Korea is within a 3-hour flight distance from 147 cities with a population of more than 1 million. At Incheon International Airport, 98 airlines operate flights to 196 cities in 54 countries, including direct flights to 41 cities in China and 24 cities in Japan. As the port of Busan, a hub port in Korea, is located at the center of major sea routes, a total of 455 regular routes for container vessels pass through Busan, with 62.5 to China, 79 to Japan, 105 to Southeast Asia, and 111 to North Ameria (*Source: Busan Port Authority). Through its ports in Incheon, Gwangyangman, and Saemanguem, Korea will emerge as the center of logistics for Northeast Asia as its logistics network is connected with that of Japan and the volume of Milk run (a round trip logistics that facilitates distribution or collection) with China increases.
As Arctic shipping routes open up, Korea is poised to become a logistics hub for the greater Eurasia region. The polar route running from Busan through Vladivostok and on to Rotterdam is expected to reduce the traveldistance by 7,000 km, shipping time by more than 10 days, and shipping rates by more than 15%.
As of 2017, the population of the Northeast Asia is 1.6 billion generating about 25% of the global GDP. Within 2,000 km distance from Korea, a global market with 61 cities and 498 million consumers is located. China, Japan and Korea are the important business hub in Asia for the expansion of business.
Also, Korea is leading in a wide range of industrial sectors. semiconductor, display, ICT, chemicals and steel industries rank no.1 in global competitivess . 223 Fortune 500 companies have entered Korea, and are working with local businesses to increase their global market share. Korea major largest companies building global value chains centered in Northeast Asia as they export to and invest in China and Japan. At the same time, the electronics and automobile clusters they are creating are driving global growth in those industries. This is why investing in Korea, the center of Northeast Asia’s global value chain, is the most effective way to target China and other global markets.
As one of the world’s top 10 economies in terms of foreign reserves, exports, and total trade with a GDP of USD 1.5308 trillion and a GNI per capita of USD 38,260. The fact that the major products used by Korean consumers have a high market share in global markets is a key reason global companies in the IT, food, household goods, fashion, game and film industries have chosen Korea as a test-bed market. With the strong and diverse purchasing power of more than 50 million consumers, Korea is an ideal test bed for global markets and a laboratory in which to explore future markets
In addition, Korea is a pioneer in the information and communications and technology sector. Korea has ranked 1st on the Bloomberg Global Innovation Index 2018 for five years in a row, a ranking of the world’s 50 most innovative countries carried out by Bloomberg. Korea ranked especially high for R&D spending, education and patents. This culture of innovation is another reason so many companies have invested in Korea.
According to the International Telecommunication Union’s (ITU) Measuring the Information Society Report 2017, Korea ranked the second among 176 countries in the annual ICT Development Index (IDI).
Korea’s ICT innovation extends beyond information and communications technology, enabling ICT convergence across a broad spectrum of fields, including bio, finance, logistics, tourism and culture.
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