Home > Press > Government Policies Set to Position South Korea Among the World’s Top Industrial Nations
The South Korean government's 2010 Industrial Vision plan aims to position the country amongst the top four industrial nations in the world by 2010. Other policies such as u-IT 839 and New Innovation System 21 stand to help realize this goal by opening new business opportunities for the automation and electronics industry.
Government Policies Set to Position South Korea Among the World’s Top Industrial Nations
PALO ALTO, CA | Posted on August 14th, 2007
New Country Industry Forecasts from the Frost & Sullivan Economic Research and Analytics (ERA) team addressing the South Korean Automation and Electronics Industry reveals that since recovering from a financial crisis, South Korea has achieved consistent economic growth and current policies appear poised to increase the per capita GDP. However, the rise in oil prices and the strengthening of the won have adversely affected the economy and the investment climate in the country.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest political, economic, and social analysis of the South Korean Automation and Electronics Industry then send an e-mail to Danielle White, Corporate Communications, ERA, at with your full name, company name, title, telephone number, e-mail address, city, state, and country. We will send you the overview by e-mail upon receipt of the above information.
"South Korea's fiscal and monetary policies are expected to strengthen the economy, while trade-related policies will likely open new markets," notes Frost & Sullivan Research Analyst Manoj Chengalath. "The government has identified nanotechnology, semiconductors, and robotics among others, as key technologies of the future and has framed policies that will promote the future growth of the industry."
As outlined in the 2010 Industrial Vision program, the semiconductor sector aims to maintain the third position in the world and garner a share of 15.0 percent by 2010 by strengthening the structure for design and manufacture of chips, meeting the growing requirements for manpower, developing nanotechnology, and forming a semiconductor cluster at Pangyo. Overall, the policy seeks to improve the competitiveness of the South Korean manufacturing sector and focus on innovation rather than imitation.
The South Korean semiconductor segment, which initially focused mostly on the DRAM, has slowly begun to complete the necessary diversification of its product mix to counter increased competition from countries such as Taiwan and China. The production of semiconductors will likely grow steadily from 2007 to 2010. Furthermore, the South Korean government's goal to achieve annual exports of $300.00 billion in electronics by 2015 gives the required push to the semiconductor industry.
"Government support and policies are an impetus for growth in the domestic industry, along with the nation's inherent expertise and experience in the electronics and high-tech segment," says Chengalath. "Though the manufacturing segment is primarily dominated by Samsung, the chip designing segment offers immense potential and is in line with the government's aim to make South Korea a regional R&D hub."
The Ministry of Commerce, Industry and Energy (MOCIE) aims to make South Korea one of the top three nations in the field of robotics by 2013. Currently, South Korea continues to work toward the development of next generation service robots as these robots will likely become a major growth market in the future. The industrial robots segment has rebounded with more investments in the automobile, semiconductors, and flat panel display segments, offering growth opportunity for companies as well as investors.
The government also offers incentives to companies that invest in the free economic zones, single company foreign investment zones, and industrial clusters set up by the government. Additionally, these companies can take advantage of benefits such as tax rebates, cash incentives, reduction in duties/fees and a one-stop consultancy service provided by the government. Universities and research institutes that flank some of these companies also strengthen the R&D set up in the country.
The three-part series addressing the South Korean Automation and Electronics Industry is part of the Frost & Sullivan Industrial Automation and Electronics GPS subscription services. The Political and Policy Analysis of the South Korean Automation and Electronics Industry provides a detailed coverage of the political establishment, general economic and industry-specific policies, and their impact on the industry. The Economic Analysis provides an overview of the market size, a discussion of drivers as well as restraints, and an analysis of market structure in the context of the overall South Korean economy. The Social, Infrastructure, and Labor Analysis studies the labor market dynamics, infrastructure conditions, and consumption profile of end users. Analyst interviews and briefings are available to the press.
Frost & Sullivan's Country Industry Forecast research provides a unique country-specific perspective on various industries. The valuable Country-Industry Linkage includes in-depth analyses and forecasts.
The Frost &Sullivan Economic Research and Analytics team provides research focused on timely and critical sociometric, econometric, demographic, political, and regulatory information for specific countries by industry. It produces research services, economic impact articles, and economic updates that discuss relevant and critical economic trends.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.
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