Asia and Oceania

Korea, Republic of (South Korea)
Last reviewed: 1 June 2009

Country information

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TRADE AND INVESTMENT

Trade and investment with the UK

The UK enjoys a very good trading relationship with the ROK. It was the 26th largest export destination for UK goods in 2000. Trade Partners UK decided in 2001 to accord target market status to the ROK. Priority sectors include automotive, clothing and textiles, education, environment, financial services and IT/creative media. The UK is the ROK's largest EU export market. China, Japan and the US are its major partners overall.

Restructuring has opened up new opportunities for British companies. The UK was one of the first countries to respond to President Kim Dae-jung's call for more foreign investment and Standard Charter, Tesco, ICL, and Allied Domecq are among the larger companies to have invested in ROK. Moves towards privatisation have created opportunities for British advisers and companies involved in financial services such as project finance, asset management and life assurance. British companies have been involved in many large infrastructure projects including the new international airport at Inchon, and the high-speed Seoul-Pusan rail-link. English language training is a key growth area.