South Korea has emerged as a major powerhouse in both the global and startup economies. With its highly developed infrastructure, the country has attracted significant venture capital investments and established itself as a thriving hub for innovation and entrepreneurship.
Nestled between China and Japan, with Hong Kong and Taiwan to the south, South Korea's strategic location in East Asia offers a key advantage. South Korea continues to thrive as one of the world's leading economies, with a GDP of over $1.8 trillion and an annual growth rate of around 4.1%, as recorded in 2021 by the World Bank.
The country's diverse and robust industries include electronics, automotive, shipbuilding, steelmaking, and chemicals. Samsung and LG are dominant forces in the electronics sector, with Samsung reigning as the world's largest smartphone manufacturer and LG pioneering OLED displays. Additionally, Hyundai and Kia are major players in the automotive industry, with both companies continuously expanding their lineups of electric and hybrid vehicles.
Despite global economic uncertainties and ongoing trade tensions between major economies, South Korea remains among the top ten largest exporters of goods and services globally. Its primary trading partners include economic giants such as China, the United States, and Japan.
In the latest Bloomberg Innovation Index released in 2022, South Korea proudly retained its position among the world's top ten most innovative countries, marking its eighth consecutive year on the list. The nation's remarkable achievements in patent activity, R&D, and manufacturing are driven by its substantial investments in these areas, propelling South Korea to the forefront of innovation and technology.