One unfamiliar with the Republic of Korea, or South Korea as
it is more commonly known, may immediately associate the country with its short
yet significant war against its neighbor to the north in the 1950s. More than
half a century later, South Korea stands strong as one of the powerful Asian
Tigers in the global trade arena, a presidential republic presently ranked
among the top ten exporters in the world. With over 300 billion dollars of
export revenue recorded in 2009, this tiny country does an enormous business in
technology and transportation industries that effect how the world moves and
works daily.
The Miracle on the Han River
Once a destitute area held under Japanese imperial rule,
then split from North Korea after World War II, South Korea underwent major
growth beginning in the 1960s through rapid industrialization and
democratization. Through drastic measures that included conservative spending
of government budgets, improvement of education, and expansion of agricultural
mechanization, South Korea saw an impressive rise in their gross national
product over the next thirty years. By 1989, the country prepared to enter the
next decade with an impressive GNP of over 200 billion dollars, 68 times the
total from the early 1960s!
Today, this complete free democracy is known as one of the
top exporters to the United States, particularly in the technology and
automotive sectors. If you own a Hyundai Elantra or Accent, you are driving a
South Korea import. In fact, you may have a number of items in your home or
office that come from this emerging Asian economy.
- Flatscreen Televisions: as the
world's largest manufacturer of LCD, OLED, and plasma screens, South Korea
keeps up with the growing global demand for high definition television.
The Samsung Group, maker of the popular brand, is based in Seoul.
- Automobiles: Not only is Hyundai
the top automaker in South Korea, it is the second largest car
manufacturer in Asia, and presently one of the top companies in terms of
actual cars sold. Other makes originating from this country include Kia
and Daewoo.
- Shipbuilding: The materials needs
to build the ships that carry cargo for global trade are made in the ports
of this country. South Korea is perhaps the largest provider of the raw
steel and other items needed to keep maritime commerce running smoothly.
- Mobile Communication and Electronics:
Do you own an LG phone? If so, you own a product from this country's
second-largest telecommunications company. This multi-faceted business
also produces popular electronics, including DVD and Blu-Ray players,
Flash memory drives, and laptops.
It may surprise you to realize that many household items you
feel you cannot do without come not from Japan or China, but this major
economic giant. Given their amazing growth over the latter half of the
twentieth century, and higher projected numbers in the decades to come, one
might expect South Korea to eclipse her neighbors in the IT industry. So long
as the global demand for faster and quicker ways of communication remains high,
it's safe to bet the telecom conglomerates of South Korea will emerge to the
forefront of new innovations.