The Republic of Korea (South Korea) is the fourth largest Asian economy. The population density is twice as high as in Germany with 50.9 million inhabitants living on a national territory of about 100.000 km². In the last few years South Korea recorded an economic growth of 3% each year. Especially in the fields of information and communication technologies South Korean is highly developed and an equal competitor with industrial countries.
In July 2011 a free trade agreement between South Korea and the EU opened the markets and increased marketing opportunities for German export products. For South Korea Germany is one of the seven most important trading partners and the most important partner in Europe.
For those interested in future trends South Korea is a site to take a look at. On the Bloomberg ranking of 2015 South Korea is number one of the most innovative countries.
- Most of these expenses go into information technology, nano technology, power and environmental technology as well as biotechnology.
- 65% of the economic forces of the country depend on the success of the powerful business conglomerates Samsung, Hyundai Motors and LG.
- In the future according to funding initiatives the focus will be on small and medium sized enterprises with high innovative power.