Korea's export giants are putting an increasing amount of money and effort into markets in Africa and South America, the once-overlooked regions they now hope will generate a significant part of their growth from now on. Achieving greater diversity in markets is crucial for the companies as economic uncertainties continue to cloud the forecasts for developed countries in North America and Europe. The BRIC (Brazil, Russia, India and China) nations have been garnering rapt attention from Korean companies over the past several years, and it now seems that their interest has moved more toward Africa and South America. And the sense of urgency is evident among the companies to gain an advantage in the new markets as first movers. Their competition, predictably, will be the American and European rivals. Most of the Korean companies expanding their business projects in Africa and South America appear to be the ones higher on the corporate totem pole, with mid-sized firms still looking to strengthen their positions in Asian markets. Technology giants Samsung Electronics and LG Electronics, automotives heavyweight Hyundai-Kia, major steel producer POSCO and shipbuilders STX and GS Construction are some of the Korean business groups that have been particularly active in South America and China. SK, Lotte and Hanjin, in comparison, are conglomerates that would rather strengthen their focus in Asian markets. BM
