ABOUT Korea

The Republic of Korea is a small country on the far eastern edge of Asia. Although it ranks 109th in the world in terms of land area, the country is a center of economic activity, culture, and arts. Korea was colonized by Japan in the early 20th century and later had to endure the Korean War (1950-53), but it has achieved amazing economic growth in a short period, dubbed “the Miracle on the Han River.”

Today, Korea is an industrial nation standing tall on the world stage. Its semiconductor, automobile, shipbuilding, steel making, and IT industries are on the leading edge in global markets. It hosted the 1988 Seoul Olympics and the 2002 Korea-Japan FIFA World Cup. More recently, Korean dramas, movies, and music are attracting many audiences in Asian countries and beyond, creating what is being called the “Korean Wave.” Korea’s new standing in the international community was highlighted in 2010 with the nation becoming the first Asian country to chair the G20 and host the G20 Seoul Summit.

The Korean Market

South Korea is a member of the Organization for Economic Co-operation and Development (OECD) and the G-20 major economies. South Korea has a market economy that ranks 11th in the world by nominal GDP and 13th by purchasing power parity (PPP). It is a developed country, with a developed market and a high-income economy. South Korea is the only developed country included in the group of Next Eleven countries. South Korea had one of the world’s fastest growing economies from the early 1960s to the late 1990s, and remains one of the fastest growing developed countries in the 2000s.South Koreans refer to this growth as the Miracle on the Han River of Heavy-Chemical Industry Drive, and the top four chaebol generate 90% of South Korean conglomerate profits.

On June 23, 2012, South Korea is landmarked to become the 7th member of the 20-50 club (with the population surpassing 50 million and maintaining per capita income of US$20,000), chronologically, after Japan, United States of America, France, Italy, Germany and United Kingdom. A free trade agreement between the United States of America and the Republic of Korea was concluded on April 1, 2007. The European Union–South Korea Free Trade Agreement was signed on 15 October 2009. The Canada–South Korea Free Trade Agreement was concluded in 2014.

Information

South Korea is a leader in the area of information and communications technology. ICT industry-related products, account for over 33% of Korea’s total exports. Today, Korean semiconductors, mobile handsets, TFT-LCDs and other items have become the most coveted in the global market because of their high quality. The e-commerce turnovers also showed growth between 2001 and 2013, from 118.9 trillion won (US$92.2 billion dollars) to 1204.1 trillion won (US$1037.1 billion dollars)