The Republic of Korea

The economic resilience, commitment to innovation and strategic alignment with the EU make the Republic of Korea an attractive destination for EU companies. Businesses exploring collaborations in innovation, green technologies, digital solutions, and healthcare and medical equipment will find dynamic and forward-looking partners in the Republic of Korea.

The 10th largest world economy, the Republic of Korea is the EU's 9th largest export destination for goods.

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GDP growth (annual %)

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of GDP - 2021

Gross domestic spending on R&D

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2022 estimated value

Trade in goods and services Exports / Imports, % of GDP

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Unlocking Business Opportunities in the Republic of Korea

Unlocking Business Opportunities in the Republic of Korea

The Republic of Korea stands as a robust economic partner for the EU. As the 10th largest global economy and the 4th largest in Asia, the country’s strategic position makes it an appealing destination for EU businesses. The EU and the Republic of Korea share a well-developed partnership grounded on common values.

The Republic of Korea allocates significant resources to Research & Development . The strong emphasis on collaboration between academia, business, and government creates a thriving environment for innovation. With SMEs representing 99% of Korean businesses, the government of the Republic of Korea prioritises regulatory reforms and financial support to foster the growth of young innovative enterprises.

The Republic of Korea, which is currently the 11th largest greenhouse gas emitter, has been on a transformative process towards clean energy use. Investments in green technology, particularly in rechargeable batteries and renewables, showcase the country’s commitment to sustainable solutions.

The EU – Republic of Korea Green Partnership was launched in May 2023. This collaboration focuses on joint efforts against climate change, environmental cooperation, clean energy transition, and broader areas like business cooperation, sustainable finance, and research & innovation.

The Republic of Korea is a global leader in innovation and technology and a major high-tech exporter of computer chips, mobile phones, and next-generation vehicles with a well-established digital infrastructure.

The EU – Republic of Korea Digital Partnership, initiated in 2022, emphasises inclusive, sustainable, and human-centric digital transformation. Priority areas of cooperation include semiconductors, HPC and quantum technology, 5G, AI and cybersecurity.


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