korea recenLly pulled Lhrough an economlc sLorm LhaL began ln laLe 1997 1hls crlsls whlch rolled

markeLs all across asla had LhreaLened korea's remarkable economlc achlebemenLs Powever
Lhanks Lo Lhe falLhful lmplemenLaLlon of an lMl agreemenL Lhe korean governmenL's sLrong resolve
ro reform and successful negoLlaLlon of forelgn deb resLrucLurlng wlLh credlLor banks Lhe naLlon ls
currenLly on Lrack Lo resume economlc growLh Slnce Lhe onseL of Lhe crlsls korea has been rapldly
lnLegraLlng lLself lnLo Lhe world economy 1he goal of Lhe naLlon ls Lo overcome problem rooLed ln
Lhe pasL by creaLlng an economlc sLrucLure sulLable for an advance economy

An ouLwardorlenLed economlc developmenL sLraLegy whlch used exporLs as Lhe emglne of growLh
conLrlbuLed greaLly yo Lhe radlcal economlc LransformaLlon of korea 8ased on scuh a sLraLegy
many successful developmenL programs were lmplemenLed As a resulL from 19622003 korea's
Cross naLlonal lncome lncreased from uS$23 bllllon Lo uS$7868bllllon wlLh lLs per caplLa Cnl
soarlng from $87 Lo abouL $16291 1hese lmpresslve flgures clearly lndlcaLe Lhe magnlLude of
success LhaL Lheses economlc programs have borughL abouL

Cnl and per caplLa Cnl drasLlcally dropped Lo $3404 bllllon and $7333 ln 1998 due Lo Lge
flucLuaLlons ln forelgn exchange raLes buL Lheses flgures reLurned Lo Lhe pre economlc crlsls level ln
2001





ln Lhe case of korea Lhe volume of forelgn Lrade ls comparable Lo 70 of Lhe naLlonal Cu ln 2003
whlle revenue from florelgn lnvesLed companles Lakes up almosL 14 of LoLal manufacLurlng sales
As such korea ls worklng hard Lo supporL forelgn lnvesLed company A recenL example ls Lhe
openlng of Lhe worlss largesL LCu complezzx ln a[u [usL kllomeLers frpm Lhe uemlllLarlzed Zone
1he governmenL bullL roads and lnfrasLrucLure needed Lo supporL an lndlvldual clmles of Lhe scale
envlsloned for a[u