|Passenger and cargo ships|
Located in East Asia, South Korea occupies the southern portion of the Korean peninsula. It shares borders with Korea, the East China Sea, the East Sea, and the Yellow Sea. South Korea comprises 45 percent of the peninsula’s land area. Seoul is the capital city and the fourth-largest metropolitan economy in the world.
The name Korea is derived from Goguryeo which was one of the great powers in East Asia during its time. South Korea is a global leader in many technology and innovation propelled areas. South Korea is a highly developed country with an area of 100,363 km². As of 2017, it had a GDP growth rate of 3.1 % annual change.
Tourism: Busan is a popular destination for visitors since it consists of stunning beaches, city life, and historic buildings .Gyeongbokgung Palace which represents history of the country, N Seoul Tower, Myeong-dong is famous for eclectic shopping and dining, and Bukchon Hanok Village is a heritage village with history of 600 years.
Religion: Freedom of religion is constitutionally promised in South Korea, and there is no national religion. One-fourth of the population acknowledges Christianity, with Protestants, independent Christians, and Roman Catholics the largest groups. Less than one-sixth of the population are Buddhists.
Culture: It has been famous for its globally prominent pop culture such as K-pop and TV dramas, a trend referred to as the Korean Wave.
Financial services in South Korea refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
Foreign banks like Citibank, HSBC and Deutsche Bank which have an existence in ROK are not international branches, but rather wholly Korean entities due to Korean Law.
Technology is shaking up South Korea’s banking-finance industry, with players adopting digital transformation as a main part of their business approach going forward.
The 108 finance firms comprise of 17 banks, 8 credit card firms, 25 insurance companies and 14 securities brokerages.
The growing importance of technology and digitalization in finance is manifested by organizational changes. Right now, 63 of the 108 (58.3 percent) banking-finance corporations have established units focusing on digital operations.
The FSS found that 64 of the 108 (59.3 percent) local finance firms are either planning to run dedicated digital training systems to educate existing workers.
As for the types of technologies being established, 38 projects were dedicated to AI service acceptance and expansion, 37 projects for internal process automation, including robotic process automation, and 26 cases for big data platform development and optimization.
Looking ahead, the financial regulator said that digitalization raises the related risks correlated to security, operations and internal control, posing new security and operations-related challenges to the finance industry.
Given this, the financial regulator intends to take actions to self-implement IT security governance gauge, as well as carry out security audits. The body also vowed to improve its monitoring of large IT systems and the risks from technology subcontracting such as public cloud usage.
|Agriculture||Rice, root crops, barley, vegetables, fruits, cattle, chicken, milk & eggs.|
|Manufacture||Ships, automotive, construction equipment, graphite, coal, iron ore and other consumer durables.|
|Services (Including financial)||No Information|
|Hyundai Motor||Auto & Truck Manufacturers|
|Posco||Iron & Steel|
|Shinhan Financial Group||Investment Services|
|KIA Motors||Auto & Truck Manufacturers|
|Hyundai Mobis||Auto & Truck Parts|
|Samsung Life Insurance||Life & Health Insurance|
|KB Financial Group||Investment Services|
|Hana Financial Group||Banking|
|Passenger and cargo ships|
Korea Exchange is the only securities exchange operating in the country. Its headquarter is in Busan and has office for cash markets and market regulation in its capital, Seoul.
The Korea Exchange was formed through the incorporation of Korea Stock Exchange, Korea Futures Exchange and KOSDAQ Stock Market under the Korea Stock & Futures Exchange Act.
The securities and derivatives markets of past exchanges are now business groups of Korea Exchange.As of January 2015, Korea Exchange had 2,030 listed companies with a shared market capitalization of $1.2 trillion. The most valuable stocks are:
Korean economy started to gradually deteriorate in October 1997. The problem was intensified by the difficulty of non-performing loans at many of Korea's merchant banks. By December 1997, the IMF had signed a US$21 billion loan, which was a part of the US$58.4 billion bailout program. By January 1998, the government had closed a third of Korea's merchant banks. During 1998, Korea's economy continued to shrivel quarterly at an average rate of -6.65%.
South Korean chaebol Daewoo turned a tragedy of the crisis as it was demolished by the government in 1999 due to debt difficulties. American company General Motors arranged to purchase the motors division. Indian conglomerate Tata Group bought the trucks and heavy vehicles division of Daewoo.
The Efforts placed by the Korean government and debt swaps by Foreign lenders handled the country's financial crisis.
By the first quarter of 1999, GDP growth grew to 5.4%, and steady growth after that combined with deflationary influence on the currency led to a yearly growth of 10.5%. In December 1999, President Kim Dae-Jung declared that the currency crisis was over.
Korea experienced significant difficulties during the late-2000s recession that started in 2007. Growth fell by 3.4% in the fourth quarter of 2008 from the previous quarter, the first negative periodically growth in 10 years, with the economic growth continuing to be negative into 2009.
Most sectors of the economy reported declines, two critical pillars of the economy shriveled 55.9% and 46.9% respectively, while exports overall fell by a record 33.8% in January, and 18.3% in the February 2009. Annual growth in the economy slowed to 2.3% in 2008 and was expected to drop to -4.5%, but South Korea was able to limit the downturn to a near standstill at 0.2% in 2009. In 2010, South Korea made a robust economic bounce back with a growth rate of 6.1%, indicating a return of the economy to pre-crisis levels.
The history of South Korea formally begins with its establishment on 15 August 1948.Korea was administratively divided in 1945, at the end of World War II. As Korea was under Japanese rule during World War II, Korea was officially aggressive against the supporters which were under the Japanese territory.
The unconditional abandon of Japan led to the division of Korea into two occupation zones, with the United States controlling the southern half of the peninsula.
This division was meant to be temporary and was initially planned to return a unified Korea back to its people after the United States, United Kingdom, Soviet Union, and Republic of China could arrange a single government for the peninsula.
The two parties were disagreed on the implementation of Joint Trusteeship over Korea. This led in 1948 to the establishment of two separate governments.
South Korea's consequent history is evident by rotating periods of democratic and autocratic rule. Civilian governments are typically numbered from the First Republic of Rhee Syngman to the modern Sixth Republic. The First Republic, perhaps democratic at its foundation, became increasingly autocratic until its collapse in 1960.
The Second Republic was strongly democratic but was defeated in less than a year and replaced by an autocratic military regime.
The Third, Fourth, and Fifth Republics were technically democratic, but are commonly regarded as the extension of military rule. With the Sixth Republic, the country has progressively become stable into a liberal democracy.
Since its establishment, South Korea has seen significant growth in education, economy, and culture. Since the 1960s, the nation has grown from one of Asia's poorest to one of the world's richest nations. Education, particularly at the third level, has expanded significantly. It is said to be one of the "Four Tigers" of rising Asian state along with Singapore, Taiwan and Hong Kong.
Sun Myung Moon
(President / Lawyer, (1946-2009)
The South Korean Won is the primary currency of the country. The won is subdivided in 100 jeon.
Korean currency dates to the Goryeo dynasty (918–1392) when the first coins were minted. The coins, casted in both bronze and iron, were called tongbo and jungbo. Additionally, silver vases called unbyong were commonly used and distributed as a currency among the aristocracy of Goryeo.
In the beginning of the Joseon period copper coins called mun were minted for wide distribution of coins. Jeohwa was made of consistent mulberry-bark paper early in the Joseon period and become the first legal paper money which was used as a method of exchange in place of coins until it vanished in the early 16th century.
From the 17th century until the end of the 19th century, coins denominated in mun were the most widely circulated currency.
The yen was the currency during the colonial rule from 1910 to 1945 and was issued by the bank of Joseon. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea.
It was replaced by the South Korean won in 1945. The first banknotes issued by Bank of Joseon was in the denominations ranging from 5 jeon to 100 won.
In 1950, the currency management switched to the Bank of Korea and new notes were issued mainly with the higher denominations. Since then the Bank of Korea has been issuing currency in the country.
|Currency||South Korean Won (KRW)|
|GDP / GDP Rank||$1934.0 Billion USD|
|GDP Growth Rate||2.6 percent|
|GDP Per Captial||$37740.39 (PPP)|
UTC+9 (Korea Standard Time)
15.5% Korean Buddhism
President- Moon Jae-in
Prime Minister- Lee Nak-yeon
|Website||Go to the web|
|Public Debt||38.6 percent of GDP|
|Unemployment Rate||3.7 percent|
|Labor Force (Occupation)||-|