Spotlight on Asia - South KoreaOf the 'CJK' trio of North-East Asian markets, South Korea is perhaps the least well known in the West. Its unique geographical position has resulted in a long history of domination by foreign powers. It sits infamously in the shadow of its reclusive 'other half' in the North, although for the past fifty years the two Koreas have been separated in every respect. South Korea is an increasingly important market for commerce and technology alike, and in 2004 became one of the trillion dollar world economies. Despite widespread suffering during the financial crisis of the late 1990s, it has bounced back to being one of the key players in the global economy. South Korea’s exports centre around telecommunications, electronics, shipping, automobiles and petrochemicals, although over half of its GDP is generated from the service sector. South Korea has one of the highest standards of living in Asia, as well as a very high level of literacy. Of a population of just under 50m, around 20% live in Seoul – one of the highest concentrations of people in a capital city in the world. When it comes to localisation and marketing, as with the other East Asian markets, South Korea has its own unique features. The following are a few facts and fallacies:
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