Lee Seong-min
Korea University in Seoul
Decades prior to China’s coming of age, Korea was the poster child for double-digit growth. In 1999, Korea’s GDP grew at a staggering 10.7 percent and in 2011 Korea’s GDP ranks as the 15th largest in the world at $1.007 trillion.
According to the CIA World Factbook, this little Asian country was the eighth largest exporter in the world with an export volume of $464.3 billion in 2010. Unfortunately, in spite of these staggering figures, there is a dark and ominous cloud hanging over the Korean Peninsula and the foreboding shadow cast highlights three big barriers hindering Korea’s overseas expansion.
To begin, the majority of exports that drive the Korean economy lack brand recognition. The bulk of the country’s exports are commodities such as computers, motor vehicles, petrochemicals, semiconductors, steel and wireless telecommunications.
Some companies have stumbled upon brand names such as Samsung Electronics, but these are just the lucky few. The majority lack brand recognition and poses a big obstacle to overcome. For Korean companies to grow outside they