THE ECONOMIC IMPORTANCE OF THE INDUSTRIAL SECTOR TO SOUTH KOREA

Industrial growth in SOUTH KOREA leads to an increase in the manufacture of goods for exports. This leads to earning of foreign exchange through exports. this exchange has been used for further development.

It has led to exploitation of local resources such as soil for farming, minerals, forests, water, etc. this has contributed more jobs to SOUTH KOREAN, forex, and general development.
The sector facilitates the growth of modern infrastructure such as roads, railway, and health and education facilities, these indirectly benefits all the people in SOUTH KOREA.
The government of SOUTH KOREA generates revenue from taxes and licenses imposed on industries. Such revenue has been used to set up infrastructures and support other sectors.
Manufacturing industries provide market to the raw-materials produced in the agricultural and other sectors. Thus development of such sectors.

It generates employment opportunities to various categories of SOUTH KOREANS such as engineers, chemists, managers, transporters, etc. it should be noted that many people are employed in sugar factories, and other factories earning a lot of income thus improved living standards.
Industrial concentration has resulted into growth of urban centers. urban centres developed due to the concentration of industries.
Industries have contributed to the acquisition of skills mainly formal and job training. Such skills are used for further industrial development.

It has attracted both local and foreign tourists for leisure and study purposes. factories are destinations for students of various levels.

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