Business Consultants
Manufacturing
Background
The branch of manufacture and trade based on the fabrication, processing, or preparation of products from raw materials and commodities. This includes all foods, chemicals, textiles, machines, and equipment. This includes all refined metals and minerals dirrived from extracted ores. This includes all lumber, wood, and pulp products
Manufacturing has driven Korea’s rapid economic development, transforming it into a global industrial giant. It is one of the world’s largest shipbuilders, fifth largest car maker, and sixth largest steel maker. Advanced manufacturing and services dominate the economy, employing the majority of the population. Among its main manufactures are mobile phones, consumer electronics, household whitegoods, cars, ships and steel, all of which are exported around the globe. As an advanced manufacturing economy, Korea imports large quantities of natural resources such as coal, iron ore and oil.
Korea is an attractive destination for high-end manufacturing thanks to its highly skilled workforce, world-class infrastructure, advanced research and development, and strategic location for Asia and the Pacific. But businesses interested in setting up manufacturing operations in Korea should bear in mind that it is not a low-cost destination. The Korean Government actively encourages foreign investment in manufacturing and offers various incentives. Free trade, free economic and foreign investment zones offer specific incentives for high-tech manufacturers to set up in their locations.