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In recent years the Republic of Korea has achieved what is widely acclaimed as an economic miracle. Indeed since embarking on a serious plan of economic development in 1962 Korea’s economy has grown at an impressive rate. Korea, for centuries a poor nation with an economy based on agriculture, has emerged in modern times as strongly industrialized nation with a large and wealthy middle-class. The key to this success was the adoption of an outward-looking development strategy with exports at its heart.

The manufacturing sector is one of the top employers in Seoul. The IT and electronics industries have been replacing such traditional sectors as the manufacture of textiles and clothes, machinery, and chemicals. Food processing, beverage production, and publishing and printing are also important to the local economy.

A number of world renowned companies such as Daewoo Corporation, Hyundai, Samsung and Kia Motors have their headquarters in Seoul. The Gross Regional Domestic Product of Seoul contributes to roughly a quarter of Korea’s national GDP.