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Korea market overview
The Republic of Korea has had a remarkable transformation over the past several decades, becoming an economic and political powerhouse.
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. This transformation has been referred to as the ‘Miracle on the Han River’.
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.
Queensland and Korea
Korea is Queensland’s third-largest goods export market, largely due to the county’s dependence on imported energy, resources and agriculture. It is Queensland’s third largest two-way trading partner. Over the decade to 2019, Korea has been Australia’s 16th largest source of direct foreign investment.
Korean consumers will continue to demand high quality food, beverage, consumer goods, education, technology and services that Queensland can provide.
Both Korea and Queensland benefit from the Korea–Australia Free Trade Agreement (KAFTA), which entered into force on 12 December 2014.
Korea opportunities
- 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
- 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
Resources
- Asialink, Doing Business in the Republic of Korea | Asialink Business
- Austrade, Market profile – Korea, Market profile – Republic of Korea – For Australian exporters – Austrade
- Austrade, Market Information Package for Australian education institutions
- DFAT, Korea–Australia Free Trade Agreement (KAFTA),
- DFAT, Korea Market Insights 2021, Market Insights | Australian Government Department of Foreign Affairs and Trade (dfat.gov.au)