South Korea is known as a rapidly growing prosperous economy, home to global conglomerates called chaebols. However, the actual opportunities and challenges of the South Korean market remain unknown to most foreign companies. Yet recent developments in the South Korean economy are opening new opportunities for foreign companies. At the same time, South Korea is actively searching for new paths to future prosperity, as it is increasingly challenged by other Asian countries. Understanding the South Korean economy, its opportunities and future direction is thus a very timely subject.