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Tourism

In 2019, more than 17 million foreign tourists visited South Korea. South Korean tourism is driven by many factors, including the prominence of Korean pop culture such as South Korean pop music and television dramas, known as the Korean Wave or Hallyu, has gained popularity throughout East Asia. The Hyundai Research Institute reported that the Korean Wave has a direct influence on encouraging direct foreign investment back into the country through demand for products, and the tourism industry. Among East Asian countries, China was the most receptive, investing $1.4 billion in South Korea, with much of the investment within its service sector, a sevenfold increase from 2001.

According to an analysis by economist Han Sang-Wan, a 1% increase in the exports of Korean cultural content pushes consumer goods exports up 0.083%, while a 1% increase in Korean pop content exports to a country produces a 0.019% bump in tourism.