18 December 2013
Research and Markets has announced the addition of the “Travel and Tourism in South Korea to 2017″ report to their offering.
Rapid economic development in Asian countries has benefitted the South Korean travel and tourism sector, the report stated. The sector´s contribution to the overall economy has increased; in 2012, it was responsible for 5.9% of South Korea´s GDP. According to the World Travel and Tourism Council in 2012, the number of people directly or indirectly employed in tourism is estimated to represent 6.4% of total employment in South Korea.
According to the Centre for Asia-Pacific Aviation, a duopoly of Korean Air and Asiana Airlines existed in the South Korean aviation market for 20 years. Their domination was broken by the launch of Jeju Air in 2006, giving South Korea its first low-cost alternative.
Travel agency regulations removed restrictions on setting up branch offices for foreign-invested travel agencies in 2009, allowing them to establish branches following direct registration with the Ministry of Culture, Sports and Tourism of Korea. In 2011, Living Social, a US-based e-commerce website, acquired Ticket Monster, one of the largest South Korean websites for daily deals on travel and tourism services.
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