South Korea Economy

1. Introduction

Include short profiles of the company, the product to be exported, and the country with you wish to trade with (South Korea)

1. South Korea Brief

As one of the four Asian Tiger economy, South Korea has outdone its northern sister and in recent decades made vast improvements to the economy, innovation and infrastructure.

The economy grew on average at an impressive 10% over 30 years which rapidly transformed South Korea to the world’s 11th economy. With a population of 50.8 million South Koreans, it boasts a total GDP of $1.9 trillion which translates to PPP per capital of $37,699.  

Values such as openness and innovativeness are valued, with a growing higher percentage of the population receiving higher education, as well as leading the OECD in graduates in science and engineering, South Korea is home to global brands like world’s leading smartphone and TV maker, LG, Hyundai and Kia. Bloomberg L. P. ranked South Korea as the most innovative country in the Bloomberg Innovation Index. The capital of South Korea, Seoul ranks six in the Global Power City Index 2015 conducted by the Institute for Urban Strategies The Mori Memorial Foundation. South Korea is also strong in intellectual protection – specifically in patents registrations.

Connectivity is synonymous to South Korea as the nation enjoys the world’s fastest Internet speed. Smartphone penetration is also the world’s highest at 88%. Korea Railroad Corporation (Korail) is the national railroad operator connects the two largest cities, Seoul and Busan via its high-speed parallel line. The South Korean government has committed $US 88 billion to improve and upgrade the rail network from 2011 to 2020. Intra-city transportation comprises metro and bus services which connects every nook and cranny of that nation.