Make your own free website on Tripod.com
MBA Pages

Fordham Business School's Unofficial Website


Up
History
Economy
Culture
First Contact
Meetings
Negotiating
KIBUN
Conclusion
Sources
Notes

Doing Business in South Korea

ECONOMY The path to economic growth differs between the two countries. South Korea, although considered one of Asia’s tigers, is predominantly an agricultural country where two-fifths of the population work.

Manufactured goods, especially clothing and textiles, make up two thirds of the value of its exports. Other leading exports are wood veneers, foods, and raw materials. The chief imports are machinery, transportation equipment, petroleum, textiles, foods, chemicals, and wood. The United States and Japan are South Korea's main trading partners.
Chaebols, corporations that the South Korean government owns and operates, dominate the major transportation services, communications facilities, and electric power plants. Private companies dominate most other sectors of the economy.

South Korea’s gross domestic product (GDP) is currently at US$542.2 billion while GDP per head is US$11,700. Populated by 45.5 million persons, its GDP growth is 5.8% while inflation is at 4.5%.

The growth of the Korean economy is attributed to a combination of indigenous free market capitalism, extensive government promotion of export-oriented industry, and tight protectionist policies. Others insist though that the spirit of the Korean people has been a more important factor in its economic growth. An understanding of these cultural factors is important in doing business in Korea.

 

 

 

 



Home ] Up ] History ] [ Economy ] Culture ] First Contact ] Meetings ] Negotiating ] KIBUN ] Conclusion ] Sources ] Notes ]



Statistics     Sign My Guestbook Guestbook by GuestWorld View My Guestbook      


Picture


You are visitor number Hit Counter
since March 04, 1997.
This page was last updated on Thursday, March 12, 1998.



This site is maintained voluntarily by
Vladimir J.M. Manuel
To send email, click here.
All articles are copyrighted by FORCE 2020 or
their respective authors and/or organizations.