Spenders enjoyshopping spree in South Korea

Even during the hi-tech slump in 2001, Korea outperformed rival Asian exporters, such as Taiwan, Singapore and Hong Kong, thanks to its traditional strength in cars, ships and steel. But Korean exports this year are expected to rise 10% to about $165bn, boosted mostly by demand for micro-chips and d...

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Bibliographic Details
Published inSunday business (London)
Main Author Shim Jae-hoon in Seoul
Format Newspaper Article
LanguageEnglish
Published London (UK) Solo Syndication, a division of Associated Newspapers Ltd 24.03.2002
Subjects
Consumption
Exports
GDP
Gross Domestic Product
Recessions
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Summary:Even during the hi-tech slump in 2001, Korea outperformed rival Asian exporters, such as Taiwan, Singapore and Hong Kong, thanks to its traditional strength in cars, ships and steel. But Korean exports this year are expected to rise 10% to about $165bn, boosted mostly by demand for micro-chips and domestic appliances. The service sector will bene-fit from an increase in tourism because of this June's World Cup football finals, which are being co- hosted by Korea and Japan. But it is Korea's growing role in the global construction market which is exciting attention. Contractors such as Hyundai Construction & Engineering are returning to the Middle East after a long break. In the past year, they have won contracts worth $2.5bn, including the $1.2bn project for a gas extraction and processing plant in Iran. The turnaround can be traced to structural changes imposed by [Kim Dae] in the wake of the financial crash in 1997. Korea's business landscape has radically changed since the Kim government refused to bail out debt-ridden conglomerates, such as Daewoo, Korea's second largest industrial group.