South Korea is a member of the Organization for Economic Corporation and Development (OECD) and world's largest economies. It is a developed country with developed market. South Korean market is one of the well known and fastest growing economic markets. South Korean market provides the estimates of the financial performance of the facts including land, property, government, political conditions, foreign relations and travel and business processes.
Customs and Etiquettes of the South Korean Business Market:
Every country has some major trends and variations to cope with the business and economic development processes. If you are thinking or planning a business in South Korea, you should consider the fundamental rules of etiquette because most of the business interactions and communications are governed depending on those necessary etiquettes.
GDP Composition
South Korean market is growing and there are several sectors where South Korean has made lots of growth. The overall GDP has grown up and after 1997 crises of Asian Market the country is grown its GDP growth. The industrial and servicing sector of the country are playing their equal parts.
Agriculture
After the division of Korea, the agriculture sector added 50% to the GDP of South Korea. However, South Korea has shifted gradually to industrial sector. In 1980s, the primary sector dropped by 15%. The agricultural sector, forestry, fishing, hunting and crops added 6% to the GDP of the country.
At present total 16% land of the area is arable. Country processes raw material and relies on the agricultural products. However, the increasing industrial sector and population have made people to move towards the industrial arena. Government is still making policies to stabilize the agricultural sector. The government subsidies are allowing people grow agriculture sector at large scale. To operate in live stock, South Korea imports lots of beans, grains and white cotton from different part of the world. Textile and leather goods are also making progress.
Industry
GDP of the country is constantly growing due to growth in the industrial sector. The industries include mining, water and gas and electricity. Industries put up 34% of GDP growth of the country in the past. However it has grown to 39% at present. Mining industry of the country has witnesses a gradual increase. South Korea produces zinc, cadmium and steel at large scale. Other reserves in the country are iron, copper, gold, silver, lead and antimony. However, the domestic fails to get enough production from the mines. South Korea imports some of the mineral to fill the gaps. South Korean automobile industry is also playing key role in developing the economic health of the country. Moreover, chemicals and steels are adding a handsome sum.
Services
The service sector of the country is adding some GDP as well to the finance market of the country. It has grown up to 50% in 1980s. The sector employs 70% of the population of the country. At present the sector has witnessed a great growth and citizens are making progress in the services sector.