Business opportunities for Estonian enterprises in the Republic of Korea

With its population of 51 million, the Republic of Korea (South Korea) is an export-based industrialised country. South Korea has made progress in e-governance and is an important strategic partner for Estonia in advancing global digital development. In the UN’s E-Government Development Index (EGDI) that compares the availability of public services online, South Korea ranked second in 2019, with Denmark in first and Estonia in third place. Estonia and Korea are tied for first place in terms of active use of e-services and on a global level, Estonia is working with Korea to advance e-government at the leading global cooperation network Digital Nations.

On several occasions, Moon Jae-in, the President of the Republic of Korea, has described Estonia an international IT leader, a pioneer of electronic ID systems and the trailblazer in e-voting and e-residency. This is why in Korea, Estonia is currently best known for having successfully established e-government.

In recent years, the bilateral relations of Estonia and the Republic of Korea and interest in cooperation have increased. Business ties, digital, defence and cyber cooperation have stepped up, as well as education and cultural cooperation. Estonia’s exports to Korea continue to be driven by the timber industry, and mechanical machinery, electrical devices and agricultural products are also exported.

The market of South Korea definitely holds potential for Estonian food products, agricultural products, design products, products and services of the ICT sector and high-tech products.

The embassy in Seoul is ready to support Estonian companies in making contacts and finding business opportunities in South Korea; please contact the embassy by emailing embassy.seoul@mfa.ee.