According to the 9th President of the Republic of Korea, Roh Moo-hyun “The Age of Northeast Asia is fast approaching.” In right time too. Due to the Korean War which saw the country torn and lost most of its income, it has recovered at a rapid pace. The per capita has risen immensely from $2,000 during the year 1980 to $32,000 during the year 2010.
Today, it is more than $80 billion to $1.5 trillion. Based on the nominal gross domestic product (GDP) its economy positioned 15th among the countries in the world. Depending on their purchasing power it is ranked 12th. You will want to know that despite what others think of the country due to its immense population and lack of no natural resources, it is one of the fastest growing economies in the world.
South Korea’s fiscal strength
The country has a strong fiscal strength. You would be impressed with the fact that the major credit rating agencies like Moody’s, Fitch, and S&P have upgraded its rankings since it was first rated in the year 1986. It is ranked lower than the United States of America, but higher than developed countries like Japan.
With hostile neighbors in the form of China and Japan, competition wise, the country has managed to do well and stand tall. It has probably got to do with the fact that the human resources are a good reason to consider doing an investment here. More than 60% of South Koreans are educated and have a high than the OECD average of 40%.
People who are aged between 25-40 years have degrees and consider doing further research studies in their fields. Several research firms are also setting up centre’s in this country because the efficiency and productivity levels are high. It is not surprising to note that research firms in almost all the sectors including oil and gas, pharmaceuticals, chemicals, and the others are based here.
Due to increasing South Korean brand power
Today, it is the 10th largest importer and seventh largest exporter in the world. South Korea exports products like automobiles and consumer electronics in the form of Hyundai, LG Electronics, and Samsung.
Not to mention their movie and entertainment industry too is bringing in the accolades. Some of their singers have brought in international recognition from around the world and hence more Westerns are feeling inclined to start businesses and have partnerships with South Korean firms and investors.
Why it is profitable to invest in the food and beverage industry in South Korea?
You would consider investing in the food and beverage industry. Whether you have sufficient experience or not in the restaurant sector, you will want to know that South Koreans love food of all kinds. When the hotel or restaurant serves healthy and tasty food, you can be rest assured that it will run successfully.
More importantly, you can easily find young South Koreans who are very hard working. One of the best traits of Asian people, especially South Koreans are that they work extremely hard and are very dedicated in what they do, especially in the food and beverage industry. Finding bearers and waiters to do your work becomes easy and simple.
Why to consider settling down in South Korea?
The governmental policies towards businesses and firms from other countries or in other words, foreign investments are met with folded hands. They have made sure that outsiders feel welcome in their country and are able to settle down along with their families. Rent, food, and schooling are affordable and more importantly, the South Koreans are very hospitable.