reason it seems unlikely it would do that with Google either.
In my opinion, Yahoo should sell their search operations because it is the only way they can at least try to follow Google and expand their market share. At the present moment Google is superior in its ability to make money out of search ads, which eliminates Yahoo as a competitor. If yahoo is not able to compete by themselves, with their own power, they should seek for other forces that could help them in regaining their competitive force.
20600642 Late Entry #13
In my opinion, Yahoo should sell their search operations because it is the only way they can at least try to follow Google and expand their market share. At the present moment Google is superior in its ability to make money out of search ads, which eliminates Yahoo as a competitor. If yahoo is not able to compete by themselves, with their own power, they should seek for other forces that could help them in regaining their competitive force.
20600642 Late Entry #13
Wednesday, June 11, 2008
Truckers start striking over fuel prices
June 11, 2008
Trailer trucks are parked near the container terminal at Pyeongtaek Port in Gyeonggi Province as some members of the independent truckers’ union began to refuse to haul containers yesterday. [YONHAP]
Prior to a planned nationwide strike scheduled to begin Friday, unionized truckers in several locations have begun work stoppages, a move that could hurt Korea’s already fragile economy.
In the Pyeongtaek Harbor near Seoul, a total of 444 car carriers and truck drivers belonging to an alliance of unionized truckers called a strike yesterday in the container terminal. A total of 13,500 20-foot containers, which should be delivered to Seoul and other cities in Gyeonggi, were still piled up there. Other regions are face the same predicament.
The 59,893.5-square-meter (14.8-acre) pier, located in Gunsan, North Jeolla Province, which is usually crowded with several dozen trucks at any moment, was empty yesterday. About 60 trailer drivers who went on strike yesterday repeatedly shouted “Raise shipping prices,” and “Lower diesel costs,” as they gathered at a vacant lot three kilometers away from the pier.
In Ulsan, drivers of a total of 130 car carriers already called a strike on Monday. They used to deliver 800 out of 1,200 cars per day produced by the Hyundai Motor Ulsan factory.
“With recent oil price hikes, drivers spend 480,000 won ($468) out of their daily wages of 550,000 won on fuel. As a result, we are bleeding red ink,” Kim Sang-soo, a driver, said.
About 180 truck drivers started to refuse shipments on June 5 in Changwon, South Gyeonsang.
Experts are worried about the expected economic damage to the country. They anticipate that if the strikes continue for more than a week, the estimated economic loss will run up to 500 billion won.
Meanwhile, the Korean government decided to introduce emergency transportation measures to prevent economic disaster. To maintain normal operations, the government will call on hundreds of non-unionized truck drivers and bring 500 military containers and 1,000 military trucks into service. Government officials recommended companies use the railroads for deliveries. Companies are also considering allowing private and commercial vehicles to ship goods.
On Monday, an alliance of unionized truckers announced that they will go on a nationwide strike.
-----
the whole world suffering from high-price so i think from now on, countries and companies investment replace-energy such as solar-energy or hybrid.
but Korea has not any well-known company in this industry. in the future,Korea will depend on foreign energy.
and knowledge based industry will be very profitable and human resource will be critical point in the global market.
Korea suffering from high oil price, but Korea has many cutting edge technologies such as Dram or NAND flash memory.
so we concentrate developing technology and human resource.
20500530 entry #14
June 11, 2008
Trailer trucks are parked near the container terminal at Pyeongtaek Port in Gyeonggi Province as some members of the independent truckers’ union began to refuse to haul containers yesterday. [YONHAP]
Prior to a planned nationwide strike scheduled to begin Friday, unionized truckers in several locations have begun work stoppages, a move that could hurt Korea’s already fragile economy.
In the Pyeongtaek Harbor near Seoul, a total of 444 car carriers and truck drivers belonging to an alliance of unionized truckers called a strike yesterday in the container terminal. A total of 13,500 20-foot containers, which should be delivered to Seoul and other cities in Gyeonggi, were still piled up there. Other regions are face the same predicament.
The 59,893.5-square-meter (14.8-acre) pier, located in Gunsan, North Jeolla Province, which is usually crowded with several dozen trucks at any moment, was empty yesterday. About 60 trailer drivers who went on strike yesterday repeatedly shouted “Raise shipping prices,” and “Lower diesel costs,” as they gathered at a vacant lot three kilometers away from the pier.
In Ulsan, drivers of a total of 130 car carriers already called a strike on Monday. They used to deliver 800 out of 1,200 cars per day produced by the Hyundai Motor Ulsan factory.
“With recent oil price hikes, drivers spend 480,000 won ($468) out of their daily wages of 550,000 won on fuel. As a result, we are bleeding red ink,” Kim Sang-soo, a driver, said.
About 180 truck drivers started to refuse shipments on June 5 in Changwon, South Gyeonsang.
Experts are worried about the expected economic damage to the country. They anticipate that if the strikes continue for more than a week, the estimated economic loss will run up to 500 billion won.
Meanwhile, the Korean government decided to introduce emergency transportation measures to prevent economic disaster. To maintain normal operations, the government will call on hundreds of non-unionized truck drivers and bring 500 military containers and 1,000 military trucks into service. Government officials recommended companies use the railroads for deliveries. Companies are also considering allowing private and commercial vehicles to ship goods.
On Monday, an alliance of unionized truckers announced that they will go on a nationwide strike.
-----
the whole world suffering from high-price so i think from now on, countries and companies investment replace-energy such as solar-energy or hybrid.
but Korea has not any well-known company in this industry. in the future,Korea will depend on foreign energy.
and knowledge based industry will be very profitable and human resource will be critical point in the global market.
Korea suffering from high oil price, but Korea has many cutting edge technologies such as Dram or NAND flash memory.
so we concentrate developing technology and human resource.
20500530 entry #14
Sunday, June 8, 2008
Availability Uncertain
Olympic Coach Mulls Life Without Ji-sung
By Kim Tong-hyung
Staff Reporter
Rarely in football can a single player impose his will on a team and dictate its fate. But that said, could there be any individual more critical to his team's success than Park Ji-sung?
Granted, this is not to discuss the midfielder's role with reigning European champions Manchester United, where despite garnering praise for his industrious play, he benefits from the diversionary brilliance of otherworldly talents such as Cristiano Ronaldo and Wayne Rooney.
However, for the planet's other self-proclaimed Red Devils, or the South Korean national squad, Park is practically their name card.
The 27-year-old winger was clearly the country's most gifted player for the past decade and his brilliance on the pitch has resulted him logging heavy minutes in a grueling double duty for club and country.
The upcoming Olympic tournament in Beijing was penciled as Park's next major assignment for the Taeguk Warriors, carrying the nation's hope for its first Olympic football medal on his scrawny shoulders.
The International Federation of Association Football (FIFA) restricts entry to the Olympic tournament to players born after Jan. 1, 1985, but each squad is allowed to carry three over-aged players as ``wild card" picks.
And South Korea's under-23 coach Park Sung-hwa had declared a spot saved for the Manchester Untied midfielder, naming him in the provisional 40-man roster announced in April.
However, with Park's strengthened status with his club, moving up in manager Alex Ferguson's pecking order down the stretch of United's title run, as well as concerns about overuse, the coach is now forced to consider a Plan B that doesn't involve the country's most transcendent sports personality.
``Ji-sung is not as established as a Cristiano Ronaldo and not in a position where he has a strong opinion about a move that could stand against the club's interest," said coach Park.
`` The Olympic tournament overlaps with the opening of the new Premier League season, and joining the team in Beijing would require a lot of sacrifices on his part. We also need to consider his participation in the month-long World Cup qualifiers and the Manchester United training camp."
The coach would love to have Park at his disposal in Beijing, where South Korea is drawn in a tough Group D with Italy, Cameroon and Honduras.
Park's versatility, which allows him to excel as a wide midfielder from both sides of the flank and also as a support striker, combined with his wealth of international experience and reputation as a big game player, would provide a clear value to a team of youngsters.
It remains to be seen how the coach could replace Park in the lineup if he is not available for Beijing. The under-23 team has capable wing players in Daegu FC's Lee Keun-ho and Gwangju Sangmoo's Kim Seung-yong and may use a wild card spot on a central midfielder, which makes the Suwon BlueWings' Cho Won-hee and Seongnam Chunma's Kim Jung-woo logical candidates.
Coach Park had insisted he would use two spots for a left-footed midfielder or defender and a striker. Zenit St. Petersburg defender Kim Dong-jin had been discussed for the job, but with the fullback currently hobbled with an injury to his left calf, Chunnam Dragons' Kim Chi-woo is emerging as a likely replacement.
Jeonbuk Motors striker Cho Jae-jin was considered to have secured his ticket for Beijing, but the recent emergence of the BlueWings' striker duo of Seo Dong-hyun and Shin Young-rok, both under the age limit, may prompt coach Park to spend the veteran spot at another position.
As Park's Position and importance is getting higher, the club and nation's expectation also high. So because of the gain and loss about him between club and nation, Park 's availability about the olympic is uncertain.
20200041 kwon hyuck sung(late)
By Kim Tong-hyung
Staff Reporter
Rarely in football can a single player impose his will on a team and dictate its fate. But that said, could there be any individual more critical to his team's success than Park Ji-sung?
Granted, this is not to discuss the midfielder's role with reigning European champions Manchester United, where despite garnering praise for his industrious play, he benefits from the diversionary brilliance of otherworldly talents such as Cristiano Ronaldo and Wayne Rooney.
However, for the planet's other self-proclaimed Red Devils, or the South Korean national squad, Park is practically their name card.
The 27-year-old winger was clearly the country's most gifted player for the past decade and his brilliance on the pitch has resulted him logging heavy minutes in a grueling double duty for club and country.
The upcoming Olympic tournament in Beijing was penciled as Park's next major assignment for the Taeguk Warriors, carrying the nation's hope for its first Olympic football medal on his scrawny shoulders.
The International Federation of Association Football (FIFA) restricts entry to the Olympic tournament to players born after Jan. 1, 1985, but each squad is allowed to carry three over-aged players as ``wild card" picks.
And South Korea's under-23 coach Park Sung-hwa had declared a spot saved for the Manchester Untied midfielder, naming him in the provisional 40-man roster announced in April.
However, with Park's strengthened status with his club, moving up in manager Alex Ferguson's pecking order down the stretch of United's title run, as well as concerns about overuse, the coach is now forced to consider a Plan B that doesn't involve the country's most transcendent sports personality.
``Ji-sung is not as established as a Cristiano Ronaldo and not in a position where he has a strong opinion about a move that could stand against the club's interest," said coach Park.
`` The Olympic tournament overlaps with the opening of the new Premier League season, and joining the team in Beijing would require a lot of sacrifices on his part. We also need to consider his participation in the month-long World Cup qualifiers and the Manchester United training camp."
The coach would love to have Park at his disposal in Beijing, where South Korea is drawn in a tough Group D with Italy, Cameroon and Honduras.
Park's versatility, which allows him to excel as a wide midfielder from both sides of the flank and also as a support striker, combined with his wealth of international experience and reputation as a big game player, would provide a clear value to a team of youngsters.
It remains to be seen how the coach could replace Park in the lineup if he is not available for Beijing. The under-23 team has capable wing players in Daegu FC's Lee Keun-ho and Gwangju Sangmoo's Kim Seung-yong and may use a wild card spot on a central midfielder, which makes the Suwon BlueWings' Cho Won-hee and Seongnam Chunma's Kim Jung-woo logical candidates.
Coach Park had insisted he would use two spots for a left-footed midfielder or defender and a striker. Zenit St. Petersburg defender Kim Dong-jin had been discussed for the job, but with the fullback currently hobbled with an injury to his left calf, Chunnam Dragons' Kim Chi-woo is emerging as a likely replacement.
Jeonbuk Motors striker Cho Jae-jin was considered to have secured his ticket for Beijing, but the recent emergence of the BlueWings' striker duo of Seo Dong-hyun and Shin Young-rok, both under the age limit, may prompt coach Park to spend the veteran spot at another position.
As Park's Position and importance is getting higher, the club and nation's expectation also high. So because of the gain and loss about him between club and nation, Park 's availability about the olympic is uncertain.
20200041 kwon hyuck sung(late)
Saturday, June 7, 2008
Preserving the history of Korean food from her house
June 06, 2008
Drying garlic and bean paste jars. Photos by Lee Eun-joo
The hanok in Jungkangwon, an institution for traditional Korean cuisine.
PYEONGCHANG, Gangwon - The air is filled with the delicate scent of fried organic vegetables that add savory flavor to bibimbap, or steamed rice with assorted vegetables.
Walking closer to the main hanok, a traditional Korean-style house, in Jungkangwon, an institute of traditional Korean cuisine, you see hundreds of reddish-brown jar stands filled with doenjang (soybean paste) or gochujang (hot pepper paste), adding extra aroma to the air.
The jars are buried in salt and charcoal to keep fermented pastes fresh.
What you see here is rustic.
Garlic hangs from the hanok rooftop piled with wooden vessels, and a lotus pond reminds one of a Joseon scene.
Cho Jung-kang, the founder of the cuisine institute.
In the backyard, Cho Jung-kang, the owner of the 33,058-square meter institute, cultivates some 300 vegetables, including cucumbers, pumpkins, red peppers, lettuce, cabbages and eggplants.
Cho, 70, built the traditional house in 2005 to preserve, develop and educate people about Korean food. There are daily cooking classes, with reservations needed. Prices vary. The most popular tour runs 90 minutes and costs 20,000 won ($19.50).
“The influx of imported Western foods threatens the dining tables of Koreans today,” Cho said.
Her story begins in 1999, when she invested 3 billion won ($2.9 million) to buy land in Pyeongchang to build the traditional complex. The construction took seven years.
The surrounding was perfect for fermenting foods. And nature was all around - mountains and streams.
“People say the mecca of Korean cuisine is Jeonju, but the flavor is too strong,” Cho said. “Instead, I prefer cuisine from Gangwon Province ? it’s more mild.”
It wasn’t easy to start such an unpredictable business. She had to let go of her stable life as a well-known restaurant owner.
Timothy Wong from Hong Kong mixes rice for bibimbap.
At 37, she opened “Dongchon,” a hanjeongsik restaurant that serves rice, stew and various side dishes.
The restaurant branched out after opening in Seogyo-dong near Hongik University in Seoul. Former presidents Choi Kyu-ha, Chun Doo Hwan and Kim Young-sam often visited.
“My food doesn’t contain any artificial flavoring,” she said.
Cho inherited traditional cooking skills from her grandmother.
In fact, she is the 12th descendent of Cho Heon (1544-1592), who led an army during the Japanese invasion of Korea in 1592.
Pursuing justice and loyalty, he led some 1,700 soldiers, including monks, to recapture taken land. Most died in the battle, himself included.
Cho wanted to preserve that spirit flowing through her family’s blood.
“Korean culture and cuisine should be taught properly,” she said. “And Koreans should be proud.”
But first you need to be educated, she says.
The institution has traditional cooking kits, a museum, hanok seminar rooms and an icehouse kept at 1 to 5 degrees Celsius (33.8 to 41 F) all year round.
All the recipes taught strictly follow traditional form ? from ingredient selection, cultivation, cooking and storage.
But business wasn’t always easy.
The summer after Cho built the institution, heavy rain soaked ingredients, including soybean paste and kimchi. Some parts of the hanok are still under reconstruction.
“Words cannot express how shocked I was to see things collapse in no time,” she said.
But the incident steeled her to drive toward her goal ? establishing a school for traditional Korean cuisine.
“Fewer and fewer households make kimchi,” she said. “Naturally, some are not familiar with the process.”
She pictures an image of a royal kitchen depicted in the historical TV drama, “The Jewel in the Palace.”
With help from others, her vision is nearing fruition.
Yoo Myung-hwan, an official at the Gangwon provincial government office said, “Though there are no specific plans yet, we hope to turn the place into an educational tourist site.”
Cho’s youngest daughter, Kim Joo-sung, is also pitching in. Though she was an undergraduate industrial arts major, she decided to study food engineering for her master’s and doctorate.
Last week, Kim was making bibimbap with Han Young-soon, the general manager of the institute, and some 20 students from Hong Kong.
“The bibimbap recipe is inherited from the family ? it is 400 years old,” Kim said, while gently sorting one of the 18 vegetables on rice before mixing it with gochujang.
“It is said that you need a daily intake of 18 vitamins,” she said.
“Instead of taking concentrated supplements, why not eat a bowl of bibimbap?” she said.
After making bibimbap, Han led a group tour of the hanok.
“Hanoks have high ceilings,” Han said. “And there is hidden wisdom behind the architecture.” The high ceiling made of pine wood helps the air circulate better.
Visitors can spend a night here with a reservation.
Timothy Wong, a student from City University of Hong Kong, wanted to stay overnight if time allowed.
“Korean culture is high and noble, especially the cuisine,” Cho said.
“But it has been left out in the cold. It is now time to bring it back to our lifestyle.”
To reach Jungkangwon, take a bus from Dongseoul Bus Terminal (Gangbyeon Station, line No. 2) to Jangpyeong. The two-hour ride ticket costs 10,500 won. It is a three-minute taxi ride from Jangpyeong Terminal.
--------
in this era of globalization, local area can meet directly the whole world without any boundaries such as border or countries. so local area should have 'brand' to survive in global competition. because before globalization, country fight to country and local area is not important. but in the era of globalization, local era bocome major competitor. and we named it glocalization.
so, preserving korean traditional food is so important, and it's related to country's brnad image directly. specially, kang won province there is so many environmental resource.
20500530 entry # 13
June 06, 2008
Drying garlic and bean paste jars. Photos by Lee Eun-joo
The hanok in Jungkangwon, an institution for traditional Korean cuisine.
PYEONGCHANG, Gangwon - The air is filled with the delicate scent of fried organic vegetables that add savory flavor to bibimbap, or steamed rice with assorted vegetables.
Walking closer to the main hanok, a traditional Korean-style house, in Jungkangwon, an institute of traditional Korean cuisine, you see hundreds of reddish-brown jar stands filled with doenjang (soybean paste) or gochujang (hot pepper paste), adding extra aroma to the air.
The jars are buried in salt and charcoal to keep fermented pastes fresh.
What you see here is rustic.
Garlic hangs from the hanok rooftop piled with wooden vessels, and a lotus pond reminds one of a Joseon scene.
Cho Jung-kang, the founder of the cuisine institute.
In the backyard, Cho Jung-kang, the owner of the 33,058-square meter institute, cultivates some 300 vegetables, including cucumbers, pumpkins, red peppers, lettuce, cabbages and eggplants.
Cho, 70, built the traditional house in 2005 to preserve, develop and educate people about Korean food. There are daily cooking classes, with reservations needed. Prices vary. The most popular tour runs 90 minutes and costs 20,000 won ($19.50).
“The influx of imported Western foods threatens the dining tables of Koreans today,” Cho said.
Her story begins in 1999, when she invested 3 billion won ($2.9 million) to buy land in Pyeongchang to build the traditional complex. The construction took seven years.
The surrounding was perfect for fermenting foods. And nature was all around - mountains and streams.
“People say the mecca of Korean cuisine is Jeonju, but the flavor is too strong,” Cho said. “Instead, I prefer cuisine from Gangwon Province ? it’s more mild.”
It wasn’t easy to start such an unpredictable business. She had to let go of her stable life as a well-known restaurant owner.
Timothy Wong from Hong Kong mixes rice for bibimbap.
At 37, she opened “Dongchon,” a hanjeongsik restaurant that serves rice, stew and various side dishes.
The restaurant branched out after opening in Seogyo-dong near Hongik University in Seoul. Former presidents Choi Kyu-ha, Chun Doo Hwan and Kim Young-sam often visited.
“My food doesn’t contain any artificial flavoring,” she said.
Cho inherited traditional cooking skills from her grandmother.
In fact, she is the 12th descendent of Cho Heon (1544-1592), who led an army during the Japanese invasion of Korea in 1592.
Pursuing justice and loyalty, he led some 1,700 soldiers, including monks, to recapture taken land. Most died in the battle, himself included.
Cho wanted to preserve that spirit flowing through her family’s blood.
“Korean culture and cuisine should be taught properly,” she said. “And Koreans should be proud.”
But first you need to be educated, she says.
The institution has traditional cooking kits, a museum, hanok seminar rooms and an icehouse kept at 1 to 5 degrees Celsius (33.8 to 41 F) all year round.
All the recipes taught strictly follow traditional form ? from ingredient selection, cultivation, cooking and storage.
But business wasn’t always easy.
The summer after Cho built the institution, heavy rain soaked ingredients, including soybean paste and kimchi. Some parts of the hanok are still under reconstruction.
“Words cannot express how shocked I was to see things collapse in no time,” she said.
But the incident steeled her to drive toward her goal ? establishing a school for traditional Korean cuisine.
“Fewer and fewer households make kimchi,” she said. “Naturally, some are not familiar with the process.”
She pictures an image of a royal kitchen depicted in the historical TV drama, “The Jewel in the Palace.”
With help from others, her vision is nearing fruition.
Yoo Myung-hwan, an official at the Gangwon provincial government office said, “Though there are no specific plans yet, we hope to turn the place into an educational tourist site.”
Cho’s youngest daughter, Kim Joo-sung, is also pitching in. Though she was an undergraduate industrial arts major, she decided to study food engineering for her master’s and doctorate.
Last week, Kim was making bibimbap with Han Young-soon, the general manager of the institute, and some 20 students from Hong Kong.
“The bibimbap recipe is inherited from the family ? it is 400 years old,” Kim said, while gently sorting one of the 18 vegetables on rice before mixing it with gochujang.
“It is said that you need a daily intake of 18 vitamins,” she said.
“Instead of taking concentrated supplements, why not eat a bowl of bibimbap?” she said.
After making bibimbap, Han led a group tour of the hanok.
“Hanoks have high ceilings,” Han said. “And there is hidden wisdom behind the architecture.” The high ceiling made of pine wood helps the air circulate better.
Visitors can spend a night here with a reservation.
Timothy Wong, a student from City University of Hong Kong, wanted to stay overnight if time allowed.
“Korean culture is high and noble, especially the cuisine,” Cho said.
“But it has been left out in the cold. It is now time to bring it back to our lifestyle.”
To reach Jungkangwon, take a bus from Dongseoul Bus Terminal (Gangbyeon Station, line No. 2) to Jangpyeong. The two-hour ride ticket costs 10,500 won. It is a three-minute taxi ride from Jangpyeong Terminal.
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in this era of globalization, local area can meet directly the whole world without any boundaries such as border or countries. so local area should have 'brand' to survive in global competition. because before globalization, country fight to country and local area is not important. but in the era of globalization, local era bocome major competitor. and we named it glocalization.
so, preserving korean traditional food is so important, and it's related to country's brnad image directly. specially, kang won province there is so many environmental resource.
20500530 entry # 13
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