Many people have a fascination with Korea – it’s food, the K-Pop scene and the riveting Korean dramas. I had a pleasant business trip to Seoul and I wanted to compile my top 10 list for you:

1. Seoul is the capital and largest city in South Korea. It’s considered a megacity because it has a population of over ten million people.

2. Seoul is the headquarters of companies like Samsung, LG, Hyundai, and Kia. It also generates over 20% of South Korea’s gross domestic product. In addition to its large multinational companies, Seoul’s economy is focused on tourism, building, and manufacturing.

3. The country was judged to have the world’s fastest internet connection speed for the 12th consecutive quarter in 2017, according to Akamai – the content delivery network (CDN) responsible for serving between 15 and 30 per cent of all web traffic.

4. After China and Japan, South Korea’s economy is the third biggest in Asia and the seventh largest exporter in the world, with its top products being integrated circuits (including computers, phones and other electronics) and cars.

5. The economy of South Korea dominated by family-owned conglomerates called chaebols; however, the dominance of the chaebol is unlikely to last and engenders risk of slowing down the transformation of Korean economy for the benefit of future generations.

6. South Korea’s economic freedom score is 72.3, making its economy the 29th freest in the 2019 Index.

7. The Global Financial Centres Index in 2015 listed Seoul as the 6th financially most competitive city in the world. In 2019, it dropped to 36th place.

8. The South Korean won is the official currency of South Korea. A single won is divided into 100 jeon although the jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul.

9. South Korea is part of the Four Asian Tigers, which include Hong Kong, Singapore and Taiwan. These countries underwent rapid industrialisation and maintained exceptionally high growth rates (in excess of 7 percent a year) between the early 1960s and 1990s. By the early 21st century, all four had developed into high-income economies with South Korea becoming a world leader in manufacturing electronic components and devices.

10. South Korea’s real gross domestic product expanded by an average of more than 8 percent per year from USD 2.7 billion in 1962 to USD230 billion in 1989, breaking the trillion dollar mark in 2006. It is expected to hit USD1.7 trillion by the end of 2019.

To your success,

Mario

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