South Korea is a major global economic power, having the 12th largest economy in the world and the third largest in Asia. Ranked 11th in the world in terms of trade volume, it is a major global producer of automobiles, electronics, shipbuilding, steel, and high-tech products such as digital monitors, mobile phones, and semiconductors. Pro-business government policies to minimize business barriers and increase economic vitality through tax reductions have created an attractive backdrop for the growth of major industries such as banking, insurance, real estate, retailing, transportation and telecommunications.
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