With 51.8 million inhabitants, South Korea is among the most densely populated countries, where almost half of the total inhabitants of the country live in the capital Seoul. South Korea is known from transforming from one of the poorest countries in the world, to a developed, high-income country in just a few decades. Becoming the fourth largest in Asia, and the tenth largest economy in the world by purchasing power parity, the South Koreans hold a strong position in the world economy. South Korean’s economy is dominated by so-called ‘chaebols’ which are family-owned conglomerates, but also houses a lot of large multinational companies such as Samsung Electronics, Hyundai Motors and LG Electronics. Besides that, South Korea is characterized by a high level of international trade. Exports of goods and services account for approximately one-third of total GDP, with technologically advanced electronics manufacturing as the primary drivers.