Following the Korean war of 1950-1953, Korea has been divided into two: the communist North Korea, and the capitalist South Korea. An economic backwater in the fifties and sixties, South Korea (known officially as the Republic of Korea) has grown to become the 4th largest economy in Asia – a leading member of the OECD and G20.
Between 1980 and 2010, South Korea’s GDP per capita grew from around $2,300 to $30,000 – an increase of around 1,200% – the so-called Miracle on the Han River. South Korea remains one of the most dynamic and fast-growing economies on earth. The country is one of the Next Eleven – economies that are likely to dominate global finance in the 21st century.
The nineties saw the government invest heavily in high-tech industry. Today South Korea is one of the most technologically sophisticated societies on earth, a leader in electronics and other high-tech fields such as robotics, mechatronics and bioengineering. Overcrowded, and lacking in natural resources, South Korea’s economy is oriented around exports. The country’s largest trading partners are China (25% of exports) and the USA (12% of exports). The country’s main exports include electronics, petro-chemicals, textiles, ships and cars. South Korea’s automobile industry grew fivefold in the 1980s, and the country remains one of the world’s leading car producers.
South Korea is one of the most forward-thinking and exciting economies on earth. Our team of business professionals is ready to handle any queries you may have.
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