The Republic of Korea (South Korea, hereafter referred to as just Korea) has achieved remarkable economic growth over the last four decades: from a poor developing country with a small manufacturing sector and heavily dependent on foreign aid in the 1960s to a fully industrialised country currently ranked as the world's 11th largest trading nation 1 . This impressive development within a short period of time is largely thanks to the adoption of outward-oriented and export-led economic policies.