When you think of strategic markets for Spanish companies looking to internationalize, East Asia doesn’t typically come to mind.
Should it, though?
Gedeth recently had the pleasure of collaborating with KOTRA Spain, the Korean Trade Investment Promotion Agency, in the organization of an event which presented the business opportunities offered by the South Korean market. The event was planned around a visit to Madrid by Mr. Chang Sang Hyun, Head of Invest Korea, the country’s national investment promotion agency.
Participants spent a morning learning about all that South Korea has to offer to companies who are willing to look beyond more “traditional” business markets to develop relations with a country who is investing in the future:
- In R&D investment, South Korea is #1 in the world in terms of GDP, and 5th in terms of billions of dollars
- According to the Bloomberg Innovation Index, it has maintained its title as the most innovative country in the world for the 6th consecutive year
- It ranks 5th worldwide in ease of doing business according to the World Bank’s 2019 Doing Business report
- S&P maintained its AA sovereign credit rating, thereby deeming South Korea’s economy as stable
- According to the 2019 Index of Economic Freedom, South Korea is “mostly free”
- South Korea has the highest internet penetration rate in the world – 98.1% – as well as the fastest average internet connection speed – 23.6 Mbps
- In terms of human capital, South Korea has a highly-qualified workforce
- The country has free trade agreements with two thirds of the world’s markets, including the E.U.
Although it is an exceedingly promising market, as evidenced by these statistics, it is not one that is easy to access – it is usually necessary to find local partners. This is where we can help. At Gedeth, we know the difference one contact can make – and we’ll help you to get it.
