Digital Solutions Korea 2024

Thanks to Digital Solutions Korea 2024, 50 European SMEs including start-ups will visit the Republic of Korea and kick-start their internationalisation path in the Digital Solutions sector.

This business mission presents a unique opportunity for EU SMEs including start-ups to establish valuable contacts, showcase their solutions, build long-lasting relationships with Korean enterprises and explore new business avenues together. The EU Business Hub provides market insights, matchmaking services, financial and tailored support to companies. 

 

Target audience

• European SMEs including start-ups and Korean enterprises involved in the Digital Solutions sector, such as: Cloud Solutions, Artificial Intelligence (AI), Internet of Things (IoT), NextGen Computing, Semiconductors, Cybersecurity, Extended Reality (XR), Robotics, Software, Media & Telecommunication Infrastructure, Blockchain, Digital Health, Digital Marketing and Advertising, Fintech.
• South Korean Business Operators, notably buyers, distributors and R&D partners in public and private sectors, and investors.
  
   

Business mission agenda

The business mission to Seoul will last five days in total, including three days of dedicated business matchmaking and networking, a visit to Softwave 2024 for networking opportunities and a study tour.

The business mission agenda is as follows:

• Day 1: welcome & networking gathering, briefing session, industry intelligence and sector briefs.
• Day 2: business matchmaking sessions, networking reception.
• Day 3: study tour, visit and network @Softwave 2024.
• Day 4: business matchmaking sessions.
• Day 5: business matchmaking sessions, debriefing session.
   

Services/benefits the EU participants will be receiving

• Business matchmaking: pre-arranged in-person meetings with carefully selected South Korean enterprises.
• Market intelligence information.
• Cultural and linguistic support.
• Financial support up to €1000 to benefit from a menu of additional customised services co-funded by the project (e.g. interpretation, legal advice, booth decoration).
• Hotel accommodation (Sofitel) for four nights – in total, up to €1000 for accommodation are covered by the programme.

Key market insights 

• The Republic of Korea is Asia's 4th and world's 13th economy. 
• EU exports to the Republic of Korea in 2022 amounted to €60.1 billion goods and €19.6 billion services.
• The Republic of Korea represents the EU's 9th largest trading partner for goods.
• The Republic of Korea is a digital powerhouse: ranking 1st worldwide for Information and Communication Technology (ICT) infrastructure and mobile internet connectivity, 2nd for e-commerce ration, 3rd for cyber-security, 4th for ICT exports, 10th for government AI readiness.
• The Republic of Korea ranks 1st in the OECD Digital Government Index.
• In 2022, the ICT industry accounted for 13.0% of Korea's GDP and led the country's economic growth as it represented 30-40% of total exports.
• The ministry of Science and ICT listed 12 National Strategic technologies as strategic areas in its Science and Technology Master Plan (2023-2027) including semiconductor and display, secondary battery, advanced mobility, hydrogen, cybersecurity, AI, etc.