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COUNTRY PROFILE SOUTH KOREA Gimpo International Airport & Avjet Asia (FBO) Yangyang International Airport Incheon International Airport Seoul Wonju Airport Cheongju International Airport Hanseo University Flight Education Center Daegu Airport Pohang Airport Ulsan Airport Sacheon Airport Muan International Airport Gwangju Airport Yeosu Airport Gimhae International Airport Domestic Airport Jeju International Airport International Airport Training Field 14 | ASIAN SKY QUARTERLY — FIRST QUARTER 2017
COUNTRY PROFILE: SOUTH KOREA SOUTH KOREA by Litalia Yoakum After transforming itself from one of the poorest economies in the world to one of the richest in just one generation, South Korea has positioned itself as an economic powerhouse. Preparing to keep up with the country’s swift development is the business aviation industry ready to cater to South Korea’s corporations and growing industry. Home to more than 50 million people, South Korea inhabits the southern portion of the mountainous Korean Peninsula, bordered by the Sea of Japan and the Yellow Sea. After World War II, which coincided with the end of the Japanese occupation, the southern portion of the peninsula was created into the now-known democratic government (Republic of Korea, ROC), while the northern portion installed a communist-style government (Democratic People’s Republic of Korea, DPKR). Since its establishment under a democratic government, the country has thrived with innovation, manufacturing and technology becoming a competitive market with a highly-skilled workforce, opening the door for domestic and international business. Referred to as the “Miracle on the Han River”, for its rapid economic growth following the Korean War, South Korea now joins the ranks of the trillion-dollar club of world economies, an unofficial classification given to countries with a gross domestic product (GDP) of more than USD 1 trillion per year. As the fourth largest economy in Asia, Korea’s economy is largely dominated by family-owned conglomerates (Chaebols) including the Samsung Group, Hyundai, LG Electronics and SK Group, though the country is now seeing the promotion of smaller enterprises and entrepreneurship and to break the Chaebol's grip on the economy. In coming years, South Korea’s government faces challenges due to a high reliance on exports, which comprise about half of Korea’s GDP, as well as a rapidly aging population, growing inequality and an inflexible labor market. Business Jet Fleet — Size Category Breakdown Large 1 (5%) Medium 1 (4%) Very Light 3 (14%) Light 5 (23%) 27+27+23+14+4+5+G 22 Business Jet Fleet — OEM Breakdown Hawker 1 (4%) Airbus 1 (5%) Bombardier 3 (14%) Gulfstream 4 (18%) 36+23+18+14+5+4+G 22 Long Range 6 (27%) Corp. Airliner 6 (27%) Cessna 8 (36%) Boeing 5 (23%) While the country undergoes a period of transformation politically and economically, several industries are taking part in changes of their own. * Data Source: Asian Sky Group Fleet Report (Year-End 2016) South Korea’s current turbulent political climate has caused widespread international attention, as the country’s first female president underwent impeachment over a corruption and influence-peddling scandal. An election for her replacement will take place 60 days from the March 10th decision date for Korea’s Supreme Court to uphold or not her impeachment. Ongoing tension with the North has also left South Korea nervous, although the United States has affirmed its commitment to defend the country. While the country undergoes a period of transformation politically and economically, several industries are making changes of their own. In the business aviation sector, the country has the potential to expand further to cater to traffic brought on by the country’s vast business opportunities. In 2018 the South Korean city of Pyeongchang will host the Winter Olympics, providing a prime opportunity for the country and the industry to illustrate this capacity to the world. FIRST QUARTER 2017 — ASIAN SKY QUARTERLY | 15
Page 1 and 2: FIRST QUARTER 2017 EXCLUSIVE FIRST
Page 3 and 4: PUBLISHER’S NOTE For this issue o
Page 5 and 6: AN UNPARALLELED EXPERIENCE Range. S
Page 7 and 8: BUSINESS JET FLEET AND GDP BY COUNT
Page 9 and 10: MOOD & INTENTIONS: ASIA-PACIFIC REG
Page 11 and 12: MOOD & INTENTIONS: ASIA-PACIFIC REG
Page 13 and 14: EVOLVING CHINA’S INDUSTRY, ONE JE
Page 15: INDUSTRY INSIDER Before Mr. Chang h
Page 19 and 20: COUNTRY PROFILE: SOUTH KOREA STATUS
Page 21 and 22: COUNTRY PROFILE: SOUTH KOREA The tr
Page 23 and 24: REDEFINING THE WORLD OF LUXURY PRIV
Page 25 and 26: INDUSTRY INSIDER We have our own eq
Page 27 and 28: Delivering financing value for busi
Page 29 and 30: INDUSTRY INSIDER Under this require
Page 31 and 32: ADVOCATING FOR CLIENTS’ INTERESTS
Page 33 and 34: INDUSTRY INSIDER While such macro-l
Page 35 and 36: MARKET DYNAMICS AVERAGE ASKING PRIC
Page 37 and 38: MARKET DYNAMICS MARKET POSITIONING
Page 39 and 40: MARKET DYNAMICS AVERAGE ASKING PRIC
Page 41 and 42: MARKET DYNAMICS MARKET POSITIONING
Page 43 and 44: AIRCRAFT SPOTLIGHT GLOBAL XRS/GLOBA
Page 45 and 46: AIRCRAFT SPOTLIGHT PRE-OWNED GLOBAL
Page 47 and 48: in more than 27 countries, and a fl
Page 49 and 50: INDUSTRY INSIDER some of these chal
Page 51 and 52: INDUSTRY INSIDER countries, it can
Page 53 and 54: AIRCRAFT POSITIONING BUSINESS JETS
Page 55 and 56: MARKET SUMMARY -- JETS BBJ $43.7 BO
Page 57 and 58: MARKET SUMMARY -- JETS CHALLENGER 6
Page 59 and 60: MARKET SUMMARY -- JETS GLOBAL 6000
Page 61 and 62: MARKET SUMMARY -- JETS FALCON 2000L
Page 63 and 64: MARKET SUMMARY -- JETS LEGACY 600/6
Page 65 and 66: MARKET SUMMARY -- JETS G200 & G280
Page 67 and 68:
MARKET SUMMARY -- JETS G550 $29.9 $
Page 69 and 70:
FIRST QUARTER 2017 — ASIAN SKY QU
Page 71 and 72:
MARKET SUMMARY -- HELICOPTER MARKET
Page 73 and 74:
MARKET SUMMARY -- HELICOPTER EC145
Page 75 and 76:
MARKET SUMMARY -- HELICOPTER BELL 4
Page 77 and 78:
MARKET SUMMARY -- HELICOPTER A109E
Page 79 and 80:
MARKET SUMMARY -- HELICOPTER S-92 $
Page 81 and 82:
MARKET SUMMARY -- HELICOPTER FEATUR
Page 83:
FIRST QUARTER 2017 — ASIAN SKY QU
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