South Korea
South Korea
South Korea’s economy is characterized by its advanced technology and manufacturing sectors, robust exports. It thrives on innovation, trade, and a skilled workforce, contributing significantly to the global market.
Leading Southeast Asia economy
The economy is characterized by a mix of traditional industries as well as modern, high-tech industries such as electronics, automotive, and telecom, making it one of the most advanced economies.
Access to a Tech-Savvy Market
South Korea's tech-savvy consumer base is receptive to new and innovative products, making it an attractive market for foreign companies offering unique or cutting-edge goods and services.
Skilled Workforce
South Korea is home to a skilled and technically proficient workforce, including engineers and technicians well-versed in major sectors. Foreign companies can tap into this talent pool
Economic statistics
US$32.255
GDP per capita (2022)
The World Bank
1.1%
Foreign direct investment, net inflows (2022)
The World Bank
27th
Global Competitiveness Index (2022)
Institute for Management Development
About this market
51.6M
Population (2022)
The World Bank
US$1.67t
GDP (2022)
The World Bank
2.6%
GDP growth (2022)
The World Bank
Key opportunities
China is determined to reach carbon neutrality by the year 2060 and has placed great emphasis on developing a sustainable green economy. This presents a huge potential for businesses to market their eco-friendly products and services in the country. This includes areas such as architecture and engineering, renewable energy technologies, and waste management solutions.
Companies should leverage this opportunity to create innovative and sustainable solutions that can meet China’s increasing demand for environmentally responsible products.
With over 150 unicorns within its borders, China is widely recognized as a highly promising global hub for technological innovation. The growth of China’s robotics industry has seen remarkable advancements in recent years. In response to the rise of cutting-edge technologies like the Internet of Things and big data, the Chinese government has introduced a series of initiatives aimed at simplifying market access for foreign entrepreneurs and investors seeking entry into the Chinese marketplace.
China’s ever-evolving consumer market presents a wealth of opportunities for foreign businesses eyeing market entry. The burgeoning middle class, endowed with greater purchasing power and a penchant for quality foreign products, makes China an enticing market for international brands.
China’s sophisticated online-to-offline (O2O) market has allowed innovative retail concepts to flourish. As e-commerce and social media marketing have skyrocketed over the past decade, modern Chinese consumers have developed higher expectations, including unique, personalised experiences and on-demand services.
Ways for you to start in South Korea
Doing Business | South Korea
Learn about doing business in Indonesia and tap into its range of policies to set your business up for success.
