ABSTRACT
Latecomer countries build their technological capability through the acquisition, assimilation and improvement of foreign technologies. Korea, as a latecomer, eagerly followed this developmental path. Lacking local capability to establish production operations, Korean firms developed technological capability step by step, first by acquiring turnkey-based technologies and piecemeal-based technologies through licensing agreements with foreign firms (Lee, Kong-Rae, et al. 1998), and recently by acquiring advanced technologies through overseas direct investment in developed countries.
