Korea Business Opportunities
Alberta entrepreneurs and investors will find a world of business and investment opportunity in South Korea. Korea’s robust economy and expanding industry sectors provide fertile ground for new commerce and trade.
The following are some key industry sector business opportunities in South Korea:
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Architecture, Engineering & Construction/ Building Products & Value Added Wood
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This sector is one of the fastest growing business opportunities in Korea.
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High income, greater exposure to North American style housing, increased property values in Seoul and a five-day work week (affording more leisure time) are but a few of the reasons Koreans have a love for western housing.
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This includes not just framing materials but doors, fixtures, flooring, furniture, moldings and windows.
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Agri-food
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Alberta's top priorities are to gain greater access to Korean value-added agri-food products and to reopen the market for beef and processed beef products.
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There are still strong market demands in Korea for pork, malting barley/malt, canola oil, organic pasta and frozen pasta.
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Education
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Alberta educational institutions are very active in the Korean marketplace, especially in offering English language education for Korean students.
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Korean government policy is to improve the nation's English language capability, and many Koreans place a high value on English language fluency.
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Rapidly increasing incomes in Korea have led to a lifestyle allowing for more interchange with foreign nations and greater opportunities for Koreans to study abroad.
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Environmental Products & Services
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Heavy industrial activity in Korea has created increasing problems with air and water pollution and solid waste disposal.
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Opportunities exist for Alberta companies to provide environmental equipment and services, including drinking water and wastewater facility engineering.
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Health & Biotechnology
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Business groups in Korea are aggressively developing biotechnology and life sciences products.
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Drug delivery systems, herbal extracts, inorganic chemicals, and pharmaceuticals are some products under development.
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The Korean government has designated biotechnology as a priority sector for the economy.
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Information & Communications Technology [ICT]
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Korea has a very fast growing ICT sector.
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Korean business groups are aggressively pursuing highly sophisticated technologies especially electronics, networking, telecommunications and wireless.
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The Korean government has a long-range goal of advancing information and communications technology (ICT).
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Science & Technology
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Korea, as a world leader in research and development, is looking for international collaboration in such science and technology areas as:
- energy technology
- life sciences
- medical technology
- nanotechnology
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Tourism
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Travel Alberta International opened an office in Seoul. Recently, the office expanded its activities, including efforts to strengthen its relations with Korean travel agencies.
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In April, 2005, Travel Alberta International started joint marketing with Hanna Tour, Lotte Travel, Modoo Tour and other Korean travel agencies.
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