The present report explains the development path of Korea, from a country which started its development with a lack of natural resources, industrial facilities, sufficient foreign reserves and business experiences and with human resources as its only productive factor at the disposal, to its successful technological catch-up, export performance and economic development. The study clarifies this development by concentrating on the formulation and implementation mechanism of development strategies and policies with the emphasis on trade; the technological capability building process and institutions, and the innovation and internationalization policies for SME. The study shows the case of a strong government leadership in the early stage of development and the increasing role of market mechanism and public private partnership when the economy becomes more complicated and diversified.