Earliest years

Korea boasts a 5000-year-old history which is influenced to a large extent by its geographical location which has made it a much sought-after land. The first Korean kingdom, Ko-Choson, was formed in 2333 B.C. From 57 B.C. to A.D. 668 (known as the Three Kingdoms Period), Koguryo Kingdom, Paekche Kingdom and Shilla Kingdom, known to be the most powerful kingdoms in the area at that time, played major roles in shaping Korean culture.

The Joseon Dynasty (1392-1910) was the peninsula's final dynasty and it was during this period that most of the political and economic reforms were adopted and put into practice. The Korean alphabet was invented in 1443 during the reign of King Sejong. From 1910 to 1945, the Japanese ruled Korea. After World War II, the country was divided into two countries: the Republic of Korea (Democratic South Korea) and the Democratic People's Republic of Korea (Communist North Korea).

Since 1972, negotiations for peace and reunification have been ongoing between the two countries. Since the end of the Korean War in 1953, South Korea has achieved astounding economic growth. It is a phenomenon sometimes referred to as the "Miracle on the Han-gang River". Shipbuilding, semiconductors, and consumer electronics are areas of the strongest developments. However, the Korean automobile industry is rapidly gaining a foothold in foreign markets. Korea is aiming to enter the twenty-first century with a restructured industrial model that will allow her to compete successfully in the free world markets.

Efforts are being made to open her traditionally protected markets to foreign competition in response to the Uruguay round of trade talks. Korea has been invited to join the Organization for Economic Cooperation and Development (OECD) as the 29th member in 1996.