Events

Events

Trade Mission to South Korea

Event date

February 8, 2015

Event location

Contact

korea-mission-coree@international.gc.ca

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Industry event

Led by the Honourable Ed Fast, Minister of International Trade, the Trade Commissioner Service is organizing a trade mission to Seoul and Busan, South Korea, February 8-13, 2015. This trade mission to South Korea will be a significant, multi-sector mission highlighting the breadth of business opportunities in the South Korean market and the benefits for Canadian businesses, including small and medium-sized enterprises, of the soon to be implemented Canada-Korea Free Trade Agreement.

Participate in our free webinars, presented by Canadian trade commissioners on the ground in South Korea. For dates and registration details, please visit the Webinar webpage.


Overview of the South Korean market

The Republic of Korea is a priority market under Canada’s Global Markets Action Plan. Its economic growth in the last 30 years has been remarkable: since 1980, South Korea’s GDP has grown more than six-fold and experienced an average annual growth rate of 6.5%. It now boasts a vibrant, export-oriented $1.26 trillion economy (2013). Its highly-educated population of 50 million and per-capita GDP of more than $25,000 make it one of Asia’s most lucrative, dynamic and advanced markets. It is home to several large conglomerates known as chaebols, and offers strategic access to regional and global value chains.

On September 22, 2014, Prime Minister Stephen Harper and Park Geun-hye, President of the Republic of Korea, witnessed the signing of the Canada-Korea Free Trade Agreement (CKFTA). Canada’s first free trade agreement in the Asia-Pacific region, this Agreement will provide enhanced market access and generate new trade and investment opportunities for Canadian businesses and workers in South Korea, the world’s 15th-largest and Asia’s fourth-largest economy. In fact, the Canada-Korea Free Trade Agreement is projected to create thousands of jobs for hardworking Canadians by boosting Canada’s economy by $1.7 billion and increase Canadian exports to South Korea by over 30%.

Canada and South Korea enjoy a significant trade and investment relationship with tremendous potential for growth. South Korea is Canada’s seventh-largest merchandise trading partner and third-largest in Asia, after China and Japan. In 2013, two-way merchandise trade totaled more than $10.8 billion. As a result of improved market access for goods, services and investment under the Canada-Korea Free Trade Agreement, Canadian companies will be able to use South Korea as a strategic base for growing their business throughout the Asia-Pacific region.


Other useful links:

Canada-Korea Free Trade Agreement (CKFTA)

Canadian Trade Commissioner Service:

Export Development Canada


Why you should participate:

The trade mission to South Korea in February 2015 is part of the Government of Canada’s efforts to grow the Canadian economy by helping Canadian businesses, particularly small and medium-sized enterprises, better position themselves to capitalize fully on the opportunities presented by the Canada-Korea Free Trade Agreement. It will facilitate access to key local economic and political decision-makers for Canadian firms and provide greater public profile to business participants, helping them build their network with the local business community and the region. For more information, please contact korea-mission-coree@international.gc.ca.

Multi-sector, including the following sectors of opportunity: