The territorial area of South Korea, whose capital is Seoul, is 100,266 ㎢ (2017) and the population is about 51.74 million (2017). The global economic scale ranks 12th and national income per person is $27,632 (2017). Staple export products are semiconductors, automobiles, ships, mobile communication equipment, appliances, steel, and chemicals. The major enterprises are Samsung Electronics, Hyundai Motors, POSCO, LG Electronics, and Hyundai Heavy Industries. The number of Internet subscribers reaches 20 million (2017) and is a digital powerhouse with the world's number-one broadband penetration rate and world-class mobile communication infrastructure.
Merits of Investment Environment
The government has positively attracted foreign investments by establishing the Foreign Investment Attraction Law and enforcing the overall open-door policy since the foreign currency crisis in 1997. On the 10th anniversary of the political transformation for foreign direct investment, the government hopes for the extension of attracting foreign investment of high-value products and provides various incentives such as tax exemptions and reductions, aid in the initialization of foreign business locations, and financial support.
The government deregulates overseas remittance and tax exemption for the liberalization of investment, supports real estate purchases, and the development of investment areas through expedited administration services and stimulation of the tourism industry by strengthening various incentives.