Exporting to South Korea

South Korea. Republic of Korea

Export opportunities for Spanish companies in South Korea

Strengths

  • Eighth country worldwide in international reserves and fourth economy in Asia.
  • One of the main issuers of direct investment in the world.
  • Quality receiver of direct foreign investment.
  • South 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 solid economic and financial system.
  • It is a country that promotes partnerships with foreign companies for R&D exchange.

Weaknesses

  • In certain areas, local companies have an advantage (civil engineering, infrastructures, etc.).
  • System of doing business strongly linked with their idiosyncrasy.
  • There are 27 sectors off limits to foreign investment.

Opportunities

  • Consumer goods.
  • Construction materials.
  • Automotive components.
  • Chemical/pharmaceutical sector.
  • Tourism, leisure.
  • Renewable energies.

Outlook

  • The South Korean GDP will grow at rates above 3% in the coming years and the country will be positioned as world leader in certain consumer electronics articles.
  • Possible risk of a property bubble as a threat to the growth and stability of its financial sector.
  • It is envisaged that relations between South Korea and North Korea will continue to be tense and unstable.

Contact

Shanghai

Nanjing West Road N1038
West Gate Mall 1605A, Jing’an district
Shanghai 200041

 

Contact details

Manager: Guillermo Díaz Sevilla

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 in Shanghai is a correspondent bank for the entire Korean banking system where, furthermore, it maintains excellent professional relations, currently being renowned as a leading bank regarding business management, and international trade linked with South Korea.

Banco Sabadell has lines of financing for medium and long-term projects granted to Korean banks, just as Korean banks have granted extensive lines of financing to Banco Sabadell.

Services

  • Advice on the establishment of 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 through the issuing of references and guarantees issued to local banks.