Doing Business in South Korea: Key Facts and Advantages
4 minutes South Korea is geographically placed between two Asian Tigers: Japan and China. Despite its status as a highly developed country, this small country has been off the radar for many overseas businesses. However, the times are changing. Today, South Korea contributes an impressive 0.8% to the global economy, is the 10th-largest economy in the world, and the 4th-largest in Asia.
The country’s strong hi-tech economy is a world leader in producing and manufacturing flat-screen TVs, mobile phones, semiconductors, and electronics. Additionally, the nation is a world leader in steel and automotive production and shipbuilding.
The EU-South Korea Free Trade Agreement that came into force in 2011 helped expand its economy further. Foreign investors looking to do business in South Korea stand to benefit greatly. However, gaining some knowledge of local business laws and the overall South Korean Business landscape is essential.
