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India - South Korea Business and Cultural Council

South Korea, located on the Korean Peninsula, is known for its advanced technology, pop culture (K-pop), and rich history. Its capital, Seoul, is a major global city. South Korea boasts a high standard of living and a vibrant economy.

Ambassador and Consul General

Mr. Dongyoung Kim, Consul General of South Korea accepted the Honorary Membership of Global India Business Forum, in the presence of Global President of GIBF, Dr. Jitendra Joshi, Co-Founder & Director - Global Operations, Deepali Gadkari and Jaikar Wagh, Global Youth Coordinator, Mr. Abhishek Joshi. 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.

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Electrical Machinery, Road Vehicles, Plastics & Articles, Iron & steel, Organic Chemicals

Mineral fuels, Mineral Oils, Bituminous substance, Electrical Machinery, Nuclear Reactors

About South Korea

ABOUT South Korea

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 South Korea

BUSINESS OPPORTUNITIES IN South 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.

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Exports and Imports In South Korea

In June 2024 South Korea exported $56.7B and imported $49.1B, resulting in a positive trade balance of $7.61B. Between June 2023 and June 2024 the exports of South Korea have increased by $2.57B (4.75%) from $54.1B to $56.7B, while imports decreased by $- 4.03B (-7.59%) from $53.1B to $49.1B.

Top Exports of South Korea

In June 2024, the top exports of South Korea were Electrical machinery and electronics ($19B), Cars, tractors, trucks & parts thereof. ($7.78B), Machinery, mechanical appliances, & parts ($7.19B), Mineral fuels, mineral oils and products... ($3.81B), and Plastics & articles thereof ($2.92B).

Top Imports of South Korea

In June 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($12.3B), Electrical machinery and electronics ($9.3B), Machinery, mechanical appliances, & parts ($5.57B), Cars, tractors, trucks & parts thereof. ($1.72B), and Optical, photo, & film equipment; medical... ($1.7B).

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