Samsung Electronics launched the world’s first AI-powered smartphone, the Galaxy S24. The new device, equipped with a built-in generative AI system, can translate real-time calls into 13 languages, including English, Spanish, French, Chinese, and Japanese. Users can search for information by simply circling objects on the screen.
The AI features that set the Galaxy S24 series apart from traditional smartphone models have garnered attention from local and international outlets. Some outlets have lauded the new device as a potential game-changer in the smartphone market. The Financial Times reported that the Galaxy S24 phones “appear to give Samsung a technological edge over its main rival Apple.”
While Apple pioneered the smartphone market 17 years ago, Samsung Electronics seems to have ushered in the ‘AI phone’ era. This development has raised expectations about whether Samsung can surpass Apple to become the market leader.
South Korea’s economic growth has historically been fueled by its fast-follower strategy, quickly adopting new products and technologies pioneered by other developed nations. But with the rise of China as “the world’s factory”, intensifying global competition and industries becoming more sophisticated, the fast-follower strategy no longer works. Companies must strive to become “first movers,” creating new markets before others if they do not want to fall behind.
Adopting a “first mover” approach across all industries, as demonstrated by Samsung’s AI phone, is essential to drive the growth of the Korean economy. This is a challenging endeavor. In a study conducted by the Australian think tank ASPI, analyzing the competitiveness of nations across 64 critical technologies, China ranked first in 53. The United States came out top in 11 out of 64 technologies. Critical technologies include AI, batteries, genetic engineering, high-performance computers and small satellites, to name a few.
South Korea did not come out first in any of the 64 technologies, but there’s hope. Korea ranked within the top five in 26 fields, including batteries and high-performance computers. Korea stands at the forefront of high-bandwidth memory (HBM), a crucial component in AI chips. Beyond semiconductors, Korea has the potential to become a global leader in small modular reactors (SMRs), zero-emission gas carriers, hydrogen fuel cell vehicles, all-solid-state batteries, and next-generation displays.
Being a front-runner in these high-tech sectors is synonymous with national competitiveness. Companies must focus on developing cutting-edge, innovative products and the government should enhance research and development support. This approach, centered around fostering partnerships between the public and private sectors, is key to establishing South Korea as a “first mover” nation. Such a strategy is needed to push the Korean economy out of its slow growth slump.
