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Economy - overview:
Since the early 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies. Today its GDP per capita is equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged to a negative 6.9% in 1998, then strongly recovered to 9.5% in 1999, and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7.0%, despite anemic global growth. Between 2003 and 2005, growth moderated to about 4%. A downturn in consumer spending was offset by rapid export growth. In 2005, the government proposed labor reform legislation and a corporate pension scheme to help make the labor market more flexible, and new real estate policies to cool property speculation. Moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income characterize this solid economy. |
Trade Fairs,
Exhibitions, Conferences: |
COEX
Convention & Exhibition Center
Since established in Mar., 1979, COEX has made the site for international exchange through a number of international conventions and conventions and been positioned as the best convention & exhibition center in Korea through numerous cultural and art events. It has the facilities of 12 exhibition halls in the building of 4 stories and 4 basements in the site of 11,000 Pyong(36,300㎡) (total building area of 130,000 Pyong, 429,000㎡), convention hall to accommodate 7,000 persons, 61 conference rooms, and high-tech office and management systems. Furthermore, it has been expanding the spaces of culture and art with opening of super-scale cultural complex, COEX Mall in May, 2000, and COEX Art Hall in Aug., 2004.
DPGShow
International Digital Printing & Graphic Design Show
Venue: COEX, Seoul, Korea
HOMDEX
Home Trend & Trade Expo
Venue: COEX, Seoul, Korea
PHOTO & IMAGING
Photo & imaging industry fair in Asia organized by COEX, KOIA and KPMA, will be open its doors for the 16th time on May 17-20, 2007, COEX in Seoul, Korea.
P&I 2007 expecting 250 companies from 20countries will feature displaying all of their products and innovative solutions including cameras, developing equipments, digital imaging & finishing systems, albums and studio facilities, etc. And over 60,000 visitors are expected to attend the show in 2007 due to phenomenal DSLR market growth with tech-savvy users in Korea.
Seoul Int. Consumer Goods Fair
International Trade Fair for Consumer goods
Organiser: Messe Frankfurt Korea Ltd.
Venue: Seoul Trade Exhibition Center (SETEC), Seoul, Korea
SPOEX
Seoul International Sports & Leisure Industry Show
Since 2002, SPOEX has established itself as an important business event for international sporting goods trade in Asia, winning much applause from both the marketing and sourcing sides of the industry.
SPOEX has become a leader to introduce the variety of qualified sports products, particularly new products and originality of products. As a result of the huge success of previous shows, many sports experts from Korea and abroad are predicting the consecutive success of SPOEX 2007, Which is taking on much more international character.
WEDDEX KOREA
Wedding Exposition
Organiser: Seoul Fairs Co., Ltd |
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