Korea's economy has shown recovery since the financial debacle in 1997. In year 2000, GDP in Korea reached USD 457.4 billion with 7.1% of growth rate [1]. Korea is one of the main producer of IT equipment, electronics, ship-buildings, chemicals and automobiles. In particular, IT industry is one of the fastest growing industry in Korea.
In this paper, we focus on the roles of the steel and shipbuilding industries in Korea’s rapid economic ascent to a leading role in the global economy. We will address three specific questions. First, how did the Korean government foster the development of leading firms that became leaders in their global industries? Second, how did the Korean firms survive the competition with Japanese firms in these industries? We focus on the main strategies for the success of the Korean steel and shipbuilding industries in terms of organization, international cooperation, and the adoption of various new technologies. Third, what are the implications of the emergence of Chinese competitors and China’s rapid economic ascent for the Korean steel and shipbuilding industries
The IT industry in Korea has experienced rapid growth in the past 10 years. The production of IT industry increased from USD 58.1 billion in 1998 to USD 109.9 billion in 2000 and growth in production is expected to continue for the time being [1]. The IT industry has continued to have a growing share of the GDP accounting for 8.6% of the GDP in 1997, 9.3% in 1998, 11.2% in 1999 and 13.0% in 2000 [1].
In addition, IT industry exports increased from USD 9.2 billion 1990 to USD 51.2 billion in 2000 [1]. Imports also increased during the same period from USD 7.5 billion to USD 35.5 billion [1]. The growth of exports exceeded that of imports, and the trade surplus grew from USD 1.7 billion to USD 15.7 billion in the last 10 years [1].
Korea ranked 12th (1999) in terms of revenues in telecommunication services [1]. Moreover, in terms of production, Korea ranked 12th in information equipment , 6th in communication equipment and 3rd in electronic components (2000) [1].
The number of IT companies grew at an average rate of 20.2% from 1996 to 2000 [1]. In 1999 alone, IT companies totaled 12,382, representing 0.42% of the total number of companies in Korea [1]. In 2000, IT services companies, equipment manufacturers, and S/W and computer-related services companies took up 33.6%, 7.0%, and 29.8%, respectively, out of the total IT industry [1].
In this report, we scan the IT landscape in Korea and analyze Korea's IT strengths & weaknesses and impacts on businesses. Despite its small population of 48 million, South Korea has became one of the major players in the e-commerce industry with explosively increasing Internet usage and the supervision of a proactive government. The South Korean government deregulated telecom industry, which helped the country's Internet and wireless market enormously. People in South Korea enjoy relatively cheap telephone, broadband network services, high-speed cable modems, and DSL services. These commercial broadband services are offered for about USD 20 to USD 30 per month [8]. There are currently significant internet users in Korea.
The chemical industry of Korea includes in itself pharmaceuticals, cosmetics, pesticides, dyestuffs, organic pigments, paints and printing inks, catalysts, adhesives and few other types of chemicals as well. The chemical industry of Korea started to grow in the middle of the 1970’s and this industry has grown to about 10 percent since its onset. In the year 1996 the production reached to about U.S $ 17.4 billion and there was 12.7 percent increase as compared to the previous year and the sale of the paints and the dyestuffs also increased to a great extent.
The chemical industry of Korea includes in itself pharmaceuticals, cosmetics, pesticides, dyestuffs, organic pigments, paints and printing inks, catalysts, adhesives and few other types of chemicals as well. The chemical industry of Korea started to grow in the middle of the 1970’s and this industry has grown to about 10 percent since its onset. In the year 1996 the production reached to about U.S $ 17.4 billion and there was 12.7 percent increase as compared to the previous year and the sale of the paints and the dyestuffs also increased to a great extent.
The heavy machinery industry as well as the consumer industry also contributed in their way to the economy sector of this state and also earned high revenue for Korea. These industries provided employment to a large number of people and the high sale of the products produced by the heavy machinery industry compelled the manufacturing companies to produce high quality products. The consumer industry also did not lack behind and catered to the needs and demands of the common public and also aided the economy of this state to flourish.
The heavy machinery industry as well as the consumer industry also contributed in their way to the economy sector of this state and also earned high revenue for Korea. These industries provided employment to a large number of people and the high sale of the products produced by the heavy machinery industry compelled the manufacturing companies to produce high quality products. The consumer industry also did not lack behind and catered to the needs and demands of the common public and also aided the economy of this state to flourish
The construction industry of Korea is growing everyday in response to the high level of growth in the economy of the state, urbanization that have increased the demand for housing that would be available at a reasonable price to the common mass and a high standard of living and it has been estimated that there is at present specially in the urban areas a shortage of 2.9 million housing units. To cope with this situation the government has laid down a plan to build 2.25 million housing units. However, the Korean Ministry of Construction has put forth its interest that is to make use of the timber frame construction techniques for the housing units that would hold a large family.
Unfortunately, these efforts to achieve the full potential have been hampered by concerns of security and piracy issues. Thus, it is crucial to resolve this problem to further enhance advancement of IT in Korea
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