Department of State Development
  • Republic of Korea

The Republic of Korea (ROK) has a highly advanced economy, with world-renowned strengths in ICT and manufacturing and progressive commercial infrastructure.

The country places a high priority on education and ambitiously invests in research and development. The Korean Government is currently endeavouring to address long-term social and economic challenges that arise from a rapidly ageing demographic, low agricultural self-sufficiency and growing energy needs.

The Korea Australia Free Trade Agreement which came into force in December 2014 has opened up even more opportunities for South Australian businesses.


Sector opportunities
 

Agriculture, food and wine

ROK is a significant importer of high-quality agricultural produce to supplement its domestic supply. South Australia is in a strong position to meet this demand, as a reliable supplier of premium, safe food and wine, nuts, dairy, meat and fresh fruits from our clean environment.

Education, research and development

ROK is a relatively small, though stable market, for international student recruitment in South Australia, however there is potential to attract more students. Additionally, ROK is the world’s largest investor in R&D, particularly in ICT, and there are opportunities for joint collaboration across higher education institutions.

Defence, advanced manufacturing and technology

With a highly developed defence capability, there are opportunities for R&D collaboration between Korean researchers and South Australia’s several specialised defence research institutes.

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Health, biotechnology and aged care services

One of the most pressing socio-economic challenges ROK faces is its rapidly ageing society. A growing demand for aged care, medical services, medical devices and pharmaceuticals is forecasted in the immediate future, to which South Australia can capitalise and offer its products and services. 

Water, energy and environmental management

As ROK is a resource-challenged country with growing energy needs, South Australia can offer its products and services to develop clean, renewable technologies.

Want to know more?

A dedicated team is on hand to support businesses looking to export to North East Asia.