Economy
As the center of the Ulsan Industrial District, the city is the corporate base of the multinational Hyundai conglomerate. Up to 1962, Ulsan operated as a fishing port and market centre. As part of South Korea's first five-year economic plan, Ulsan became an open port. Additionally, major industrial plants and factories were developed, including in particular an oil refinery, fertiliser plants, automobile production and heavy industries. The shipbuilding port Bangeojin became part of the city in 1962.
Ulsan is currently the home of the world's largest automobile assembly plant operated by Hyundai Motor, the world's largest shipyard, operated by Hyundai Heavy Industries and the world's largest oil refinery owned by SK Energy.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)