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ACTIVITIES: DIGITAL- INNOVATION
Frédéric Genta is the Country Chief Digital Officer of the Principality of Monaco. Appointed by HSH Prince Albert II, Frédéric attends the council of ministers to promote the digital agenda and leads a dedicated entity of more than 100 civil servants.
Frédéric’s mission is to define Monaco’s unique model in the digital world and to lead Monaco’s digital transformation. He is in charge of Monaco’s IT and network infrastructures, e-government program, smart-nation ambition, and digital economy.
Prior to this role, Frédéric worked at Google in both Paris and California. As the Head of the Retail industry in France and the US, he helped the largest retailers define and implement their digital strategy. Frédéric also worked at Amazon.com, where he led the sports division. He started his career at Orange, holding a variety of positions in France, the UK and Slovakia.

ACTIVITIES: CORPORATE SERVICE PROVIDER/ AGRIFOOD/ FAMILY OFFICE
ABTS analysis assists and advices families in the management of their multiple lifestyle interest through project management, covering analytical assessment, diagnosis, solutions, implementation and risk management. ABTS brings families together to help organize and grow their opportunities, private or business wise. Out of an experience as a family business in sectors like soft drinks and metal coating, ABTS has grown and helped others to grow, as a family as well as a business « When we decided to offer something different and exclusive to our private clients, that something was obvious and clear for us - however, at the same time, somewhat unusual. » ABTS objective is to help their customers to protect, increase and pass on their wealth by advising them in a vast number of financial, legal and fiscal issues. They manage your investments based on the risk profile that you have decided, and of course based on the market conditions. As a truly independent family office ABTS can unconnectedly advice you, as they are not bound to any financial party.
Goals, needs and expectations : Expand our business network and explore new opportunities
Contacts' Typologies / targets :

ACTIVITIES: CORPORATE SERVICE PROVIDER/ LAW FIRM
The Law Offices of Jean-Charles S. GARDETTO are a Monaco-based law firm working in the areas of litigation and legal advice, with a strong international focus. The team handles complex litigation, advises on the implementation of a wide range of projects and assists clients wishing to settle in Monaco or companies interested to invest in Monaco.
Goals, needs and expectations : We would like to meet contacts who can direct legal business to our law firm in Monaco.
Contacts' Typologies / targets : Lawyers, accountants, auditors, and privates bankers with high net worth private clients with an interest for settling in Monaco or corporate clients interested in investing in Monaco.

ACTIVITIES: AGRIFOOD/ ORGANIC OLIVE OIL
Carthage Heritage is a company based in Monaco exporting its own brand of Olive Oil and Olives around the world. Our strength is above all the story of our oil dating back to the creation of Carthage by Queen Elysa (Dido) in 814 BC.
This ancestral know-how has been handed down from generation to generation, today Carthage Heritage has taken a prominent place in the olive oil market thanks to its know-how and History.
Furthermore, Carhage Heritage won the Silver Award 2019 during the olive oil championship in New York and has a production capacity of 1 container in 8 hours which represents 8000 liters.
Goals, needs and expectations : The consumption of olive oil continues to grow in South Korea thanks to the good benefits that can bring olive oil. Our goals are to integrate the Korean market by highlighting the history of our oil and offering them a good quality of Organic products.
Contacts’ Typologies / targets : Thanks to our wide range, we have the opportunity to target several sectors such as supermarkets, restaurants, delicatessens... Thus we are looking for distributors, retailers and whole salers.
Competitors in Korea : Italian olive oil

ACTIVITIES: DIGITAL MARKETING
Tracy Rohan founder of EDGE Media, based in Monaco, is a digital entrepreneur and a influencer specialist.
Digital know-how: with over 18 years of experience in the digital industry, including web design, development, content writing, SEO management, social media strategy, Edge Media is able to answer its clients digital needs from the heart of Monaco.
Strategic Partnerships and cutting-edge financial consulting: Edge Media consults on behalf of its business customers, specifically focusing on strategic partnerships.
The firm further focuses on the needs of FinTechs, as well as the banking and finance industries, Family Offices, Impact Investment firms, and luxury brands.
Contacts' Typologies / targets : Edge hopes to meet with :
Entities in the fields of : Digital economy, sports -Eco-Projects -entrepreneurs, any kind of Investors or entities interested in learning more about Monaco-based projects.

ACTIVITIES: HEALTH & WELLNESS INDUSTRY
The Exsymol company was created in 1972 by Mrs Seguin and Mr Gueyne who decided to use their pharmaceutical expertise for the cosmetic industry.
In 1973, EXSYMOL was a 4 men company on 160m2. Nowadays, the company is 5000m2 wide and employs close to 50 people.
About 25% of the employees are researchers (cell and molecular biology, biotechnology, fine chemistry).
Created in 1974 by the same contractors, the SEDIFA Lab is a “Monégasque” pharmaceutical company of about 20 people (of which 40% are executive scientists). SEDIFA Lab supports EXSYMOL for specific applications (biochemistry, microbiology, physico-chemistry, toxicology…).
The company relies on its human size and on the excellence of its executive (most of whom are scientists) for an exceptional reactivity. As a result, many cosmetic brands have put their trust in EXSYMOL for years.
Contacts' Typologies / targets : All cosmetic brands and manufacturers using active cosmetic ingredients, All Orginal Equipment Manufacturing (OEM) companies manufacturing cosmetics for the Korean and international market.
Competitors : Sederma, DSM, Biosil, Solabia, Greentech, Lucas Meyer, etc…

ACTIVITIES: CORPORATE SERVICE PROVIDER
EAD is active in the following fields.
Goals, needs and expectations : The objective of EAD is two-fold:
Contacts’ Typologies / targets : As far as corporates are concerned, EAD would like to meet with Korean firms currently having development projects in the emerging and developing countries, especially (but not limited to) in Africa, the Middle-East and Eastern Europe. Such Korean firms might be looking for funding and risk-management solutions for conducting their business in this geography. They could also need support for business development in this geography.
Sectors of interest : chemicals, pharmaceuticals, agricultural inputs and equipment, agri-food, automotive parts, machinery… EAD would also like to meet with the Korean Banks active in the field of trade-finance in the emerging countries. As such, we would be especially interested in meeting with the executives of these banks’ trade-finance departments

ACTIVITIES: TOURISM
The Tourism Board Office is a Governmental Service who has the mission to promote the Principality and all its districts. As a Governmental cost free service the Tourism Board Office provides a broad range of advice of the Principality of Monaco. The Tourism Board Office is at your service to advice and guides you during your stay and / or while organizing an Incentive.
Contacts' Typologies / targets : Meet with tourism professionals

ACTIVITIES: TOURISM
The Tourism Board Office is a Governmental Service who has the mission to promote the Principality and all its districts. As a Governmental cost free service the Tourism Board Office provides a broad range of advice of the Principality of Monaco. The Tourism Board Office is at your service to advice and guides you during your stay and / or while organizing an Incentive.
Contacts' Typologies / targets : Meet with tourism professionals

ACTIVITIES: CORPORATE SERVICE PROVIDER AND SERVICES TO INDIVIDUALS
Relocation specialist “taylor made”, Trouble shooter or trouble shooting, focusing on solutions, Customs surveys, Working on Franchise for used personal effects to avoid paying Duty & Tax, car import & registration, official fiscal representative, Immigration matters, visas...
Contacts' Typologies / targets : Multi family office or family office, immigration lawyers, relocation services company, private person, VIP. Anyone having any interest into relocation to Monaco and French embassy.

ACTIVITIES: CORPORATE SERVICE PROVIDER AND SERVICES TO INDIVIDUALS
Relocation specialist “taylor made”, Trouble shooter or trouble shooting, focusing on solutions, Customs surveys, Working on Franchise for used personal effects to avoid paying Duty & Tax, car import & registration, official fiscal representative, Immigration matters, visas...
Contacts' Typologies / targets : Multi family office or family office, immigration lawyers, relocation services company, private person, VIP. Anyone having any interest into relocation to Monaco and French embassy.

ACTIVITIES: MANUFACTURER OF SANITARY SYSTEMS
Siamp develops, manufactures, and distributes a full range of plastic sanitaryware products: Flushing systems, wall-hung cistern, toilet seat-covers. Major partner of international bathroom manufacturers (Roca, Kohler, Villeroy&Boch, Toto…) and international retail companies (Bauhaus, Adeo Leroy Merlin, Kingfisher…). Also working directly for construction projects (Vinci Group…).
Goals, needs and expectations : Siamp is looking to develop sales in South Korea. We are looking for local retail partners and local bathroom manufacturers. DIY chains, plumbers retail, local agent, building projects: Siamp provides all sanitaryware for water saving and efficient sanitary solution. Flushing mechanism, concealed cisterns, seat covers. We have a factory in Vietnam (HCMC) doing sales in all asean region. All our product are validated with international and local standards.
Contacts' Typologies / targets : Building Construction, Retail Industry (Do-It-Yourself chains), architects, bathroom ceramic manufacturers, buying department, sourcing manager and technical manager.

ACTIVITIES: INSURANCE
Suisscourtage was formed in 1988, to meet the insurance needs of its private clients and business customers. As an independent broker operating on an international scale, Suisscourtage offers dedicated insurance. Suisscourtage define themselves as “the solution for exclusive clientele with specific needs and also for company insurance which protects businesses.” Suisscourtage has developed a unique expertise in the industry of Yachting (www.onlyyacht.com), private aviation and Private Insurance (international health, travel insurance, works of art, jewelry, luxury homes, prestige vehicles, kidnapping and ransom, life and investment).
Contacts' Typologies / targets : Suisscourtage is open to all exchanges with all types of entities curious to know more about this exclusive know-how.

ACTIVITIES: HEALTH & NUTRITION
Laboratoire Therascience is located in Monaco and with more than 140 employees (of which 10% dedicated to R&D and quality). Therascience develops premium food supplements and cosmetics made from the finest and natural products. Therascience operates in more than 15 countries and is looking for a geo-expansion opportunities in South Asia. Innovative, science based, high quality food supplemets consisting of 5 ranges:
Over 400 Natural Food Suppliments
Goals, needs and expectations : To find a distribution partner in South Korea. Expect to be introduced to at least 5 suitable leading distribution specialists in the South Korean market who would be interested in working with us. Goal is to leave with a definite interested collaboration with a successful distributor.
Contacts' Typologies / targets : Therascience hope to meet :

ACTIVITIES: HEALTH & NUTRITION
Laboratoire Therascience is located in Monaco and with more than 140 employees (of which 10% dedicated to R&D and quality). Therascience develops premium food supplements and cosmetics made from the finest and natural products. Therascience operates in more than 15 countries and is looking for a geo-expansion opportunities in South Asia. Innovative, science based, high quality food supplemets consisting of 5 ranges:
Over 400 Natural Food Suppliments
Goals, needs and expectations : To find a distribution partner in South Korea. Expect to be introduced to at least 5 suitable leading distribution specialists in the South Korean market who would be interested in working with us. Goal is to leave with a definite interested collaboration with a successful distributor.
Contacts' Typologies / targets : Therascience hope to meet :

ACTIVITIES: SOLID - STATE TECHNOLOGY
Peter is Executive Chairman of his company in UK – TMD Technologies Ltd. He and a colleague undertook a management buyout in 1995, and have since been developing the business, which is manufacturing microwave products primarily for the defence industry.
Since 1987 Peter has worked extensively in South Korea, developing the market there, and now has an established business working with some of the leading manufacturers. This experience has provided an in-depth knowledge and understanding of the culture and people of South Korea; the methods of doing business, and he is happy to share his experiences, both good and bad, for the benefit of the delegation.
Her wife, Eunhee Cho, became a Consultant / Advisor to TMD for the Korean market, providing insight to the customers real needs, and relaying these to the company. TMD’s Korean Representative has become reliant on her, to help both parties to understand each other better.
The fact that she is Korean, with extensive experience of living in the west provides Eunhee with a unique understanding of how to bridge the different cultures in a business environment, and is happy to assist others wishing to develop business in this exciting country.

ACTIVITIES: GOVERNMENT COMMUNICATION

ACTIVITIES: GOVERNMENT COMMUNICATION
MONACO ECONOMIC BOARD
2, rue de la Lüjerneta - BP 653
98013 Monaco Cedex
+377 97 98 68 68
www.meb.mc
info@meb.mc
arrival 11.45
Place: Novotel Dongdaemun, Grand Ballroom
Place: Novotel Dongdaemun, Grand Ballroom
Gala Dinner at Hotel Grand Hyatt Seoul
arrival 14.20 pm

Novotel Ambassador Seoul Dongdaemu
238 Euljiro, Jung Gua
04561 SEOUL
노보텔 앰배서더 서울 동대문
서울특별시 중구 광희동 을지로 238
+82234258000
HA5U6@accor.com
Grand Hyatt Seoul
322 Sowol-ro
Hannam-dong
Yongsan-gu
Seoul
+82 2 797 1234
seoul.grand@hyatt.com
Cédric LEGRAND
Directeur Général | Managing Director 소장
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2 2268 9501
cedric.legrand@fkcci.com
Sonia CHAIEB | 소냐 샤이예브
Business Consulting Department |국제협력, Sales Executive / Responsable commerciale
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)70-7452-1792
s.chaieb@fkcci.com
Oriane CAITUCOLI 오리안 카이투코리
Manager of Public Relations & Event / 과장
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2553-2848
o.caitucoli@fkcci.com
Oriane LEMAIRE | 오리안 르메르
PR & Communication Manager | 커뮤니케이션 과장
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2 553 2838
+82 (0)10 9598 4507
o.lemaire@fkcci.com
Janghyun OH
Manager
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2 553 2883
+82 (0)10 2306 4130
j.oh@fkcci.com
Woolee KIM
Project Manager
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2 553 7040
+82 (0)10 3337 6299
w.kim@fkcci.com
Jaewan KIM
Project Manager
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)2 553 7433
j.kim@fkcci.com
Valentin GAYET
Assistant
French Korean Chamber of Commerce and Industry 한불상공회의소
(Yeoksam-dong) Joy Tower 11F, 7, Teheran-ro 37-gil, Gangnam-gu, Seoul, 06142 KOREA
+82 (0)70 7452 1789
v.gayet@fkcci.com
Ambassade de Corée à Monaco
Ambassadeur Extraordinaire et Plénipotentiaire :
S.E. M. Jong-moon CHOI
125, rue de Grenelle
75007 Paris
France
(+33) 1 47 53 01 01
(+33) 1 44 18 01 78
koremb-fr@mofat.go.kr
overseas.mofa.go.kr
Consulat de Monaco en Corée
Consul Honoraire :
M. Seok-Joh HONG
11F, BGF Main Bldg
405, Teheran-ro
Gangnam-gu
Séoul 06162
République de Corée
(+822) 528 7001
(+822) 528 7005
sjho108@bgf.co.kr
chairman@bgf.co.kr
SMART CITY DE SONGDO
Songdo International Business District (Songdo IBD) is a smart city or "ubiquitous city" built from scratch on 600 hectares (1,500 acres) of reclaimed land along Incheon's waterfront, 30 kilometers southwest of Seoul, South Korea and connected to Incheon International Airport by a 12.3-kilometre reinforced concrete highway bridge, called Incheon Bridge. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone.
GYEONGWONJAE AMBASSADOR
Located at the heart of Songdo, Korea's most advanced international city, Gyeongwonjae Ambassador Incheon Associated with Accor stands for spectacular aesthetics of traditional Korea amidst a grand forest of ultra-modernskyscrapers.

Gyeongwonjae Ambassador Incheon
200 Technopark Ro, Yeonsu Gu
406 840
INCHEON
+82327291101
gwjrsvn@ambatel.com
Palace of Gyeongbokgung
The Palace also houses the National Palace Museum, national museum where are showcased the remains of the Joseon dynasty. The palace is also the home of the National Folk Museum where one can discover the traditional Korean lifestyle.

The Palace is also the home of the National Folk Museum where one can discover the traditional Korean lifestyle.

Bukchon Village
Surrounded by Gyeongbokgung Palace, Changdeokgung Palace and Jongmyo Shrine, Bukchon Hanok Village is home to hundreds of traditional houses, called hanok, that date back to the Joseon Dynasty.
The name Bukchon, which literally translates to "northern village" came about as the neighborhood lies north of two significant Seoul landmarks, Cheonggyecheon Stream and Jongno. Today, many of these hanoks operate as cultural centers, guesthouses, restaurants and tea houses, providing visitors with an opportunity to experience, learn and immerse themselves in traditional Korean culture.
As Bukchon Hanok Village is an actual neighborhood with people's homes, visitors are always advised to be respectful while looking around.
Insadong
Insadong is a touristic area north of Seoul, in the Anguk station. It is a historic neighborhood heavily focused around craftsmanship and Korean art. In the Joseon era, it was the shelter of Seoul painters. Numerous little shops selling traditional, and cultural, objects abound alongside the 700 m main street of Insadong. It is a treasure-trove of Hanboks (traditional Korean), Hanjis (Korean paper), as well as assorted teas and other typical Korean souvenirs. Cars aren't allowed on weekends, which means one can stroll casually along the high street.


Myeongdong
Myeong-dong is one of the primary shopping districts in Seoul. The two main streets meet in the center of the block with one beginning from Myeong-dong Subway Station (Seoul Subway Line No. 4) and the other from Lotte Department Store at Euljiro. Many brand name shops and department stores line the streets and alleys. Common products for sale include clothes, shoes, and accessories.
Unlike Namdaemun or Dongdaemun, many designer brands are sold in Myeong-dong. In addition, several major department stores have branches here, including Lotte Department Store, Shinsegae Department Store, Myeong-dong Migliore, Noon Square and M Plaza. The department stores carry many premium labels and other fashionable goods at reasonable prices.

Myeong-dong also has family restaurants, fast food, plus Korean, Western and Japanese dining options. Many restaurants in Myeong-dong specialize in dongaseu (pork cutlet) and kalguksu (noodle soup). Other businesses in the area include hair salons, banks and theaters.
Namdaemun
Namdaemun Market is the oldest, largest, and one of the busiest markets in Seoul. It's home to over 10,000 shops, selling anything from clothes to food to electronics, and sees an average of 400,000 visitors each day. Its roots go all the way back to 1414 as a government-run marketplace near Namdaemun, or 'southern gate'. It was originally known as Chilbijang, and began to flourish at the beginning of the 17th-century when it became the main site of trade in Seoul, with meat and produce from every corner of the Koreanpeninsula, alongwith cotton,linen, silk, paper, leather, etc. being sold there.

Situated between some of Seoul's busiest areas, such as Seoul Station, Myeongdong, Namsan, and Euljiro, Namdaemun Market attracts about 400,000 visitors each day to its wide array of stores and restaurants. There are a number of alleys within the market specializing in certain goods, such as a street of glasses shops known as 'Glasses Street', an alleyway filled with stationery stores known as 'Stationery Alley", and even an alleyway specializing in military surplus goodsknownas 'Military Goods Alley'.
It's also home to two famous food alleys, Galchi Alley, which hosts a number of restaurants specializing in galchi, or cutlassfish, dishes, and Kalguksu Alley, which specializes in kalguksu and various other noodle dishes. There's also plenty of street food available, the most famous being hotteok, a grilled sweet pancakefilled with either red bean or vegetables, and wangmandu,or king-sizeddumplings.

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Cédric Legrand, who was tapped to serve as the FKCCI’s managing director this July, comes with a background in law from the Seoul National University and applied Mathematics from a French National Institute of Technology.
He has 9 years of industry experience from engineering to strategic planning in Renault and ties with Korea as a French-Korean. Between 2015 and 2018 he served as the Secretary General of the French School of Seoul, overseeing especially the school extension project.
David-Pierre Jalicon arrived in Korea in 1996 and then established his own architectural firm, D.P.J.&Partners. The works and creativity of David-Pierre Jalicon have been several times awarded. He is also a Citizen of Seoul City since 2006 and has received a Citation in the order of Prime Minister from the Korean Republic. He is also a member of Seoul City FIAC (Foreign Investment Advisory Committee) since 2010 and Busan City FIAC since 2014. The approach of David-Pierre Jalicon is particularly recognized in Korea for its ability to integrate traditional values in the service of contemporary architecture. His projects and works have been the subject of numerous publications and reports in most Korean media. David-Pierre Jalicon is CCE since 2005, and Chairman of the FKCCI since 2011.
Her company, Asiance (www.asiance.com), a Brandtech partner, is helping global brands to explore their hidden business potential, innovate business process and solutions and amplify growth through digital & tech. Started in 2004 in Seoul, now 60 employees are working in Seoul and Tokyo offices. Major clients: Chanel, LVMH, Kering, Richemont, Air France/KLM, Lacoste, L’Oreal, Sephora, Samsung, LG, Amore Pacific, Pfizer, Nikon, Finnair, Hatch, Trov.
Biography: Bosun is a South Korean female entrepreneur with 20 years of international and multicultural experience in the marketing communication and digital industry.
Graduate diploma in Ewha Womans University (BE French Literature, Industrial Design, 1994-2000).
After 4 years serving local conglomerates in a Korean agency, she co-founded Asiance in 2004 with two French associates (Olivier Mouroux and Alexandre Lebrun), as a Seoul-based digital agency bridging cultural differences between East and West through smart localization services fitted to the unique Korean digital ecosystem. Now she is focusing to transform her own agency from a digital agency to a Brandtech partner which is a technology aggregator for brands.
Bosun has been helping many French SMEs and entrepreneurs to launch and trade better in Asia. Some of them: Bruno Bonnell (Bosun co-founded Robopolis Korea to sell Withings and other French service robots in Korea.), Fermat (Banking software, Gilbert Gagnaire), A Volute Nahimic, (Tuyen Pham).
Bosun is also an angel investor and mentor for a few startups, e.g. Adriel (AI-based marketing agent, www.linkedin.com/company/adrielai), Symaps (platform to find best store location,symaps.io), Evasion (high-end online travel agency,bit.ly/2pStir8) and Wit.ai (sold to Facebook).
Bosun delivers speeches and lectures about the digital & innovation in Korea to various audiences, highlighting Korea could be a gateway market for global brands with ambitions in Asia.
Bosun was appointed as the co-president of French Tech Seoul. With her strong network, speaking 3 languages (Korean, French and English), she is contributing actively to represent French Tech in Korean startup ecosystem.
Recent activities:
Recent activities: www.linkedin.com/in/bosunkim
Mr. Philippe Li has practiced both in Seoul and in Paris and has been involved in various prominent cross-border transactions and dispute matters for multinational companies. When he started his practice in Seoul in 1991, he was the first European licensed attorney in Korea and his practice has been focused on M&A's, JV's, restructurings and dispute matters. Mr. Li's recent representative works include cross-border transactions in Korea, US, Europe and Africa in the automotive, construction, aerospace, defense and IT technology industries. He also assisted US, European and Korean companies in a broad range of cross-border transactions and dispute matters. At Kim & Chang, Mr. Li represented most of the CAC 40 French multinationals established in Korea. Mr. Li was the Chairman of the French-Korean Chamber of Commerce and Industry in Korea between 2005 and 2011. He is Chevalier de l'Ordre National du Mérite and Honorary Citizen of the City of Seoul.
POPULATION: 51.5 MILLION
GDP PER CAPITA: 29,938 US$
COUNTRY RISK ASSESSMENT: A2
BUSINESS CLIMATE: A1
| 2016 | 2017 | 2018 (e) | 2019 (f) | |
|---|---|---|---|---|
| GDP growth (%) |
2.8 | 2.7 | 2.9 | 2.2 |
| Inflation (yearly average, %) |
1.3 | 1.9 | 1.6 | 1.8 |
| Budget balance (% GDP) |
1.0 | 2.8 | 1.6 | 1.0 |
| Current account balance (% GDP) |
7.0 | 5.1 | 5.0 | 4.7 |
| Public debt (% GDP) |
38.3 | 39.0 | 40.0 | 40.0 |
(e) : Estimate. (p) : Forecast.
STRENGTHS
WEAKNESSES
Exports and fiscal stimulus support growth
Growth is expected to edge down slightly but remain robust in 2019, thanks to exports and budgetary support. The contribution of exports could nevertheless be slightly lower than in 2018, as the US-China trade war will weigh on Chinese demand for South Korean products. South Korea’s largest export by value – semiconductors – may be particularly impacted in the short run. This could affect the secondary sector and South Korean industrial conglomerates (chaebols). Deteriorating confidence indicators could slow private investment. Rising labour costs also pose a threat, particularly if not accompanied by productivity gains and corporate tax reductions. This is especially true for the ICT sector. Moreover, stricter regulation on mortgages should continue to weigh on investment in construction and real estate. Nonetheless, a more expansionary fiscal policy should offset the decline in private investment and promote growth. An increase in public employment, the minimum wage, and social spending is expected to support consumption. However, it is expected that the latter will be constrained by high household debt levels (155% of disposable income) as well as a sluggish labour market, with low female participation rates and relatively high youth unemployment (around 10%). Inflation is expected to stabilise around the central bank target (2%) in 2019, after increasing due to higher oil prices. The latter justified two interest rates of 25 basis points each since the start of the tightening cycle on November 2017. However, the monetary policy setting is expected to remain accommodative through the first half of 2019 as inflation pressures abate, to avoid throttling the consumption of highly indebted households.
Slight decrease in the current account surplus not a concern
The budget surplus is expected to shrink as a result of the government’s expansionary fiscal policy. Government payrolls will continue to increase, while the minimum wage is expected to be revised up by 6% to KRW 8,350 for 2019. Various subsidies to consumers and financial support to SMEs will also weigh on public spending. The defence budget will be increased by 8.8% in 2019 to support South Korea’s military reform programme. The growth of spending in social welfare and defence will be partially offset by a decline in infrastructure spending. Corporate taxes remain amongst the highest in the OECD (at around 30%), which will contribute to higher tax revenues. Public debt, which is lower than the OECD average, is expected to remain stable and low risk. Household debt continued to rise in 2018 and remains a source of concern.
In 2019, the current account surplus is expected to decline but remain positive. The balance of goods is likely to remain in surplus, although export growth should be slightly lower than that of imports due to mounting trade war risks. The steadying of relations with China is expected to continue to significantly boost tourist numbers, which plummeted in 2017. Foreign exchange (FX) reserves will remain at a comfortable level, and the rise in the central bank's key interest rate has helped mitigate the risk of FX depreciation. Policymakers should not be too concerned about FX depreciation and policy divergence with the US FED as the South Korean economy does not have a financing gap; a weaker won is actually positive for its export sector.
Improving ties with North Korea, but risks remain
Following the March 2017 dismissal of Park Geun-hye on corruption allegations, Moon Jae-in (Democratic Party) was elected President with an economic programme to stimulate growth, initiate social reform, and reduce the influence of the chaebols. After nearly 10 years of a Conservative presidency, and despite the circumstances of the election, the transition was smooth. However, with only 40% of seats in the National Assembly, the President will continue to encounter some difficulties passing laws.
President Moon’s popularity has been largely bolstered by a move to engage in strategic dialogue with Pyongyang. President Moon and North Korean Leader Kim Jong-un agreed to complete denuclearisation of the Korean Peninsula during the April 2018 inter-Korean Summit. This was followed by a bilateral meeting between US President Donald Trump and Kim Jong-un in Singapore on July 2018. However, North Korea has threatened to restart its nuclear programme if an agreement with the United States is not made. South Korea postponed the permanent deployment of the Terminal High Altitude Area Defence (THAAD) system on environmental concerns. The move reflects the difficulties that the new regime will experience as it walks the fine line of balancing its relations with both the United States and China.
Last update : February 2019
Information Source:
Coface for trade
To install this application as a bookmark on your mobile home screen as a standard application with an icon shortcut, open the application on your phone browser (for IOS it must be Safari).
Then click on the Send button, at the bottom center of the Safari browser bar, then click on the "+" button on the dark background "on the Home screen".
For Android just click on "Add on home screen" from the main menu of your browser.
From this moment on, you can open your application from your smartphone's home screen.
Please enjoy using this application and thank you again for being part of trade mission with MEB.