estuido economico -caso corea del sur

7/24/2019 Estuido Economico -Caso Corea Del Sur

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The Republic of Korea is a small country on the far eastern edge of Asia.

Although it ranks 109th in the world in terms of land area, the country is a

center of economic activity, culture and arts. Korea was colonized by Japan in

the early 20th century and later had to endure the Korean War (1950-53).

Today, South Korea is an industrial nation standing tall on the world stage. Its

semiconductor, automobile, shipbuilding, steel making, and IT industries are on

the leading edge in global markets. It hosted the 1988 Seoul Olympics and the

2002 Korea-Japan FIFA World Cup. Korea's new standing in the international

community was highlighted in 2010 with the nation becoming the first Asian

country to chair the G20 and host the G20 Seoul Summit.

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After being colonized by Japan for several years and having an independence

movement to achieve autonomy, Korea got its independence on August 15,

1945, once Japan surrendered in the Pacific War. Subsequently, the political

tendencies between north and south with communist and democratic

tendencies respectively separated society apart, generating the division of

Korea in 1948, into two different countries: Republic of Korea and Democratic

Peoples Republic of Korea. (KOREA.net, 2015a)

Afterwards, with the support of China and the Soviet Union, in 1950, North

Korea invaded South Korea, starting Korean War, in which UN and UnitedStates ended up supporting South Korea. This war lasted three years, and let

South Korea as one of the poorest countries in the world with almost all

industrial facilities destroyed. (KOREA.net, 2015b)

During the following years, South Korea was characterized by its political

instability. But, after a military rule, Park Chung-hee was elected president and

with his 5-year economic development plan, achieved fast economic growth of


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the country, which was called The Miracle of the Hangang River. (KOREA.net,

2015c)

After the governance of this president, the following leaders helped

continuously improve South Korean economy and society; actual president, Ms.

Park Geun-hye, presented a new vision for the country, consisting on national

development and people happiness. (KOREA.net, 2015c)

South Korean economic growth principally was produced due to the

effectiveness of state intervention by the industrial policy executed, which was

characterized for promoting exports and protecting domestic market producers,

and its (Jenkins, 1991):

Flexibility: the Government changed policies depending on their

effectiveness.

Selectivity: the policies favored particular industries and companies.

Coherence: among economic goals, policies and strategies.

Emphasis on promotion rather than regulation of an industry.

Autonomy: from the Government with dominant class.

Over the past sixty-five years (1948-2013), the country has transformed itself

from one of the most impoverished countries in the world to an economic

powerhouse and an exemplar of free democracy. This process may be viewed

as a unique example in world history. KOREA.net (2015c)

1#.%2 3#,&(94 0:8#,%($% 6(/%4

The capital and largest city of South Korea is Seoul, with a population of

9.736 million persons. Other major urban areas are Busan with 3.237 million

people, Incheon with 2.659 million people, and Daegu with 2.25 million people.


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South Korea has a population of 50.2 millions with an annual growth rate of

o.4% during 2013. According to the OECD (2014), young population has

decreased significantly as it went from 42.5% of the total population in 1970 to

14.7% in 2013; and has a working age population of 73.1% of the total

population, witch is high compared with the world average (66.29%). The

employment rate, compared to OECD rate, is presented in the table below.

Graph 1

Compiled by authors. Retrieve from OECD (2014).

South Korean average wage is USD 36.354 annually, which is lower than

wages of other developed countries as Australia and Belgium.

Table 1

Country Wage

Australia USD 50.449

Austria USD 45.199

Belgium USD 48.082

Canada USD 46.911

Czech Republic USD 20.338

South Korea USD 36.354


The main religions practiced by the population are Christian (31.6%), Buddhist

(24.2%), other or unknown (0.9%), and none (43.3%), according to a survey

made by South Korean government on 2010.

65,4

65,5

65,6

65,7

65,8

South Korea OECD Total

Employment Rate


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On the issue of migration, South Korea doesnt have high numbers, compared

to high-migration countries as U.S.A., as it has shown a permanent immigrant

inflow of 1.000 people. A comparison between South Korea and U.S.A. is made

in the graph below.

Graph 2


Finally, South Koreas main natural resources are coal, tungsten, graphite,

molybdenum and lead.

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South Korea is a high-income country, based on an open market economy

system, with a GDP of USD 1.305 trillion, a GDP per capita of USD 25.977 and

a GNI per capita of USD 33.360 for 2013, according to data of The World Bank

(2014).

Since Korean War, the economic growth of South Korea has been exceptional,

so impressive that it has been called The Miracle of the Hangang River as it

changed from being one of the poorest countries in 1950s to be a developed

country, in less than 50 years.

0

20000

4000060000

80000

South Korea USA

Permanentimmigrant inflows


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South Korean economy is based on an export-oriented economic structure,

ranking the sixth position on the world-exporter list, with USD 828 billions in

exports, representing about 50.8% of its GDP, according to The World Factbook

(2015).

This economic structure has leaded them to their actual position in world

economy. Even though, the same structure that has given them their economic

power, has also threaten their wealth: in 1997, a foreign exchange crisis

seriously affected South Korean economy, forcing them to ask for assistance to

the IMF. However, it took only two years to South Korea to achieve the same

economic growth and price levels, demonstrating how strong and stable their

economy could be (KOREA.net, 2015b). Another affectation in South Korean

economy growth was the world financial crisis, as it can be seen in the Graph 3.

According to OECD Economic Outlook (2015), South Korean economic growth

is expected to achieve rates of 3.8% for 2015 and 4.1% for 2016; higher than

average OECD members, as shown in the graph below:

Graph 3

Compiled by authors.

Retrieve from OECD Economic Outlook (2015) and The World Bank (2014).

-8%

-6%

-4%

-2%

0%2%

4%

6%

8%

10%

12%

1990 1994 1998 2002 2006 2010 2014

S. Korea

OECD

GDP growth


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In actual South Korean export-oriented economic structure, the five leading

export items for the last decade have been semiconductors, petroleum

products, cars, ships and liquid crystal devices (KOREA.net, 2015b). In despite

of the importance of these products, the main economic sector of South Korea

is services, related to the composition of GDP for 2014, as shown in the

following graph.

Graph 4

Compiled by authors. Retrieve from The World Factbook (2015).

South Koreas main agriculture products are rice, roots, barley, vegetables,

fruits, cattle, pigs, chicken, milk, eggs, and fish, being the rice the most

important product, as it represents 90% of the agriculture GDP. On the other

hand, main industrial products are produced in industries as electronics,

telecommunications, automobile, chemical, shipbuilding and steel. Finally, the

most important services made in South Korea are related to information

technology and videogames. (KOREA.net, 2015d; The World Factbook, 2015)

South Korean consumer prices are characterized to maintain quite stable and

above 5% of inflation, during the last 10 years, as shown in the Graph 5.

Specifically, along this period, there was an increase in prices due to the

economic crisis of 2008, achieve its highest level of 4.7%.

Agriculture2%

Industry39%

Services59%

GDP composition by sectors


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Graph 5

Compiled by authors. Retrieve from The World Factbook (2015).

During the last 10 years, South Koreas interest rate has fluctuated according to

Government policies and economical conjunctures. In this way, the highest

interest rate took place in 2006 with 6.1%, and the lowest took place three

years later (2009) with 2%. The following graph shows the evolution of the

interest rate in the last 10 years.

Graph 6

Compiled by authors. Retrieve from The World Bank (2015).

0

0,005

0,01

0,015

0,02

0,025

0,03

0,035

0,04

0,045

0,05

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Inflation

0

0,01

0,02

0,03

0,04

0,05

0,06

0,07

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Interest rate


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Finally, for analyzing South Korean Balance of Payments, it is important to

evaluate before the exchange rate. Actually, the exchange rate of South Korean

Won is around SKW 1.084 for USD 1, representing devaluation of the SKW

during the last year:

Graph 7

Compiled by authors. Retrieve from Bloomberg (2015).

South Korean Balance of Payments is summarized in the table below.

Table 2

Current account $894.20 Financial account $-903.80

Goods $928.90 Direct investment $-206.60Exports $6,215.40 Assets $-305.60Imports $5,286.60 Liabilities $99.00

Services $-81.60 Portfolio investment $-336.10Manufacturing $-55.00 Assets $-428.70Transport $37.50 Equity sec. $-165.70Travel $-53.20 Debt sec. $-263.00Construction $138.40 Liabilities $92.60IP $-52.20 Equity sec. $66.90Other $-105.90 Debt sec. $25.70

Primary income $102.00 Financial derivatives $37.00Compensation emp. $-4.10 Other investment $-219.40Investment income $106.10 Loans, assets $-87.50

Income equity $49.10 Loans, liabilities $94.30Interest income $57.10 Currency and deposits $-170.60

Secondary income $-55.00 Reserve assets $-178.90

Capital account $-0.10

960

980

1000

1020

10401060

1080

1100

1120

1140

SKW exchange rate


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Compiled by authors. Retrieve from The Bank of Korea (2015).

As showed above, South Korea has a positive current account and a negative

financial and capital account. When analyzing current account, specifically

goods account, there is a surplus of exports over imports, generating the major

part of the positive current account. On the other hand, the financial account

has a representative negative direct and portfolio investment, as Koreans invest

in other countries more than they are invested on. Finally, the capital account

doesnt have much importance in the overall Balance of Payments, probably

because it has low migration and direct investment.

As said before, South Korea has an export-oriented economy, representing

more than 50% of its GDP, with a total amount of USD 573.091.134 of exports

for 2013. As referred, the main products for export are semiconductors,

petroleum products, cars, ships and liquid crystal devices, and the main sectors

of exports are electronic equipment (24%), vehicles other than railway (13%),

machinery (11%), fuel and oil products (9%), and ships, boats and others (7%);

while the main services exported were services (13%), commercial services

(9%) and transport (4%), as shown in Graph 8.

Graph 8

Compiled by authors. Retrieve from The Trade Map (2015).

Electronicequipment

17%

Services13%

Commercialservices

13%Vehicles otherthan railway

9%Machinery

8%

Fuels and oils6%

Ships, boatsand other

5%

Medical, etc.apparatus

4%

Transport4%

Plastics andarticles

4%

Othergoods17%

South Korean exports by product - 2014


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Comparing the information presented with the exports of 2005, which ascended

to USD 284.418.167, it is found that South Korean economy has the same main

exporting sectors but it is diversifying its efforts as, nowadays, each sector less

participation on exports than in 2005, as shown in the graph below.

Graph 9


In relation to exports, South Korean government is looking for continue

diversifying export products focusing on first-rate quality goods, as

semiconductors, seawater desalination machines, flash memory, and others;

and information technology products and services, as computer software and

communication devices (KOREA.net, 2015d).

Finally, the countries that South Korea exports the most are China (25%), USA

(12%), Japan (6%), Hong Kong (5%) and Singapore (4%), showing the strong

economic relationship between South Korea and China, U.S.A. and Japan.

Electronicequipment

20%

Services12%

Commercialservices

12%Machinery

9%

Vehicles otherthan railway

9%

Transport6%

Ships, boatsand other

4%

Fuels and oils4%

Plasticsand articles

4%

Iron and steel3%

Other goods17%

South Korean exports by product - 2005


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Graph 10


Generating a positive current account in the Balance of Payments, South

Korean imports ascend to USD 869.567.945 for 2014. The main goods

imported by South Korea were fuels and oils (24%), electronic equipment

(10%), machinery (7%), and iron and steel (3%), while the main services

imported were commercial services (15%), transport (4%) and travel (3%).

Graph 11


25%

12%

6%5%4%4%3%

2%2%

2%

35%

South Korean exports by country - 2014

China

USA

Japan

Hong Kong

Singapore

Viet Nam

Taipei

India

Indonesia

Mexico

Other

Fuelsand oils

24%Commercial

services15%

Electronicequipment

10%Machinary

7%Transport

4%

Travel3%

Iron andsteel3%


2%

Ores, slagand ash

2%

Otherproducts

23%

Other

services7%

South Korean imports by product -2014


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Comparing this information with the imports registered during 2005, which

ascended to USD 440.084.783, it can be found that, in general, South Korea

still consuming the same goods and services with similar participation in

imports, except for the consumption of fuels and oils that has increased, gaining

a participation from 16% to 24%, probably due to the production of new goods

that have fuel and oil as raw materials.

Graph 12


The importance of fuel and oil as raw materials can be evidence with the

importer countries as well, with the presence of countries that are known for

their oil exports, as Saudi Arabia and Qatar. For imports, South Korea hasimportant relationships with China, Japan and U.S.A., having a positive current

account with all of them.

Fuels andoils16%

Services14%

Commercialservices

14%Electronicequipment

12%

Machinery7%

Transport5%

Iron and steel4%

Travel4%


3%

Other goods21%

South Korean imports by product - 2005


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Graph 12


For doing business in South Korea, another important variable to consider is

Foreign Direct Investment. South Korea promotes FDI with the Foreign

Investment Promotion Act, in which the government offers benefits to investors,

as tax incentives, cash support and special land regulations (KOREA.net,

2015b). Nowadays, South Korean FDI policy is focused on getting support to

achieve its nation objectives, which are reaching USD 2 trillion on export/import

volume, and becoming the major logistic hub of Northeast Asia (KOREA.net,

2015e). The evolution of FDI since 2005 is shown in the graph below.

17%

10%

U.S.A.9%

7%

5%4%4%3%

3%3%

35%

South Korean imports by country - 2014

China

Japan

USA

Saudi Arabia

Qatar

Germany

Australia

Kuwait

U.A. Emirates

Taipei

Others


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Graph 13

Data presented on million dollars.

Compiled by authors. Retrieve from The World Bank (2014).

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The first step in this case is to analyze South Korean environment for business

and economy atmosphere. The country is positioned in the rank 5 on the ease

of doing business in the world, according to Doing Business (2015). For most of

the countries is useful knowing where their economy stands in the aggregate

ranking on the ease of doing business and knowing how it ranks relative to

comparator economies and relative to the regional average.

$-

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

2005 2006 2007 2008 2009 2010 2011 2012 2013

South Korean FDI


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Graph 14

Compiled by authors. Retrieve from Doing Business (2015).

According to many parameters that matter at the moment of doing business

with South Korea, there are some points to take into account carefully: in the

following graph its possible to appreciate the importance of each pint for the

South Koreans:

Image 1

Retrieve from Doing Business (2015).

The Starting a Business Indicators measure:

0 10 20 30 40 50 60 70 80 90 100

Singapore

South Korea

Australia

Regional Average ( OECD)

Japan

China

Brazil

India

Ease of doing business


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Procedures to legally start and operate a company: preregistration (for

example, name verification or reservation, notarization), registration in the

economys largest business city, and post registration (for example, social

security registration, company seal). (The World Bank Group,2015)

Time required completing each procedure: it doesnt include time spent

gathering information. Each procedure starts on a separate day and

procedures that can be fully completed online may take half a day.

Procedure completed once final document is received, and no prior contact

with officials. (The World Bank Group,2015)

Cost required completing each procedure: it counts official costs only, so no

professional fees unless services required by law.

Paid-in minimum capital: deposited in a bank or with a notary before

registration (or within 3 months). (The World Bank Group,2015)

According to data collected by Doing Business, starting a business in South

Korea requires three procedures that takes four days, costs 14.5% of income

per capita, and requires no paid-in minimum capital, as it is shown in the

following image. (The World Bank Group,2015)

Image 2

Retrieve from Doing Business (2015).


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In the following table, it is presented a summary of time, costs and procedures

needed for starting a business in South Korea.

Table 3

No. Procedure Time to complete

1 Make Company Seal 1 day

2 Register the company with Start-Biz; pay

the corporate registration tax bill and

incorporation fee

3 days

3 Pay the fees for the Public Health

Insurance Program, the National

Pension Fund, Employment Insurance,and Industrial Accident Compensation

Insurance

Less than one day

(online procedure,

simultaneous withprevious procedure)

Compiled by authors. Retrieve from Doing Business (2015).

1#.%2 3#,&($ ',(-&


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Finally, Korea is conducting preparation talks or joint research projects with

prospective Free Trade Agreement partners including Japan, MERCOSUR,

Israel, Vietnam, Central-America, Malaysia and Indonesia. The following tables

summarize South Korean FTAs.

(Ministry of Foreign Affairs)

Table 4

Free Trade Agreement in effect

South Korea Chile

South Korea Singapore

South Korea EFTA

South Korea ASEAN

South Korea India

South Korea EU

South Korea Peru

South Korea - US

Compiled by authors, retrieve from (Ministry of Foreign Affairs)

Table 5

Concluded Free Trade Agreement

South Korea Tukey

South Korea - Colombia


Table 6

Free Trade Agreement Under

Negotiation

South Korea CanadaSouth Korea Mexico

South Korea GCC

South Korea Australia

South Korea New Zeeland

South Korea China

South Korea - Vietnam

South Korea Indonesia


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South Korea China. Japan

RCEP (Regional Comprehensive

Economic Partnership)

South Korea - JapanCompiled by authors, retrieve from (Ministry of Foreign Affairs)

Table 7

Free trade Agreement

South Korea MERCOSUR

South Korea ISRAEL

South Korea Central America

South Korea - Malaysia


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In recent years Colombia has shown a change and openness in its trade policy,

increasing its interest in expanding its trade relations with other countries and

other continents. Colombia is betting on diversifying its exports through the

realization of free trade agreements with countries in continents such as Asia.

And his first attempt to establish a business relationship with the Asian

continent is the FTA with South Korea.

The trade relations between Colombia and South Korea have been increasing

in the last 12 years. Imports from South Korea to Colombia increased from USD

200 million FOB to USD 1.200 million FOB; those consist basically on

automotive products, machinery and equipment. On the side of exports from

Colombia to South Korea they increased from USD 50 million FOB to USD 335

million FOB in 2012, consisting mainly on coffe, coal and ferronickel.

Free Trade Agreement between Colombia and South Korea is currently in

approval by the two participating countries, and basically is treaty for trade inColombia for the following reasons:


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- Diversification of markets: it would be the first treaty with an Asian country.

- Encourage of trade relations with countries of this continent, encouraging

the negotiation of FTAs with Japan and Singapore

- Elimination of tariffs on Colombian products would make them more

competitive in this market and increase exports of agricultural and industrial

products.

- Increase of investment in Colombia

- Improved access to raw materials and supplies from Korea Quality

- Increased cooperation links for technology transfer

- Used as a laboratory for Colombian companies learn about the Asian

market and how to potentiate this market.

- Colombia for several years are interested in joining the Forum of Asia Pacific

Economic Cooperation (APEC) which are members of 21 economies, and

an FTA with Colombia would bring this group of countries.

(Oportunidades Comerciales en COREA, Proexport Colombia, 2012)

Graph 15

Compiled by authors. Retrieve from ProColombia (2013).

Coffe37%

Metallurgy24%

Ferronickel16%

Fuels and oils16%

Coal3%

Chemicalproducts

2%

Derivatives ofcoffee

2%

Exports to South Korea from Colombia


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Graph 16


Finally, the conditions of access of the FTA between Colombia and South

Korea, are summarized in the table 8:

Table 7

Conditions of access

Colombia

Conditions of access

South Korea

- 98% of industrial property shall be

exempt from tax for the

implementation of the treaty.

- The remaining 2% will be exempt

in maximum five years.

- Terms of tariff reduction and some

agricultural goods:

- Free tax for green coffee.

- Coffee preparations: 2 and 3

years.

- Flowers (roses, chrysanthemums,

carnations): 3 to 5 years.

- Bananas: 5 years.

- Fruits: 5, 7, and 10 years.

According to Colombian imports from

Korea in 2011:

- 26% will be tax-free on the

implementation of the FTA.

- 18% will be tax-free five years after

the implementation of the FTA.

- 6% will be tax-free after 7 years

implementation of the FTA.

- 44% will be tax-free 10 years after

the implementation of the FTA

(cars, trucks and some household

products).

- The remaining 3% will be tax-free

12 years after the implementation of

Vehicles45%

Plastic

9%Industrialmachinery

7%

Automotive

parts5%

Articles of iron6%

rims and tires4%

Home articles3%

Others21%

Exports to Colombia from South Korea


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- Vegetables: 5, 7, and 10 years.

- Snuff: 10 years.

- Cigarettes: terms of 10 and 15

years.

- Sugar and ethyl alcohol 16 years.

- Ethanol: 5 years.

- Meat: 19, by appointment of the

first year; 9,900 tons and a 2%

annual increase for fine cuts.

- Pork: 10 and 16 years.

- Poultry: 10, 12 and 16.

- Dairy products:

- Cheese, creme caramel, skim

milk: 10 and 16 years.

- Dairy beverage immediately.

- Milk powder: 100 fixed fee.

the FTA.

- 95% of Korean agricultural products

will be duty-free on the

implementation of the FTA



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"#$/*.40#$4

As a first conclusion, we can say that overall imports from South Korea made by

Colombia have increased over the years and particularly since the last three

years, the country has increased its imports since 2010, even though there was

a drop in imports in 2012 could be due to macroeconomic factors countries.

The products generally more imported by Colombia in the last three years were:

Vehicles and vehicle parts except railways and trams. Also Industrial machinery

including computers, plastics, appliances, cellphones and Polyethylene.

It could be said that could be good for Colombia to export to South Korea

because this country is the sixth in the world, and they use many imported raw

materials, thats why Colombia is an attractive economy, which generates many

raw materials at the moment, for this reason could be a great opportunity for

Colombia to generate more exports, and better relations with the southern

Koreans industries.

Also, South Korea consume large amounts of oil, and one of the main products

of Colombian export is oil, this could be an important trading point between the

two nations.

Overall, South Korea is a country that is more capital intensive, while Colombia

is more labor intensive. Both exporting different products, which could be a

differential relative to FTAs that Colombia has already signed, since they

produce mostly different products, the FTA could be advantageous for both

countries, enabling Colombia to its two main objectives, that are access to new

markets and attracting foreign investment.


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>&6&,&$/&4

Independence movement. (2015a). KOREA.net. Retrieve from:

http://www.korea.net/AboutKorea/History/Independence-Movement

The Korean economy the miracle on the Hangang River. (2015b).

KOREA.net. Retrieve from: http://www.korea.net/AboutKorea/Economy/The-

Miracle-on-The-Hangang

Transition to a democracy and transformation into an economic powerhouse.

(2015c). KOREA.net. Retrieve from:

(http://www.korea.net/AboutKorea/History/Transition-Democracy-

Transformation-Economic-Powerhouse)

Industrial brand leaders and Korean industrial standards. (2015d). KOREA.net.

Retrieve from: http://www.korea.net/AboutKorea/Economy/Industrial-Brand-

Leaders-Korean-Industrial

Koreas open market capitalist economy. (2015e). KOREA.net. Retrieve from:

http://www.korea.net/AboutKorea/Economy/Koreas-Open-Market-Capitalist-

Economy

Jenkins, R. (1991). The political economy of industrialization: a comparison of

Latin American and East Asian newly industrialized countries.Development and

Change, 22, 197-231.

Featured indicators. (2014). The World Bank. Retrieve from:

http://data.worldbank.org/country/korea-republic

The World Factbook. (2015). Central Intelligence Agency. Retrieve from:

https://www.cia.gov/library/publications/the-world-

factbook/rankorder/2078rank.html


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Compare your country. (2015). OECD Economic Outlook. Retrieve from:

http://www.compareyourcountry.org/oecd-economic-

outlook?cr=oecd&lg=en&page=0

List of products imported by Republic of Korea. (2015). ITC - Trade Map.

Retrieve from: http://www.trademap.org/Product_SelCountry_TS.aspx

List of products exported by Republic of Korea. (2015). ITC - Trade Map.

Retrieve from: http://www.trademap.org/Product_SelCountry_TS.aspx

List of importing markets for a product exported by Republic of Korea. (2015).

ITC - Trade Map. Retrieve from:

http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1%7C41

0%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C2%7C2%7C1%7C

2%7C1%7C1

List of supplying markets for a product imported by Republic of Korea. (2015).

ITC - Trade Map. Retrieve from:

http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1%7C410%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C2%7C2%7C1%7C

2%7C1%7C1

Balance of Payment during December 2014. (2015). The Bank of Korea.

Retrieve from:

http://www.bok.or.kr/contents/total/eng/boardView.action?menuNaviId=634&bo

ardBean.brdid=15282&boardBean.menuid=634

US Dollar South Korean Won Exchange rate. (2015). Bloomberg. Retrieve

from: http://www.bloomberg.com/quote/USDKRW:CUR

Doing Business: Going Beyond Efficiency Korea, Rep.The World Bank Group.

(2015) Retrieve from: http://espanol.doingbusiness.org/


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Oportunidades Comerciales en COREA. Proexport Colombia. ( 2012). Retrieve

from: http://www.procolombia.co/

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