According to the Australian Trade Commission, there is extensive room for export market expansion in Korea in such areas as automotive, biotechnology, building and construction, information and communications technology, textiles and clothing and wine. The Commission notes that President Lee has pledged to increase Korea's GDP by 7%, raise GDP per capita to US$40,000 and lead Korea into position as the world's seventh largest economy within 10 years from his inauguration. These ambitious goals have the potential to create a strong atmosphere for growth in international trade.
Perhaps you're interested in establishing a partnership with one of the country's exporters. You may be considering joint ventures with Korean companies, franchise or licensing opportunities or sales of your products and services in Korea. Whatever your interests and needs, the resources provided here will lead you to information that can support your entry into the Korean market.
More About Business Basics
Everything from understanding government regulations and tariffs, to the right labeling and gaining local representation comes into play when doing business in Korea. Getting the basics down can prepare you for market entry.
The Federation of International Trade Associations (FITA), whose members include more than 450,000 trade-related organizations, created this resource, which provides an introduction to the Korean market. Use the links on this page to navigate to additional information about the country's economy and political structure, business environment, and standards for selling, buying, and operating a business.
This profile of the Korean market was prepared by the Australian Trade Commission (Austrade), the Australian government's trade and investment development agency. It reviews Korea's economic climate and provides information and statistics about trade relations. In addition, it offers information about business opportunities and etiquette and such topics as tariffs, import restrictions, product certification, labeling and packaging, methods of quoting and payment and various documentation and tax issues.
UK Trade & Investment, a division of the government of the United Kingdom, created this downloadable PDF report on doing business in Korea. The report provides introductory information about the market, advice to companies that want to export to or do business in Korea, and a guide to etiquette, language and cultural concerns.
Market-specific information, such as licensing, employment issues, getting credit, and starting a business or franchise, is critical in moving into new countries.
The World Bank's "Doing Business In" project compares business procedures and economic regulations in 181 countries throughout the world. This page provides introductory information about the Korean market. Most World Bank materials are published in English, Spanish, Portuguese, French, Russian, Chinese and Arabic.
This comprehensive report includes chapters about dealing with licenses, starting or closing a business, employing workers, getting credit, protecting investors, paying taxes, enforcing contracts and trading across borders in Korea.
This World Bank chart summarizes the procedures, schedule requirements, and costs associated with setting up a business in Korea.
Using the building of a warehouse as an example, this page features a chart summarizing the procedures, time and costs to build in Korea. Text beneath the chart provides details about each procedural step in the process.
Business success abroad depends not only on the quality of your products and services, but also on the knowledge and respect you show for the customs and manners of business people in your host country. These guides will help you to ensure that your business conduct in Korea makes a positive impression.