How Advanced is the Chemical Industry in South Korea?
If you are a foreign investor who is planning to start a business in South Korea in the chemical industry, then you will want to know that you are on the right track. Since the Korean War, which has dented the image of the Korean peninsula, today you can find massive developments in almost all the sectors of the country.
The government policies towards the foreign investments have been good. However, the people of South Korea have put all that behind them and moved forward for the betterment of the country. The per capita stands at a powerful $25000 which is good for any developed country. Koreans are also known to be hard workers and with success stories such as Hyundai and Samsung, there is nothing much needed to be said about their work ethics and integrity.
How good is the chemical sector in South Korea?
South Korea is bustling as far as the chemical industry and sector is concerned. According to market estimates, the manufacturing industry is more than $1 trillion and the chemical sector contributes close to $100 billion. When compared to other industries, the chemical industry has witnessed tremendous growth at 20% with its GDP from 1% in 1960 to more than 18% in 1998.
Despite all the weaknesses, South Korea has done well to come out with flying colors. It very much seems like that the country is going to witness economic success and might be able to shadow it neighbors in waiting like Japan and China, which is not an easy task. Even a super power like India, was not able to do it till now, thanks due to its weak foreign policies.
Not to mention, having a poor and unstable neighbor in the form of North Korea is certainly not doing any favors for the country. They have somehow managed to strengthen their boundaries with the help of the Americans, developed their communication well. It is not surprising to see, that several Koreans can converse well in English.
The country has also been able to maintain a very high level of research in different sectors, especially the chemical sector. That has given it a very clear advantage when compared to other Asian countries and with the possibility of having expansions in the chemicals area, the predicted ability to design and produce chemical solutions for several problems.
It is safe to say, that the growth of the Korean chemical industry specialty chemicals which will be used for specific purposes like bio fuels provide immense potential. No matter which sector or area you plan on trade in, you will want to know that several options are always available. The Korean chemical industry is moving in right path and with right vision and people, it can definitely move forward.
Why foreign investors decide to settle down in South Korea?
Apart from having friendly business policies for investors and foreigners who want to start businesses here, the country knows how to welcome them. All these factors combine and make it attractive for citizens from other countries to begin or invest in different industries in South Korea.
Not to mention, finding a reliable business partner from South Korea is simple because they are trust worthy and helpful people. They like to work hard and are dedicated in what they do. A good example of their sincerity and hard work is shown in Hyundai and Samsung which are household names globally in the automobile and electronic sector.
It comes as no surprise that not only Asians, but also Americans and people from European countries are also settling down and calling South Korean, home.