Secret of the Miracle Restructuring and Reforms

In 1973, President Park Chung-hee launched a Heavy & Chemical Industries, or HCI, investment drive to create new export leaders out of steel, non-ferrous metal, machinery, shipbuilding, electronics, and chemicals over the next 10 years. The purpose of this HCI drive was to catch up to advanced industrial countries in capital- and technology-intensive industries for sustained export-led economic growth.

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