South Korea's economy has flourished in the past few decades, thanks in no small part to the success of global conglomerates such as Kia, Hyundai and Samsung. But does the dominance of these companies stifle competition in the country, and make it vulnerable to a global downturn?

South Korea has the unenviable task of setting itself up as an investment destination that can challenge nearby heavyweights China and Japan. However, the innovative use of free-trade agreements and pro-business policies are helping the country establish itself as a gateway into north-west Asia.

Over the past decade, the South Korean government has attempted to diversify its economy and lessen its reliance on exports through the development of eight free economic zones, each with its own specialism. Barbara Njau reports on their progress.