History of science and technology in Korea such as the division of Korea and the Korean War that occurred right after its independence. It wasn't until the 1960s under the dictatorship of Park Chung-hee where South Korea's economy rapidly grew from industrialisation and the Chaebol corporations such as Samsung and LG. As of 2008 South Korea ranked 5th highest in terms of R&D. Park Kye-jung, CEO of Ace Electronics, won the Gold and Silver prizes for his invention of motor and motor-equipped gear at the 23rd Invention and New Product Exposition, he took the gold medal with his invention of a special device that converts vibrations from
Chaebol years the trend of selling internationally has been seen among aspiring Korean entrepreneurs. Conversely, the chaebol have also been moving money abroad with the tacit endorsement of the South Korean government and investing in commercial enterprises, particularly in Koreatown Manhattan, New York City. To this day, the chaebol maintain dominance across all industries. Reductions in tariffs and removal of trade regulations designed to protect Korean conglomerates has led to increasing competition from abroad. However, among domestic firms the chaebol have kept their market share intact. Most notably, Apple's entry into the smartphone market pressured rival Samsung into diversifying its revenue