Over the past several decades, South Korea has achieved a remarkably high level of economic growth and is now the United States' seventh-largest trading partner with a trillion-dollar economy. Major U.S. firms have long been leading investors in South Korea, while South Korea's top firms have made significant investments in the United States. There are large-scale flows of manufactured goods, agricultural products, services, and technology between the two countries.
The landmark Korea-U.S. Trade Agreement entered into on March 15, 2012, underscoring the depth of bilateral trade ties. The agreement is expected to boost exports by billions of dollars annually for both sides and create new export-related jobs in both South Korea and the United States.
As Korea continues to move toward more technology-intensive industries, U.S. companies will find market opportunities in leading industries such as life sciences (medical devices, pharmaceuticals, and biotechnology), industrial chemicals, information technology, nanotechnology, aerospace/defense, energy, environmental technology, and transportation. Given Korea’s strong shipping and air cargo infrastructure, this is not only a market for U.S. goods and services, but also a hub for eventual expansion into other markets.
Business Insight Reports
From MBDA's Grow Your Business Blog
» Guide to Doing Business in South Korea
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