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Korea Business Guide


Geography


Location:
Eastern Asia, southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea


Geographic coordinates:
37 00 N, 127 30 E


Map references:
Asia


Area:
total:99,720 sq kmcountry comparison to the world: 109
land:96,920 sq km
water:2,800 sq km


Area - comparative:
Area comparison map: '>


Land boundaries:
total:238 km
border countries:North Korea 238 km


Coastline:
2,413 km


Maritime claims:
territorial sea:12 nm; between 3 nm and 12 nm in the Korea Strait
contiguous zone:24 nm
exclusive economic zone:200 nm
continental shelf:not specified


    Climate:
temperate, with rainfall heavier in summer than winter


Terrain:
mostly hills and mountains; wide coastal plains in west and south


Elevation extremes:
lowest point:Sea of Japan 0 m
highest point:Halla-san 1,950 m


Natural resources:
coal, tungsten, graphite, molybdenum, lead, hydropower potential


Land use:
arable land:14.93%
permanent crops:2.06%
other:83% (2011)


Irrigated land:
8,804 sq km (2003)


Total renewable water resources:
69.7 cu km (2011)


Freshwater withdrawal (domestic/industrial/agricultural):
69.7 cu km (2011)

Natural hazards:
occasional typhoons bring high winds and floods; low-level seismic activity common in southwest


Environment - current issues:
air pollution in large cities; acid rain; water pollution from the discharge of sewage and industrial effluents; drift net fishing


Environment - international agreements:
party to:Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified:none of the selected agreements


Geography - note:
strategic location on Korea Strait



People and Society


Nationality:
noun: Korean(s)
adjective:Korean


Ethnic groups:
homogeneous (except for about 20,000 Chinese)


Languages:
Korean, English (widely taught in junior high and high school)


Religions:
Christian 31.6% (Protestant 24%, Roman Catholic 7.6%), Buddhist 24.2%, other or unknown 0.9%, none 43.3% (2010 survey)


Population:
49,039,986 (July 2014 est.)country comparison to the world: 27


Age structure:
0-14 years:14.1% (male 3,603,943/female 3,328,634)
15-24 years:13.5% (male 3,515,271/female 3,113,257)
25-54 years:47.3% (male 11,814,872/female 11,360,962)
55-64 years:12.4% (male 3,012,051/female 3,081,480)
65 years and over:12.3% (male 2,570,433/female 3,639,083) (2014 est.)


Dependency ratios:
total dependency ratio:37.1 %
youth dependency ratio:19.9 %
elderly dependency ratio:17.2 %
potential support ratio:5.8 (2014 est.)


Median age:
total:40.2 years
male:38.7 years
female:41.6 years (2014 est.)


Population growth rate:
0.16% (2014 est.)country comparison to the world: 183


Birth rate:
8.26 births/1,000 population (2014 est.)country comparison to the world: 220


Death rate:
6.63 deaths/1,000 population (2014 est.)country comparison to the world: 143


Net migration rate:
0 migrant(s)/1,000 population (2014 est.)country comparison to the world: 85


Urbanization:
urban population:83.2% of total population (2011)
rate of urbanization:0.71% annual rate of change (2010-15 est.)


Major urban areas - population:
SEOUL (capital) 9.736 million; Busan (Pusan) 3.372 million; Incheon (Inch'on) 2.622 million; Daegu (Taegu) 2.447 million; Daejon (Taejon) 1.538 million; Gwangju (Kwangju) 1.503 million (2011)


Sex ratio:
at birth:1.07 male(s)/female
0-14 years:1.08 male(s)/female
15-24 years:1.13 male(s)/female
25-54 years:1.04 male(s)/female
55-64 years:1 male(s)/female
65 years and over:0.69 male(s)/female
total population:1 male(s)/female (2014 est.)


Mother's mean age at first birth:
30.3 (2011 est.)


Maternal mortality rate:
16 deaths/100,000 live births (2010)


Infant mortality rate:
total:3.93 deaths/1,000 live birthscountry comparison to the world: 200
male:4.13 deaths/1,000 live births
female:3.73 deaths/1,000 live births (2014 est.)


    Life expectancy at birth:
total population:79.8 yearscountry comparison to the world: 39
male:76.67 years
female:83.13 years (2014 est.)


Total fertility rate:
1.25 children born/woman (2014 est.)country comparison to the world: 220


Contraceptive prevalence rate:
80%


Health expenditures:
7.2% of GDP (2011)


Physicians density:
2.02 physicians/1,000 population (2010)


Hospital bed density:
10.3 beds/1,000 population (2009)


Drinking water source:
improved:
urban: 99.7% of population
rural: 87.9% of population
total: 97.8% of population
unimproved:
urban: 0.3% of population
rural: 12.1% of population
total: 2.2% of population (2012 est.)


Sanitation facility access:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
0% of population
0% of population
0% of population (2012 est.)


HIV/AIDS - adult prevalence rate:
less than 0.1% (2009 est.)country comparison to the world: 154


HIV/AIDS - people living with HIV/AIDS:
9,500 (2009 est.)country comparison to the world: 107


HIV/AIDS - deaths:
fewer than 500 (2009 est.)country comparison to the world: 91


Obesity - adult prevalence rate:
7.7% (2008)country comparison to the world: 139


Education expenditures:
5% of GDP (2009)country comparison to the world: 75

Literacy:
definition:age 15 and over can read and write
total population:97.9%
male:99.2%
female:96.6% (2002)


School life expectancy (primary to tertiary education):
total:17 years
male:18 years
female:16 years (2011)


Unemployment, youth ages 15-24:
total:9%country comparison to the world: 116
male:9.7%
female:8.5% (2012)


Government


Country name:
conventional long form: Republic of Korea
conventional short form:South Korea
local long form:Taehan-min'guk
local short form:Han'guk
abbreviation:ROK


Government type:
republic


Capital:
name:Seoul
geographic coordinates:37 33 N, 126 59 E
time difference:UTC+9 (14 hours ahead of Washington, DC, during Standard Time)


Administrative divisions:
9 provinces (do, singular and plural), 6 metropolitan cities (gwangyoksi, singular and plural), 1 special city, and 1 special self-governing city


Independence:
15 August 1945 (from Japan)


National holiday:
Liberation Day, 15 August (1945)


Constitution:
effective 17 July 1948; amended several times, last in 1987 (2013)


Legal system:
mixed legal system combining European civil law, Anglo-American law, and Chinese classical thought


International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction


Suffrage:
19 years of age; universal


Executive branch:
chief of state:President PARK Geun-hye (since 25 February 2013)
head of government:(vacant); note - Prime Minister CHUNG Hong-won resigned 27 April 2014; MOON Chang-keuk was nominated Prime Minister 10 June 2014 and awaits parliamentary confirmation; Deputy Prime Minister HYUN Oh-seok (since 26 June 2013)
cabinet:State Council appointed by the president on the prime minister's recommendation
elections:president elected by popular vote for a single five-year term; election last held on 19 December 2012 (next to be held in December 2017); prime minister appointed by president with consent of National Assembly
election results:PARK Geun-Hye elected president; percent of vote - PARK Geun-Hye (NFP) 51.6%, MOON Jae-In (DUP) 48%, others 0.4%


Legislative branch:
unicameral National Assembly or Gukhoe (300 seats; 246 members elected in single-seat constituencies, 54 elected by proportional representation; members serve four-year terms)
elections:last held on 11 April 2012 (next to be held in April 2016)
election results:percent of vote by party - NFP 42.8%, DUP 36.5%, UPP 10.3%, LFP 3.2%, others 7.2%; seats by party - NFP 152, DUP 127, UPP 13, LFP 5, independents 3
note:seats by negotiation group as of April 2014 - NFP 156, NPAD 130, UPP 6, Justice Party 5, Independents 1; note - 2 seats are vacant


Judicial branch:
highest court(s):Supreme Court of South Korea (consists of a chief justice and 13 justices); Constitutional Court (consists of a court head and 8 justices)
judge selection and term of office:Supreme Court chief justice appointed by the president with the consent of the National Assembly; other justices appointed by the president upon the recommendation of the chief justice and consent of the National Assembly; position of the chief justice is a 6-year non-renewable term; other justices serve 6-year renewable terms; Constitutional Court justices appointed - 3 by the president, 3 by the National Assembly, and 3 by the Supreme Court chief justice; court head serves until retirement at age 70, while other justices serve 6-year renewable terms with mandatory retirement at age 65
subordinate courts:High Courts; District Courts; Branch Courts (organized undeer the Branch Courts); specialized courts for family and administrative issues


    Political parties and leaders:
Justice Party [CHEON Ho-sun]
Liberty Forward Party or LFP (merged with NFP in October 2012)
New Frontier Party (NFP) or Saenuri (formerly Grand National Party) [HWANG Woo-yea]
New Politics Alliance for Diplomacy or NPAD [KIM Han-gil and AHN Cheol-soo] (merger of the Democratic Party or DP (formerly DUP) [Kim Han-gil] and the New Political Vision Party or NPVP [AHN Cheol-soo] in March 2014)
Progressive Justice Party or PJP [ROH Hoe-chan and CHO Joon-ho]
Unified Progressive Party or UPP [LEE Jung-hee]


Political pressure groups and leaders:
Catholic Priests' Association for Justice


International organization participation:
ADB, AfDB (nonregional member), APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, CD, CICA, CP, EAS, EBRD, FAO, FATF, G-20, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINURSO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), Pacific Alliance (observer), Paris Club (associate), PCA, PIF (partner), SAARC (observer), SICA (observer), UN, UN Security Council (temporary), UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNISFA, UNMIL, UNMISS, UNMOGIP, UNOCI, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC


Diplomatic representation in the US:
chief of mission:Ambassador AHN Ho-young (since 7 June 2013)
chancery:2450 Massachusetts Avenue NW, Washington, DC 20008
telephone:[1] (202) 939-5600
FAX:[1] (202) 797-0595
consulate(s) general:Agana (Guam), Atlanta, Boston, Chicago, Honolulu, Houston, Los Angeles, New York, San Francisco, Seattle
consulate(s):Anchorage (AK), Dallas, Hagatna (Guam)


Diplomatic representation from the US:
chief of mission:Ambassador Sung Y. KIM (since 3 November 2011)
embassy:188 Sejong-daero, Jongno-gu, Seoul 110-710
mailing address:US Embassy Seoul, Unit 15550, APO AP 96205-5550
telephone:[82] (2) 397-4114
FAX:[82] (2) 725-0152


Flag description:
white with a red (top) and blue yin-yang symbol in the center; there is a different black trigram from the ancient I Ching (Book of Changes) in each corner of the white field; the South Korean national flag is called Taegukki; white is a traditional Korean color and represents peace and purity; the blue section represents the negative cosmic forces of the yin, while the red symbolizes the opposite positive forces of the yang; each trigram (kwae) denotes one of the four universal elements, which together express the principle of movement and harmony


National symbol(s):
taegeuk (yin yang symbol)


National anthem:
name:'Aegukga' (Patriotic Song)

lyrics/music:YUN Ch'i-Ho or AN Ch'ang-Ho/AHN Eaktay
note:adopted 1948, well-known by 1910; both North Korea and South Korea's anthems share the same name and have a vaguely similar melody but have different lyrics


Economy


Economy - overview:
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.


GDP (purchasing power parity):
$1.666 trillion (2013 est.)
country comparison to the world: 13
$1.62 trillion (2012 est.)
$1.587 trillion (2011 est.)
note:data are in 2013 US dollars


GDP (official exchange rate):
$1.198 trillion (2013 est.)


GDP - real growth rate:
2.8% (2013 est.)
country comparison to the world: 123
2% (2012 est.)
3.7% (2011 est.)


GDP - per capita (PPP):
$33,200 (2013 est.)
country comparison to the world: 42
$32,400 (2012 est.)
$31,900 (2011 est.)
note:data are in 2013 US dollars


Gross national saving:
31.9% of GDP (2013 est.)
country comparison to the world: 22
31.4% of GDP (2012 est.)
31.9% of GDP (2011 est.)


GDP - composition, by end use:
household consumption:53.1%
government consumption:15.9%
investment in fixed capital:27%
investment in inventories:0.3%
exports of goods and services:54.6%
imports of goods and services:-50.8%
(2013 est.)


GDP - composition, by sector of origin:
agriculture:2.6%
industry:39.2%
services:58.2% (2013 est.)


Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish


Industries:
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel


Industrial production growth rate:
2.5% (2013 est.)
country comparison to the world: 120

Labor force:
25.86 million (2013 est.)
country comparison to the world: 25


Labor force - by occupation:
agriculture:6.9%
industry:23.6%
services:69.4% (October 2013 est.)


Unemployment rate:
3.2% (2013 est.)
country comparison to the world: 26
3.2% (2012 est.)


Population below poverty line:
16% (2009 est.)


Household income or consumption by percentage share:
lowest 10%:6.4%
highest 10%:37.7% (2011)


    Distribution of family income - Gini index:
31.1 (2011 est.)
country comparison to the world: 112
35.8 (2000)


Budget:
revenues:$296.1 billion
expenditures:$287.2 billion (2013 est.)


Taxes and other revenues:
24.7% of GDP (2013 est.)
country comparison to the world: 133

Budget surplus (+) or deficit (-):
0.7% of GDP (2013 est.)
country comparison to the world: 31


Public debt:
35.8% of GDP (2013 est.)
country comparison to the world: 106
35.5% of GDP (2012 est.)


Fiscal year:
calendar year


Inflation rate (consumer prices):
1.1% (2013 est.)
country comparison to the world: 30
2.2% (2012 est.)


Central bank discount rate:
2.5% (31 December 2013)
country comparison to the world: 108
2.75% (31 December 2012)


Commercial bank prime lending rate:
4.7% (31 December 2013 est.)
country comparison to the world: 144
5.39% (31 December 2012 est.)


Stock of narrow money:
$465.2 billion (31 December 2013 est.)
country comparison to the world: 12
$426 billion (31 December 2012 est.)


Stock of broad money:
$1.764 trillion (31 December 2013 est.)
country comparison to the world: 10
$1.664 trillion (31 December 2012 est.)


Stock of domestic credit:
$1.266 trillion (31 December 2013 est.)
country comparison to the world: 16
NA% (31 December 2012 est.)


Market value of publicly traded shares:
$1.068 trillion (31 December 2013 est.)


Current account balance:
$55.69 billion (2013 est.)
country comparison to the world: 11
$43.34 billion (2012 est.)


Exports:
$557.3 billion (2013 est.)
country comparison to the world: 9
$547.9 billion (2012 est.)


Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, auto parts, computers, display, home appliances, wire telecommunication equipment, steel, ships, petrochemicals


Exports - partners:
China 24.5%, US 10.7%, Japan 7.1%, Hong Kong 6%, Singapore 4.2% (2012 est.)


Imports:
$516.6 billion (2013 est.)
country comparison to the world: 9
$519.6 billion (2012 est.)


Imports - commodities:
machinery, electronics and electronic equipment, oil, steel, optical instruments, transport equipment, organic chemicals, plastics


Imports - partners:
China 15.6%, Japan 12.4%, US 8.3%, Saudi Arabia 7.6%, Qatar 4.9%, Australia 4.4% (2011 est.)


Reserves of foreign exchange and gold:
$341.8 billion (31 December 2013 est.)
country comparison to the world: 9
$327 billion (31 December 2012 est.)


Debt - external:
$430.9 billion (31 December 2013 est.)
country comparison to the world: 28
$425.1 billion (31 December 2012 est.)


Stock of direct foreign investment - at home:
$152.3 billion (31 December 2013 est.)
country comparison to the world: 30
$147.2 billion (31 December 2012 est.)


Stock of direct foreign investment - abroad:
$223.2 billion (31 December 2013 est.)
country comparison to the world: 23
$196.4 billion (31 December 2012 est.)


Exchange rates:
South Korean won (KRW) per US dollar -
1,107.3 (2013 est.)
1,126.47 (2012 est.)
1,156.1 (2010 est.)
1,276.93 (2009)
1,101.7 (2008)


Energy


Electricity - production:
485.1 billion kWh (2011 est.)
country comparison to the world: 11


Electricity - consumption:
449.5 billion kWh (2010 est.)
country comparison to the world: 11


Electricity - exports:
0 kWh (2012 est.)
country comparison to the world: 156


Electricity - imports:
0 kWh (2012 est.)
country comparison to the world: 164


Electricity - installed generating capacity:
84.66 million kW (2010 est.)
country comparison to the world: 14


Electricity - from fossil fuels:
74.5% of total installed capacity (2010 est.)
country comparison to the world: 103


Electricity - from nuclear fuels:
21.9% of total installed capacity (2010 est.)
country comparison to the world: 7


Electricity - from hydroelectric plants:
2% of total installed capacity (2010 est.)
country comparison to the world: 137


Electricity - from other renewable sources:
1.5% of total installed capacity (2010 est.)
country comparison to the world: 78


Crude oil - production:
0 bbl/day (2012 est.)
country comparison to the world: 185


Crude oil - exports:
0 bbl/day (2010 est.)
country comparison to the world: 139


Crude oil - imports:
2.59 million bbl/day (2012 est.)
country comparison to the world: 5


    Crude oil - proved reserves:
0 bbl
country comparison to the world: 151


Refined petroleum products - production:
2.83 million bbl/day (2012 est.)
country comparison to the world: 7


Refined petroleum products - consumption:
2.301 million bbl/day (2012 est.)
country comparison to the world: 10


Refined petroleum products - exports:
944,700 bbl/day (2010 est.)
country comparison to the world: 8


Refined petroleum products - imports:
794,000 bbl/day (2010 est.)
country comparison to the world: 8


Natural gas - production:
424.9 million cu m (2012 est.)
country comparison to the world: 72


Natural gas - consumption:
49.66 billion cu m (2012 est.)
country comparison to the world: 16


Natural gas - exports:
0 cu m (2012 est.)
country comparison to the world: 130


Natural gas - imports:
47.34 billion cu m (2012 est.)
country comparison to the world: 10


Natural gas - proved reserves:
5.269 billion cu m (1 January 2013 est.)
country comparison to the world: 95


Carbon dioxide emissions from consumption of energy:
611 million Mt (2011 est.)



Communications


Telephones - main lines in use:
30.1 million (2012)
country comparison to the world: 11


Telephones - mobile cellular:
53.625 million (2012)
country comparison to the world: 25


Telephone system:
general assessment:excellent domestic and international services featuring rapid incorporation of new technologies
domestic:fixed-line and mobile-cellular services widely available with a combined telephone subscribership of roughly 170 per 100 persons; rapid assimilation of a full range of telecommunications technologies leading to a boom in e-commerce
international:country code - 82; numerous submarine cables provide links throughout Asia, Australia, the Middle East, Europe, and US; satellite earth stations - 66 (2011)



    Broadcast media:
multiple national TV networks with 2 of the 3 largest networks publicly operated; the largest privately owned network, Seoul Broadcasting Service (SBS), has ties with other commercial TV networks; cable and satellite TV subscription services available; publicly operated radio broadcast networks and many privately owned radio broadcasting networks, each with multiple affiliates, and independent local stations (2010)


Internet country code:
.kr


Internet hosts:
315,697 (2012)
country comparison to the world: 62


Internet users:
39.4 million (2009)
country comparison to the world: 11



Transportation


Airports
111 (2013)
country comparison to the world: 53


Airports - with paved runways
total:71
over 3,047 m:4
2,438 to 3,047 m:19
1,524 to 2,437 m:12
914 to 1,523 m:13
under 914 m:23 (2013)


Airports - with unpaved runways
total:40
914 to 1,523 m:2
under 914 m:
38 (2013)


Heliports
466 (2013)


Pipelines
gas 2,216 km; oil 16 km; refined products 889 km (2013)


Railways
total:3,381 kmcountry comparison to the world: 52
standard gauge:3,381 km 1.435-m gauge (1,843 km electrified) (2008)


Roadways
total:104,983 kmcountry comparison to the world: 44
paved:83,199 km (includes 3,779 km of expressways)
unpaved:21,784 km (2009)


    Waterways
1,600 km (most navigable only by small craft) (2011)
country comparison to the world: 51


Merchant marine
total:786country comparison to the world: 14
by type:bulk carrier 191, cargo 235, carrier 8, chemical tanker 130, container 72, liquefied gas 44, passenger 5, passenger/cargo 15, petroleum tanker 55, refrigerated cargo 15, roll on/roll off 10, vehicle carrier 6
foreign-owned:31 (China 6, France 2, Japan 14, Taiwan 1, US 8)
registered in other countries:457 (Bahamas 1, Cambodia 10, Ghana 1, Honduras 6, Hong Kong 3, Indonesia 2, Kiribati 1, Liberia 2, Malta 2, Marshall Islands 41, North Korea 1, Panama 373, Philippines 1, Russia 1, Singapore 3, Tuvalu 1, unknown 8) (2010)



Ports and terminals
major seaport(s):Incheon, Pohang, Busan, Ulsan, Yeosu
container port(s) (TEUs):Busan (16,163,842), Kwangyang (2,061,958), Incheon (1,924,644)


Military


Military branches
Republic of Korea Army; Navy (includes Marine Corps); Air Force (2011)


Military service age and obligation
20-30 years of age for compulsory military service, with middle school education required; conscript service obligation - 21 months (Army, Marines), 23 months (Navy), 24 months (Air Force); 18-26 years of age for voluntary military service; women, in service since 1950, admitted to 7 service branches, including infantry, but excluded from artillery, armor, anti-air, and chaplaincy corps; HIV-positive individuals are exempt from military service (2012)


Manpower available for military service
males age 16-49:13,185,794
females age 16-49:12,423,496 (2010 est.)


Manpower fit for military service
males age 16-49:10,864,566
females age 16-49:10,168,709 (2010 est.)


    Manpower reaching militarily significant age annually
male:365,760
female:321,225 (2010 est.)


Military expenditures
2.8% of GDP (2012)
country comparison to the world: 26
2.77% of GDP (2011)
2.8% of GDP (2010)


Transnational Issues


Disputes - international
Military Demarcation Line within the 4-km-wide Demilitarized Zone has separated North from South Korea since 1953; periodic incidents with North Korea in the Yellow Sea over the Northern Limit Line, which South Korea claims as a maritime boundary; South Korea and Japan claim Liancourt Rocks (Tok-do/Take-shima), occupied by South Korea since 1954


    Refugees and internally displaced persons
stateless persons:179 (2012)


Information provided by CIA - The World Fact Book



Doing Business in Korea, Rep 2017


           
 

 
Korea, Rep

  Ease of Doing Business Rank
Overall DTF
5
84.07
 
 
Starting a Business (rank)
11
 
 
Protecting Minority Investors (rank)
13
 
  DTF
95.83
 
  DTF
73.33
 
  Procedures - Men (number)
2.0
 
  Strength of minority investor protection index (0-10)
7.3
 
  Time - Men (number)
4.0
 
  Extent of conflict of interest regulation index (0-10)
7.0
 
  Cost - Men (days)
14.6
 
  Extent of disclosure index (0-10)
7.0
 
  Procedures - Women (days)
2.0
 
  Extent of director liability index (0-10)
6.0
 
  Time - Women (% of income per capita)
4.0
 
  Ease of shareholder suits index (0-10)
8.0
 
  Cost - Women (% of income per capita)
14.6
 
  Extent of shareholder governance index (0-10)
7.7
 
  Paid-in min. capital (% of income per capita)
0.0
 
  Extent of shareholder rights index (0-10)
7.0
 
 

 
  Extent of ownership and control index (0-10)
7.0
 
  Dealing with Construction Permits (rank)
31
 
  Extent of corporate transparency index (0-10)
9.0
 
  DTF
77.84
 
 

 
  Procedures (number)
10.0
 
  Paying Taxes (rank)
23
 
  Time (days)
28.0
 
  DTF
86.56
 
  Cost (% of warehouse value)
4.3
 
  Payments (number per year)
12.0
 
  Building Quality Control Index(0-15)
8.0
 
  Time (hours per year)
188.0
 
  Quality of building regulations index (0-2)
2.0
 
  Total tax rate (% of profit)
33.1
 
  Quality control before construction index (0-1)
0.0
 
  Profit tax (% of profit)
18.2
 
  Quality control during construction index (0-3)
2.0
 
  Labor tax and contributions (% of profit)
13.6
 
  Quality control after construction index (0-3)
3.0
 
  Other taxes (% of profit)
1.2
 
  Liability and insurance regimes index (0-2)
1.0
 
  Postfiling index (0-100)
92.6
 
  Professional certifications index (0-4)
0.0
 
 
 
 
   
 
 
  Trading Across Borders (rank)
32
 
  Getting Electricity (rank)
1
 
  DTF
92.52
 
  DTF
99.88
 
  Time to export: Border compliance (hours)
13
 
  Procedures (number)
3.0
 
  Cost to export: Border compliance (USD)
185
 
  Time (days)
18.0
 
  Time to export: Documentary compliance (hours)
1
 
  Cost (% of income per capita)
38.3
 
  Cost to export: Documentary compliance (hours) (USD)
11
 
  Reliability of supply and transparency of tariff index (0-8)
8.0
 
  Time to import: Border compliance (hours)
6
 
  Total duration and frequency of outages per customer a year (0-3)
3.0
 
  Cost to import: Border compliance (USD)
315
 
  Mechanisms for monitoring outages (0-1)
1.0
 
  Time to import: Documentary compliance (hours)
1
 
  Mechanisms for restoring service (0-1)
1.0
 
  Cost to import: Documentary compliance (USD)
27
 
  Regulatory monitoring (0-1)
1.0
 
   
 
 
  Financial deterrents aimed at limiting outages (0-1)
1.0
 
  Enforcing Contracts (rank)
1
 
  Communication of tariffs and tariff changes (0-1)
1.0
 
  DTF
84.15
 
  Price of electricity (US cents per kWh)
9.0
 
  Time (days)
290.0
 
   
 
 
  Cost (% of claim)
12.7
 
  Registering Property (rank)
39
 
  Quality of judicial processes index (0-18)
14.5
 
  DTF
76.34
 
   
 
 
  Procedures (number)
7.0
 
  Resolving Insolvency (rank)
4
 
  Time (days)
5.5
 
  DTF
89.22
 
  Cost (% of property value)
5.1
 
  Recovery rate (cents on the dollar)
84.5
 
  Quality of the land administration index (0-30)
27.5
 
  Time (years)
1.5
 
  Reliability of infrastructure index (0-8)
8.0
 
  Cost (% of estate)
3.5
 
  Transparency of information index (0-6)
4.5
 
  Outcome (0 as piecemeal sale and 1 as going concern)
1
 
  Geographic coverage index (0-8)
8.0
 
  Strength of insolvency framework index (0-16)
14.0
 
  Land dispute resolution index (0-8)
7.0
 
  Commencement of proceedings index (0-3)
2.5
 
  Equal access to property rights index (-2-0)
0.0
 
  Management of debtor's assets index (0-6)
5.5
 
 
 
 
  Reorganization proceedings index (0-3)
3.0
 
  Getting Credit (rank)
44
 
  Creditor participation index (0-4)
3.0
 
  DTF
65.00
 
   
 
 
  Strength of legal rights index (0-12)
5.0
 
   
 
 
  Depth of credit information index (0-8)
8.0
 
 
 
 
  Credit registry coverage (% of adults)
0.0
 
   
 
 
  Credit bureau coverage (% of adults)
100.0
 
 
 
 
 

 
   
 
 
 
 
 
 



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