"70th Anniversary of the Korean War... Trade Volume with 22 Participating Countries Grows 1500 Times"

Analysis of Economic Exchange Indicators with 6.25 War Participating Countries
Korea's GDP 409 Times, Annual Average Economic Growth Rate Up 11%

Federation of Korean Industries

[Asia Economy Reporter Dongwoo Lee] The scale of trade between South Korea and the countries that participated in the Korean War has grown 1,500 times over 60 years, and the scale of investment has increased more than 180 times over 40 years.

The Federation of Korean Industries announced on the 18th that, according to an analysis of economic exchange indicators with the 6.25 War participant countries, the total trade volume between South Korea and the 22 participant countries last year was $314.6 billion (approximately 382 trillion KRW), which represents a 1,573-fold increase compared to $200 million (approximately 243 billion KRW) in 1960. South Korea's ranking among trading partners of the participant countries also rose by 38 places during the same period.

From 1960 to 2018, over 60 years, South Korea's Gross Domestic Product (GDP) increased 409 times, and GDP per capita increased 198 times (from $158 to $31,380). South Korea's average annual economic growth rate reached 10.9%, which is 3.5 percentage points higher than the global economic growth rate (7.4%).

The number of overseas Koreans residing in the participant countries was 3.28 million as of last year, and the number of Korean companies was 2,254. As of 2018, the number of nationals from participant countries residing in South Korea was 490,000, and the number of companies from participant countries operating in South Korea was 767.

South Korea's foreign direct investment in the participant countries increased from $12.4 million (approximately 1.506 billion KRW) in 1980 to $25.845 billion (approximately 31 trillion KRW) last year, a 208-fold increase.

During the same period, investment from the participant countries into South Korea increased from $8.481 million (approximately 1.03 billion KRW) to $12.433 billion (approximately 15.1 trillion KRW), a 147-fold increase. The total investment volume exchanged between South Korea and the participant countries increased 183 times over 40 years (from $210 million to $38.28 billion).

The Federation of Korean Industries stated that it is necessary to strengthen economic and industrial exchanges that leverage the strengths of each country to enhance economic cooperation and foster a constructive relationship between South Korea and the participant countries in the future.

Yoo Hwan-ik, Director of Corporate Policy, said, "On the occasion of the 70th anniversary of the Korean War, it is necessary to expand FTAs with the participant countries to strengthen economic cooperation, and to build mutually beneficial relationships by sharing South Korea's development experience and utilizing both concessional and non-concessional aid with developing countries among the participant countries."

This content was produced with the assistance of AI translation services.