This paper deals with the acquisition of foreign technology and with foreign direct investment by the four largest South Korean business groups. Major conclusions are: (1) the groups successfully acquired foreign, state-of-the-art technology for large-scale production of lower and middle market segment products within a very broad range of industries; (2) the most important current problems for the groups (lack of own high-technology and low equity and profit rates) are genuine results of the same strategy, which led to the successful acquisition of foreign non-high-end technology; (3) although all four groups undertook foreign direct investment of considerable scale, these investments were mainly restricted to a few geographic areas and product groups, and it is far too early to speak of a real ‘globalization’ of group operations.