Follow Us on

Industrial Solutions

Industrial Solutions

Overview

South Korea is a major player in the global industrial solutions industry, largely due to its strength in a number associated sectors such as oil and gas, mechanical engineering, metals and materials to construction, power and shipbuilding. Of these, it is in the shipbuilding and steel industry, that South Korea is one the biggest global players. With an average Compensated Gross Tonnage of 13.1m from 2011 to 2015 from shipping, and 71.5m tonnes of steel produced in 2014 with a global market share of 4.3% in 2014, South Korean companies and their respective value chains, are strong possible partners and customers for overseas exporters.

Impact of the EU-Korea FTA

Implemented in July 2011, the EU-Korea FTA has positively affected the industrial aspects of bilateral trade, resulting in removal of almost all tariffs and import levies on industrial-related items and components. 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

  • Recognising the UK’s strength in leading technological innovation, British services and products are in demand
  • Tapping into the value chain of major in-market players whose industries require high-tech, high-value technology which is not available domestically

  • Partnering with or licensing/selling to Korean companies that are heavily investing in R&D to broaden their expertise to apply to new sectors

Case Study: Leading Interoperability Testing Services Provider

The Brief

A UK-based metals manufacturer appointed the BCCK to assess the construction industry of South Korea and conduct a partner search initiative to find a partner in the market. The company previously had an existing partner in Korea, but had grown unsatisfied with its partner’s performance and winning of new tenders.

The Approach

The BCCK identified 15 potential partners and stakeholders in the Korean market and connected the company with key decision-makers within each organisation that showed interest. At the end of the project, the BCCK provided the company with a comprehensive conclusion report, including key opportunities, market trends and recommendations for strategic discussions.

The Outcome

Throughout the partner search initiative, the company identified a company that it was interested in working with, which also had a good understanding of the company and its products, as well as a good network of potential customers. The company asked the BCCK to continue to facilitate the communication between the two parties until an agreement could be signed.

Sector Specialist

Inwha Lee

Coordinator, Trade Services

Inwha Lee is a Coordinator in the BCCK’s Trade Services team. Inwha holds two bachelor’s degrees from Korea University in international studies and political science/international relations. Prior to joining the Chamber, Inwha worked at the Korea International Cooperation Agency (KOICA) assisting Official Development Assistance (ODA) projects and was also part of the Delegation of the European Union to the Republic of Korea. While at the BCCK, Inwha has worked with companies in a wide range of sectors from F&B to the creative industries. Her past clients in the industrial solutions space include Macalloy, Isolated Systems and Langley Alloys. LinkedIn

Email: inwha.lee@bcck.or.kr

Testimonial

“BCCK were commissioned to lead and manage a project to identify and select potential candidates to fulfil a distributor/agent role representing Trelleborg in South Korea. This project had a very tight time frame. BCCK quickly carried out significant research identifying a number potential companies that had the ability and resource to satisfy the targets. BCCK then organised interviews and meetings to identify and select the best candidate. The project was managed in a very professional manner with excellent organisation and support, particularly the full-time attendance at all the interviews. The desired outcome was achieved in the successful appointment of distributor/agent.”

– Tim Fisher, Director, Sales Manager Asia Pacific, Trelleborg Industrial AVS

Some Companies Supported

For More Information

Download our one-page flyer regarding South Korea’s Industrial Solutions market here.

Enquire more about our services by contacting us at trade@bcck.or.kr.

MENU
Main Menu