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 ICT and chemical companies.
American exports of computers and ICT machinery to South Korea are up 8.68 percent from 2013, due largely to the KORUS FTA, which gives U.S. firms strong anti-circumvention provisions to prohibit tampering with technologies. Top ICT prospects for Delaware firms include cloud computing services, storage and security technology, and green ICT technology.
KORUS allows more than 82 percent of U.S. chemical exports to be exported duty-free and eliminates all tariffs on U.S. fertilizers and agro-chemicals. Korea imported $1 billion in miscellaneous chemical products from the U.S. last year and $1.5 billion in plastics in 2013. The best prospects for Delaware companies include specialty chemicals, pharmaceuticals and chemicals for the medical and cosmetic industries.
South Korea Business Trip, August 2019
New Korean trade rep Ken Yang is ready to assist Delaware companies 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 June 2018. Delaware businesses are encouraged to apply for this exciting expansion opportunity by completing a STEP Grant application.