Read the Country Risk Quarterly interactive guide for valuable insights on rapidly changing global markets, new opportunities and the latest political and economic risks that could affect your business.
South Korea has one of the most favourable business environments in Asia, due to its open economy, business-friendly government policies, highly skilled and educated workforce and improved standards of corporate governance. There are very few restrictions on international investments and ownerships. South Korea’s economy is heavily driven by international trade. Its industries are highly innovative and moving upstream towards cutting-edge technology. With the Canada-Korea Free Trade Agreement (CKFTA) now in place, Canadian exporters have preferential access to one of the world’s largest economies and are exposed to more opportunity due to tariff elimination in a broad range of sectors. In 2023, Export Development Canada (EDC) will be opening our new representation in Seoul to better serve Canadian companies seeking to expand into this dynamic market.