Prominent Market in Asia
With a population of about 52 million, GDP of US$1.5 trillion and GDP per capita of $35,750, Korea is one of the largest and most prominent consumer markets in Asia. Also, Korea is the 3rd largest trading nation in Asia. Considering the region, Korea with its neighboring Japan and China, the total GDP is about $14 trillion, total population exceeds 1.52 billion, or 22% of the global population, and their trade volume is $5.32 trillion, or 17.6% of total world trade.
Industrial Powerhouse

Korea has leading global companies in various industries, which include electronics, automobile, chemicals, steel-making, constructions, shipbuilding and IT industries.

Korea has been the 5th largest automobile producer in the world and about 1.5 million vehicles are sold each year in Korea. Also, Korea is one of the few countries that has the global brand names like Hyundai and Kia Motors. Those Korean car companies export cars worldwide and operate car factories in several foreign countries as well.
Korean shipbuilders lead the global shipbuilding industry in terms of market share and technologies. Korea is home to the top-5 largest shipbuilders and their combined market share is almost 50% surpassing Japanese and emerging Chinese shipbuilders. Also, Korean shipbuilders are capable of building all types of ships to meet various demands from its clients ranging from freight ships to high-tech offshore drilling and other maritime engineering facilities.
Korean electronics and semiconductor companies maintain their competitiveness driven by unmatched technologies and bold R&D investments. Samsung Electronics and LG Electronics became a household name in the world of consumer electronics market and Korean semiconductor companies maintain particularly high competitiveness in the area of memory chips, with its current market share steadily standing over 50%.
Korea produces the world's finest steel products leading the steel-making technology. For example, POSCO is one of the world's top five largest steel-maker in output of steel and also renowned for its high-tech steel making technologies and its value-added products.
Korea's chemical industry is the world's sixth largest producer. Along with the production capabilities, Korean chemical companies also have the impressive track records of chemical engineering plant constructions and export those expertise to the developing nations.
Open Economy
Korea is the completely free and open economy to the world. Korea has signed Free Trade Agreements (FTA) with 54 countries including United States, EU and ASEAN. Both Korean and foreign companies from FTA nations have benefited from the Korea's extensive network of Free Trade Agreements. At this moment, FTAs are expected to expand further with other major trading partners.
Ease of Doing Business
Korea ranks 5th out of 190 countries as the easiest place in the world and the 3rd in Asia to do business, according the World Bank's Doing Business 2017 survey. Geographically, Korea is situated at the center of air and maritime transportation networks in Northeast Asia. There are 61 cities with a population of more than 1 million within a 3-hour flight from Seoul.
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