Venture to South Korea with IE Singapore

Incentives for FDI

Foreign direct investment (FDI) in South Korea has been steadily increasing, hitting a record high of US$21.3 billion in 2016. The strong growth in FDI has been encouraged by cash assistance and incentives for overseas companies entering the market.

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Improved credit rating

Despite the global economic downturn, South Korea’s sovereign credit rating has been improving over the years. Both Moody’s and Fitch increased South Korea’s sovereign credit rating in 2012 to AA3 and AA- respectively, with Moody’s later raising it to AA2 in 2015. Standard & Poor’s raised it in 2015 and then again in 2016, to the current rating of AA.

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Strong domestic demand

With growing affluence among Koreans, a strong wave of consumerism is sweeping through the country, with many international retailers reporting a healthy growth in sales. Singaporean products have also been well-received among Korean consumers.

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Venture to South Korea

South Korea’s economy is heavily dependent on international trade and the country is a major exporter of electronics, automobiles and robotics. The country is Singapore’s sixth largest trading partner, with total trade amounting to S$43.6 billion in 2016.

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Geography:

7 Metropolitan Cities including 1 Special Metropolitan City (the capital, Seoul), 8 Provinces, 1 Special Self-Governing City, 1 Special Self-Governing Province

Population: 51.2 million (est. July 2017)

Ease of Doing Business Ranking:
4th (June 2017)

Economic Freedom Ranking:
23rd (2017)

Trading Partner Ranking: 6th

Bilateral Trade: 
S$43.6 billion (2016)

Source: CIA World Factbook

View Enterprise Singapore’s Overseas Centres

Geography:

Capital of South Korea

Population:

9.8 million

Source: CIA World Factbook, 2015