Korea, with a population of 49 million, is often overshadowed by its neighbors China and Japan due to their sheer size and proximity. Regardless, the Korean economic miracle has also been nothing short of spectacular. Currently Korea sits between Japan and China in regards to economic growth rate. According to the Economist Intelligence Unit real GDP growth will average 3.9% in in the period spanning 2011-2015.
Like Japan, the population is highly concentrated in a few large cities, with Seoul being the center of the both the economic and political decision-making. Koreans are extremely technology savvy and are especially heavy users of advanced mobile phones and broadband Internet. In fact they are number one in the world. According to the e-Intensity Index report by The Boston Consulting Group, South Korea comes out on top, powered by super-high-speed infrastructure, a well-developed e-commerce and digital-advertising marketplace, and high levels of Internet engagement. Korea was followed by Japan while the US, the birthplace of the Internet, ranked tenth.
Korea has a highly entrepreneurial and innovative business climate and unless your product is leading edge it is likely there will already be several local competitors in the market if you are late to enter. Any innovative products related to gaming, mobile, social media and other Internet-related and high tech sectors have a good chance of success if you get to market early with the right partner(s).
With a select few clients with the right product, timing and commitment to success, RTM Asia has helped them build significant revenues and presence in Korea.