After decades of chaebol-driven economic growth, Korea is nurturing a fresh batch of innovative start-ups to pave the way for the country’s next phase of development.
South Korea for years was the country famously dominated by large conglomerates from Samsung to Hyundai and LG as these laid the foundations for the country’s tigerish successes.
But the world’s 12th-largest economy is losing some of its spark and is now badly in need of structural reform.
South Korea’s growth domestic product grew only 0.3% in the second quarter. GDP growth last year of 3.3% was also lower than the central bank’s estimate of 3.5%.