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South Korea’s economy is ranked the 4th in Asia and 13th 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
• Food and Beverage
• 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!

Speaker: Ken Yang, Director