Doing Business in KoreaKISCO2018-03-09T07:29:46+09:00
Korea has a modern, growing economy, is a country that offers many advantages to businesses and has a government that actively supports trade and innovation.
Korea has a population of 50 million and is one of the world’s top-10 economies in terms of foreign reserves, exports and total trade.
Businesses and Consumers
Korea is home to more than 15,500 foreign-invested companies and is at the centre of Asia, a gateway to the region’s more than 1.5 billion consumers.
Easy to do business
Korea is ranked 5th in the World Bank’s Ease of Doing Business Index and is the highest-ranked G20 country, ahead of the USA, UK, Germany and Japan. For the past decade, Korea has worked to ease regulations and make improvements at all levels and has risen from being the 30th easiest economy for business in 2007 to the 5th easiest today.
# 1 out of G20 countries
of 25-34 year olds graduate from college
Korea has a well-educated workforce with the highest college graduation rate in the OECD.
Koreans are known for being industrious, dedicated and trustworthy, a reputation that stems from exceptionally low labor turnover rates.
labor turnover rate
countries are less innovative than Korea
Korea is the most innovative country in the world, according to the Bloomberg Global Innovation Index published in January of 2014. Korea scored exceptionally high in this ranking of 215 countries for patent activity, manufacturing capability, high-tech density, tertiary efficiency and R&D intensity.
Korea is China’s top investment destination and top import market.
Chinese imports from Korea
Free Trade Agreements
Free Trade Agreements
For Korea, business is global. Korea is the only Asian economy to have FTAs with all three of the world’s largest markets—the United States, European Union, and China. In 2014, Korea concluded agreements with China, Canada, New Zealand and Vietnam, expanding Korea’s global FTA network to 52 countries that together account for more than 73% of the global GDP.
Korea is a global manufacturing leader in areas including semiconductors, electronics and chemicals. This success stems from Korea’s partnerships with countless companies worldwide to create global value chains.
Global market share of TV and display manufacturing
patent examination time
(26 in the US)
Korea has a robust system of intellectual property enforcement and patent examination times that are significantly shorter than in the US and Japan.