HELLO from KOREA
Hello-Eng(3.3) - Korea.net
Hello-Eng(3.3) - Korea.net
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14 _ <strong>HELLO</strong> <strong>from</strong> <strong>KOREA</strong><br />
Economy<br />
Korea has many world-class industries such as electronics, textiles,<br />
petrochemicals, steel products, automobiles, construction and shipbuilding.<br />
From a country nearing bankruptcy, Korea has turned itself into a creditor<br />
country with the world's fourth largest foreign exchange reserves<br />
totaling $160 billion. Despite the synchronized global slowdown, Korea<br />
is posting a sound growth of 5 to 6%.<br />
The country has<br />
made its mark as an<br />
information technology<br />
power. The world's<br />
leading credit rating<br />
agencies, which once<br />
downgraded Korea's<br />
sov-ereign credit rating<br />
to non-investment<br />
grade, upgraded Korea's<br />
rating back to A-level.<br />
The government<br />
implemented sweeping<br />
reforms in the four key sectors of financial, corporate, labor and public.<br />
Under the conviction that reform is a never-ending process, Korea's<br />
reform measures were institutionalized through a new set of rules and<br />
regulations.<br />
Information infrastructure, such as broad-band internet, was expanded<br />
to cover the whole country, making Korea a new IT superpower.<br />
Korea stands to improve the overall business environment for the goal<br />
of emerging Northeast Asia's new business center. Given the geographical<br />
proximity to China, Northeast Asia as a region expects to emerge as a<br />
major economic powerhouse. In order to take advantage of geopolitical<br />
factors, Korea is making active efforts to emerge as the logistic and<br />
finance center of the Northeast Asian region.