Korea

Korea refers to a peninsula in East Asia and, in contemporary usage, typically denotes either South Korea (the Republic of Korea) or North Korea (the Democratic People's Republic of Korea), two sovereign states that emerged from the division of the peninsula following the Second World War. In the context of African business and commodity trade, Korea almost invariably refers to South Korea, one of the world's largest economies and a major importer of raw materials and energy resources. South Korea's capital is Seoul, and the country has a population of approximately 51-million people. The economy is heavily industrialised, with dominant sectors including electronics, automotive manufacturing, shipbuilding, steel production and petrochemicals. South Korea is a significant consumer of coal, iron ore, base metals and other commodities, much of which it imports to fuel its manufacturing base. The country is a member of the Organisation for Economic Co-operation and Development and the Group of Twenty major economies. South Korea operates a market economy and uses the won as its currency. Major conglomerates such as Samsung, Hyundai and POSCO are headquartered in the country. In commodity markets, South Korea ranks among the top importers of thermal and coking coal, liquefied natural gas and iron ore, making it a key destination for African and Australian resource exports. The country established diplomatic relations with most African nations following democratisation in the late twentieth century and has since expanded trade and investment ties across the continent.