Korea market overview - Trade & Investment …Korea market overview The Republic of Korea’s...
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Korea market overview The Republic of Korea’s remarkable transformation since the Korean War ended in 1953, into an economic and political powerhouse (4th largest economy in Asia and 11th largest in the world) has been referred to as the ‘Miracle on the Han River’. For Korea to be leading the world in research and development (R&D) intensity, digital displays and semiconductors is truly inspirational. Korea is home to iconic brands including Samsung, LG, Hyundai and POSCO and the ‘Korean Wave’ of popular culture (including K-pop, K-drama and K-beauty) is now a global phenomenon. This trajectory looks set to continue, with many forecasters expecting Korea to be amongst the most affluent countries (GDP per capita) in the world by 2050. Ageing population Illnesses and ongoing changes in health needs associated with a rapidly ageing population is driving demand for a broad range of bio-health related products and services. Pension funds are swelling and under intense pressure to boost returns. Asset allocations are increasing to alternative investments (commercial property, infrastructure and private equity). Food and agriculture Korean’s loyalty for some domestic products is declining. Korean tastes are constantly evolving and becoming more sophisticated. As a result, Korea’s imports of processed food, functional food and food ingredients continue to increase (6% yoy to A$16 billion in 2015). Innovation Korea is committed to investing in education and human capital. In 2014, Korea’s investment in R&D was A$71 billion or 4.3% of GDP (R&D intensity). Korea consistently ranks in the top three countries globally for patent productivity, science infrastructure and on Bloomberg’s Global Innovation Index. NOW MID TERM • Funds management • Premium processed food and beverages • Superfoods and functional foods • Horticulture • Nutraceuticals • School study tours and vocational education & training (VET) • Infrastructure (civil) • Renewable energy • Joint R&D Key trends Key opportunities Korea is Queensland’s 3rd largest trading partner. In the year ending June 2016, Queensland’s total merchandise trade with Korea increased 26% to A$9.2 billion and Queensland’s exports to Korea increased 30% to A$6.1 billion. Both Korea and Queensland are benefitting from the Korea-Australia FTA (KAFTA). Traditional categories of opportunity in the Queensland-Korea corridor continue to evolve and new opportunities are emerging all the time. For the latest on these opportunities and how your business might be able to capitalise on them, please contact TIQ. 50% Food self-sufficiency ratios are declining below #1 in the world for R&D intensity (2014) Koreans aged >65 years from 12% to 32% (2040) • Funds management and co-investment • Premium processed food and beverages • Superfoods, functional foods and food tech • Biotechnology, biopharmaceuticals and nutraceuticals • Medical devices and med tech • School study tours and specialist VET • Infrastructure (civil, social and digital) • Intelligent transport systems (ITS) • Renewable energy and energy storage • Joint R&D and commercialisation
Transcript of Korea market overview - Trade & Investment …Korea market overview The Republic of Korea’s...
Korea market overviewThe Republic of Korea’s remarkable transformation since the Korean War ended in 1953, into an economic and political powerhouse (4th largest economy in Asia and 11th largest in the world) has been referred to as the ‘Miracle on the Han River’. For Korea to be leading the world in research and development (R&D) intensity, digital displays and semiconductors is truly inspirational. Korea is home to iconic brands including Samsung, LG, Hyundai and POSCO and the ‘Korean Wave’ of popular culture (including K-pop, K-drama and K-beauty) is now a global phenomenon. This trajectory looks set to continue, with many forecasters expecting Korea to be amongst the most affluent countries (GDP per capita) in the world by 2050.
Ageing populationIllnesses and ongoing changes in health needs associated with a rapidly ageing population is driving demand for a broad range of bio-health related products and services. Pension funds
are swelling and under intense pressure to boost returns. Asset allocations are increasing
to alternative investments (commercial property, infrastructure and private equity).
Food and agricultureKorean’s loyalty for some domestic
products is declining. Korean tastes are constantly evolving and becoming more
sophisticated. As a result, Korea’s imports of processed food, functional food and food ingredients continue to increase
(6% yoy to A$16 billion in 2015).
InnovationKorea is committed to investing in
education and human capital. In 2014, Korea’s investment in R&D was A$71 billion
or 4.3% of GDP (R&D intensity). Korea consistently ranks in the top three countries
globally for patent productivity, science infrastructure and on Bloomberg’s Global
Innovation Index.
NOW MID TERM• Funds management• Premium processed food and beverages• Superfoods and functional foods• Horticulture• Nutraceuticals• School study tours and vocational education
& training (VET)• Infrastructure (civil)• Renewable energy• Joint R&D
Key trends
Key opportunities
Korea is Queensland’s 3rd largest trading partner. In the year ending June 2016, Queensland’s total merchandise trade with Korea increased 26% to A$9.2 billion and Queensland’s exports to Korea increased 30% to A$6.1 billion. Both Korea and Queensland are benefitting from the Korea-Australia FTA (KAFTA). Traditional categories of opportunity in the Queensland-Korea corridor continue to evolve and new opportunities are emerging all the time. For the latest on these opportunities and how your business might be able to capitalise on them, please contact TIQ.
50%Food self-sufficiency
ratios are declining below #1in the world for R&D intensity
(2014)
Koreans aged >65 years from
12% to 32%(2040)
• Funds management and co-investment• Premium processed food and beverages• Superfoods, functional foods and food tech• Biotechnology, biopharmaceuticals and nutraceuticals• Medical devices and med tech• School study tours and specialist VET• Infrastructure (civil, social and digital)• Intelligent transport systems (ITS)• Renewable energy and energy storage• Joint R&D and commercialisation
Daniel has more than 15 years experience advising a broad range of Asian strategic and financial investors plan, execute and achieve their strategic and commercial objectives in Australia. Daniel has also advised a number of Australian based corporate, SME and government clients identify and capitalise on opportunities arising in and from Asia.
Prior to his appointment as Commissioner, Daniel had a long 18 year career at KPMG in Deal Advisory. He was KPMG Australia’s Head of Korea Business Practice and advised on some of the landmark cross border deals in the Australia-Korea corridor.
Daniel holds a Bachelor of Laws and Bachelor of Commerce from The University of Queensland. Daniel is a Board Member of the AKBC (Australia-Korea Business Council) and AustCham (Australian Chamber of Commerce) Korea.
Trade & Investment Queensland, Korea Office
25th Floor, Gangnam Finance Centre 152, Teheran-ro, Gangnam-gu, Seoul, Korea 06236
Trade & Investment Queensland, Brisbane Office
Level 10, 1 William Street, Brisbane Queensland 4000 PO Box 12400 George Street, Brisbane Queensland 4003
Trade & Investment Commissioner for Korea
Daniel Kim
+82 2 2112 2390
TIQ
-16-
1117
Key Activities
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Bio Korea 2017 (Seoul) – Apr 2017
Australia Infrastructure Seminar (Seoul) – Apr/May 2017 (TBC)
Seoul Food & Hotel 2017 (Seoul) – May 2017
Education Agent Workshop 2017 (Seoul) – May 2017
Asia Pacific Cities Summit (Daejeon) – Sep 2017
Study Queensland Day (Seoul) – Oct 2017 (TBC)
TradeandInvestmentQld
@tradeinvestqld
tiq.qld.gov.au
Trade & Investment Queensland
+61 7 3514 3147
