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Well this week, we are looking at South Korea and the country’s economic recovery. Here're some facts you might not know about this dynamic economy. South Korea is the 13th largest economy in the world and the 4th largest in Asia with the GDP of more than $1.2 trillion last year. In fact last year, the country exported $433 billion in cars, machinery, and electronics including semiconductors, cell phones, and computers with its major markets being China, the US and Japan.
Just last week, the European Union and South Korea signed a new free trade, a new free trade deal rather that could boost trade between the two by $28 billion. The US and South Korea signed a free trade agreement more than two years ago. But US law makers have yet to approve the deal. According to Forbes, there are five billionaires in South Korea. The richest is former Samsung chairman Lee Kun-Hee. Our Kristie Lu Stout is in Song Do, South Korea with more on this. Hi, Kristie?
Hey, there? I’m indeed in Song Do city just a couple of hours outside Seoul, the Korean capital. And behind me, just a couple of years ago, there was nothing here. It was quite literally an expanse of mud. But as you can plainly see, this is the beginning of a massive business hub rising. Welcome to a Song Do city. And its a powerful symbol for South Korea is growing despite the ongoing global economic crisis. And this place will be a free trade zone. South Korea hopes it will become a major international business hub. It’s a 1,500 acres city. There’s about 100 buildings that dot the place, and eventually house some 75,000 people. The price tag? $35 billion. It’s a lot of money. And it’s believed to be one of the largest private real estate ventures in history in the world.
Now it’s a joint venture between the South Korean conglomerate Posco and the American real estate company Gale International. And I recently spoke to the chief marketing officer Gale Krisas to find out how this place came to be.
It’s the reclaimed projects. So it’s reclaimed from the ocean. It actually… they had to move 500 million tons of sand to create what we’re looking at here today. 500 million tons? 500 million tons. And it took three million man-hours to do the reclamation projects. So when Gale got involved in 2001, when we first came here, it was mostly underwater. So all of this has happened in the last four or five years.
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