South Korea is the world’s 11th largest energy consumer and fifth largest oil importer. In 2008, the government proclaimed ‘Low Carbon, Green Growth’ as a national vision to lead the country’s long-term development. South Korea plans to invest GBP 22.2bn over the next five years into green technology and clean energy technologies and infrastructure.

Impact of the EU-Korea FTA

Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.

Potential Opportunities

  • The wind power sector in Korea is a large growth area and one of promise for UK firms, with large and consistent investment by the Korean public sector

  • Clean coal technology will make a significant contribution to South Korea’s energy needs in its low carbon future

  • The CCS market is relatively developed in the UK but still young in South Korea

Case Study

The Brief

A leading clean energy technology provider appointed the BCCK to oversee the process of establishing a legal entity in the Korean market. The company understood that to develop a long-term and sustainable business in Korea, it required a local presence to provide timely support to customers.

The Approach

The BCCK’s transparent and streamlined approach to entity setup allowed the company to quickly and painlessly establish a legal entity within three months. Over this period, we provided the company with advice and assistance on choosing the right type of legal entity; provided consultation for office leasing and visa issuance; identified reputable accounting/legal/banking partners; and ensured that all aspects of the entity setup process complied with Korean regulations.

The Outcome

The BCCK helped the company to successfully establish a local entity in Seoul, to better support its local customers. Our transparent on-the-ground assistance allowed the company to quickly and easily establish a legal entity in Korea.

Sector Specialist

Taewon Um

Director, Trade Services

Taewon Um is the Director of the BCCK’s Trade Services team. Taewon has a bachelor’s degree from the University of Michigan, Ann Arbor. Prior to joining the BCCK, Taewon worked with a Korean government body to attract FDI and helped sign deals with major international healthcare institutions. Taewon also worked at the World Bank and the Embassy of Korea in Washington DC. Whilst at the BCCK, Taewon has worked with companies across a broad range of sectors including financial services, industrial materials and energy. LinkedIn


Some Companies in the Market

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