Korea Country Profile

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.

Key Features of the Korean Market

  • Stable parliamentary democracy featuring as the fifth easiest country to do business (World Bank) and featuring as the 32nd lowest corruption internationally (Transparency Int’l).
  • Traditionally a strong manufacturing economy, esp. electronics, automotive, shipbuilding and chemical, but services growing at 57% (2021 est.)
  • Total of 18 strong FTA’s around the world, esp. with ASEAN, Australia, Canada, Central America (Partial), Chile, China, Colombia, EU, EFTA (Iceland, Liechtenstein, Norway and Switzerland), India, New Zealand, Peru, Regional Comprehensive Economic Partnership (RCEP), Singapore, U.K., U.S., Turkey and Vietnam.
  • Well educated and increasingly R&D focused population of 52 million (2020).
  • Homogeneous Korean speaking population, centred around Seoul (~50%). Strong national feeling and strong defence against North-Korea (alliance with the US).
  • Strong infrastructure with excellent rail, air and sea links around the country, and connecting internationally.
  • Right-wing president with extremely low approval rate. Political system heavily reliant on strong leaders and their personalities. No clear leading party. Significant ‘conservative and business friendly’ voice in Korean politics.

SWOT Analysis Korea

Strengths

  • Single market (population 50 million)
  • Huge manufacturing base
  • Market is attractive for any product

Weaknesses

  • Reliant on imported technology
  • Hierarchical and inward focused society

Opportunities

  • Transitioning into technology leader
  • Cost competitiveness in high value products
  • Investments in Southeast Asia

Threats

  • Southeast Asian competitiveness in manufacturing
  • Reliant on energy imports
  • Totalitarian neighbours

Our Experience

  • Decades of experience in business in Korea. 100+ successfully executed projects. 
  • We are multi-lingual.

Our Reach

  • Our network is wide and deep. Our ability to reach anyone, in any industry and at any level, is one of our core capabilities.

Our Core Services

  • Services we offer are suitable for SMEs, major corporations as well as government organisations & NGO’s.
Managing Partner – Korea
Managing Partner – Korea

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Copyright © 2022-2023 Asia Sales Channels Ltd. | All rights reserved

Website design by Boielle Creative