Exporting to South Korea

South Korea. Republic of Korea

Opportunities for Spanish companies in South Korea

Strong points

  • Eighth country in the world for international reserves and fourth biggest economy in Asia.
  • One of the main issuers of direct investment in the world.
  • Quality beneficiary of direct foreign investment (IDE).
  • Korea is one of the main Asian investors in Spain
  • Very attractive domestic market for consumer goods
  • Stable, developed and reliable legal system.
  • Open, liberal and sound economic and financial system.
  • This is a country that promotes partnerships with foreign companies for exchanging R&D.

Weaknesses

  • In some areas, local companies have an advantage (civil engineering, infrastructures, etc.).
  • System of doing business strongly linked with their own idiosyncrasy
  • 27 sectors are forbidden for foreign investment

Investments Opportunities:

  • Consumer goods.
  • Building materials
  • Car components
  • Chemical/pharmaceutical sector
  • Tourism, leisure.
  • Renewable energies.

Prospects

  • The South Korean GDP is to grow at rates over 3% in the next few years and the country will become world leader in certain consumer electronics articles.
  • Possible risk of a real estate bubble as a threat to the growth and stability of its financial sector.
  • Relations between South Korea and North Korea are expected to continue to be tense.

Find us at:

Shanghai

Nanjing West Road N1038, West Gate Mall
1605A, Jing’An District Shanghai 200041
Tel.: (+86) 921 62718347

 

Contact

Form of government

Presidential republic

Official language

Korean

Currency

South Korean won (KRW)

Exchange rate

1 dollar = 1.060 KRW (January 2014)

1 euro = 1.449 KRW (January 2014)

Religion

    • Buddhism (43%)
    • Protestantism (35%)
    • Catholicism (21%)

Population

50.04 million (December 2013)

Time difference

From April to September: +7 hours; from October to March: +8 hours

Banco Sabadell in South Korea

CoreaSul_contacto

Eva Wu, Guillermo Díaz (Manager) and Yao Danping.

Experience

Since the year 2005, Banco Sabadell has been covering South Korea from its regional office for the north of Asia in Shanghai.

Banco Sabadell has been covering South Korea from its regional branch for Northern Asia in Shanghai, established in 2005. It has correspondence relations with all Korean banks, with which it also has excellent relations, being recognised as a reference bank as regards management of the international business connected with. South Korea. Banco Sabadell has financing lines for medium and long-term projects granted to Korean banks, and Korean banks have similarly granted extensive financing lines to Banco Sabadell.

Services

  • Advice on establishing Spanish companies in Korea, providing a specialised and individualised service.
  • Monitoring of foreign trade operations with South Korea: imports and exports through the relationship developed with the local banking system.
  • Support for projects and tenders by issuing references and guarantees to local banks.