Koreans, both individually and collectively, have lingering concerns about their country’s international image. Their national identity is blurred by the existence of two larger neighbors whose culture and history are better known to the world.

“I hope that the Spanish people will be able to garner a great interest in traditional Korean culture through the creative, embroidered works of Korean women,” said collector Huh Dong-hwa, director of the local museum, in a statement.

In previous editions, the Asian Games have provided fertile ground for the two Koreas to engage in sports diplomacy as they seek to repair ties 60 years after war broke out between north and south.

The fifth annual G20 Summit, taking place next week in Seoul, will aim to impress the Group of 20 world leaders and delegate with the country's high-tech advances — ultra-fast communication, portable broadband, Web-connected mobile television and other futuristic technologies — "that have become rather humdrum for Koreans," in one assessment.

With the G-20 Summit approaching, all eyes are focusing on Seoul. The Korean economy has been growing rapidly over the past couple of years and it now ranks 9th in the world in terms of export volume. However, Korea’s national brand image still lags behind.

The Group of 20 summit in Seoul is expected to offer South Korea a huge opportunity to enhance its national brand. The event is expected to allow South Korea to promote its economic achievements among world leaders, their delegations and journalists and help the nation enhance its undervalued national competitiveness.

“The frequent confusion between South and North Korea and global coverage on the North often undermine efforts to enhance our brand awareness,” Lee Bae-yong, chair of the Presidential Council on Nation Branding (PCNB), told an international forum in Seoul.

Hallyu, or the Korean Wave phenomenon, has helped put South Korea on the map as a modern Asian nation with much to offer culturally. But has it brought economic gains to the nation?