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Over the past 50 years, Korea has been able to convert itself from an agriculture-driven economy to a manufacturing and service-oriented economy. In the past 30 years, the economic growth of Korea has been marvelous. During these years, its industrial structure has dramatically changed that included automobiles, petrochemicals, electronics, shipbuilding, textiles and steel products. The economy of Korea was hardly effected in 1997-98 due to financial crisis in Asia.
But due to strong economic performance driven by Korea exporters, growth rate arrived 4.6% in 2004, 4% in 2005, and 5% in 2006 and at the end of the 20th century, Korea has risen to become the world's 11th largest economy, the eighth largest trading partner of the U.S. and a global leader in construction, semiconductors, shipbuilding, and steel production.
According to the results of year 2006, Exports of Korea arrived US$ 325.5 billion, with an increase of 14.4% over 2005. During this year, the major exports were electric products, mainly semiconductors, automobiles, wireless communication devices, vessels, petroleum oils. Exports also included computers, liquid crystal devices and optical instruments, plastics, tankers and auto parts.
In year 2007, the growth of Korean trade continued consecutively. According to Korea Ministry of Commerce, Industry and Energy (MOCIE), exports of Korea arrived US$ 371.8 billion, and imports were at US$ 356.7 billion by registering increases of 14.2% and 15.3% respectively from 2006. Exports of general machinery, liquid crystal devices and ships hugely helped the growth. Raw materials, capital goods and consumer goods were major for import growth. The International Monetary Fund estimates that economic growth of Korea is at 4.8% in 2007 and 4.6% in 2008.
As a trading partner, China is the most important destination for the exports of Korea. U.S. was first but now China has over taken it. In the year 2006, China took 21.3% of total Korean exports. The other major destinations were U.S. (13.3%), Japan (8.2%), Hong Kong (5.8%) and Taiwan (4.0%). These five major destinations represented 52.6% of total exports of Korea. The most important supplier of Korea is Japan with 16.8% of all imports. Other major suppliers include China, U.S., Saudi Arabia, and UAE. Imports from Kuwait, UAE, Saudi Arabia and China increased by 36.1%, 29.1%, 27.6%, and 25.6% respectively over 2005.
Foreign direct investment (FDI) activities in Korea were also hardly effected by the Asian financial crisis of 1997-98. But, due to high qualified educated workforce, accurate domestic economy, advanced technological infrastructure and low price of distressed assets lured investments helped Korea to retain back to the previous position.
In the year 2005, the investment climate for foreigners was degraded due to a certain degree to the government's policy of tax break reductions, a tax probe into foreign capital and new regulations against takeovers. FDI inflows to South Korea declined considerably again in 2006, as a result of a fall in the value of cross-border mergers and acquisitions and divestment by foreign investors.
At a mean time, when China and India are considered as the most attractive and exciting markets in Asia, Korea has now been searching for the ways to attract a wide range of investment. The government of Korea has developed three free economic zones (FEZs) in Incheon, Busan and Gwangyang that has provided investment incentives including tax to foreign investors. But, in spite of these efforts, however, cultural barriers, regulatory hurdles and lengthy negotiations still exist in some cases.
Now at latest, the newly elected president of Korea intends to increase the annual economic growth of the country to 7% and double per-capita income to $ 40,000 by 2017. Recently, the Ministry of Knowledge Economy and Korea International Trade Association launched the development of an e-trading system that will cut time and lower costs for exporters.
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