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

South Korea is often overlooked by Western enterprises when they are looking for a business hub in Asia. Surrounded by superpowers China and Japan, and with its neighbour in the north regularly overshadowing it in the media in times of rising political tension, the land of K-Pop culture is not always the obvious choice for international businesses to set up shop.

However, South Korea has much to offer. According to 2016 gross domestic product (GDP) figures by Britain’s Foreign and Commonwealth Office, the nation is the world’s 11th-largest economy, and the fourth largest in Asia. This nation of 50 million people is known for its tech-savvy population and general wealth – unsurprising for a country that is home to global brands Samsung, LG and Hyundai.

The country tops the Organisation for Economic Cooperation and Development’s (OECD) 2011 PISA rankings for digital literacy among 16 participating nations, including Hong Kong. Its infrastructure includes the world’s greatest broadband penetration, according to the UK’s Department for International Trade (formerly known as the UK Trade Investment).

There are several cities that are equipped to serve as dynamic enterprising hubs for foreign businesses.

The capital Seoul is the largest commercial centre in South Korea with a population about 10 million, with various industrial clusters bordering the outskirts of the city. Seoul National Capital Area (Sudongwon) has more than 25.6 million people, accounting for more than half of the country’s residents, and is considered the world’s second-largest metropolitan area. This area also incorporates most of Gyeonggi province and Incheon city.

The second largest metropolis in the country is Busan, which contains the world’s fifth-largest port. Its skyline is full of skyscrapers, such as the 110-floor tall Lotte Super Tower, and regularly hosts high-profile international business and sports events.