UK-made products ranging from hydrogen fuel cells and offshore wind technology to lifejackets will be supplied to the South Korean market through deals made at DIT-supported trade shows in South Korea.
Technology company Oxford Instruments signed a contract with a local automotive research institute to accelerate R&D and increase productivity following their first participation in a DIT pavilion event this year.
UK exports to this fast-growing nation increased by nine per cent (£620 million) in the year to June 2021 compared to the same period the previous year.
South Korea is the tenth largest economy in the world and a growing market for exports of British products. The country forms a key part of UK’s strategic tilt to the Indo-Pacific region as the country looks for new opportunities to trade.
Trade between the two nations increased by six per cent to £13 billion in the year to June 2021, and the UK exported £2 billion more to South Korea than it imported.
DIT’s Pavilion showcase series – which provides stalls for UK companies to exhibit at overseas tradeshows – has enabled British firms to promote their products at South Korea’s largest events.
Secretary of State for International Trade Anne-Marie Trevelyan said: “As part of our Global Britain agenda we are helping businesses capitalise on the huge demand for British goods and services in South Korea.
“We recently negotiated the world’s most ambitious digital trade deal with Singapore, and we’re on track to join the CPTPP this year, a huge free trade area with a combined GDP of £8.4 trillion.”
(The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also known as TPP11 or TPP-11, is a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam)
Other businesses benefiting include
- Ceres Power – the green energy pioneer partnered with Korea’s Doosan on a major long-term deal to build a 50MW factory to produce its cells – worth at least £43 million over three years.
- Intelligent Energy – the UK fuel cell manufacturer partnered with Edison Motors to bring its groundbreaking fuel cell technology to South Korea’s largest manufacturer of electric buses and trucks. The company will also work with Hogreen Air to test its fuel cell technology for drones.
- Survitec – the Birkenhead-based safety and survival solutions firm – which designs and manufactures a wide range of goods from lifejackets to medical equipment and PPE – signed a contract worth £17 million over the next five years to supply its products to South Korea.
- ORE Catapult – the cleantech firm agreed more than £7 million worth of deals for offshore wind with South Korean industry and R&D partners.
- Quay Pharma – the British pharma company signed two contracts worth £1.2 million with Korean biotech firms, following a series of B2B meetings facilitated by DIT, with a growth projection of £6.2 million in three years’ time.