South Korea

Business in Asia

With a population of 50 million and a gross domestic product (GDP) per capita of more than US$24,000, South Korea is the 12th-largest economy in the world.

Over the past four decades, South Korea has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. In 2004, South Korea joined the trillion-dollar club of world economies.

South Korea adopted numerous economic reforms following the 1977–78 Asian financial crisis, including greater openness to foreign investment and imports. In 2015, the administration faced the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services.

The South Korean economy’s long-term challenges include a rapidly aging population, inflexible labor market, dominance by large conglomerates (chaebols), and a heavy reliance on exports, which comprise about half of GDP. In an effort to address the long-term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small- and medium-sized enterprises.

South Korea is striving to provide the ideal environment for business success, such as world-class infrastructure, intellectual property rights protection, high quality of life, FDI-friendly government policies, one-stop investment services, and so on.

In the World Bank’s Doing Business 2015 report, Korea was ranked the 4th-easiest place in the world to do business.

MABS Consulting, with a good number of databases for each industrial sector, facilitates client business development with South Korea.

Business in Asia

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