Victoria and the Republic of Korea (South Korea) share an expanding relationship based on two-way trade in goods and services and strong education and cultural ties, which has strengthened following the opening of a Victorian Government Trade and Investment (VGTI) office in Seoul in 2014.

The Victorian Government is supporting a number of initiatives to assist Victorian companies and organisations develop connections and investigate opportunities in South Korea.

South Korea is a highly industrialised, internationally competitive economy and one of Australia's major trading partners.

As the fourth largest economy in Asia and with a population of over 50 million people, South Korea's increasing demand for high-quality goods and services is providing untapped export opportunities across a range of industries for Victorian businesses.

The Korea-Australia Free Trade Agreement (KAFTA) has strengthened these opportunities by removing significant trade and export barriers and improving access to the South Korean marketplace.

Key industries of opportunity for Victorian exporters

Victoria's global reputation as a supplier of premium quality, clean and healthy food – together with advantages in supply chain management – provide substantial export opportunities for Victorian agribusiness to meet South Korea’s increasing demand for high-quality beef and lamb, dairy, horticulture and healthy functional foods.

As one of the world’s most liveable cities and Australia’s best student city, Melbourne is recognised by South Korean students as a welcoming, safe, and cosmopolitan city. Victoria’s world-class educational institutions offer high-quality and innovative programs and training to meet the needs of South Korean students looking to study across the state.

Opportunities have emerged for vocational education and training (VET) providers, with a growing number of South Korean students recognising the quality of programs delivered by Victoria’s TAFEs and other VET providers, as well as growing interest from Korea-based VET providers seeking international partners for short term study programs.

South Korea’s ageing population is increasing the demand for services and products in the health and pharma sectors.

Opportunities are emerging for Victorian pharmaceutical, biotechnology and healthcare businesses specialising in innovative medical technologies, research and development and clinical trials for new drugs.

South Korea’s ageing population is also driving changes in the country’s financial services industry as asset managers look to grow and diversify their asset portfolios.

Fintech is another area which is showing strong growth. Victoria’s strengths in both these areas provide opportunities for greater trade and investment.

South Korea’s beauty and personal care industry is one of the world’s top ten markets and offers significant export opportunities for Victorian cosmetics and neutraceutical companies.

South Korean consumers have become increasingly interested in cosmeceutical products that offer sustainability features, and the market is providing substantial opportunities for Victorian beauty and wellness and FMCG companies.

Victoria's leading digital technology sector is strongly placed to provide South Korea with digital and software solutions such as smart infrastructure, cloud and mobility computing, security, smart grids and smart cities.

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