Following the Korean War, South Korea transformed itself from an impoverished, war-torn agrarian country lacking significant natural resources into one of the Four Tiger economies – a group of East and Southeast Asian countries that achieved substantial economic progress. Today, thanks in part to internationally successful corporations like Samsung, LG, and Hyundai, the country, with its population of over 50 million, ranks among both the G20 (the group of twenty leading industrialized and emerging economies) and the "Next Eleven," the most important emerging economies after the BRICS nations.
Particularly under South Korean President Park Chung-hee and with state-directed economic development, significant progress was made after 1961. In the following decades, family-owned conglomerates, the so-called "chaebol" companies, played a crucial role in the country's economic rise and continue to dominate many sectors, shaping the economic structure.
Thanks to high levels of investment in research and development, South Korea has established itself as one of the most innovative industrial locations. Particularly technology-intensive sectors such as semiconductors, IT components, battery technology, sensors, and optoelectronics are key drivers of growth and have a firm place in South Korean industrial policy.
The Thuringian business trip to South Korea (September 14-18) builds on this: In cooperation with Germany Trade and Invest (GTAI), a cluster marketing trip for optoelectronics will further intensify bilateral business relations. More information about the trip can be found on the [website/link missing] event website.
