While South Korea is an important leader in technology innovations, it has also had a tremendous global impact with its films, music, and televised drama. This worldwide spread of Korean culture, the “Korean Wave,” has strengthened Korea’s global presence and image, in addition to generating a significant portion of Korea’s exports. As an effect of this wave, a countless number of Korean beauty, fashion, and food products became popular in many countries all over the world.
As a leader in advanced technology such as mobile communications and internet infrastructure, online and mobile sales telecoms sales channels are important promotional methods to reach to consumers. Social media such as Facebook, Twitter and Instagram are also prevalent and widely used by both younger and older generations. In addition, a texting application called Kakaotalk plays an integral part of communication for the entire population. As a free texting application similar to What’s App or We Chat, Kakaotalk is one of the most widely used communication applications in Korea.
South Korea has established Free Trade Agreements with the U.S. and the European Union. Although most of South Korea’s exports are driven by large high-tech multinational firms such as Samsung, LG, and Hyundai, mid-sized firms are also aiming to launch into the global economy.