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Welcome to KoreanFest.com
  General Information of Korea  
   Historical Background
When the Second World War ended with Japan's defeat, all Koreans aspired for a unified independent nation but instead suffered national division resulting from the subsequent Cold War between East and West. The national division and establishment of separate governments in the South and the North eventually led to a civil war, the Korean War (1950-1953). The Korean War was a by-product of internal ideological conflicts and was viewed by many as a …
   North Korean Nuclear Issue
The South Korean Government has designated making a breakthrough in the North Korean nuclear issue through the Six-Party Talks ― involving the Koreas, the United States, China, Russia and Japan ― as the core task of its security policy. It is pursuing advancements in inter-Korean relations as a catalyst for the resolution of the nuclear issue. Envoys from six nations pose for a group photo during their North Korean nuc…
   Inter-Korean Exchanges and Cooperation
Following national division, the two halves of the peninsula became increasingly heterogeneous. Consequently, the South Korean Government has strived to rebuild a national community through inter-Korean exchanges and cooperation rather than rushing to achieve unification. Gaeseong Industrial Complex North Korean workers at the Gaeseong Industrial Complex The Gaeseong Industrial Complex is an inter-Korean economic cooperative projec…
   Future Policy Directions

Based on the progress in inter-Korean relations made so far, the Lee Myung-bak Administration will focus on the successful resolution of the North Korean nuclear issue and establishment of a lasting peace. Resolving the North Korean nuclear issue is crucial to peace on the Korean Peninsula. It is a critical link in the progress toward peace and economic development. For economic exchanges and cooperation between the two Koreas to advance, peace must be wrought, and in turn, economic cooperation will advance the establishment of peace. Peace on the Korean Peninsula has rested on a cease…
   International Relations
Since its founding in 1948, the Republic of Korea has been committed to the concepts of democracy and a free-market economy, but its foreign relations have undergone significant changes since its founding. As U.S.-USSR relations divided much of the world into two antagonistic blocs following World War II, the Republic of Korea pursued its foreign relations in concert with the democratic nations of the West. In the years following the Korean War, the in…
   Economic Exchanges
In the wake of the Cold War, a distinct trend toward regionalism emerged. Countries like the Republic of Korea, which have pursued export-led growth, found themselves facing a different international economic environment than in the past. Korea's export growth mostly depended on trade with advanced countries ― the United States, Japan and the European Union. This has often caused friction over trade imbalances. Wit…
   International Peace and Cooperation
The Republic of Korea joined the United Nations in September 1991, expanding its active participation in multilateral diplomacy in tandem with its elevated global standing economically. Even before joining the UN, however, the Republic of Korea was active in such specialized UN agencies as the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), the United Nations Industrial Development Organization (UNID…
   Future Policy Directions
The Republic of Korea will take a more positive stance with a greater vision and carry out global diplomacy in active cooperation with the international community. Transcending the differences in race, religion, and wealth, Korea will befriend all nations and peoples. Respecting the universal principles of democracy and market economics, we will take part in the global movement for peace and development. The Government will work to develop and f…
   Economic Growth
Korea rapidly recovered from the economic storm that began in late 1997. This crisis, which roiled markets all across Asia, had threatened Korea's remarkable economic achievements. However, thanks to the faithful implementation of an IMF agreement, the Korean Government's strong resolve for reform, and successful negotiation of foreign debt restructuring with creditor banks, the nation rebounded and is now stronger than ever economically. Sin…
   Industrial Innovation
As the world's 13th largest economy, Korea has emerged as a success story in many ways. In 2007, Korea's trade volume amounted to US$728 billion, ranking 11th in the world. Korea also has the fourth largest foreign reserves. Despite high oil prices, the strong won and rising raw material prices, the Korean economy is growing at a healthy pace. Hyundai Motor SUVs waiting for shipping in the nation's southeastern port Ulsan S…
   Science and Technology
To reinvigorate the development of advanced science and technology, the Government established the Korea Institute of Science and Technology (KIST) and the Ministry of Science and Technology (MOST) in 1966 and 1967, respectively. Initially, Korea's national science and technology policies focused mainly on the introduction, absorption, and application of foreign technologies. In the 1980s, however, the emphasis shifted to the planning and cond…
   Information Telecommunication
Korea's stance as a powerhouse in terms of information technology is demonstrated by its vast IT-related production and exports, development of world-leading technology, and also the wide use of Internet and mobile telecommunication devices within the country. IT industry-related products, such as computer chips and mobile phones, account for over 30% of Korea's total exports, and nearly every Korean over age 12 owns at least one mobile phone…
   Economic Challenges
Wishing for record-high stock prices Over the past three decades, Korea has enjoyed an annual average economic growth rate of 8.6 percent and has emerged as the world's 11th largest trading nation. In less than two generations, the nation has established itself as one of the world's leading shipbuilders and manufacturers of electronics, semiconductors and automobiles. International financial markets positively…
   Foreign Direct Investment
In the case of Korea, foreign trade accounted for 71.5% of the national GDP in 2006, while revenue from foreign invested companies took up almost 14% of total manufacturing sales. As such, Korea is working hard to support foreign invested companies. A good example is the opening of the world's largest LCD complex in Paju, just kilometers from the Demilitarized Zone. The Government built roads and infrastructure needed to support the massive ind…
   Capital Market Liberalization
Korea's strategy for capital market development centers on two interrelated policy initiatives, namely market liberalization and market augmentation. Capital market liberalization will directly increase Korea's access to foreign capital and technology, while market augmentation will improve the operational efficiency of the capital market. Significant progress has already been realized in the implementation of measures to further open the…
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