South Korea business covers all type of commercial, industrial and professional activities of the people of South Korea. But, the main strength of South Korea Business lies in the fields like banking, tourism, telecommunications, oil and gases, ports and power.
South Korea business policy
South Korea business policy stresses more on external trade and trade liberalization. South Korean business also focuses on trade diversification.
Statistical report on South Korea business
South Korea business is primarily dependent on industries like electronics, automobile, steel, machinery, textile, food processing, shipbuilding etc.
- Telecommunication Services: Over the last couple of years, telecommunication business in South Korea is growing speedily.
During the period from 1982 to 1986, investment in telecommunication sector reached to 7.7% of the total annual investment.
- Banking Service: Korea's financial sector mostly comprises of commercial banks and other secondary financial establishments. Financial institutions can further be divided into monetary establishments and other financial establishments.
- Automobile Business: Korean automobile industry can be defined as one of the leading automobile producing industries of the world. In 1988, annual domestic output of South Korean automobile industry exceeded one million units mark. In 1989, overall investment in car and car-related component manufacturing crossed US$3 billion mark.
- Steel: South Korea is the leading steel producer in the world. In 1989, South Korea produced 2.3 % of world steel production.
- Electronics Business: South Korea is one of the leading producer of electronics goods, including videocassette recorders, color televisions, watches, microwave ovens, radios, personal computers, and videotapes. In 1988, South Korean electronics industry produced US$23 billion worth of goods and ranked sixth in the world in terms of electronics goods manufacturing.
- Shipbuilding: South Korea is also a leading manufacturer of ships. One of the leading shipbuilder in South Korea is Hyundai.