South Korea Overseas Market Introduction Service for Sea ... · S:\Departments\Communications\Services\Dawn Sneddon\Website\Review 2015\Export Guides\South Korea Update.doc - 6 -

$Page 1: South Korea Overseas Market Introduction Service for Sea ... · S:\Departments\Communications\Services\Dawn Sneddon\Website\Review 2015\Export Guides\South Korea Update.doc - 6 -$
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The Overseas Market Introduction Service (‘OMIS’) is provided by the Commercial Departments of Diplomatic Service Posts overseas as part of the joint trade development operation, UK Trade & Investment (‘UKTI’), of the Foreign and Commonwealth Office (‘the FCO’) and the Department for Business, Innovation and Skills (‘BIS’). Whereas every effort has been made to ensure that information provided through OMIS is accurate, these Commercial Departments, UKTI, the FCO and BIS accept no liability for any errors, omissions or misleading statements in such information and accept no responsibility as to the standing of any firm, company or individual mentioned. Any party interested in the goods and services provided by any company referred to in OMIS material should undertake their own research and should not consider a reference in OMIS material to be an endorsement of any goods, services or companies mentioned.

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S:\Departments\Communications\Services\Dawn Sneddon\Website\Review 2015\Export Guides\South Korea Update.doc

South Korea Overseas Market Introduction Service for Sea Fish Industry Authority (4527/15)

Produced by: Yoonah Lee UKTI Seoul Date of Report: 30 September 2015 Cost of Report: £1,680

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CONTENTS OF THE REPORT

1. SUMMARY OF THE ENQUIRY………………………………… 3

2. METHODOLOGY……………………………………………………3

3. MAIN RESEARCH………………………………………………….4 Section 1 - Matching Profile 4

1.1 The Trade Environment 1.2 The Seafood Sector

1.3 Consumer Trends 1.4 UK Share and Export Opportunities

Section 2 - Doing Business Profile 17 2.1 The Supply Structure

2.2 The Retail Channel 2.3 The Food Service Channel 2.4 Key Regulations and Tariffs

2.5 Tips and Useful Links

4. SOURCES…………………………………………………………….37

5. RELEVANT STAKEHOLDERS IN THE SECTOR……………..38

6. FOLLOW-UP ACTION……………………………………………..39

7. CONTRIBUTORS………………………………………..………….39

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1. SUMMARY OF THE ENQUIRY Sea Fish Industry Authority is the UK’s only pan-industry body supporting

efficiency and sustainability of the industry’s stakeholders. To provide comprehensive information on the South Korean market to their

customers and levy payers, Seafish requested UKTI to conduct wide research on the market.

You commissioned this OMIS and we agreed the following Workplan:

Service Scope: update facts and figures of the existing market report made in 2013. The report incorporates; - The trade environment.

- Facts about the seafood sector in South Korea. - Consumer trends.

- UK share and export opportunities. - Local supply structures and distribution systems.

- Retail channels. - Food service channels. - Key regulations and tariffs.

- Tips and other useful information.

The deadline for this OMIS report is 30 September 2015.

2. METHODOLOGY

We reviewed information from several reputable sources including annual reports of government authorities, statistics announced by trade associations, trade publications and news articles. We also interviewed

market experts to obtain their views on the market. Specific information sources utilised are listed at the end of this report.

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3. MAIN RESEARCH

Section 1 - Matching Profile

1.1 The Trade Environment Table 1. South Korea Fast facts

Population (2013) 50,220,000

Land area 100,460km2

Inhabitants per sq km (2013) 517.20

Capital Seoul

Other main cities Busan, Daegu, Daejeon

Languages Korean

Political system Democratic Republic, Presidential System

Religion Buddhism, Protestant, Catholic

Economy The 13th largest economy in the world (by GDP), OECD member

Currency Korean WON(₩)

Exchange rate (as of 1 August 2015) 1￡=1825.29

1$ =1170.40

Total GDP (2014) US$ 1,410.4 billion

Real GDP growth rate (2014) 3.3%

GDP per capita (2014) US$ 28,180

Inflation growth rate (1 Jul 2015) 0.7%

Unemployment rate (2015) 3.9%

Value of exports (2014) US$ 526 billion

Value of imports (2014) US$ 572 billion

Top four countries South Korea imports

from(for the food and drink sector) USA, China, Japan, Australia

Source: www.investkorea.org, Euromonitor international, The Bank of Korea, Korea Customs Service, The Ministry of Strategy and Finance

http://www.investkorea.org/

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Source: Google Maps

South Korea was the 13th largest economy in the world with GDP

worth of USD 1,410 billion in 2014. Thanks to its strong

performance of its export industry, the South Korean economy maintained relatively stable growth in 2011 and 2012. The economy

is expected to grow by around 3 percent in 2015.

The nation has a population of 51 million with over 90 percent living in urban areas. The Seoul metropolitan area is the most populous

area in South Korea with more than 10 million people. This is followed by Busan with 3.5 million and Incheon with 2.9 million. (http://english.visitkorea.or.kr/enu/AK/AK_EN_1_4_3.jsp)

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As South Korea is known as the fastest aging country amongst OECD member states, demand for healthy, quality foods is growing.

Seafood and organic foods are the main beneficiaries of this trend.

The food and drink market in South Korea was estimated to be

worth ₤74 billion in 2013 and is expected to increase year on year by approximately 9 percent. The country currently depends on imports for around 60 to 70 percent of its food as local agriculture

and food production fails to keep pace with increasing demands for greater variety and higher quality foods. Major exporters to Korea

include the U.S.A, Australia, China as well as the EU.

- Given several important socio-economic changes including the

retirement of the ‘baby boomers’, more women in the workforce, downsizing of the family (most only have one child), a well-travelled younger generation, and inflation pressures,

products offering:

- Quality

- Value

- Health benefits

- New or unique tastes

are benefitting from substantial growth.

Economic growth, increasing income, and greater international

travel and studies have led to substantial changes to Korean eating habits and have expanded the range of food available in the market. Consumption of the main staple food, rice, has declined, while

consumption of meat, fruit, vegetables and dairy products has increased. In addition, the younger generation’s exposure to

western-style foods, brands and tastes is increasing their familiarity and acceptance of western food products.

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1.2 The Seafood Sector

Table 2. South Korean Seafood Production Trend (for the last 40

years)

(Unit: 1,000 M/T, ₩ 0.1 billion)

Source: Statistics Korea

Adjacent Waters

Shallow Sea Cultures

Distant Waters Inland Waters Total

Volume Value Volume Value Volume Value Volume Value Volume Value

1970 724 426 119 106 90 123 0 1 934 656

1980 1,370 4,737 541 1,083 458 2,190 39 396 2,408 8,408

1990 1,472 14,162 773 4,199 919 4,913 34 908 3,198 24,182

2000 1,189 23,295 653 6,839 651 9,297 21 1,234 2,514 40,664

2010 1,133 39,117 1,355 18,156 592 13,645 31 3,338 3,111 74,257

2011 1,235 44,441 1,478 17,842 511 14,670 32 3,775 3,256 80,729

2012 1,091 39,510 1,488 17,592 575 16,554 28 3,233 3,183 76,890

2013 1,044 37,476 1,515 17,258 549 14,080 25 3,454 3,135 72,268

2014 1,059 37,870 1,566 19,508 669 12,752 29 3,721 3,325 73,852

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In 2014, total seafood production in South Korea slightly increased to 3.32 million tonnes, up 4.9 percent from 3.14 million metric tons

in 2013. By value, the average annual increase rate is 2.2 percent.

By category, production of shallow sea cultures recorded 1.56

million tonnes (47%); adjacent water fishery 1.06 million tonnes (32%); distant water fishery 0.67 million tonnes (20%); and inland water fishery 290 thousand tonnes (1%) in 2014.

To support the growth of inland water fisheries, the Ministry of Agriculture, Forestry & Fisheries of South Korea announced in 2012

that by 2016, the government will invest USD 92 million to increase 50% the household incomes of those working in the industry. This

plan includes industrialisation of high value inland aquaculture business, and strategic management of inland fishery resources.

In the meantime, the Korean government is undertaking studies of

aquaculture and establishing how to secure higher fish catch quotas in foreign waters. They are working hard to purchase fish quotas

from other countries including Russia.

Table 3. Total South Korean Seafood Production, Volume and Value

(for the last 4 years)

(Unit: M/T)

2011 2012 2013 2014

Total Production 3,255,929 3,183,423 3,155,324 3,325,083

Adjacent Waters 1,235,489 1,091,034 1,044,639 1,235,489

Shallow Sea Cultures

1,477,546 1,488,950 1,535,344 1,566,357

Distant Waters 510,624 575,308 549,928 669,140

Inland Waters 32,270 28,130 25,413 29,774

Source: Ministry of Agriculture, Forestry & Fisheries of South Korea

Table 4. Total Seafood Production in 2014


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Table 5. Total Seafood Production & Value Added


This is mainly because of the rising water temperature around the

Korean peninsula. The volume of warm water fish such as corvine, mackerel, anchovy.

Fisheries output jumped 11.9 percent on year in the first half 2015

for more fish caught in coastal waters and higher aquaculture productivity. On the other hand, fish caught outside Korea in

international waters or those caught in exclusive economic zones of other countries declined to 3.9 percent.

Aquaculture in 2013 has become the largest source of fish and

seafood, with production reaching 1,535,344 M/T, and it has risen almost each year after aquaculture output of 653,000 M/T was first

recorded in 2000. Inland fishery is the other sector of the fishing industry. However, production remains small in mountainous Korea,

with production of just 25,413 M/T of inland freshwater fishery reported in 2013.

According to USDA, the unusual increase of production from distant

waters in 2014 was mainly due to a skyrocketing in the catching of squid but it is forecast to fall back to normal levels in 2015.

According to Ministry of Food, Agriculture, Forestry and Fisheries, as GDP is steadily increasing, the consumption of seafood will increase and a considerable proportion of the additional demand will be

satisfied by imported seafood products.

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Table 6. Production of Shallow Sea Cultures

(Unit: M/T)

2011 2012 2013 2014

Sebastes schlegeli 17,338 23,085 23,757 24,592

Flatfish 40,805 39,371 36,944 42,137

Oyster 281,022 284,856 239,779 284,106

Mussel 70,416 61,310 34,429 51,655

Seaweed 316,428 349,827 405,525 416,024

Sea mustard 394,003 339,924 327,375 283,714

Sea squirt 11,676 9,031 10,282 7,038

Kelp 246,701 208,601 373,264 372,311


Production of shallow sea culture has abruptly increased by 3.4%

from 1,515 thousand tonnes in 2013 to 1,566 thousand tonnes in 2014.

As seafood export opportunities with China, EU and Japan grow, the

Korean government is also focusing on aquaculture in shallow sea areas to cope with the shortage of fishery resources in the adjacent

water and restrictions in neighboring countries’ waters.

The harvest from adjacent waters fisheries consists primarily of squid, mackerel, corvina, hairtail and anchovy. Governement efforts

to boost aquaculture production in the shallow sea areas clearly indicate the importance of this sector as a future seafood resource.

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The increase in aquaculture volumes in recent years reflects the following changes:

- Intensified variability due to climate change (number of cold water fish has decreased / that of warm water fish has

increased).

- International restrictions have intensified against trawlers.

- Global trends of increasing aquaculture and decreasing fishing

vessels.

- Policies supporting aquaculture.

Table 7. South Korean Production, Consumption and Self-Sufficiency of Seafood


(Unit: kg/person)

2005 2006 2007 2008 2009 2010 2011 2012 2013

Consumption

Seafood 49.5 56.5 56.5 54.9 49.8 51.3 53.5 54.9 53.8

Rice 80.7 78.8 76.9 75.8 74 72.8 80.6 79.5 77.8

Meat 32.1 33.6 35.8 35.6 36.8 38.8 44.2 46 49.2

Seafood Self-sufficiency (%) 69.2 69.2 79.1 80.8 83 77.9 81 75.3 76.8

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Table 8. Yearly Consumer Price Index (year-on-year changes)

(Unit :%) Kind of Index 2009 2010 2011 2012 2013 2014

CPI for all item 2.8 3 4 2.2 1.3 1.3 CPI for living necessaries 2.1 3.4 4.4 1.7 0.7 0.8 CPI by fresh food 7.6 21.3 6.3 5.8 -1.3 -9.3 CPI excluding agricultural products & oils 3.6 1.8 3.2 1.6 1.6 2.0 CPI excluding food and energy 3.0 1.9 2.6 1.5 1.5 1.7


Table 9. CPI for Fresh Fish (2010=100)

By Fresh Food

2009 2010 2011 2012 2013 2014

All

cities

All

cities

All

cities

All

cities

All

cities

All

cities

Fresh Fish 90.070 100 108.8 110.51 110.12 111.89


Per capita consumption of seafood reached the peak at 53.8kg in 2013, it has been slightly Increasing from 42.2kg in 2001.

Seafood self sufficiency decreased by 77.9% in 2010 and it

increased by 81% in 2011. However, Seafood self sufficiency slightly decreased by 75.3% in 2012 and increased to 76.8% in

2013 again.

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Consumer price index for overall fresh food has shown the largest increase every year from 2009. While general CPI showed 2.2%

growth in 2012, CPI for fresh food increased by 5.8%. CPI for fresh fish has decreased by over -9.3%% in 2014.

Table 10. Top 10 Species Imported by Volume

Source: Ministry of Agriculture, Forestry & Fisheries (MIFAFF) of South

Korea

In particular, imports of sand eel almost doubled in the last 3 years

from 41,542,238kg in 2012 to 80,982,928kg in 2014.

According USDA Foreign Agricultural Service, consumer like to purchase the species that they are accustomed to, and importers

tend to import the species consumers are demanding. Imports of only 28 species accounted for more than 90% of total seafood

imports.

According to Korea Customs Service, to stabilise the price of imported seafood, the industry is diversifying the supplying

countries rather than depending on a single supplier.

According to MIFAFF, as more countries are signing FTAs with South

Korea, imports of seafood are expected to increase.

1.3 Consumer Trends

As a peninsula, seafood has long been consumed as a staple food

for most Korean people. The major fish species that Koreans consumed are Alaska pollack, mackerel, squid, hairtail and yellow

corvina, anchovy, shrimp, tuna, saury, flat fish, monk fish, eel, rock fish, cod, etc.

Rank Species 2012 2013 2014

Change (%)

2012-2014

Volume (kg) Value ($) Volume (kg) Value ($) Volume (kg) Value ($) Kg $

1 Pollack 251,989,657 367,897,308 233,534,320 358,982,683 215,784,228 380,873,395 -7.6 6.1

2 Other fish 134,876,264 271,123,905 133,133,513 258,825,849 135,368,961 261,841,805 1.68 1.17

3 Cuttlefish 60,107,035 164,992,356 54,376,340 145,316,141 77,440,154 187,587,512 42.42 29.09

4 Mackerel pike 53,059,070 62,101,648 45,979,969 53,528,158 56,246,106 56,814,710 22.33 6.14

5 Shrimp 52,126,825 278,916,583 41,223,789 281,719,207 41,302,608 344,130,100 0.19 22.15

6 Manila clam 44,130,698 41,911,872 38,720,754 40,096,754 45,585,032 47,472,069 17.73 18.28

7 Sand eel 41,542,238 19,070,247 49,149,237 21,426,687 80,982,928 33,878,265 64.77 58.11

8 Small octopus 42,205,708 174,911,405 38,535,277 176,033,027 47,595,091 259,986,439 23.51 47.69

9 Mackerel 31,943,280 62,548,857 16,484,678 36,061,182 33,269,589 71,836,435 101.82 99.21

10 Croaker 27,925,764 126,745,328 24,927,232 105,412,708 25,432,524 117,199,927 2.03 11.18

http://endic.naver.com/search.nhn?query=pollack

http://endic.naver.com/search.nhn?query=cuttlefish

http://endic.naver.com/search.nhn?query=mackerel

http://endic.naver.com/search.nhn?query=pike

http://endic.naver.com/search.nhn?query=small

http://endic.naver.com/search.nhn?query=octopus

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Sharing similar food culture with China and Japan, South Korean people eat it steamed, fried, boiled with spices, blanch and

ocassionally uncooked

Korean consumers prefer fresh or chilled fish to frozen fish as they

think fresh fish tastes better than frozen fish after cooking. Accordingly, fresh or chilled fish tends to cost more than frozen fish and consumers are more attracted to precooked, prepared and

preserved food available at supermarkets.

In 2013, CJ(Cheil Jedang) Corporation launched a new processed

seafood brand called “Alaska Salmon”. The “Alaska Salmon” is a canned salmon product that uses natural salmon from Alaska, a

region that is well recognised in Korea for its pristine waters. The price of a can is 3,600 Korean Won for 135 grams and it can be converted to about $13.4per pound. Even though the price is more

than twice that of regular canned tunas in the market, this 100 percent Natural Salmon product made sales of $9.5 million in its

first year with a market share of 68 percent.

Stimulated by this successful launching of the “ Alaska Salmon” brand, competing canneries such as “Dongwon” and “Sajo” also

introduced their canned salmon products taking 32 percent of the market share. CJ Corporation, the market leader, diversified its

canned salmon prodcuts by adding three new products in 2014 and currently 6 varieties of product (Red Chili, Yellow Curry, White Mayo, Brown Rice Oil, Spicy, and Natural) are being sold in the market.

Thanks to improvements in standards of living and GDP, Korean consumers place value on high quality, healthiness, convenience in

the course of making food purchasing decisions, as well as price. Another important issue is food safety. In terms of seafood, consumers have become more sensitive about safety following the

Fukushima nuclear plant collapse in Japan last year. Several Japanese fishes are banned in South Korea at present.

In addition, as raw fish is consumed widely in South Korea, keeping the seafood products fresh during the delivery is another crucial consider action in the market.

As the number of double income families is increasing, the demand for pre-cooked, ready-made and preserved food is expected to

increase. Supermarket chains are leading this trend.

In the food services sector, South Korea, like its neighbours, consumers a lot of sushi or sashimi. There are thousands of sushi

restaurant chains varying in their sizes and the number of restaurants is currently still growing. In addition, supermarket and

hyper market conglomerates have participated in this sushi competition by selling individually packaged sushi in their stores.

According to USDA report in 2015, Korean consumers still place high value on freshness, place of orgin, taste, low cost, and food safety in the course of making seafood purchasing decisions.

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It is important to note that Korean consumers are extremely sensitive to food safety issues as they have gone through many big

and small food safety scandals over recent years including radiation risk from Japanese seafood. The survey from Ministry of food and

drug safety says, 7 out of 10 people will not currently purchase seafood which is caught in Japan.

Preference for Seafood Origin

Most of Korean consumers prefer domestic seafood rather than imported. 92.2% in 2010, 89.3% in 2011, 89.8% in 2012 answered

that they prefer buying domestic products.

This is, however, not only for seafood sector but also for most of foods after the government’s campaign for protecting domestic

industry has achieved enduring success. The government and the domestic industry’s – consitent messaging of ‘people should eat

foods from their own land’ has been widely successful

Places to Buy Seafood

According to the survey, most consumers usually purchase seafood

at traditional market places and discount stores. 41% picked traditional markets and 39.1% chose discount stores in 2012.

Traditional markets are mostly located near the production grounds

or locations where transportation is convenient. The location of the markets is connected to freshness and price, which consumers

consider most.

Discount chains are popular in urban areas and have many more stores than wholesale markets or department stores.

Most Important Information to Consider

It has been found that for Korean consumers ‘fishing ground’ or the

sea where the fish has been caught is the most important

information considered when buying seafood.

‘Production date’ which indicates the freshness and ‘certification’

connected to credibility and safety followed next in importance of consideration.

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1.4 UK Share and Export Opportunities

Table 11. Seafood Imports to South Korea by Country, Volume and

Value

(Unit: $Million)

Country 2012 2013 2014 Percent Change

(2013~2014)

Total imports 3,646 3,565 4,161 16.7%

PR.CHNA 1,033 968 1,124 16.1%

RUSSIA 653 589 672 14.2%

VIETNAM 497 478 627 31.2%

U.S.A 169 211 222 5.2%

TAIWAN 132 117 105 -10.3%

JAPAN 111 102 97 -4.9%

THAILND 139 116 165 42.2%

Peru 70 65 97 49.2%

CHILE 72 87 105 20.7%

NORWAY 113 119 182 52.9%

U.K 30 29 32 5.9%

Source: www.kita.net Korea’s Trade Statistics Database for 2014

Seafood is imported from over 100 different countries into South

Korea. Major suppliers include China, Russia, Vietnam, and U.S.A. In 2014, the top 10 supplying countries accounted for about 82% of

total seafood imports on a value basis. China continued to be the largest supplier, followed by Russia and Vietnam.

According to Statistics Korea, since the late 1990s consumption of imported fish and fishery products has grown dramatically in South Korea and imports are forecasted to continue to be growing

especially following the Korea China FTA which is now under discussion.

http://www.kita.net/

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Table 12. Imports of Top 10 UK Species to South Korea

(Unit: Kg, $)

2012 2013 2014

Volume Value Volume Value Volume Value

Grand Total 3,589,829 27,703,125 4,190,400 37,425,694 4,077,209 42,843,606

1 Whelk 2,766,251 25,553,143 3,496,851 23,309,111 3,497,962 41,071,424

2 Mackerel 667,569 1,514,916 380,800 700,535 408,754 1,027,980

3 Toothfish 39,923 417,453 25,519 234,391 30,924 246,267

4 Sea salt 73,224 42,621 150,761 83,757 49,581 44,740

5 Other fish 23,555 34,744 19,360 17,424 4,508 7,913

6 Salmon 4,488 55,011 2 144 2,548 45,593

7 Other crustacean 4,754 32,130 0 0 12 101

8 Tuna 21 237 12 308 15 378

9 Caviar 0 0 39,000 132,512 76,562 269,560

10 Fish oil 5 5,226 2 13 1 10

Source: Fisheries Information Service

With Diversity of Origin recently enacted by the Korean government and industry, the import portfolio of the UK has changed. While

whelk meat is has remained as the largest import, imports of Caviar have grown from 0 kg in 2012 to 76,562 kg in 2014.

Imports of sea salt have substantially declined for the last few years,

and imports of crustaceans have rapidly declined since 2013.

According to Korea Customs Service, as the demand for seafood in

the market has risen substantially, imports have almost doubled. Seafood imports from the UK are expected to grow as there are high demands for whelk meat, as well as mackerel.

According to the official of Korea Maritime Institute, if seafood from the UK could highlight its freshness and stability in supplying, the

demand for the British seafood will increase accordingly.

Section 2 - Doing Business Profile

2.1 The Supply Structure

The history of South Korean seafood industry started with the

establishment of National Federation of Fisheries Cooperatives in 1962. The government founded the federation to modernise and

industrialise the domestic fisheries which then were not managed under the centralised system.

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National Federation of Fisheries Cooperatives contributed to and supported both suppliers and consumers by conducting various in-

depth research projects, developing centralised management systems and support programmes and most significantly by

operating auction halls nationwide.

Seafood transactions take place either at auction halls or directly between suppliers and buyers. Sales generated through auction

halls are calculated as ‘system sales’ while others are called ‘non-system sales’.

Table 13. Gross Output

(Unit: M/T)

Year Total Adjacent Waters Shallow Sea

Culture Inland Waters Distant Waters

2009 3,182,342 1,226,966 1,313,355 30,071 611,950

2010 3,110,634 1,132,536 1,355,000 30,982 592,116

2011 3,255,929 1,235,489 1,477,546 32,270 510,624

2012 3,183,424 1,091,034 1,488,950 28,131 575,308

2013 3,135,250 1,044,697 1,515,210 25,414 549,928

2014 3,325,083 1,059,812 1,566,357 29,774 669,140


Overall, less than 50% of all seafood harvested or produced in

Korea is being sold or bought through the auction halls located in the production districts.

About 84% of fish caught by adjacent water fishery are being traded at the auction halls while fish produced inland or caught in distant waters is not being traded through the system.

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Table 14. Top 10 Cooperatives (Auction Halls) by Vale and Volume

(Unit: ￡million, M/T)

Name of

cooperative District Value Volume

1 Busan Busan 142 77,709

2 Jeju Fish Jeju Island 109 16,723

3 Yeosu Jeollanam-do 98 41,363

4 Samcheonpo Gyeongsangnam-

do 85 46,182

5 Mokpo Jeollanam-do 84 31,370

6 Guryongpo Gyeongsangbuk-do 82 38,083

7 Powered Anchovy

Drag Net Fisheries

Gyeongsangnam-do

79 19,690

8 Halim Jeju Island 78 18,332

9 Shinan Jeollanam-do 63 28,607

10 Seogwipo Jeju Island 59 7,622

Source: National Federation of Fisheries Cooperatives

Table 16. Supply Structure (Adjacent Waters, Shallow Sea

Cultures)


About 84% of fish caught in adjacent waters is being traded at the auction halls in the production district where its initial price is

established. It then is distributed to wholesale markets in the consumption districts, large discount stores, and traditional market places.

The auction hall in the production district functions as a control tower for landing, establishing price and transaction, price

settlement, and so on. For instance, when production exceeds the

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demand, the cooperative purchases the surplus to stabilise the price and then sell it when the production is short and the price goes up.

About 35% of fish harvested from shallow sea culture is being traded at the auction hall in the production district while the rest is

being dealt directly between sellers and buyers.

In terms of cultured seafood, seaweed, oyster, tangles are the major products being traded at the auction halls. Live fish is

delivered directly to sushi restaurants by distributors.

Table 18. Supply Structure (Distant Waters)


Most seafood from distant waters is distributed frozen to consumption districts by general distributors. Declaration and inspection are conducted to land at the port and then the stock is

distributed by the first wholesaler to other wholesale markets in the consumption districts.

The first trade is made between the fishing vessel and the wholesaler before landing at the port. The first wholesaler sells the fish to the second wholesaler without a competitive bidding and

then the second wholesaler distributes the fish to commission merchants.

National Federation of fisheries cooperatives monitors and controls the trade and price settlement, consignment sales. The federation also takes part in the bid competing with other first wholesalers

before the vessel arrives at the port in order to control the market price.

Table 19. Supply Structure (Imported Seafood)


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Imports of seafood/fish are relatively straight-forward compared to other food and agricultural products. Importers bring in fishery products and sell to hotels and food service industry directly and to

distributors who sell to traditional markets and restaurants. Usually no auction is involved in terms of imported seafood.

When the import volume is large, importers generally sell to retailers such as supermarkets, discount stores, department super stores directly. When the import volume is small, importers sell to

distributors who sell to retailers.

Table 15. Market Share of Imported Seafood at Wholesale Markets

(Unit: M/T, KRW million, %)

2013 2014 2015. July

Volume Value Volume Value Volume Value

Total Volume 71,532 246,730 73,053 258,027 39,033 133,419

Imported 22,436 79,396 22,766 78,185 75,649 52,461

Market Share 31.4 32.2 31.2 30.3 40.1 39.3


National Federation of Fisheries Cooperatives also functions in the

imported seafood market to monitor price and trade settlement and the trust sales.

The federation, however, does not get involved directly in imports

and distribution as the federation is representing the domestic fisheries. Instead, another sales body is expected to take part in the

direct imports to influence on the market price for imported seafood.

National Federation of Fisheries Cooperatives operates 7 seafood wholesale markets in Korea. Imported seafood is accounted for

more than 30% of total wholesale market. Total wholesale market volume was 71,532 in 2013 and 73,053ton in 2014. Imported

seafood volume was 22,436 ton in 2013 and 22,766 in 2014.

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Table 16. Supply Structure of Imported Live Fish

Source: Fisheries Price Research Report by Ministry of Agriculture, Forestry & Fisheries of South Korea (2008)

Table 17. Supply Structure of Imported Frozen Seafood

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Source: Fisheries Price Research Report by Ministry of Agriculture, Forestry & Fisheries of South Korea (2008)

Table 18. Supply Structure of Imported Dried Seafood

Source: Fisheries Price Research Report by Ministry of Agriculture,

Forestry & Fisheries of South Korea (2008)

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2.2 The Retail Channel

Table 19. Top 5 Retailers

(Unit: Million of KRW)

Lotte Shopping

Co., Ltd. E-Mart Co., Ltd.

Homeplus Co., Ltd.

GS Retail Co., Ltd.

BGF Retail

Gross Assets

(as of 2014) 26,817,978 12,764,938 5,609,529 2,880,508 1,183,774

Total Sales (2014)

16,111,643 10,838,213 7,325,481 4,958,373 3,303,137

Store type

Department stores, Hypermarkets, Supermarkets,

Discount stores, Convenience

stores, Online stores

Hypermarkets, Discount stores,

Online stores

Hypermarkets, Supermarkets,

Discount stores, Online stores

Supermarkets, Discount stores,

Convenience stores,

Online stores

Convenience stores

Ownership Group (family, stock

exchange and private enterprises)

Group (family, stock exchange

and private enterprises)

Group (stock exchange and

private enterprises)





Website www.lotteshopping.

com http://store.emar

t.com/ http://corporate.ho

meplus.co.kr/ http://www.gsretail

.com/ http://www.bgfcu.c

om/

Source: Food Industry Statistics System

Large conglomerates lead the South Korean food and drink market along with specialised importers and distributors. The largest retailer in Korea is Lotte Shopping comprised of Lotte Department

Store, Lotte Mart, and so on. E-Mart, part of Shinsegae Group, and Homeplus, formerly part of Tesco and currently in process of

purchase by a new ownership group, GS Retail and BGF Retail are also major players.

Lotte Shopping Co., Ltd. - Address:Lotte Shopping Centre Bldg., 1, Sogong-dong, Jung-gu,

Seoul - Phone:+82 2 771 2500

- Lotte Shopping is part of the Lotte Group, the retail

conglomerate present throughout the Far East region. Like other retailers, including E-Mart and Homeplus (Tesco), they

provide online shopping services which continue to gain popularity in Korea. As a general retailer, they source both imported and domestic seafood and also do their private

labelling.

http://www.lotteshopping.com/

http://www.lotteshopping.com/

http://store.emart.com/

http://store.emart.com/

http://corporate.homeplus.co.kr/

http://corporate.homeplus.co.kr/

http://www.gsretail.com/


http://www.bgfcu.com/

http://www.bgfcu.com/

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Source: Lotte Shopping Website

E-Mart Co., Ltd. - Address: 333-16, Seoungsu-dong 2-ga, Seongdong-gu, Seoul

- Phone: +82 380 5678 - E-mart is the biggest hypermarket franchise in South Korea

with 129 stores nationwide. It is operated by Shinsegae which is itself a major retailer in Korea. E-Mart is also the first Korean

retailer to advance into China with the aim of becoming one of the world’s leading retailers. As of January 2011, there are 27

stores in China.

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Source: E-mart Website

Homeplus Co., Ltd. - Address: 17th fl., Samjeong Development Bldg., 701-2,

Yeoksam 1-dong, Gangnam-gu, Seoul

- Phone: +82 3459 8000 - Founed in 1999, Homeplus is one of Korea’s major discount

retail chains. Fomerly a 100% Tesco-owned entity, operating almost 400 stores nationwide. The chain operates

hypermarkets, convenience stores as well as an online home delivery shopping service. They are currently undergoing a sale

and change of ownership.

GS Retail Co., Ltd.

- Address: GS Gangseou Tower, 10, Mullae-dong 6-ga,

Yeongdeungpo-gu, Seoul - Phone: +82 2005 1114

- Established in 1971, GS Retail Co Ltd operates a chain of convenience stores (GS25), supermarkets (GS Supermarket),

malls (GS Square) and discount stores (GS Mart), etc. Amongst these affiliates, GS Supermarket is the only channel to

distribute seafood products.

BGF Retail

- Address: 11th fl., Bokwang Bldg., 141-32, Samseong 2-dong,

Gangnam-gu, Seoul - Phone: +82 1577 3663

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- Founded in 1994, the largest convenience store chain in Korea,

BGF Retail changed its name from Bokwang Family Mart in June 2012.

2.3 The Food Service Channel

Table 20. Top 5 Food Service Companies

(Unit: Million of KRW)

Our Home Ltd. CJ Foodville

Corp. Lotteria Co., Ltd.

Shinsegae Food Co., Ltd.

Dongwon Home Food Co., Ltd.

Gross Assets

(as of 2014) 780,128 489,728 905,504 382,466 759,423

Total Sales 2014

1,272,766 1,121,100 987,089 652,135 1,338,173

Service type Mass feeding

service, ready-meal product

Restaurant franchises

Fast food franchise,

Convenience Stores

Mass feeding service, restaurant

franchises

Mass feeding service, food processing

Ownership











Website www.ourhome.co.

kr www.cjfoodville.co

.kr www.lotteria.com


www.dwhf.co.kr

Source: Food Industry Statistics System

Our Home Ltd.

- Address: 4th fl., Meritz Bldg., 825-2, Yeoksam 1-dong,

Gangnam-gu, Seoul - Phone: +82 2175 4114

- Since 1984, OUR HOME has been providing meal services to institutional customers. Their businesses can be categorised

into 4 parts; concession & hospitality, contract food catering service, food manufacturing, and food material distribution.

Source: Our Home Company Brochure

http://www.ourhome.co.kr/

http://www.ourhome.co.kr/

http://www.cjfoodville.co.kr/

http://www.cjfoodville.co.kr/

http://www.lotteria.com/



http://www.dwhf.co.kr/

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CJ Foodville Corp.

- Address: 7th fl., 292 SSangnimdong, Jung-gu 825-2, Seoul

- Phone: +82 1577 0700 - CJ Foodville Corporation started by opening a family restaurant

business in 1994 and successfully launched a homegrown, Western-style family restaurant VIPS in 1997 to lay the

foundation as a specialized food service company. CJ Foodville Corp. has grown as a

firm, integrated food service company, splitting from CJ Corp. in 2000 and merging group’s franchise business division in October 2006.

- CJ Foodville currently runs 14 restaurant & franchise brands

and multi-restaurant culture spaces, ‘CJ FoodWorld’, and there are over 120 stores nationwide being operated under direct control.

Lotteria Co., Ltd.

- Address: 98-6, Garlwol-dong, Youngsan-gu 825-2, Seoul - Phone: +82 709 1114

- Lotteria began as the nations first franchise fastfood company

in 1979. Now there are over 950 branches in Korea, having about 45% of market share in fast food. Lotteria operates other

famous dining chains incluing, Krispy & Kreme Donut, TGI Fridays, Angel in us coffee.

Shinsegae Food Co., Ltd. - Address: 6th FL., Mesa BLDG., 204, Hoehyun-dong 1Ga, Jung-

gu, Seoul - Phone: +82 3397 6000

- Shinsegae Food involves in purchasing domestic and foreign

food products, processing agricultural, fisheries and meat products, manufacturing processed foods, building a nationwide

logistics network, and expanding the distribution and sales channels for food products. It is focused on four core businesses; food distribution, food processing and

manufacturing, institutional catering, and dining services.

Dongwon Home Food Co., Ltd. - Address: Mabangro 68, Yangjae-dong, Seocho-gu, Seoul

- Phone: +82 589 6200 - Dongwon Home Food is a catering specializing company

around 200 business locations including public offices,

companies, schools and hospitals. Dongwon Home Food is also operating a take-out franchise, Sand Presso, an organic food specialized store, E-Farm.

2.4 Key Regulations and Tariffs

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The major ministries and agencies involved with the South Korean food system are the Ministry of Health and Welfare (MHW), the

Korean Food and Drug Administration (KFDA), the Ministry of Agriculture, Food, Forestry and Fisheries (MIFAFF), the Ministry of

Knowledge and Economy (MKE), and the Prime Minister’s Office (PMO). The ministries share their roles and responsibilities based on the fixed hierarchy.

Amongst the authorities, KFDA and MIFAFF are the 2 organisations directly related to trade practices by setting and implementing

regulations pertaining to food products.

Table 21. Inspection Procedure for Imported Foods

Source: Korea Food and Drink Administration

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The Animal, Plant and Fisheries Products Quarantine and Inspection

Agency (QIA) were created by merging the National Veterinary Research and Quarantine Service, the National Plant Quarantine

Service, and the National Fisheries Products into one single agency in 2011. Under the control of QIA, fisheries products are subject to inspection and quarantine when clearing the customs at ports.

Table 22. Export and Import Quarantine Procedure for Fisheries

Source: Animal, Plant and Fisheries Quarantine and Inspection Agency

Subject of quarantine or inspection.

- Live aquatic animals for aquaculture (including sperms and roes).

- Live fish, shellfish, and crustacean for human consumptions, aquariums, and research and laboratory works.

- Articles contained the pathogens of aquatic animal diseases or

the diagnosis reagents included the disease pathogens.

Quarantine implementation location.

- Definition: Places those aquatic animals are being stored and

held during quarantine and the president of the QIA is approving in accordance with the Quarantine Implementation

Places Regulation.

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- Aquarium facilities, farming aquarium facilities, aquariums on

land, or cold storage facilities.

Quarantine type.

- Document Quarantine is to evaluate the submitted documents whether to meet the requirements of the quarantine

regulations.

- Clinical Quarantine is to evaluate the live aquatic animal’s

clinical symptoms by visually examining (including dissection).

- Precise Quarantine is to evaluate the live animals by

pathological, molecular biological, serological, or biochemical methods.

Table 23. Import Inspection (Declaration) Procedure for Fisheries

Source: Animal, Plant and Fisheries Quarantine and Inspection Agency

Subject of Inspection.

- Aquatic animals and plants: Live fish or shellfish, crustaceans,

and other forms of aquatic animals, fresh and frozen products,

or seaweeds.

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- Simply processed products: aquatic animals and plants

processed in a manner such as cutting, heating, boiling, drying, salting, and brining with only salt.

Products accepted for declaration.

- Imported by foreign embassies, legations, consulates, or other

corresponding institutions in Korea or imported by the public officials (or their families) belonging to the aforementioned

institutions for the purpose of their own consumption.

- Carried by travellers; may be acceptable for their own

consumption

- Imported as specimens and promotions free of charge and

indicated their use on the labels.

- Frozen or processed at a Korean vessel after catching or

gathering the aquatic animals in cooperation with foreign one in the economic sea zone of the state of the foreign ship.

- Used by a central government or a local government.

- Permitted the use on a vessel or an airplane by the head of

Korean Customs under Article 239 of the Korean Customs Law.

- Recognized by the head of the Korean Food and Drug Administration as a non-hygienic risk product.

Inspection type.

- Document Inspection: Document inspection is to evaluate the

submitted documents whether to meet the import regulations and is covered the followings;

1) Imported in order to re-export, manufacture, and study, used by central or local governments, expos, exhibitions, or returned exported products regardless of the hygienic risks.

2) Recognized products by the head of the Korea Food and Drug Administration as a security assured product.

- Organoleptic inspection: Sensory Inspection is to evaluate qualities, labels, net weights, and etc. of the fish and fishery

products by visually examining, smelling or touching the lot of the imported products and is covered the followings;

1) Imported: the relevant product has passed the precision inspection.

2) Recognized to need a sensory inspection by the chief of a

branch as sensory inspections. Verification of fish species such as yellow croaker, yellow corvenia, and etc. or processed types,

freshness or net weights, confirmation on containing foreign substances or food additives.

- Precise Inspection: Inspection is to evaluate the products by

physical, chemical or microbiological methods in a laboratory

and is covered the followings;

1) Imported for the first time or has a “rejected” history.

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2) Reported as the product contained hazards in Korea and other countries.

3) Unconfirmed reason(s) for returning an exported product.

Qualification of declarers.

- To import products for the purpose of selling: Persons who have completed the Business Registration for Foods, etc.,

Import, and Selling Business and other related standards.

- To use imported items for business (food manufacturers or

processors, food additives producers, or food containers or package producers): Persons who can prove that they use the

imported items specified in the import declaration.

Table 24. Import Tariff on EU Seafood (valid until 30/06/2013)

HS Code Product description EU

03 CHAPTER 3 FISH AND CRUSTACEANS, MOLLUSCS AND OTHER AQUATIC INVERTEBRATES

0301 Live fish:

- Ornamental fish:

0301.11 - - Freshwater fish:

0301.11.10 - - - Fancy carp

0301.11.90 - - - Other 0%

0301.19 - - Other 0%

- Other live fish:

0301.91 - - Trout (Salmo trutta, Oncorhynchus mykiss, Oncorhynchus clarki, Oncorhynchus aguabonita, Oncorhynchus gilae, Oncorhynchus apache and Oncorhynchus chrysogaster):

0301.91.10

- - - Salmo trutta, Oncorhynchus mykiss, Oncorhynchus clarki, Oncorhynchus aguabonita, Oncorhynchus gilae

3.7%

0301.91.20 - - - Oncorhynchus apache and Oncorhynchus chrysogaster 3.7%

0301.92 - - Eels (Anguilla spp.):

0301.92.10 - - - Glass eel (for aquaculture)

0301.92.90 - - - Other

0301.93

- - Carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus)

0301.94 - - Atlantic and Pacific bluefin tuna (Thunnus thynnus, Thunnus orientalis):

0301.94.10 - - - Atlantic bluefin tunas (Thunnus thynnus) 0%

0301.94.20 - - - Pacific bluefin tunas (Thunnus orientalis) 5.4%

http://madb.europa.eu/madb/atDutyOverviewPubli.htm?datasettype=draf&hscode=0301&countries=KR&keyword=&submit=&datacat_id=AT&showregimes=

http://madb.europa.eu/madb/atDutyDetailPubli.htm?datasetid=MAAT-KR13-01v001&hscode=03011110&countries=KR&datacat_id=AT&keyword=&submit=&pathtoimage=http://madb.europa.eu/at/images/&showall=F










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0301.95 - - Southern bluefin tuna (Thunnus maccoyii)

0301.99 - - Other:

0301.99.20 - - - Yellow tail

0301.99.40 - - - Sea-bream:

0301.99.40.10 - - - - Fry (for aquaculture)

0301.99.40.90 - - - - Other

0301.99.50 - - - Conger eel 1.6%

0301.99.60 - - - Sharp toothed eel 1.6%

0301.99.70 - - - Hagfish 0%

0301.99.80 - - - Flat fish 5.4%

0301.99.90 - - - Other:

0301.99.90.10 - - - - True bass 0%

0301.99.90.20 - - - - Puffers 1.6%

0301.99.90.30 - - - - Tilapia

0301.99.90.40 - - - - Rock fish (including pacific ocean perch) 1.6%

0301.99.90.50 - - - - Sea bass:

0301.99.90.51 - - - - - Fry (for aquaculture)

0301.99.90.59 - - - - - Other 6.3%

0301.99.90.60 - - - - Mullets 1.6%

0301.99.90.70 - - - - Loaches 0%

0301.99.90.80 - - - - Cat fishes 0%

0301.99.90.90 - - - - Other:

0301.99.90.91 - - - - - Rock Trout (Hexagrammos spp., Agrammus spp.) 0%

0301.99.90.92 - - - - - Crusian carp 0%

0301.99.90.93 - - - - - Salmon 1.6%

0301.99.90.94 - - - - - Grass carp

0301.99.90.95 - - - - - Croakers

0301.99.90.96

- - - - - Carp (other than Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus)

0301.99.90.99 - - - - - Other 5.4%

Source: European Commission Market Access Database

Korea EU FTA came into effect in July 2011. The FTA will eliminate tariffs on 97% of EU goods with three years. Accordingly, tariffs on seafood are also decreasing every year. Current tariffs on respective

items could be confirmed at European Commission Market Access Database (http://madb.europa.eu).

Based on the agreement, UK companies are asked to obtain ‘Approved Exporter Status’ from HMRC to get the preferential tariff

























http://madb.europa.eu/

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when exporting to Korea. Find more details at http://www.hmrc.gov.uk/.

<Labelling Regulation>

All domestic and imported foods distributed in the market should be

labelled in Korean upon arrival. After the custom clearance and

declaration, provincial authorities will randomly verify labelling of domestic and imported goods in the marketplace.

Korean language labels must be attached to all imported food products clearing the customs, except unpackaged

agricultural/fisheries products. The Korean label should be attached on the package not covering the original label. Given blow are the items contained in the label:

- Product name.

- Product type.

- Importer’s name, address, phone number, and the address where products may be returned or exchange in case of defects.

- Manufacture date (date, month, and year).

- Shelf life or best before date. Fresh fish not packages are not required to be indicated with the date, however, should be

dealt carefully.

- Contents (Calories)

- Ingredient names and content.

- Composite Ingredients.

- Additives.

- Allergens.

- Etc.

<Organic Certification>

In the case of seafood and seafood products, no organic certification is required or expected in South Korea. This also includes seafood products already certified in other countries and it cannot be

labelled as ‘organic’ in South Korea.

<Tax on Food>

The VAT rate in South Korea is 10%.

2.5 Tips and Useful Links

http://www.hmrc.gov.uk/

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Seafood trade shows

- Seoul Seafood Show (3S) 2016

(http://www.seoulseafood.com/eng/index.asp)

: The show is designed to be an international trade show open

to domestic and imported fisheries. Sponsored by the MIFAFF, this show covers seafood, fishery, nursery, aquaculture, processing machinery and equipment. Expected visitors to this

show are sellers, buyers, users, retailers, wholesalers, and traders. The show will be held in Seoul from 6 to 8 April 2016.

- Busan International Seafood & Fisheries Expo (BISFE) 2015 (http://www.bisfe.com/)

: Although the date of the expo has not been fixed, this largest annual fisheries show will be held in October 2015. Featuring 350 exhibitors from 25 countries, BISFE 2015 is Korea's leading

seafood and fisheries trade fair based on its global competitiveness. The show covers wide range of areas

including seafood, seafood processing machinery, packing equipment, marine biotechnology, overseas trade, and so on.

Export formalities and regulation updates

- European Commission Market Access Database

(http://madb.europa.eu) publicly open to British exporters contains the most updated, legitimate information on global trade. As Korean authorities do not usually provide English

version of the regulations, this database website could be useful for English speaking traders. It provides updated tariffs,

regulation, export formalities and specimen of forms, etc.

http://www.seoulseafood.com/eng/index.asp

http://www.bisfe.com/


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4. SOURCES

Invest Korea (www.investkorea.org)

Korea Customs Service

(http://english.customs.go.kr/kcshome/site/index.do?layoutSiteId=english)

The Ministry of Strategy and Finance

(http://www.mosf.go.kr/main/main.jsp)

The Ministry for Food, Agriculture, Forestry and Fisheries

(http://english.mifaff.go.kr/)

Ministry of food and drug safety (http://www.mfds.go.kr/eng/index.do;jsessionid=aYYXlhX0C6OnW5

kjZUJq46Wa4hSE1z9diIx3QaUIqO5HX0MGODzUtDMDEobZY98f )

Animal, Plant and Fisheries Quarantine and Inspection Agency

(http://www.qia.go.kr/english/html/indexqiaEngNoticeWebAction.do?clear=1)

Fisheries Information Service (http://www.fips.go.kr/)

Statistics Korea (http://kostat.go.kr/portal/english/index.action)

Korea maritime institute (http://www.kmi.re.kr/kmi/en/)

Euromonitor international (http://www.euromonitor.com/)

Worldfishing & Aquaculture (http://www.worldfishing.net/news101/analysis-and-

interviews/new-horizons/south-korea)

US Agricultural Trade Office (http://www.atoseoul.com/)

European Commission Market Access Database (http://madb.europa.eu)

The Korean Society of Fisheries Business Administration

(http://www.fima.or.kr/)

Food Industry Statistics System (http://fis.foodinkorea.co.kr/)

Korea Rural Economic Institute (http://www.krei.re.kr/kor/main.php)


http://english.customs.go.kr/kcshome/site/index.do?layoutSiteId=english

http://english.customs.go.kr/kcshome/site/index.do?layoutSiteId=english

http://www.mosf.go.kr/main/main.jsp

http://english.mifaff.go.kr/

http://www.mfds.go.kr/eng/index.do;jsessionid=aYYXlhX0C6OnW5kjZUJq46Wa4hSE1z9diIx3QaUIqO5HX0MGODzUtDMDEobZY98f

http://www.mfds.go.kr/eng/index.do;jsessionid=aYYXlhX0C6OnW5kjZUJq46Wa4hSE1z9diIx3QaUIqO5HX0MGODzUtDMDEobZY98f

http://www.qia.go.kr/english/html/indexqiaEngNoticeWebAction.do?clear=1

http://www.qia.go.kr/english/html/indexqiaEngNoticeWebAction.do?clear=1

http://www.fips.go.kr/

http://kostat.go.kr/portal/english/index.action

http://www.kmi.re.kr/kmi/en/

http://www.euromonitor.com/

http://www.worldfishing.net/news101/analysis-and-interviews/new-horizons/south-korea

http://www.worldfishing.net/news101/analysis-and-interviews/new-horizons/south-korea

http://www.atoseoul.com/


http://www.fima.or.kr/

http://fis.foodinkorea.co.kr/

http://www.krei.re.kr/kor/main.php

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5. RELEVANT STAKEHOLDERS IN THE SECTOR

Ministry of Food and Drug Safety (MFDS) Address: Osong Health Technology Administration Complex, 187

Osongsaengmyeong2(i)-ro, Osong-eup, Cheongwon-gun, Chungcheongbuk-do, Korea Tel: +82 (0)43 719 1564

Web: www.mfds.go.kr/eng Remarks: MFDS is the government healthcare authority that promotes

public health by ensuring the safety and efficacy of foods, pharmaceuticals, medical devices and cosmetics, and supports the development of the food and pharmaceutical industries.

Korea Health Industry Development Institute (KHIDI)

Address: 187 Osongsaengmyeong2(i)-ro, Gangoe-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea Tel: +82 (0)43 713 8000

Web: www.khidi.or.kr/eng Remarks: KHIDI is associated government agency which performs market

research and establishes statistic data for healthcare industry in Korea. KHIDI annually releases ‘Industry Analysis Report’ for Food, Cosmetics, Medical devices and Pharmaceuticals in Korea.

Invest Korea

Address: 13, Heolleungno, Seocho-gu, Seoul, Korea Tel: +82 1600 7119 Web: www.investkorea.org

Remarks: The web page is well established with lots of useful information (e.g. Financial/taxation system, IPR, guidelines for setting up offices, etc.)

for newcomers to invest in Korea. Korea International Trade Association (KITA)

Address: 511, Yeongdongdae-ro, Gangnam-gu, Seoul, Korea Tel: +82 1566 5114

Web: http://global.kita.net Remarks: KITA has played a critical part in Korea’s development into one of the world’s most preeminent trading nations. Today, it is one of the

largest business associations in Korea with approximately 65,000 member firms and continues to support Korea’s business community.

Small and Medium Business Corporation

Address: 24 Gukjaegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea Tel: +82 (0)2 769 6702 Web: www.sbc.or.kr/sbc/eng/main.jsp

Remarks: Established in 1979 as a non-profit government agency for promotion and development of small and medium enterprises (SMEs) in

Korea.

http://www.mfds.go.kr/eng

http://www.khidi.or.kr/eng


http://global.kita.net/

http://www.sbc.or.kr/sbc/eng/main.jsp

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6. FOLLOW-UP ACTION

We will relay any feedback received from the non responsive companies if

they get back to us in future. Please do not hesitate to contact us if you have any further questions about this Service. We would be happy to receive feedback on the report

provided, either now or after the outstanding response has been obtained. We can agree a time to speak on the telephone at your convenience.

It might be of interest to know that the British Embassy Seoul has a seminar/reception venue for up to 100 people (Aston Hall) with audio-visual equipment available for the use by British companies at competitive

rates. For smaller, special events, consideration can also be given to the use of the Ambassador’s Residence.

UKTI Seoul can provide contact details for local service providers upon request-hotels, transportation firms, interpreters etc. We look forward to continuing to work with you to help expand your

business in South Korea.

7. CONTRIBUTORS

Listed below are the trade officers that contributed to this report –

Produced by:

UKTI Seoul / British Embassy, Seoul Address: Sejong-daero 19-gil 24, Jung-gu, Seoul, Korea Tel: +82 (0)2 3210 5625

Fax: +82 (0)2 736 6241 Contact: Yoonah Lee

E-mail: [email protected]

mailto:[email protected]

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