March 22, 2008

South Korea - 10th biggest economy

Not many countries merge IT & Commerce as well as South Korea.

Much of South Korea's stratospheric economic development of the last 50 years is due to it's adoption and institutional promotion of IT as the path to prosperity. Indeed. After the Korean civil war, Korean GDP was on par with that of Ghana. Today, it is a trillion dollar economy ranking tenth in the world. Impressive no doubt, and one of the true success stories of globalization.

However, perhaps most impressive, is that South Korea is very-well poised to grow further still. As a nation its greatest resource is its people. On most frontiers of research and development, be it IT, heavy industry or bio-tech, you will find South Korea participating in an organized and diligent manner.

These days, South Korea also happens to be very well-capitalized. As political and economic cooperation and integration on the Korean peninsula continues to intensify, and deepen, investors are once-more flocking to South Korea, as evidenced by the following press release from the Korea Investment Forum 2008.

Korea Investment Forum 2008 - Program Agenda

New York, NY -
Wednesday, April 16, 2008 -
The Plaza Hotel (Grand Ballroom, 3rd FL)
770 5th Avenue, New York, NY 100192

"We intend to highlight the importance of the US- Korea bilateral relationship and the potential of the US-Korea Free Trade Agreement (FTA) -- which promises to significantly expand the already vibrant trade, investment and economic ties that exist between our two countries. Attention will also be devoted to demonstrating our deep commitment to building value-added and next-generation industries through further reductions of regulatory and other barriers to create a less burdensome, more transparent, and welcoming businesses environment - in which both foreign and domestic firms can thrive and prosper."

"Korea is the world's tenth largest economy and seventh largest export market of the US. It is now a $1 trillion economy with an annual per capita income that exceeds $20,000. As of 2006, the Republic of Korea attracted approximately $22 billion in US direct investment -- an amount almost certain to grow in the years to come, especially with passage of a US-Korea FTA," stated Kim, Joo-Nam, President of KOTRA North America.

"Through presentations by senior government officials and leading Korean companies we intend to outline the many ways US corporate and portfolio investors can take advantage of current developments, including the numerous opportunities now emerging in information- and bio-technology, manufacturing, electronics and consumer products as well as financial, leisure and professional services, retail, and numerous other sectors."

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