Summary of the seminar
South Korea has experienced remarkable economic growth for over 30 years. Its ties to Canada were reinforced in 2015 with the signing of a new free-trade agreement, which has since created important trade and investment relationships.
On April 17, 2019, participate in a seminar on business opportunities in South Korea. This activity will help you evaluate the current state of South Korea and acquire knowledge regarding different facets of the country, including its business culture, legal and tax framework, and potential business sectors.
Find out which industries are targeted
Why South Korea?
A unique opportunity to:
- Evaluate the potential for developing your business in South Korea;
- Network with other Quebec companies considering this market;
- Get advice from experts and companies that are active in this Asian country.
Why South Korea?
South Korea is one of the most lucrative, vibrant and advanced markets in Asia, with a highly educated population of 50 million people and a per capita GDP of US$25,000.
The country is home to many large conglomerates called chaebols (Lotte, Hyundai, LG, Samsung) and offers strategic access to regional and global value chains like integrated circuits and the auto industry.
South Korea by the numbers
Bilateral relations between South Korea and Canada
- In 2016, bilateral trade between Korea and Canada reached $15 billion.
- South Korea is:
- Canada’s 7th biggest trade partner
- Canada’s 3rd biggest trade partner in Asia, after China and Japan
- In 2016, Canada exported $4.4 billion in merchandise.
- Mainly: coal, agricultural products, forestry products (wood, pulp and paper), chemical and plastic products
- Since the beginning of this year (January 1, 2019), 95% of Canadian exports benefit from duty-free access to Korea.
The Korean market:
- South Korea placed 11th among the world’s most powerful economies in 2018.
- Since 1980, its GDP has increased sixfold and has an average annual growth rate of 6.5%.
- 6th biggest exporter in the world in 2017.
- The value of its imports has increased 15%, attaining $577 billion.
- Its capital, Seoul, is the 5th most populated urban area in the world (over 25 million residents).
Key characteristics of South-Korean consumers:
- Conservative homebody
- Secure traditionalist, seeks-quality products
- Balanced optimist, values healthy living and personal wellbeing
Who should participate in this seminar?
All companies looking to develop their business in South Korea or learn more about the market.
This is particularly aimed at companies in the following industries:
- Agriculture and agri-food
- Mines and metals
- Information and communications technology (ICT)
- Sustainable technology
- Forestry products