Victoria and the Republic of Korea (South Korea) share an expanding relationship based on two-way trade in goods and services and strong education and cultural ties, which has strengthened following the opening of a Victorian Government Trade and Investment (VGTI) office in Seoul in 2014.

The Victorian Government is supporting a number of initiatives to assist Victorian companies and organisations develop connections and investigate opportunities in South Korea.

Market snapshot

South Korea is a highly industrialised, internationally competitive economy and one of Australia's major trading partners.

As the fourth largest economy in Asia and with a population of over 50 million people, South Korea's increasing demand for high-quality goods and services is providing untapped export opportunities across a range of industries for Victorian businesses.

The Korea-Australia Free Trade Agreement (KAFTA) has strengthened these opportunities by removing significant trade and export barriers and improving access to the South Korean marketplace.

South Korea Insights  Summer 2024

Seasonal direct flights by Asiana to boost business links between Victoria and South Korea

In February 2024, Asiana Airlines announced the return of seasonal flights between Melbourne and Seoul (Incheon International Airport), operating four times a week between 2 July and 2 September 2024.

The announcement comes amid a three-month trial of twice-weekly direct flights from 26 December 2023 to 29 February 2024. This is the second successful seasonal trial that Asiana has operated between Melbourne and Seoul.

The seasonal direct flights, using a newly procured Airbus 350, demonstrate the increasing importance of business links between Victoria and South Korea, particularly following the success of Hanwha Defense Australia in securing the tenders for the Land 8116, and more recently, the Land 400 Phase 3, Commonwealth defence projects. Another recent success by a Korean chaebol in Victoria was Lotte winning the contract to manage Melbourne Airport’s duty-free business in June 2023.

Victorian businesses are also increasingly interested in exporting to South Korea in a range of sectors from traditional trade areas such as food and beverages to newer areas including defence, gaming and e‑sports. In November 2023, four Victorian businesses participated in G-STAR (November 2023), South Korea's largest annual gaming trade show in Busan. In the defence sector, four companies exhibited at the Australian stand at ADEX (October 2023), a major aerospace and defence exhibition in Seoul.

Victoria’s food industry would be a major beneficiary of ongoing direct flights given the strong interest from the Korean market in Victorian seasonal produce. Leveraging this interest, Global Victoria is supporting Victorian companies to exhibit at Seoul Food and Hotel (June 2024), a food and hospitality trade show.

There is also an opportunity to strengthen sporting connections between Melbourne and Seoul. Senior level representation from South Korea is expected at the leading sport summit in the Asia-Pacific region, SportNXT (March 2024), being held in partnership with the Victorian Government in Melbourne. Furthermore, the Korean Eagles baseball team is using Victoria as its summer training base.

The flights will also benefit international education links, with Global Victoria facilitating eight inbound delegations to university and vocational education and training partners in January 2024 alone. These short-term study programs were delivered by RMIT University, Victoria University, Swinburne University, and Box Hill Institute with three student groups travelling on Asiana direct flights.

Activities on the horizon

• Inbound delegation from Korea to SportNXT (March 2024), the leading sport summit in the Asia-Pacific region held in Melbourne
• Trade mission to BioKorea (May 2024), a major bio and life sciences trade show in Seoul
• Attendance at Study in Australia Fair Seoul (May 2024), an education fair promoting universities, VET and other institutions in Australia
• Trade mission to Seoul Food and Hotel (June 2024), a food and beverages trade show.

Previous regional insights

Spring 2022

Key industries of opportunity for Victorian exporters

Victoria's global reputation as a supplier of premium quality, clean and healthy food – together with advantages in supply chain management – provide substantial export opportunities for Victorian agribusiness to meet South Korea’s increasing demand for high-quality beef and lamb, dairy, horticulture and healthy functional foods.

As one of the world’s most liveable cities and Australia’s best student city, Melbourne is recognised by South Korean students as a welcoming, safe, and cosmopolitan city. Victoria’s world-class educational institutions offer high-quality and innovative programs and training to meet the needs of South Korean students looking to study across the state.

Opportunities have emerged for vocational education and training (VET) providers, with a growing number of South Korean students recognising the quality of programs delivered by Victoria’s TAFEs and other VET providers, as well as growing interest from Korea-based VET providers seeking international partners for short term study programs.

South Korea’s ageing population is increasing the demand for services and products in the health and pharma sectors.

Opportunities are emerging for Victorian pharmaceutical, biotechnology and healthcare businesses specialising in innovative medical technologies, research and development and clinical trials for new drugs.

South Korea’s ageing population is also driving changes in the country’s financial services industry as asset managers look to grow and diversify their asset portfolios.

Fintech is another area which is showing strong growth. Victoria’s strengths in both these areas provide opportunities for greater trade and investment.

South Korea’s beauty and personal care industry is one of the world’s top ten markets and offers significant export opportunities for Victorian cosmetics and neutraceutical companies.

South Korean consumers have become increasingly interested in cosmeceutical products that offer sustainability features, and the market is providing substantial opportunities for Victorian beauty and wellness and FMCG companies.

Victoria's leading digital technology sector is strongly placed to provide South Korea with digital and software solutions such as smart infrastructure, cloud and mobility computing, security, smart grids and smart cities.

Contact us

Have a question? Get in touch with us.