South Korea

Герб
 Флаг
 

Coat of arms: consists of the taeguk symbol present on the country's national flag surrounded by five stylized petals and a ribbon bearing the inscription of the official Korean name of the country (Daehan Minguk), in Hangul characters. The Taegeuk represents peace and harmony. The five petals all have meaning and are related to South Korea's national flower, the Hibiscus syriacus, or Rose of Sharon.

Flag: has three parts: a white rectangular background, a red and blue Taegeuk, symbolizing balance, in its center, and four black trigrams selected from the original eight, one toward each corner.

The flag's background is white, a traditional color in Korean culture. The color represents peace and purity. The circle in the middle is derived from the philosophy of um-yang and represents balance in the universe. The red half represents positive cosmic forces, and the blue half represents the opposing negative cosmic forces. Together, the trigrams represent movement and harmony as fundamental principles. Each trigram represents one of the four classical elements.

 
  • Anthem: «Aegukga» is the national anthem of South Korea.
  • Official languages: Korean, Korean Sign Language.
  • Geographical location: it is a country in East Asia, constituting the southern part of the Korean Peninsula and lying to the east of the Asian mainland.
  • Administrative divisions: the major administrative divisions in South Korea are eight provinces, one special self-governing province, six metropolitan cities (self-governing cities that are not part of any province), one special city and one metropolitan autonomous city.
  • Capital: Seoul.
  • Governance: South Korea has a government divided into three branches: executive, judicial, and legislative. The executive and legislative branches operate primarily at the national level, although various ministries in the executive branch also carry out local functions. Local governments are semi-autonomous, and contain executive and legislative bodies of their own. The judicial branch operates at both the national and local levels. South Korea is a constitutional democracy.
  • Population: 50.62 million.
  • Currency: South Korean won.
  • GDP: $1.38 trillion.
  • Time zone: GMT +9.
  • Telephone code: +82.
  • Barcode: 880.

 

Trade and economic cooperation between Belarus and South Korea

South Korea imports energy (it is the second largest importer of gas in the world) and exports processed petroleum oils. The country is resource poor, so it has to import resources.

South Korea's most valuable import products:

  • Auxiliary machinery;
  • Electronic integrated circuits;
  • SD cards;
  • Cars;
  • Measuring and checking instruments.

Belarus's most promising products to export to South Korea:

  • Potassic fertilizers;
  • Electronic integrated circuits;
  • Glass fibres;
  • Articles of stone or other mineral substances;
  • Liquid crystal devices, lasers;
  • Nonwovens;
  • Instruments and apparatus for physical or chemical analysis;
  • Chemical and petrochemical products.

Belarusian agricultural and food products are not in demand in South Korea due to dietary habits and cultural peculiarities of the country.

Belarus's most promising food products to export to South Korea:

  • Milk whey;
  • Confectionery products;
  • Prepared or preserved meat;
  • Butter;
  • Mozzarella;
  • Starch;
  • Spirits;
  • Juices.

Small-sized agricultural machinery is in demand in South Korea, because there are a lot of farms and small cultivated areas.

Belarusian companies, manufacturing agricultural machinery (tractors, in particular) face fierce competition from Korean companies, which take into account customer needs and manufacture high-quality machinery, and companies from other countries.

Manufacture of combine harvesters is less developed in the country, but dimensions and engineering performance of machinery are crucial. 

High-tech products, composite materials, air-navigation equipment, agricultural drones are in demand.

In addition, South Korea imports medicaments packed for retail sale.

Belarus's most valuable products, imported by South Korea:

  • Electronic integrated circuits;
  • Liquid crystal devices, lasers;
  • Binoculars and optical apparatus;
  • Radiation detection and monitoring equipment.

OJSC Integral supplies electronic integrated circuits to South Korea for its electronics and auto industries.

Belarus mainly imports high-tech products from South Korea:

  • Cars;
  • Road construction machinery;
  • Parts to electronics;
  • Household appliances;
  • Hardware and telecommunications equipment;
  • Parts and accessories to cars;
  • Compressors;
  • Containers for compressed or liquefied gas, of iron or steel.

Promising areas of cooperation are production of agricultural drones and automotive components, such as steering units, shock absorbers and braking systems. Joint ventures could supply their products to South Korea, the CIS, the EAEU and other countries.

 

This article has been prepared on the basis of information provided by the National Centre for Marketing and Price Study of the Ministry of Foreign Affairs, and the Embassy of the Republic of Belarus in the Republic of Korea, and taken from public sources. The information presented herein is for informative purposes only. In this regard, it may be useful for the companies, which have been working in Korea for a long time, as well as for those, which are going to enter this market. Any questions, feedbacks and comments concerning this article are welcome. All of them will be fully considered and taken into account, if possible. If you have any information that may be interesting and useful for the visitors of this page, please write to us.

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