As Korea’s transformation continues, it is set to be a leader in the digital era.

Economy

Since the Korean War ended in 1953, the Republic of Korea has had a remarkable transformation, becoming an economic and political powerhouse.

This transformation has been referred to as the ‘Miracle on the Han River’.

Korea is among the largest economies in Asia and a global leader in research and development intensity, digital displays and semiconductors. It is home to iconic brands including Samsung, LG and POSCO.

The ‘Korean Wave’ of popular culture (including K-pop, K-drama and K-beauty) is now a global phenomenon.

This trajectory looks set to continue, with many forecasters expecting Korea to be among the most affluent countries in the world (by GDP per capita) by 2050.

Trade

Korea is Queensland’s third-largest trading partner.

Both Korea and Queensland benefit from the Korea-Australia Free Trade Agreement (KAFTA).

Bongeunsa Temple in the Gangnam District of Seoul, Korea.

Korea opportunities

CurrentFuture

Current

  • Funds management
  • Premium processed food and beverages
  • Superfoods and functional foods
  • Horticulture
  • Nutraceuticals
  • School study tours and vocational education and training (VET)
  • Civil infrastructure
  • Renewable energy
  • Joint research and development

Future

  • Funds management and co-investment
  • Premium processed food and beverages
  • Superfoods, functional foods and food tech
  • Biotechnology, biopharmaceuticals and nutraceuticals
  • Medical devices and medical technology
  • School study tours and specialist VET
  • Infrastructure (civil, social and digital)
  • Intelligent transport systems (ITS)
  • Renewable energy and energy storage
  • Joint research and development, and commercialisation