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Which industries did South Korea target during its economic development plans?
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Starting in 1962, South Korea implemented a series of economic development plans that utilized a strategy of targeting specific industries to transform the nation from an agrarian society into an industrial powerhouse. This government-led approach prioritized the following sectors in chronological phases:1
- 1960s: The initial focus was on labor-intensive industries, specifically textiles and light manufacturing.1
- 1970s: Development shifted toward heavy industries, including iron, steel, chemicals, metals, machinery, and petroleum refining.21
- Late 20th Century: The focus moved toward capital- and technology-intensive sectors, such as automobiles, shipbuilding, electronics, and information technology.21
- Modern Era: Increasing emphasis has been placed on high-technology fields, including bioengineering, aerospace, and venture-capital-backed information technology.2
The government supported these developments primarily through large, family-controlled conglomerates known as chaebol, which became the primary engines of South Korea's rapid economic growth, often referred to as the "miracle on the Han River".13