South Korea

Victoria's global reputation as suppliers of premium quality, clean and healthy food – together with advantages in supply chain management – provides 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.

Melbourne, one of the world’s most liveable cities and Australia’s best student city, is recognised as a welcoming and cosmopolitan city, with Victoria’s world-class educational institutions offering high-quality and innovative programs and training to meet the needs of South Korean students seeking to study in Australia.

There are key opportunities for Victoria in developing academic and research partnerships to help prepare young Koreans for a global and industry-ready workforce. South Korea is often regarded as a relationship-based society, which values ongoing communications with partners and regular in-market branding activities.

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In 2019, 55,500 visitors from South Korea spent A$170 million in Victoria.

The global outbreak of coronavirus (COVID-19) has deeply affected the tourism landscape in 2020. This unprecedented global crisis will have long lasting impacts on the visitor economy in Victoria. The negative impact of the crises was evident in the March quarter 2020 as visitors from South Korea declined 45.6 per cent compared to the March quarter in 2019.

South Korea's ageing population is generating an increased need for services and products in the health and pharma sectors.

Opportunities have emerged for Victoria's 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 South Korea’s financial service industry as South Korean asset managers look to grow and diversify their assets 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 has been growing since 2013, with an annual growth rate of more than 13 per cent, making it the world’s 8^th largest market.¹

The increased market popularity of cosmeceutical products with sustainability features offer good opportunities for Victorian companies as do dermacosmetics.

Source:

1. Korea Cosmetic Association

Demand for innovative software technologies has increased in South Korea as it transitions to a knowledge-based economy.

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.

• In 2019 South Korea was Victoria's ninth largest two-way merchandise trading partner, with goods valued at AUD3.1 billion.¹
• There were over 55,500 South Korean visitors to Victoria in 2019.²
• 5110 international students from South Korea studied in Victoria in 2019.³
• The Republic of Korea is the 12^th largest national economy in the world.⁴

Source:

1. DFAT  Database
2. Business Victoria website, Tourism Industry Resources
3. Department of Education and Training, 2019
4. International Monetary Fund 2020