Focus on innovation in South Korea

South Korea's UK-SK free trade deal creates exciting opportunities for UK SMEs for technical collaborations and to gain market access
View of City of Seoul skyline at nighttime

 

Why South Korea? 

South Korea is one of the world’s most technologically advanced nations, and a global leader in sectors such as telecommunications, electronics, transportation and materials.

The country has topped the Bloomberg Global Innovation Index for five of the past six years, excelling in R&D spending, high-tech public company density, patent activity and added value manufacturing. 

South Korea is rebounding rapidly from the effects of the pandemic. Among the top 10 countries in the world by GDP only three, including South Korea, saw their economies recover to pre-COVID-19 levels by the first quarter of 2021.

President Moon Jae-in is investing heavily in South Korea’s recovery with a K-New Deal policy that will inject $138bn (8% of GDP) into the digital and green sectors over the next five years, creating 1.9 million jobs. 

Market access into South Korea

Despite the myriad of partnership and collaboration opportunities in South Korea, many UK innovators struggle to gain market access. UK businesses are often deterred by language, time zone and cultural barriers, with others unable to establish a network or foothold in market.

The Global Business Innovation Programme

To bridge the gap, we are helping internationally ambitious, technology-led UK businesses to exploit collaboration, growth and innovation opportunities in key technology sectors in South Korea.

Our three-stage Global Business Innovation Programme (GBIP) firstly prepares you for approaching and operating in market, then takes you to South Korea enabling you to develop a deeper understanding of the market and meet key partners and contacts from government, academia and commerce, and thirdly provides post-visit specialist support to help you cement relationships and leverage connections made during the visit. 

Watch our short video to share in the GBIP experience 
 
GBIPs planned for 2022

Applications will soon be opening for the following GBIPs to South Korea: 

•    Hydrogen
•    AI in Industry 
•    Audience of the Future
•    Urban Systems
•    Autonomous Vehicles

If you are interested in opportunities in South Korea and participating in the Global Business Innovation Programme please email Matilda.durie@innovateukedge.ukri.org specifying your area of interest.