Significance of the Korea market
The economy of Korea is the 4th largest economy in Asia and the 10th largest in the world. As one of Singapore’s top ten trading partners, Korea was Singapore’s 7th largest trading partner in 2022. Total merchandise trade in 2022 was S$70.9 billion, a 26% year-on-year increase. This amounts to 5.2% of Singapore’s total trade with the world. Korea has demonstrated rapid economic growth over the last four decades to become a high-tech industrialised economy and her Gross Domestic Product stands at an approximate of US$34,767 per capita1, as of 2023.
According to the SBF’s National Business Survey 2022/ 2023, within Asia, 23% of these companies (N=690) have presence in Korea, and 16% of them (N=604) indicated an interest in expanding into the country.
Since the launch of the [email protected]
programme in November 2019, SBF has provided 159 advisories to businesses keen in expanding into Korea and facilitated five projects, where companies successfully ventured into Korea.
Details about Overseas Market Workshop (OMW) to Korea
Organised by Singapore Business Federation (SBF) and supported by Enterprise Singapore, this OMW will take place between 15 to 19 May 2023. A delegation of 20 senior business representatives from 16 companies will be visiting renowned Korea companies such as the Naver, SK Telecom, CJ Logistics, Daejeon Smart City, Hyundai Heavy Industries and Muhak Brewery in Korea to learn more about the country’s latest innovation and digitalisation developments and gain first-hand knowledge of how businesses from Singapore and Korea can be more actively involved in their pursuit of innovation.
They will also participate in networking sessions with member companies from Daedeok Innopolis Venture Association, with Korean businesses as well as Singapore companies operating in Korea.
There would be a “Welcome to Korea Business Seminar” held on 15 May 2023 to provide Singapore companies an overview of business environment in Korea and support them in gaining a competitive edge in innovation and digitalisation. This seminar would take place via a hybrid format- physically in Seoul, South Korea and live streamed to registered participants at SGT 8.45am on that day.
The seminar would include a welcome address by Ms Annie Wang, Executive Director of Global Division 2, SBF, presentation by Mr Tan Weiye, Regional Director (Korea), Enterprise Singapore on Enterprise Singapore’s role in supporting Singapore companies in the Korean market, as well as presentations by Ms Choi YoungEun, Manager of Invest Korea on Korea Market Overview - Major Industries and Business Opportunities; Mr Bonhi Gu, Director of Invest Seoul on In-market Regulations and Supportive Programmes in Seoul; Ms Eungyu Park, Commercial Partnership Director of Rainmaking, on “Overview of Innovation and Technology Development in Korea” and Mr Michael Sim, General Manager, JustCo South Korea, on “The Future of Workspace”.
Quote by SBF Spokesperson
Ms Annie Wang, Executive Director of Global Division 2, SBF said, “Republic of Korea is a true powerhouse in the world of innovation and digitalisation, and its accomplishments speak for themselves. For six consecutive years, the country has been ranked number one in Bloomberg’s innovation index2, a testament to its unwavering commitment to fostering a culture of creativity and advancement. The country's well-established conglomerates are paired with a robust start-up ecosystem, making it an ideal place for entrepreneurs to bring their ideas to life. It is timely for Singapore companies to learn from the leading Korean companies, establish firm partnerships, and bring their innovation efforts to the next stage of growth.”
Annex A: Infographics of Korea