Insider Monkey

16 Most Valuable Korean Companies In The World

Mohammed Saqib
9 min read

In This Article:

In this article, we will discuss the 16 Most Valuable Korean Companies In The World. You can skip our industry overview and go directly to the 5 Most Valuable Korean Companies In The World.

The economy of South Korea is the 13th largest economy in the world, with a nominal GDP of $1.73 trillion in 2022. The GDP per capita in Korea stood slightly above $33000 in 2022. Over the past few decades, South Korea has undergone a remarkable transformation from an agricultural-based economy to a new, technologically advanced, industrialized economy, which has been facilitated by government policies aimed at promoting economic growth.

Industries such as automobiles, electronics, chemicals, steel, shipbuilding, and textile hold great significance in Korea. Statistics from World Bank reveal that these industries contributed to 32.4% of GDP in 2021. The lax policies of the government and ease of doing business have ensured that large conglomerates continue to operate out of South Korea. The policy measures taken by the government to spur economic growth in the country include investment in research and development, support for small and medium-sized enterprises, and tax incentives for businesses. The government has also made significant investments in infrastructure, including roads, ports, and airports, to support the country's export-oriented economy. It is no surprise that South Korea ranks 19th on the list of the 2022 Index of Economic Freedom with a freedom score of 74.6.

16 Most Valuable Korean Companies in The World
16 Most Valuable Korean Companies in The World

One of the key drivers of the South Korean economy is the export sector. The country is a major exporter of electronics, automobiles, steel, and other manufactured goods. As of May 2022, Samsung Group remained the largest business group operating in South Korea, with a revenue of approximately 379 trillion South Korean won. However, the Korean economy is also feeling the effects of the global economic slowdown, and its exports declined by 16.6% YoY in January 2023. A major cause of this includes a deterioration in foreign demand, cost pressures, rising borrowing costs, and overall global monetary tightening. The chips industry saw the highest decline of 44.5%, followed by a slump of 25.9% in the steel industry.

In addition to exports, South Korea has a thriving services sector, which includes finance, healthcare, and tourism. The country has a well-developed financial sector with a large number of banks and insurance companies. The tourism industry is also growing, with the number of visitors to South Korea increasing every year.

The Korean government continues to be supportive of small businesses and set a budget of KRW 13520.5 billion for SMEs and startups in 2023. The continued government support is the reason why startups like Bemyfriends, ONDA, and Energy X have emerged and created their mark in the market by bringing sustainable market solutions.

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