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KOREA REPUBLIC OFSOUTH KOREA Tenders




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Capital Seoul
ISO 3166 Code KR
Population 50,423,955
Area, Sq KM 98,480
Currency South Korean won
Official Language Korean
GDP, Billion USD 13,04,554
GDP Growth Rate, % 3.5
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 3.13
Exchange Rate, 1 USD Equals 1102.80
International dial code 82
Time Zone GMT+09:00
Internet TLD .kr

South Korea is officially known as Republic of Korea which is a sovereign state in East Asia. It constitutes the southern part of the Korean Peninsula. This country shares its land borders with North Korea on its north and oversea borders with China to the west and Japan to the east. Approximately half of the population of this country resides in the metropolitan area including and surrounding the capital, the Seoul Capital Area, which is considered to be the world’s second largest and has a population of over 25 million. Korea was inhabited ages ago and it enjoyed peace and tranquility over dynasties for over a millennium during which the culture, trade, science and technology along with literature flourished. Korea was annexed in 1910 by the Japanese Empire and was divided into two zones. One was occupied by the Soviet and another by the U.S. which later became the Republic of Korea in 1948. South Korea’s economy was estimated to soar at an average of 10 percent annually between the years 1962 and 1994. Annual export growth of the country was also increased by 20 percent. South Korea was transformed into a high-income advanced economy and the 11th largest economy in the world by the year 1995. On this date, South Korea is the considered to be the seventh largest importer and the fifth largest exporter in the world with a regional power which has the 10th largest defense budget. Since the first free election took place in the year 1987, South Koreans have started enjoying high civil liberties and were considered one of the most developed democracies in the world. South Korea also ranked second on Democracy Index on Asia. When it comes to Human Development Index, South Korea is known to be the highest East Asian developed country. The citizens of this country enjoy high standards of living. South Korea has the highest median per-capita income as well as average wage in Asia and 8th highest household income in the world. Not only that, it ranks among the highest in quality of healthcare, education and ease of doing business in the world. A highly skilled workforce with the highest percentage of youths holding a tertiary education degree works in the favour of this country. In Bloomberg Innovation Index, it was ranked the most innovative country in the world. Apart from being innovative, it is also world's most development and research intensive country.

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