1. South Korea is a 'mature' NIC a Newly-industrialised Country. It began its process of industrialisation and globalisation in the late 1960s.
2. South Korea's official name is the 'Republic of Korea' (ROK) with its capital city Seoul.
3. South Korea industrialised in the latter half of the 20th century and is one of the Four Asian Tigers that globalised their economies via development of manufacturing industry.
4. The Four Asian Tigers (NICs) that industrialised from the 1960s are South Korea, Singapore, Taiwan and Hong Kong.
5. South Korea has been the world's second fastest growing economy over the last 40 years and has been termed the 'Miracle on the Han River'.
6. The South Korean manufacturing industries are now being move offshore to South Wales! A good example of this was the location of the LG.Philips factory in Newport, South Wales in July 1996, creating 6,100 jobs. £220 million of UK Government Aid was offered (Top-down aid). The factory closed in 2003.
7. Three of South Korea's flagship companies include Samsung, LG and Hyundai-Kia.
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