Accessing International Markets - South Korea
July 18, 2023
South Korea’s economy is ranked the 4th in Asia and 14th in the world. Underlying the advanced economy is a historic strength in shipbuilding, steel, and petrochemical industries and a shifting focus toward technology-intensive industries. Korea has become a leader in high-tech industries, and it is a trailblazer for high-speed and wireless internet. The industries targeted by the Korean Government include healthcare (medical devices, pharmaceuticals, and biotechnology), industrial chemicals, information technology components, semi-conductor manufacturing, aerospace and defense, energy, environmental technology, and transportation (including reviving the shipbuilding industry).
South Korea is one of the most trade-dependent countries in the world. Given its robust shipping and air cargo infrastructure, Korea serves not only as a market destination for U.S. goods and services, but also as a hub for expansion into other markets. U.S. companies can reap the benefits of the Korea-U.S. Free Trade Agreement (KORUS) with 95% of consumer and industrial U.S. products entering duty-free into South Korea.
Top opportunities for Virginia exporters to South Korea include:
- Aerospace and Defense Equipment
- Air Pollution Control
- Education Services
- Energy - Carbon Neutrality Initiatives
- Entertainment and Media
- Information and Communication Technology, Cybersecurity
- Manufacturing Technology - Smart Factory
- Medical Equipment and Devices
- Specialty Chemicals
We have partnered with Korea Business Services, Inc. to learn more!