Transcript: Opportunities for Australian companies under the Korea-Australia Free Trade Agreement
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KAFTA provides Australian services providers with the best access that Korea has agreed to with any trading partner. Since KAFTA entered into force in December 2014, there’s been a spike in interest from Australian companies wanting to do business in Korea, and vice versa.
There’s particularly strong activity in the food and beverage sector and professional services and also in Korean investment into Australia.
The opportunities are particularly good for Australian legal firms. Australian lawyers will be able to advise on Australian and international public law in Korea. And Australian legal firms will be able to establish a representative office in Korea under the terms of KAFTA.
Creative arts and digital content are two areas that Australian expertise can make a real impact. Korea is a very technologically advanced country and there is significant demand for very advanced mobile and other digital content.
There are also good opportunities for Australian financial services firms. Korean funds, banks and institutional investors are increasingly looking to invest offshore and this is creating opportunities for Australian financial services to partner with those companies.
There are also good opportunities for Australian firms to partner with Korean companies in third markets, particularly in Asia where Korean companies are heavily invested.
It’s important to show reliability and a long-term commitment to your Korean partners.
Korea is a unique market with sophisticated and highly discerning consumers.
Koreans are more open to doing business with people they know. Austrade can help leverage its badge of government and its very strong networks in industry to introduce Australian firms to potential partners and key decision makers.