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.

Market snapshot

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.

South Korea Insights Spring 2024

Global attention is shifting to the region as South Korea prepares to host the 2025 Asia-Pacific Economic Cooperation (APEC) Summit in the Gyeongsangbuk-do Province.

The APEC Summit brings together 21 Asia-Pacific economies, representing more than 60% of global GDP, and APEC partners account for approximately 75% of Australia's total trade in goods and services.

This multilateral forum presents a platform for closer economic engagement, including between Victoria and Korea.
Korea is one of Victoria’s fastest growing trading partners, presenting significant opportunities due to our complementary economies. Victorian businesses in areas including food and beverages, renewable energy, life sciences and advanced manufacturing all set to benefit from this growing relationship.

Industry highlight: Life Sciences

Victoria continues to strengthen international collaboration with Korea in the life sciences sector

Victoria is recognised as a global leader in the health and life sciences sector, driven by factors such as strong government support, cutting-edge research institutions, innovation and excellence in a dynamic industry ecosystem.

Korea is an increasingly important market for Victoria’s life sciences sector. As Korea's population ages, there is growing demand for health services and products. With growing interest in medical devices, biotechnology, pharmaceuticals, health data analytics and digital health solutions, Victorian businesses are well-positioned to tap into this market.

Over the past five years, Global Victoria has led successful trade missions to Korea to support Victorian businesses expand into the Korean market. These missions have enhanced awareness of Victoria’s life sciences ecosystems and strengthened business relationships.

A highlight was Global Victoria’s trade mission to Bio Korea (May 2024), a major international bio and life sciences convention in Seoul, with 13 Victorian companies participating. The mission provided valuable opportunities for delegates to explore research collaborations, business partnerships, clinical trial opportunities and commercialisation prospects.

In October 2024, the Victorian Government sponsored two major biotechnology conferences in Melbourne: AusBioInvest and AusBiotech. The events attracted more than 1,900 delegates from over 20 countries, including a delegation from South Korea.

The Victorian Government welcomed a delegation of 35 people from Korea to attend Ausbiotech 2024 in Melbourne. The program also included site visits to two Victorian companies to showcase Victoria’s capability in life sciences and clinical trials - 360 Biolabs and Nucleus Network, two highly successful Victorian exporters.

Case Study: Collaboration between KHIDI and mRNA Victoria

KHIDI (Korea Health Industry Development Institute) is a Korean Government organisation that plays a central role in promoting and advancing the health and medical industries in the country.

In Victoria, KHIDI has been actively collaborating with mRNA Victoria, the agency responsible for driving the development and delivery of the Victorian Government’s agenda to establish Victoria as a leading hub for mRNA research, commercialisation and manufacturing.

In 2022, KHIDI and mRNA Victoria signed a Memorandum of Understanding (MoU) to jointly explore mRNA-based research, development, investment, clinical trials and commercialisation opportunities. This includes opportunities to support eligible research projects and collaborations in skills and workforce. mRNA Victoria’s ‘mRNA Victoria Research Acceleration Fund’ (mVRAF) is focused on growing mRNA research in the State and includes important criteria to support collaborative research with South Korean researchers.

Workforce training is being progressed through exploration of a partnership between the Monash Centre for Advanced mRNA Medicines Manufacturing and Workforce Training and Yonsei University Korea-National Institute for BioProcessing Research and Training (KNIBRT) program.

To advance this collaboration, mRNA Victoria participated in Bio Korea in May 2024 and in October 2024, senior representatives from KHIDI, including the President of KHIDI, met with mRNA Victoria and the Victorian Government counterparts to discuss practical next steps to build on the MoU.

An important lesson from the COVID-19 pandemic is that no single country can overcome such a crisis alone; the only way to address it is through global cooperation. Global Victoria, along with our team based in Seoul, looks forward to continuing to make connections to strengthen the life sciences sector.

Forward look

• Seoul Trade Mission (6-7 March 2025) – Applications have now closed, but for more information on Global Victoria's trade mission to FOODEX Japan 2025 in Tokyo, Japan from 11 to 14 March 2025, and the Seoul Trade Mission from 6 to 7 March 2025, visit our webpage.
• SportNXT 2025 (10-14 March 2025) - SportNXT, held annually in Melbourne and supported by the Victorian Government, has established itself as a global event in the sports economy. Global Victoria will support an inbound delegation from Korea to SportNXT.
• Avalon Airshow 2025 (25-30 March 2025) - Global Victoria is collaborating with delegations and representatives from South Korea visiting Melbourne to attend the Airshow.
• BioKorea 2025 (7–9 May 2025) – Global Victoria will lead a trade mission to BioKorea 2025, a major bio and life sciences trade show in Seoul.

Previous regional insights

• Winter 2024
• Summer 2023/24
• Spring 2022

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.

Contact us

Have a question? Get in touch with us.