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Small Business (BC),
Vancouver, Canada |
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Background: |
An independent Korean state or
collection of states has existed almost continuously for several
millennia. Between its initial unification in the 7th century - from three
predecessor Korean states - until the 20th century, Korea existed as a
single independent country. In 1905, following the Russo-Japanese War,
Korea became a protectorate of imperial Japan, and in 1910 it was annexed
as a colony. Korea regained its independence following Japan`s surrender
to the United States in 1945. After World War II, a Republic of Korea
(ROK) was set up in the southern half of the Korean Peninsula while a
Communist-style government was installed in the north (the DPRK). During
the Korean War (1950-53), US troops and UN forces fought alongside
soldiers from the ROK to defend South Korea from DPRK attacks supported by
China and the Soviet Union. An armistice was signed in 1953, splitting the
peninsula along a demilitarized zone at about the 38th parallel.
Thereafter, South Korea achieved rapid economic growth with per capita
income rising to roughly 14 times the level of North Korea. In 1993, KIM
Young-sam became South Korea`s first civilian president following 32 years
of military rule. South Korea today is a fully functioning modern
democracy. In June 2000, a historic first North-South summit took place
between the South`s President KIM Dae-jung and the North`s leader KIM Jong
Il. In October 2007, a second North-South summit took place between the
South`s President ROH Moo-hyun and the North Korean leader.
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Country name: |
conventional long form:
Republic of Korea
conventional short form: South Korea
local long form: Taehan-min`guk
local short form:
Han`guk
abbreviation: ROK |
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Government type: |
republic |
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Capital: |
name: Seoul
geographic coordinates: 37 33 N, 126 59 E
time
difference: UTC+9 (14 hours ahead of Washington, DC during Standard
Time) |
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Administrative divisions: |
9 provinces (do, singular and
plural) and 7 metropolitan cities (gwangyoksi, singular and plural)
provinces: Cheju-do, Cholla-bukto (North Cholla), Cholla-namdo
(South Cholla), Ch`ungch`ong-bukto (North Ch`ungch`ong),
Ch`ungch`ong-namdo (South Ch`ungch`ong), Kangwon-do, Kyonggi-do,
Kyongsang-bukto (North Kyongsang), Kyongsang-namdo (South Kyongsang)
metropolitan cities: Inch`on-gwangyoksi (Inch`on),
Kwangju-gwangyoksi (Kwangju), Pusan-gwangyoksi (Pusan), Soul-t`ukpyolsi
(Seoul), Taegu-gwangyoksi (Taegu), Taejon-gwangyoksi (Taejon),
Ulsan-gwangyoksi (Ulsan) |
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Independence: |
15 August 1945 (from Japan)
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National holiday: |
Liberation Day, 15 August
(1945) |
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Constitution: |
17 July 1948, note - amended or
rewritten nine times, current constitution approved on 29 October 1987
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Legal system: |
combines elements of
continental European civil law systems, Anglo-American law, and Chinese
classical thought, has not accepted compulsory ICJ jurisdiction |
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Suffrage: |
19 years of age, universal
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Executive branch: |
chief of state:
President LEE Myung-bak (since 25 February 2008)
head of
government: Prime Minister HAN Seung-soo (since 29 February 2008)
cabinet: State Council appointed by the president on the prime
minister`s recommendation
elections: president elected by
popular vote for a single five-year term, election last held 19 December
2007 (next to be held on in December 2012), prime minister appointed by
president with consent of National Assembly, deputy prime ministers
appointed by president on prime minister`s recommendation
election
results: ROH Moo-hyun elected president on 19 December 2002, percent
of vote - ROH Moo-hyun (MDP) 48.9%, LEE Hoi-chang (GNP) 46.6%, others
4.5%, LEE Myung-bak elected president on 19 December 2007, percent of vote
- LEE Myung-bak (GNP) 48.7%, CHUNG Dong-young (UNDP) 26.1%), LEE Hoi-chang
(independent) 15.1, others 10.1% |
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Legislative branch: |
unicameral National Assembly or
Kukhoe (299 seats, 243 members elected in single-seat constituencies, 56
elected by proportional representation, to serve four-year terms)
elections: last held 9 April 2008 (next to be held in April
2012)
election results: percent of vote by party - NA, seats by
party - GNP 153, UDP 81, LFP 18, Pro-Park Alliance 14, DLP 5, CKP 3,
independents 25 |
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Judicial branch: |
Supreme Court (justices
appointed by the president with consent of National Assembly),
Constitutional Court (justices appointed by the president based partly on
nominations by National Assembly and Chief Justice of the court) |
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Political parties and leaders: |
Creative Korea Party or CKP
[MOON Kook-hyun], Democratic Labor Party or DLP [CHUN Young-se], Grand
National Party or GNP [KANG Jae-sup], Liberty Forward Party or LFP [SIM
Dae-pyung], United Democratic Party or UDP [SOHN Hak-kyu] |
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Political pressure groups and leaders: |
Federation of Korean
Industries, Federation of Korean Trade Unions, Korean Confederation of
Trade Unions, Korean National Council of Churches, Korean Traders
Association, Korean Veterans` Association, National Council of Labor
Unions, National Democratic Alliance of Korea, National Federation of
Farmers` Associations, National Federation of Student Associations |
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International organization participation: |
ADB, AfDB, APEC, APT, ARF,
ASEAN (dialogue partner), Australia Group, BIS, CP, EAS, EBRD, FAO, IADB,
IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAIA, MIGA,
NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), PCA, PIF (partner),
SAARC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL,
UNMIL, UNMIS, UNMOGIP, UNOMIG, UNWTO, UPU, WCL, WCO, WHO, WIPO, WMO, WTO,
ZC |
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Diplomatic representation in the US: |
chief of mission:
Ambassador LEE Tae-sik
chancery: 2450 Massachusetts Avenue NW,
Washington, DC 20008
telephone: [1] (202) 939-5600
FAX: [1] (202) 387-0205
consulate(s) general: Agana
(Guam), Atlanta, Boston, Chicago, Honolulu, Houston, Los Angeles, New
York, San Francisco, Seattle |
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Diplomatic representation from the US: |
chief of mission:
Ambassador Alexander VERSHBOW
embassy: 32 Sejong-no, Jongno-gu,
Seoul 110-710
mailing address: US Embassy Seoul, APO AP
96205-5550
telephone: [82] (2) 397-4114
FAX: [82]
(2) 738-8845 |
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Flag description: |
white with a red (top) and blue
yin-yang symbol in the center, there is a different black trigram from the
ancient I Ching (Book of Changes) in each corner of the white field
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Economy - overview: |
Since the 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 roughly the same as that of Greece and Spain.
This success 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 1997-98 exposed longstanding weaknesses in South Korea`s
development model including high debt/equity ratios, massive foreign
borrowing, and an undisciplined financial sector. GDP plunged by 6.9% in
1998, then recovered by 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%, despite anemic global growth. Between 2003 and 2007, growth
moderated to about 4-5% annually. A downturn in consumer spending was
offset by rapid export growth. Moderate inflation, low unemployment, and
an export surplus in 2007 characterize this solid economy, but inflation
and unemployment are increasing in the face of rising oil prices. |
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GDP (purchasing power parity): |
$1.206 trillion (2007 est.)
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GDP (official exchange rate): |
$981.9 billion (2007 est.)
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GDP - real growth rate: |
4.9% (2007 est.) |
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GDP - per capita (PPP): |
$24,600 (2007 est.) |
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GDP - composition by sector: |
agriculture: 3.2%
industry: 39.6%
services: 57.2% (2007 est.) |
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Labor force: |
23.99 million (2007 est.)
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Labor force - by occupation: |
agriculture: 7.5%
industry: 17.3%
services: 75.2% (2007) |
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Unemployment rate: |
3.2% (2007 est.) |
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Population below poverty line: |
15% (2003 est.) |
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Household income or consumption by percentage
share: |
lowest 10%: 2.9%
highest 10%: 25% (2005 est.) |
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Distribution of family income - Gini index: |
35.1 (2006) |
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Inflation rate (consumer prices): |
2.5% (2007) |
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Investment (gross fixed): |
27.8% of GDP (2007 est.) |
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Budget: |
revenues: $269.7 billion
expenditures: $256.6 billion (2007 est.) |
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Public debt: |
33.4% of GDP (2007 est.) |
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Agriculture - products: |
rice, root crops, barley,
vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish |
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Industries: |
electronics,
telecommunications, automobile production, chemicals, shipbuilding, steel
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Industrial production growth rate: |
7.6% (2007 est.) |
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Electricity - production: |
403.2 billion kWh (2007) |
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Electricity - production by source: |
fossil fuel: 62.4%
hydro: 0.8%
nuclear: 36.6%
other: 0.2%
(2001) |
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Electricity - consumption: |
368.6 billion kWh (2007) |
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Electricity - exports: |
0 kWh (2005) |
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Electricity - imports: |
0 kWh (2005) |
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Oil - production: |
17,050 bbl/day (2005) |
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Oil - consumption: |
2.13 million bbl/day (2006)
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Oil - exports: |
NA bbl/day |
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Oil - imports: |
2.41 million bbl/day (2006)
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Oil - proved reserves: |
0 bbl (1 January 2006 est.)
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Natural gas - production: |
1.66 billion cu m (2006) |
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Natural gas - consumption: |
34.2 billion cu m (2006) |
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Natural gas - exports: |
2,450 cu m (2006) |
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Natural gas - imports: |
35.86 billion cu m (2006)
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Natural gas - proved reserves: |
0 cu m (1 January 2006 est.)
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Current account balance: |
$5.95 billion (2007) |
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Exports: |
$371.5 billion f.o.b. (2007)
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Exports - commodities: |
semiconductors, wireless
telecommunications equipment, motor vehicles, computers, steel, ships,
petrochemicals |
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Exports - partners: |
China 22%, US 12.5%, Japan
7.1%, Hong Kong 5% (2007) |
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Imports: |
$356.8 billion f.o.b. (2007)
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Imports - commodities: |
machinery, electronics and
electronic equipment, oil, steel, transport equipment, organic chemicals,
plastics |
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Imports - partners: |
China 17.7%, Japan 16%, US
10.7%, Saudi Arabia 5.9%, UAE 4.2% (2006) |
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Economic aid - donor: |
ODA, $455.3 million (2006)
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Economic aid - recipient: |
$68.07 million (2004) |
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Reserves of foreign exchange and gold: |
$262.2 billion (31 December
2007) |
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Debt - external: |
$342.7 billion (30 September
2007) |
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Stock of direct foreign investment - at home: |
$133 billion (30 September
2007) |
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Stock of direct foreign investment - abroad: |
$82.1 billion (2006) |
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Market value of publicly traded shares: |
$1.051 trillion (2007) |
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Currency (code): |
South Korean won (KRW) |
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Currency code: |
KRW |
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Exchange rates: |
South Korean won per US dollar
- 929.2 (2007), 954.8 (2006), 1,024.1 (2005), 1,145.3 (2004), 1,191.6
(2003) |
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Fiscal year: |
calendar year |
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Telephones - main lines in use: |
26.866 million (2006) |
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Telephones - mobile cellular: |
40.197 million (2006) |
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Telephone system: |
general assessment:
excellent domestic and international services
domestic: NA
international: country code - 82, numerous submarine cables
provide links throughout Asia, Australia, the Middle East, Europe, and US,
satellite earth stations - 6 (3 Intelsat - 1 Pacific Ocean and 2 Indian
Ocean, 3 Inmarsat - 1 Pacific Ocean and 2 Indian Ocean) |
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Radio broadcast stations: |
AM 61, FM 150, shortwave 2
(2005) |
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Radios: |
47.5 million (2000) |
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Television broadcast stations: |
43 (plus 59 cable operators and
190 relay cable operators) (2005) |
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Televisions: |
15.9 million (1997) |
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Internet country code: |
.kr |
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Internet hosts: |
315,537 (2007) |
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Internet Service Providers (ISPs): |
11 (2000) |
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Internet users: |
34.12 million (2006)
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Airports: |
105 (2007) |
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Airports - with paved runways: |
total: 68
over
3,047 m: 3
2,438 to 3,047 m: 21
1,524 to 2,437
m: 14
914 to 1,523 m: 11
under 914 m: 19 (2007)
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Airports - with unpaved runways: |
total: 37
914 to
1,523 m: 3
under 914 m: 34 (2007) |
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Heliports: |
536 (2007) |
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Pipelines: |
gas 1,482 km, refined products
827 km (2007) |
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Railways: |
total: 3,472 km
standard gauge: 3,472 km 1.435-m gauge (1,342 km electrified)
(2006) |
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Roadways: |
total: 100,279 km
paved: 87,032 km (includes 3,060 km of expressways)
unpaved: 13,247 km (2004) |
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Waterways: |
1,608 km (most navigable only
by small craft) (2007) |
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Merchant marine: |
total: 738 ships (1000
GRT or over) 10,636,466 GRT/17,371,943 DWT
by type: bulk
carrier 187, cargo 202, carrier 1, chemical tanker 119, container 81,
liquefied gas 26, passenger 5, passenger/cargo 21, petroleum tanker 57,
refrigerated cargo 19, roll on/roll off 8, specialized tanker 4, vehicle
carrier 8
foreign-owned: 22 (China 2, France 8, Japan 1, Sweden
2, UK 1, US 7, Vietnam 1)
registered in other countries: 386
(Belize 4, Cambodia 29, China 1, Cyprus 2, Greece 2, Honduras 6, Hong Kong
6, Indonesia 1, Liberia 4, Malta 3, Marshall Islands 3, Netherlands 1,
Panama 316, Russia 1, Singapore 7, unknown 4) (2007) |
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Ports and terminals: |
Inch`on, P`ohang, Pusan, Ulsan
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Disputes - international: |
Military Demarcation Line
within the 4-km wide Demilitarized Zone has separated North from South
Korea since 1953, periodic incidents with North Korea in the Yellow Sea
over the Northern Limiting Line, which South Korea claims as a maritime
boundary, South Korea and Japan claim Liancourt Rocks (Tok-do/Take-shima),
occupied by South Korea since 1954 |
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