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Korea

South Korea offers a remarkable story. Its development into the tenth largest trading economy in the world occurred under pressure with its estranged brother to the north and in the shadow of neighbouring economic giants, China and Japan.

South Korea offers a remarkable story. Its development into the 10th largest trading economy in the world occurred under pressure with its estranged brother to the north and in the shadow of neighbouring economic giants, China and Japan.

With historic ties and enmities with both those countries and with more recent benevolent links to the US, Korea has become the world leader in semiconductors, mobile electronics, shipbuilding and automotive production while being the home of many other world brands in various sectors.

Korea’s largely homogenous population of around 50 million offers a sophisticated, tech-savvy single market with a buying power of approx. USD 200 billion. The mobile penetration rate is amongst the highest in the world and in 2018 Korea introduced the world’s first commercial 5G network.

Korea’s highly developed air and seaport make travelling to and through the country easy with non-stop direct flights to most major European and American destinations. Korea has 14 free trade agreements with many of the world’s major markets, including the EU, US, Brazil and India and is a preferred manufacturing location for value-added and high-tech products. Korea has several Free Economy Zones (FEZ), operated by local governments and that host major domestic and international companies. These offer various levels of investment incentives in forms of tax holidays and discounts on land purchases.

Korea is also an attractive place to live with a vibrant local culture and cuisine, world class services and infrastructure and is an incredibly safe place to live.

Korea is attractive therefore both as a market as well as a manufacturing base and partner, however requires care and connection. Korea functions almost entirely in Korean language and business relationships follow strict cultural protocols. Regulations are complex and local officials have a low tolerance for foreigners who don’t make the effort to understand how they differ from other Asian nations.

Asian Insiders will help you. Asian Insiders will connect you to the right officials, the right partners. Asian Insiders will engage with you all the way, from considering and guiding your entry to monitoring your processes and outcomes. To ensuring your reach your goals.

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