BUSA 3000 South Korea

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South Korea: Where Investment and Business Blossoms
Country Background
• Name of Country: South Korea
• Neighboring countries: China to the west, Japan to the east and North Korea to the north. Southern half of the Korean Peninsula, bordering the Sea of Japan and the Yellow Sea.
• Territorial size of South Korea: 96,920 sq km
• Population size: 48,860,500
• Political system: Democracy
• Current prime minister: KIM Hwang-sik
• Political party in power: Democratic United Party or DUP
• Form of law: Combination of European civil law, Anglo-American law, and Chinese classical thought
• Economic system: high-tech industrialized economy
• GDP and GDP per capita: $1.574 trillion; $32,100
• Major natural resources: coal, tungsten,
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Currently, the FTAs with Chile, Singapore, EFTA, ASEAN, India, and the EU took effect, and the FTAs with the US and peru await ratification. Invest Korea provides the following percentages: the countries mentioned above account for 61% of global GDP, 46.2% of global trade, and 39.7% of global population. As Senior Commercial Officer, John Fogarasi argues in his video presentation Why Korea? Korea is a country of nearly 50 million people, with the 15th largest economy in the world. Its economy is nearly 1 trillion dollars and is in the same GDP lead as Australia, Mexico, and India. In addition, South Korea’s GDP per capita is over $19,000 leaving them in a remarkable position in the world’s economy. Apart from Japan, Korea has the highest GDP per capita in Asia. Invest Korea’s statistical data shows that Korea recorded a 6.2% economic growth in 2010. “From 1997 to 2010, nominal GDP rose over 500 times from USD 2BN to USD 1,007BN” (Invest Korea). All these statistics show that Korea has had an amazing turnover over the years, from being on the level of some of the poorest nations of Africa in the early 60s with a GDP per capita over 100 dollars to becoming 15th in the world economy. “From 2000 to 2010, over 610,000 companies were newly founded with an average of 56,000 companies set up every year for 11 years” (Invest Korea). They argue that global companies are using the korean market as a “test bed” for their products. What this means

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