South Korea opportunities for Western businesses

08 May 2019

South Korea has long been overlooked by businesses and investors in favour of China and Japan. However, this country offers many opportunities for entrepreneurs and start-ups. New Zealand businesses will soon be able to take further advantage of the opportunities offered by South Korea as Air New Zealand plans to implement a new flight route between the two countries.

Tech-savvy nation of South Korea has much to offer Western enterprises

The main centres of South Korea (Seoul, Busan, Incheon and Yeongjong) are well equipped technological hubs offering Western businesses many opportunities. In the past, South Korea has not been the obvious choice to set up business, with many companies looking to China and Japan instead. However, this tech-savvy country has plenty to offer. South Korea is the world’s eleventh biggest economy and fourth biggest in the Asian region, ranks top on digital literacy among OECD countries, and has the greatest broadband penetration in the world. Seoul, the capital of South Korea, is the world’s second largest metropolitan area and is the largest commercial centre in South Korea. It is also a part of the network of Korea’s dynamic entrepreneurial hubs. This network includes Incheon, one of the ‘smartest’ cities in the world, known for its hi-tech, fashion and textile industries. Another technological hub to watch for in Korea is Yeongjong, the country’s logistics centre. This hub is currently in the process of building a special economic zone, which will consist of a free-trade zone and international business district. This zone will offer a range of tax benefits to the businesses and provide an attractive starting ground for business owners and investors looking to engage with and grow in the South Korean market.

Read the full article on the South China Morning Post website.  

Air New Zealand announces launch of new Seoul route

Air New Zealand is making major changes to its operations, including setting up a new direct service to South Korea’s Incheon International Airport in Seoul. This service will be launched in November and consist of up to five flights a week, including during peak holiday periods. Currently the only airline flying between Korea and New Zealand is Korean Air. As a result of rapid growth in demand for more flight services between the two countries, Air New Zealand aims to grow this route network. This is expected to make it easier and more convenient to travel between New Zealand and South Korea, meaning more opportunities for business between these two markets.

Read the full article on the Stuff website.   

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