South Korea

Capital
 Language
 Government
 Leader
 Area
 Population
 GDP
 GDP per Capita
 Currency

## **History**

South Korea, officially The Republic of Korea, formed in 1948 when Korea was divided roughly along the 38th parallel. This resulted in border conflicts that eventually escalated into The Korean War, which lasted from 1950 to 1953. The war ended with Armistice and the formation of the Korean Demilitarized Zone.

From the 1960s through the late 1990s, South Korea was one of the fastest growing economies in the world with growth rates averaging 10% per year. Growth was briefly halted by the 1997 Asian Financial Crisis, which saw the South Korean economy bailed out by the IMF. However, South Korea quickly recovered and continued growing, being one of the few countries to avoid recession from the 2008 global financial crisis.

South Korea's military has become one of the largest in the world in response to continued tensions with North Korea. South Korea maintains the 11th largest defense budget and the 6th largest standing army resulting in South Korea having the 2nd largest number of soldiers per capita behind North Korea.

## **Government**

### **The Government of Republic of Korea**

The Government of South Korea is comprised of three major branches that utilize a system of checks and balances:

#### **Executive**

The executive branch is headed by an elected president serving a single 5 year term.  The president serves as head of government, head of state, and commander in chief.

#### **Legislative**

The National Assembly of South Korea serves as the legislative branch.  The National Assembly is made up by 300 elected representatives serving single 4 year terms.  This branch

## **Economy**

With the 13th highest GDP, South Korea is home to 17 Fortune Global 500 companies.  It's main industries include electronics, telecommunications, shipbuilding, automobiles, construction, armaments, and tourism.

### **Trade**

South Korea is among the top 10 largest importers and exporters with China, Japan, and USA as it's largest trading partners.  Imports include machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics.  Exports include semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals.

### **Sectors**

#### **Shipbuilding**

South Korea controls the majority of the shipbuilding market, building some of the largest oil and shipping tankers in the world along with oil drilling platforms.  The country is home to 6 of the 10 largest shipbuilders in the world:

* Hyundai Heavy Industries

* Samsung Heavy Industries

* Daewoo Shipbuilding & Marine Engineering

* STX Offshore & Shipbuilding

* Hanjin Heavy Industries
* Hyundai Samho Heavy Industries

#### **Automobiles**

The Hyundai Kia Automotive Group is South Korea's largest automobile company and behind much of the countries growth and exports.  South Korea is the 5th largest producer of motor vehicles.

## **Foreign** **Relations**

### **Free Trade Agreements**

* Korea - ASEAN
* Korea - Australia
* Korea - Canada
* Korea - Chile
* Korea - China
* Korea - Colombia
* Korea - EFTA
* Korea - EU
* Korea - India
* Korea - New Zealand
* Korea - Netherlands
* Korea - Peru
* Korea - Singapore
* Korea - Turkey
* Korea - United States of America
* Korea - Vietnam