Korea
Overview
Queensland's merchandise exports to Korea were valued at A$4.7 billion, representing 5.7 per cent of Queensland's total merchandise exports.
Korea has been included in six major emerging economies that are set to cause a shift in economic power to transform the world into a multi-polar global economy by 2025 by the Word Bank. The World Bank reported that Brazil, China, India, Indonesia, South Korea and Russia will account for almost half of the world's economic growth over the next 15 years. 43% of total Korean investment into Australia went to QLD.
The Year of Friendship 2011 is an excellent momentum to highlight opportunities and strategies to develop long-term business partnerships with Korea and TIQ activities during 2011 aim to reaffirm Queensland's commitment to developing the long-term business engagement with this key market.
The Korean political and business environment are currently focused on creating new engines for green growth (implementation of clean technologies and renewable energy). Korea is a major importer of food and resources from Queensland and their current pursuit of food and energy security is driving offshore investment in these sectors. Korea is also a key partner for Queensland education and with a strong interest in knowledge intensive industries on both sides (including areas such as biotechnology) the opportunity exists to increase collaboration between Queensland and Korea. In addition, more active collaboration is expected in the development of the culture and leisure industries in Korea with the growing GDP of the population and Queensland's experience in these sectors. Queensland companies are already experiencing success in the equine and marine industries and interest is growing in the Korean market in art and creative industries with high end Queensland artists participating in exhibitions such as Korea International Art Fair (KIAF), Seoul Living Design Fair and Seoul Photo & Imaging.
Trade and Investment Queensland representation
Trade and Investment Queensland Korea is situated in Seoul and provides export advice and assistance to Queensland businesses.
In addition, our overseas market teams based in Brisbane work closely with our network of export advisers throughout Queensland and overseas, enhancing opportunities for mutual support and collaboration to help build the export capability of Queensland firms and help drive export growth.
Publications
Trade and Investment Queensland has a range of publications that provide more detailed information about export opportunities in Korea.
More information
For more information about how we can help you export to Korea contact Trade and Investment Queensland.
Our calendar of events and export training provides information about export and trade activities for Korea and other markets.
Last reviewed 29 June 2011
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