South Korea has experienced significant economic development over the past 70 years, transitioning from an agrarian economy to one focused on export-led industries such as electronics, automobiles, and shipbuilding. The country was severely impacted by the 1997 Asian Financial Crisis but was able to recover through IMF support and domestic reforms. South Korea continues to invest heavily in research and development to drive future growth in high-tech and service industries.
Business proposal for Construction industry of UAEKratiJain53
A detailed analysis of the construction industry of UAE, its growth opportunities, current trends, SWOT and PESTLE analysis followed by business proposal and conclusion.
Business proposal for Construction industry of UAEKratiJain53
A detailed analysis of the construction industry of UAE, its growth opportunities, current trends, SWOT and PESTLE analysis followed by business proposal and conclusion.
Macro-economical concept applied in Egypt such as : unemployment rate, Economical political power, long run variables and stock market, role of the central bank all that and more you can see under the topic Egypt between black yesterday and welling tomorrow
Foreign trade and its importance in the economy of Iran in the international ...Private
Iran is one of the world’s most closely watched nations as a historical entity, about 2.500 years ago, of the Achaemenids Dynasty (559 to 330 BC) period.
The Islamic Republic of Iran (denomination after the revolution in 1979), also know as Persia territory, as historical entity and despite political, religious, and historic dimensions of the society, Iranians maintain a deep connection to their past.
The Iran’s economy is a mirror of the International Community nowadays. Economic policies and decision-making process in economic terms are guests from the international sanctions, particularly the unilateral sanctions from United States of America, which accuse Iran of supporting international terrorism and maintain the nuclear programme as global weapons.
Kinzer et al. (2005: 61) wrote about the impact of sanctions against countries, he said “this isolation has hampered the short and long term growth of its markets, restricted the country´s access to high technology, and impeded foreign investment”.
A form of foreign pressure, sanctions are typically meant to alter the policies of other countries. There is much pessimism on whether they ever work.
The main question, related with this working paper, and we should do is how Iran can trade in the economic global arena, in the contemporary global markets in the sanctions context? Can we found true economic policies in this context and with the contemporary conservative politicians, with the leadership of Mahmoud Ahmadinejad, since 2005? Can the economic sanctions destabilize the Iran government, the target of the International Community? Understand the political economy, especially the foreign trade and the impact of the international sanctions in the economy of Iran is the purpose of this paper, with special focus on the United States sanctions, in the line of Marinov (2005).
We using the electronic database of The World Factbook published by Central Intelligence Agency (CIA), The Statistical Centre of Iran, World Trade Organization, United Nations and European Union, and a qualitative research based in published academic work until 2003.
Key-words: International community; International sanctions; Impacts; Foreign trade; Iran;
Korea’s economic growth and government’s role: Past, present and futureK Developedia
Title: 한국경제의 성장과 정부의 역할(Korea’s economic growth and government’s role: Past, present and future)
Sub Title: 과거, 현재, 미래
Material Type: Report
Author(Korean): 고영선
Publisher: 서울:한국개발연구원
Date: 2008
Pages: 461
Subject Country: South Korea(Asia and Pacific)
Language: Korean
File Type: Documents
Original Format: pdf
Subject: Economy < General
Holding: 한국개발원; KDI 국제정책대학원
Macro-economical concept applied in Egypt such as : unemployment rate, Economical political power, long run variables and stock market, role of the central bank all that and more you can see under the topic Egypt between black yesterday and welling tomorrow
Foreign trade and its importance in the economy of Iran in the international ...Private
Iran is one of the world’s most closely watched nations as a historical entity, about 2.500 years ago, of the Achaemenids Dynasty (559 to 330 BC) period.
The Islamic Republic of Iran (denomination after the revolution in 1979), also know as Persia territory, as historical entity and despite political, religious, and historic dimensions of the society, Iranians maintain a deep connection to their past.
The Iran’s economy is a mirror of the International Community nowadays. Economic policies and decision-making process in economic terms are guests from the international sanctions, particularly the unilateral sanctions from United States of America, which accuse Iran of supporting international terrorism and maintain the nuclear programme as global weapons.
Kinzer et al. (2005: 61) wrote about the impact of sanctions against countries, he said “this isolation has hampered the short and long term growth of its markets, restricted the country´s access to high technology, and impeded foreign investment”.
A form of foreign pressure, sanctions are typically meant to alter the policies of other countries. There is much pessimism on whether they ever work.
The main question, related with this working paper, and we should do is how Iran can trade in the economic global arena, in the contemporary global markets in the sanctions context? Can we found true economic policies in this context and with the contemporary conservative politicians, with the leadership of Mahmoud Ahmadinejad, since 2005? Can the economic sanctions destabilize the Iran government, the target of the International Community? Understand the political economy, especially the foreign trade and the impact of the international sanctions in the economy of Iran is the purpose of this paper, with special focus on the United States sanctions, in the line of Marinov (2005).
We using the electronic database of The World Factbook published by Central Intelligence Agency (CIA), The Statistical Centre of Iran, World Trade Organization, United Nations and European Union, and a qualitative research based in published academic work until 2003.
Key-words: International community; International sanctions; Impacts; Foreign trade; Iran;
Korea’s economic growth and government’s role: Past, present and futureK Developedia
Title: 한국경제의 성장과 정부의 역할(Korea’s economic growth and government’s role: Past, present and future)
Sub Title: 과거, 현재, 미래
Material Type: Report
Author(Korean): 고영선
Publisher: 서울:한국개발연구원
Date: 2008
Pages: 461
Subject Country: South Korea(Asia and Pacific)
Language: Korean
File Type: Documents
Original Format: pdf
Subject: Economy < General
Holding: 한국개발원; KDI 국제정책대학원
Insider Guide to Korea's Tech and Startup Ecosystem in 2017 - G3 PartnersG3 Partners
Korea has become one of Asia's most important startup hubs. Here is a detailed look at the movers and shakers, support systems, investors and top performing startups in 2017. Compiled by the industry insiders at G3 Partners, we layer analysis on top of facts, stats and lists.
• New investment funds for 2017
• Korean investors & global VCs in Korea
• Korea's biggest investments of 2015 & 2016
• Korea's top accelerators and co-working spaces
• Startup meetups and events in Korea
• Top markets for Korean startups
• Startup support for Koreans and foreigners
• Korean unicorns & top startups
• Tech & startup trends
• Who's who
• And tons more...
International Business Environment
We Also Provide SYNOPSIS AND PROJECT.
Contact www.kimsharma.co.in for best and lowest cost solution or
Email: amitymbaassignment@gmail.com
Call: 9971223030
Dr. Alejandro Diaz-Bautista, Korea Mexico Economy Presentation, University of...Economist
“Competitiveness and Economic Growth. An Analysis of Mexico and Korea.” Crecimiento Económico y Competitividad. Un Análisis de México y Corea.
Dr. Alejandro Díaz-Bautista
Professor of Economics and Researcher at
El Colegio de la Frontera Norte (COLEF)
Profesor Investigador del Colef. Miembro del SNI Conacyt.
adiazbau@hotmail.com
Prepared for the Conference at the Faculty of Economics, University of Colima, April 29-30, 2010. Colima, Colima, Mexico.
Preparado para la Conferencia en la Facultad de Economía de la Universidad de Colima, para los estudios en Cuenca del Pacífico en la Universidad de Colima, los días 29 y 30 de abril de 2010.
A quick summary or a general outlook on international business management of South Korea. The outline is written below:
Introduction to South Korea
Economic Transition & Business-Industrialization Stage
Political Admin, Public Policy, Society & Culture
Geopolitics to Geo-economics
Emergence of Chaebol Industry
Foreign Investment Climate
Business Culture & Etiquette
Bubble Spotting - The East Asia Currency and Debt crisis of 1997Benjamin Van As
During the 1990s, various Eastern Asia economies grew at double-digit figures, and exports grew at well over 10% pa. in some cases.
Then the party ended with a bang as the Currency and Debt Bubble popped, the impact of which could be felt in markets around the world.
This presentation (which forms part of a larger series on Market Bubbles) gives a short overview on what happened.
2. 1. Stages of growth for South Korea
2. The 1997 Asia financial crisis and the 2008
US recession compared. Where South Korea
stood and measures taken by the
government.
3. Types of industries in South Korea
4. The investment climate
3. Located on the southern half of the Korean
peninsula.
A nation in 1948, after the division of Korea by USSR
and US.
Has seen several changes in economy areas and its
growth has never stopped since 1950s.
Today it is listed as N11 in the world among others
like Bangladesh, Vietnam, Nigeria, Mexico, Pakistan
etc.
Euromonitor.com,2010; Asiarooms.com, 2010
5. Add value to agricultural raw materials through
their processing into marketable, edible products,
while enhancing the income and profitability of the
producers.
Provided employment
Food
Eventually pressure for arable land led to its
scarcity.
Only served the domestic market until 1960s when
the government encouraged massive industrialization
unescap.org,2003
6. South Korea chose an export led
industrialization strategy.
Light consumer and labor intensive products
were produced in 1960s hence being
competitive and exportable in markets like North
America and Western Europe. Example, fabric
and clothes
Later, in 1980s light industries were
supplemented by heavy industries with
assembly-line production of electronic
products like TV sets, auto-mobile, ships, steel.
(cbo.gov,1997; sjsu.edu)
7. A sharp decrease in exports and foreign
orders drove the downturn of the economy
in 1989.
Resulted in increased inventories and severe
cutbacks in production at electronics,
automobile, and textile manufacturers.
1990s, a significant shift in future production
towards high tech industries.
countrystudies.us,2005
8. Panels of government officials, scholars,
business leaders held sessions on
production in R&D intensive industries.
Reasons:
Innovation, hence gaining market share, creation of
new product markets and using resources
productively.
High value added production and success in foreign
markets thus higher compensation to workers.
Companies like Samsung, Hyundai, Lucky Gold
star, Daewoo, Kyo spent a lot on their R&D from
the total amount of capital investments.
nsf.gov, 1998
9. Service industry, another targeted
industry by the government and
business leaders in 2000s.
Includes restaurants, hotels, laundries,
insurance, public bath houses,
health related services and
entertainment business.
To meet the demands of a highly diversified
industrialized society it became knowledge
intensive.
10. Using knowledge as a key engine of growth, knowledge
is acquired, created, disseminated, and used to
enhance economic development.
KE Framework
• A conducive economic incentive and institutional regime.
• An educated and skilled labor force.
• An effective innovation system.
• A modern and adequate information infrastructure.
The government of South Korea through the Ministry of
Knowledge Economy (MKE)- is taking steps to equip the
nation with a cutting edge R&D, advanced information skills
and value added goods & services.
11.
12. With its epicenter in Thailand, erupted suddenly and
viciously after the revelation that many countries in the
region had built unsustainably large piles of short-term
external debt.
International banks played a key role in this debt buildup by
recklessly lending huge sums of money to domestic banks in
Thailand, South Korea, Malaysia, the Philippines and
Indonesia.
This reckless lending was supported by the world's largest
central banks, which compressed investment risk with overly
loose monetary policies.
Asia financial times,2008
13. South Korea’s economy entered crisis, owing largely to structural
problems in its financial and corporate sectors;
Korean banks were dependent on foreign borrowing
Korean stock market was underdeveloped, in 1996 its stock market capitalization
was 25% of GDP while Japans was 67%
Majority of the chabeols were dependent on loans from banks for sustenance and
operations
Capital inflows that helped finance Koreas growth were reversed as
foreign investors reeling from losses in other South East Asian
economies, decided to reduce their exposure to Korea.
Weak regulatory and supervisory arrangements, lack of expertise in risk
management, allowed banks to incur in excessive risk without
building a capital base to withstand shock, a substantial share of South
Korean banks were in financial straits
IMF, 1999
14. The crisis was aided by a speculative attack on the
won in a context of very low foreign exchange
reserve, its foreign exchange rate was in turmoil and
depreciated.
Eight of the top 30 chaebol were insolvent in 1997. Hanbo,
Jinro, a brewery, and Kia, an auto maker became bankrupt
Kia was resurrected by its acquisition by Hyundai and
continues to operate.
South Korea after three decades of growth at an average
rate of 8.6% per year on November 21st, 1997
asked the IMF for $20 billion to handle its short-term
financial needs.
Asia financial times, 2008
15. Intervention in the foreign exchange market.
Monetary policy tightened to stem capital outflows, discourage speculation and curb
inflationary pressures that could stem originate in exchange rate depreciation.
The exchange rate allowed to float freely. Reached a peak of won1,962 per dollar.
After measures were put in place like agreement with foreign creditors, it appreciated
steadily stabilizing around won1200per dollar though it was still high compared to
won800 before the crisis.
Statutory ceiling on interest rates was raised from25% to 40% and call rates reached
32% as of December 1997.
Real interest rates peaked at about 19% in January 1998, and subsequently declined
gradually to below pre-crisis level( about 8% in 1996-1997)
IMF, 1999
17. Restructuring the economy via corporate and financial reforms.
Prudential regulation via the creation of the Financial Supervisory
Commission to check a weak system of corporate governance, a
dysfunctional financial system.
Surge of foreign direct investment (FDI) in 1998-99, due to foreign firms
buying out their South Korean joint venture partners.
The government injected 155 trillion won into banks and other financial
institutions, while shutting down 498 non-viable financial institutions,
reducing the number of commercial banks from 33 to 11
Asia financial times, 2009
18. The crisis has its roots in real estate and
the subprime lending crisis.
Around the world stock markets fell, large
financial institutions collapsed or were
bought out, and governments in even the
wealthiest nations had to come up with
rescue packages to bail out their financial
systems.
19. Stock markets and currency dropped more than 30
percent as foreign investors fled in droves
Banks became stressed, not being able to source
foreign loans
Slowdown on South Korea's exports and a trade
deficit
FDI turned negative for the first time since 1980
20. Loans from the government, which has pumped
tens of billions into banks to prop up the Korean
banking system
The crunch has begun to ease slightly with some
European banks like Deutsche Bank once again
lending dollars to South Korean banks
In the third quarter of 2009, the economy began to
recover, in large part due to export growth, low
interest rates, and an expansionary fiscal policy
21. South Korea has been eyeing the robotics
industry as a future growth engine.
The government is now putting more
emphasis on developing service robots that
help clean homes and provide entertainment.
South Korea will spend about US$1.05 billion
to build two robot theme parks. They will be
the world's first robot theme parks by the end
of 2013 in Incheon, a port city west of Seoul
22. Globally, South Korea is one of the leading
nations in utilizing rubber products.
Amazingly, over 2,000 rubber industries are
in full fledge operations with production
volume creeping around 5 billion dollars,
which is, equivalent to 1% of the entire
production of the domestic manufacturers.
Moreover, the Korean rubber industry is
frontiers in tires manufacturing, shoes, and
other rubber products
23. South Korea relies on external sources
for much of its mineral requirements.
The country imports as much as 87% of
its minerals and a significant percentage
of its energy resources, including almost
the entire demand for bituminous coal,
ores and concentrates of copper, iron,
lead and zinc.
However, the country does host small
reserves of gold, molybdenum, silver, tin,
tungsten and zinc.
24. The global shipbuilding industry is currently dominated by south
Korea , which is by far the world's largest shipbuilding nation.
In spite of high labor cost , South Korea produced more ships in
2008 than the entire rest of the world's combined output.
Its preeminence in the industry is largely due to South Korea's
highly advanced shipbuilding technology, the strong work ethic of
the labor force and the high productivity and efficiency of South
Korean shipyards.
25. Investment climate:
S. Korea has been criticized for imposing a series
of regulations on foreign firms and having
investment procedures that lack transparency due
to dramatic growth without a solid economic
policy.
South Korea's dependence on un-transparent
chaebols came to a head in the Asian financial
crisis of 1998, when South Korea suffered severe
economic dislocations.
26. The government of South Korea moved quickly to
crush the largest chaebols, increase transparency,
and move the economy closer to a classically open
Western model.
David Eldon, a British financial expert and advisor to
South Korean President Lee Myung-Bak, urged Seoul
to work out open and fair rules to lure more foreign
investors.
"In the case of Korea, foreign investors prefer places
where they can do business openly and transparently,"
France-Presse,2009
27. Korea's economy has long been dominated by the
chaebol, or conglomerates, most of which were
established after the Korean war. Four of the best
known chaebols Hyundai, Samsung, Daewoo and
LG3 (Lucky Goldstar) alone produced 9% of the
GDP in 1995.
Although government reforms since 1997 have
weakened the chaebol's grip on the economy, they
continue to dominate economic activity even
today.
28. The chaebol are the large, conglomerate family-
controlled firms of South Korea characterized by
strong ties with government agencies. The name,
which means business association, is properly
pronounced jay BOL.
Examples :Samsung, Daewoo, Ssangyong, Luck
Gold star, SK, Hyundai, LG, Hanjin, Kia,
Kumho,Donglip, Hankook Glass
29. There were family-owned enterprises in Korea in
the period before 1961 but the particular state-
corporate alliance came into being with the regime
of Park Chung Hee (1961-1979). Park modeled
this arrangement on the zaibatsu system which
developed in Japan during the Meiji Era. There
were significant differences between the zaibatsu
and the chaebol, the most significant of which was
the source of capital.
30. The statistics on foreign investment shows that
post-financial crisis high of $15 bil. in 2000, foreign
investment fell to $6.5 bil. in 2003. Although it
rebounded to $13 bil. the following year, it has
recently fallen back to $10 bil
Korea National Statistics office, 2008
31. According to MOCIE,FDI inflows fell for a third
straight year in 2007, down by 6.5% from2006.
Although FDI from the U.S. increased, FDI from
Japan and the European Union decreased.
South Korea has now been searching for ways to
attract a wider range of investment.
The government has created three free economic
zones (FEZs) in Incheon, Busan and Gwangyang.
32. Exports(2008)$433 billion f.o.b.: electronic products
(semiconductors, cellular phones and equipment,
computers), automobiles, machinery and equipment, steel,
ships, petrochemicals.
Imports-- $427 billion f.o.b.: crude oil, food, machinery and
transportation equipment, chemicals and chemical
products, base metals and articles.
Major markets (2008)--China (21.7%), U.S. (11.0%),
Japan (6.7%), Hong Kong (4.7%). Major suppliers (2008)--
China (17.7%), Japan (14.0%), U.S. (8.8%), Saudi Arabia
(7.8%), U.A.E. (4.4%).