Introduction

South Korea, officially the Republic of Korea is a true success story. Their high-tech service based economy has seen steady growth in the last few decades. Increased household income and declining poverty rates since the 1960s have improved quality of life for residents.

Economy and Business

South Korea is the world’s 12th largest economy and equal to 2% of the global GDP. Top corporations include Samsung Electronics, Hyundai, SK Holdings, Korea Electric Power, LG Electronics and KIA Motors. The capitol of South Korea, Seoul, is headquarters to Samsung, Hyundi and Kia ¹.

• Income Level: High Income ²
• Level of Development: Developed ²
• Top 3 Trade Partners (2015): China, United States, and Japan ²
• Top 3 Exported Goods (2015): Electrical Machinery, Motor Vehicles & Parts, and Industrial Machinery ²
• GPD Country Rank: 14 out of 194 ²

Strengths ³

• Diversified industrial base
• Leader in high-quality electronics
• Excellent education system: Nearly three quarters (74%) of South Koreans undertake postgraduate-level education ⁴.
• High level of public R&D spending
• Growing Korean investments in China, Vietnam and India
• Healthy public finances
• South Korea is a world leader in electronics, shipbuilding, steel and automotive ⁴.
• The South Korean government is committed to green growth. It has pledged to spend US $50 billion, or 2% of GDP, over the next five years to transform South Korea into a low carbon, green-growth economy ⁴.

Business Market and Job Opportunities

Ranked #5 in Ease of Doing Business by the World Bank measuring the vibrancy of a country’s business environment based on business regulations in place ⁶. In addition, U.S. News in 2016 ranked South Korea #13 worldwide in Entrepreneurship and #23 overall ².

The unemployment rate in South Korea is lower than 81.67% of all other countries.  The unemployment rate as of 2016 is 3.652% ²

South Korea is a high growth market country and in the coming years growth will continue to increase especially in the sectors listed below ⁴:

• Aerospace – The government is looking to develop a small and medium-sized aircraft manufacturing value chain, led by its single aircraft manufacturer, Korean Airspace Industries Ltd.
• Creative industries (Design) – South Korea’s overall design market is worth $12.6 billion. Seoul was the World Design Capital in 2010 and encouraged new and creative design concepts in and around the city.
• ICT (Communications, Industrial Electronics, Consumer Electronics) – South Korea leads the world in many applications, including digital media broadcasting (DMB).

Other growing sectors in South Korea include: ⁴

• Automotive
• Education
• Energy
• Environment

Culture

Confucian ideals have a strong presence in Korean society. Respect for parents, elders and authority are part of the culture stemming from Confucius ethics. The Korean people have a strong work ethic and work more hours a day, often 9 to 6. Pop culture called hallyu is one of the staples of the Korean culture primarily consisting of TV dramas and pop music. Popularity for Korean pop culture (or K-pop) has a global reach especially in the area of music. 

The Advantage of Studying Korean

Learning the Korean language and knowledge of South Korean culture can make you an incredible asset to companies working in the Asian Business market. In addition, this knowledge can open doors for anyone interested in a future in trade, business, commerce, economics, tourism, or international relations. Due to South Korea’s proximity to North Korea and current relations, learning Korean can also help you qualify for future jobs in Foreign Service or international security. 
Current students in the Korean emphasis have seen an increase in available scholarships through SDSU, external sources and Korean government grants to study abroad.

Important Links

• Class Schedule
• SDSU Catalog 
• Academic Calendar