Due to the overwhelming success and interest in South Korea, we are headed back for another business trip! Join Export Delaware on a business trip to South Korea to develop new international business!
Did you know that 90 percent of Korea’s GDP comes from international trade? Located in the heart of Northeast Asia, South Korea is an ideal gateway to the Asia market.
South Korea offers U.S. companies an ideal export destination. The country is committed to robust international trade, reflected by the 22 international free trade agreements (FTAs) signed with countries around the world.
The Korea-U.S. Free Trade Agreement (KORUS), enacted in 2012, provides U.S. businesses with increased access to Korea’s rapidly growing economy. 80 percent of American goods exported to the country are tariff free, which allows for level competition with Korea’s domestic businesses. The act also includes strong intellectual property safeguards for U.S. companies.
What does this mean for my Delaware business?
South Korea’s strong economy and free trade agreements make the country an outstanding prospect for exporting all types of good and services, and in particular for Delaware’s Healthcare, Bioscience, Biopharma, Medical Device, ICT, Environmental, Defense, E-Commerce, Tourism, and Agriculture companies.
Delaware businesses have an unparalleled opportunity to tap into South Korea’s $5 billion biotech and pharmaceutical market, $5.7 billion medical device and equipment market, $140 billion environmental, and $11.5 billion defense markets. Seoul is in the world’s top seven countries with the fastest internet connectivity, making E-Commerce another great market opportunity. South Korea has the 6th largest military in the world, and is the 7th largest defense importing country globally.
South Korea Business Trip, August 19 – 23, 2019
Delaware’s trade representative Ken Yang and his team are ready to assist Delaware companies to find partners and new clients in South Korea.
Export Delaware has organized an exclusive program to work with Ken during the State’s business trip to South Korea in August, 2019. Delaware businesses are encouraged to apply for this exciting expansion opportunity by completing a STEP Grant application.