The majority of the world spent the 1980s and early 1990s in an economic love affair with Japan. From the late 1990s to the present, the economic affection of the West was redirected to China. While China and Japan are the traditional economic powerhouses in the region, another country has quietly emerged as a global economic contender: South Korea. Garnering little attention compared to its larger and better-known neighbors, South Korea has a G20 economy and is currently ranked 15th in the world for nominal GDP as well as 12th for purchasing power parity. Much of this is due excellent export statistics and international trade. South Korea’s $550 billion export business is based on trade with China, Japan, and the United States which makes up more than 40% of its exports.
South Korea’s economy is export driven and centers around communication technologies, transportation engineering and other core industries. The nation’s leading export companies include market leaders such as Samsung, Hyundai, LG, Kia, and POSCO.
Considering natural economic growth and the impact of pending free trade agreements with the U.S. and EU, the South Korean economy is expected to grow at approximately 4% for the next two decades and will thereby likely cement, likely even expand, its position as a top trading partner for companies in the U.S. as well as in Europe. The increasing number of U.S. importers of South Korean products can look forward to forging even stronger connections with established industry leaders as well as up-and-coming manufacturers. Similarly, U.S. exporters to South Korea can expect a growing demand for consumer products among the growing South Korean upper middle-class as well as an increased need for natural resources and machinery essential to further developing the thriving South Korean economy.
For many businesses entering the Korean market successfully is complicated by an insufficient understanding of its specific laws and dynamics. In order for these businesses to adapt and make the most of their investment, it is vital to seek the assistance of a trusted and knowledgeable translation company that can localize their product line and adapt their marketing campaigns effectively.
EVS Translations is an international translation company with a proven track record of excellence with Korean translation assignments as well Korean interpreting projects.
