South Korea 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. Ever since the industrialization of South Korea's economy, South Korea has placed its focus on technology-based corporations, which has been supported by infrastructure developments by the government. South Korean corporations Samsung and LG were ranked first and third largest mobile phone companies in the world in the first quarter of 2012, respectively. An estimated 90% of South Koreans own a mobile phone. Aside from placing/receiving calls and text messaging, mobile phones in the country are widely used
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