BRICs and MITSk Project
Running head: BRICS AND MITSK PROJECT
BRICs and MITSK Project – South Korea
Mario P Maghirang
DeVry University
BUSN 412 Business Policies
Instructor David Mozinski
November 14, 2013
BRICS and MITSK Project Page 1
INTRODUCTION The purpose of this project is to introduce the BRICS and MITSK countries identified as important emerging economic countries and important basis of a new economic group that each country possesses significant individual economic power as well. Also, to understand the global business strategy and the threat and opportunities they possess. First there were the "Brics" - now there 's "Bric 'n ' Mitsk." Jim O 'Neill, the economist who coined the term Brics to describe Brazil, Russia, India and China, is adding Mexico, Indonesia, Turkey, and South Korea to the original four countries to create a new grouping of growth markets. (Jim O Neill – Business Blog “The Guardian”) My report is all about Mitsk member – South Korea, “Land of the Morning Calm” a country with dynamic energy. Just 60 years ago, Korea was a country devastated by war and poverty. The elements that have made Korea a key player in the international economy include aid from the international community, Koreans devotion to work, the steady efforts of successive governments to open up its economy and corporate efforts to innovate and enhance their international competitiveness. Between 1970 and 2011, Koreans GDP grew by more than 144 times, from $8.1 billion to $1.16 trillion. Between 1961 and 2011, Koreans GDP per capita grew by more than 280 times, from $82 to $22,778. So far this millennium, Korea has achieved an average annual economic growth rate of about 4.5% and maintained strong economic vibrancy (Korea Trade-Investment Promotion Agency, n. d.).
SUMMARY
According to Jim O Neill - Goldman Sachs Asset Management’s chairman, South Korea, Indonesia, Mexico and
BRICs and MITSK Project – South Korea
Mario P Maghirang
DeVry University
BUSN 412 Business Policies
Instructor David Mozinski
November 14, 2013
BRICS and MITSK Project Page 1
INTRODUCTION The purpose of this project is to introduce the BRICS and MITSK countries identified as important emerging economic countries and important basis of a new economic group that each country possesses significant individual economic power as well. Also, to understand the global business strategy and the threat and opportunities they possess. First there were the "Brics" - now there 's "Bric 'n ' Mitsk." Jim O 'Neill, the economist who coined the term Brics to describe Brazil, Russia, India and China, is adding Mexico, Indonesia, Turkey, and South Korea to the original four countries to create a new grouping of growth markets. (Jim O Neill – Business Blog “The Guardian”) My report is all about Mitsk member – South Korea, “Land of the Morning Calm” a country with dynamic energy. Just 60 years ago, Korea was a country devastated by war and poverty. The elements that have made Korea a key player in the international economy include aid from the international community, Koreans devotion to work, the steady efforts of successive governments to open up its economy and corporate efforts to innovate and enhance their international competitiveness. Between 1970 and 2011, Koreans GDP grew by more than 144 times, from $8.1 billion to $1.16 trillion. Between 1961 and 2011, Koreans GDP per capita grew by more than 280 times, from $82 to $22,778. So far this millennium, Korea has achieved an average annual economic growth rate of about 4.5% and maintained strong economic vibrancy (Korea Trade-Investment Promotion Agency, n. d.).
SUMMARY
According to Jim O Neill - Goldman Sachs Asset Management’s chairman, South Korea, Indonesia, Mexico and
References: http://www.scribd.com/doc/175597075/Brics-and-Mitsk-Project-South-Korea http://www.theguardian.com/business/blog/2011/jan/17/mitsk-economies http://www.bloomberg.com/news/2010-12-29/south-korea-beats-south-africa-as-bric-candidate-goldman-says.html http://investkorea.org/ikwork/iko/eng/cont/contents.jsp?code=102010107