Korea- Business Opportunities
Mr. Dongyoung Kim, Consul General of South Korea accepted the Honorary Membership of Global India Business Forum, in the presence of Dr Jitendra Joshi- GIBF Global President , Deepali Gadkari- Global Coordinator & Jaikar Wagh, & Mr. Abhishek Joshi- Global Youth Coordinator. Realizing the strengths of Global India Business Forum and Consulate of The Republic of Korea and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties associated with each other to cooperate with each other in facilitating mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Korea, officially known as the Korean Peninsula, is a region in East Asia. This country has been divided into two sovereign states, i.e. North Korea and South Korea. It consists of the mainland Korea, Jeju Island and several minor islands near the peninsula. The country shares its borders with China, Russia, Japan, Korea Strait and the Sea of Japan. In 1945, superpowers like Russia and the USA agreed on the surrender of the Japanese forces in Korea after the World War II, hence leading to the partition of Korea. The Northern part of Korea was under the influence of the Soviet Union and the Southern part was under the control of the USA. Since communism was favoured in Russia, the communist-inspired leadership in North Korea was further encouraged by the Soviet Union which was opposite to the pro-western leadership brought in by the USA in South Korea. This led to Korea becoming two distinct entities, i.e. North Korea and South Korea. Growing unrest between these two entities led to the Korean War in 1950. However, the war ended without having a formal peace treaty. Due to this, tension continues to exist between these two parts of Korea.
Business Opportunities in Korea
Korea is an export-driven economy because its exports make more than 50% of the entire GDP of Korea. South Korea, especially, is known for its electronic products and hence these products can act as attractive opportunities for investment for the country. Another important product the country exports is machinery. These products can also bring in a lot of opportunities of business and investment and trade for the country. However, Korea is not an oil-rich country. And hence, the country has to import crude oil in large quantities, thus creating different business opportunities for different countries.
Exports and Imports in Korea
Exports in South Korea, especially, increased to 12.6% compared to the previous year to $51.4 billion in the month of December 2020. On the other hand, the imports of South Korea also saw an increase of 1.8% on a year-on-year basis and the imports increased in value to $44.4 billion in December 2020.
Top Exports of Korea
The top exports of South Korea are electrical machinery and equipment, nuclear reactors, boilers, road vehicles, mineral fuels and oils, iron and steel, etc. The top export partners of the country are the USA, Vietnam, Japan, Taiwan and India.
Top Imports of Korea
The top imports of South Korea are mineral oils and fuels, bituminous substances, electrical machinery and equipment, ores, slag, ash, compounds of precious metals, etc. The main import partners of the country are the USA, Japan, Saudi Arabia, Vietnam, Australia, Germany and Qatar.