Swedish companies have been doing business in South Korea for over 100 years. The Swedish business communities have grown following the Swedish export growth, and more networking activities have been organised since the establishment of the Swedish Chamber of Commerce Korea (SCCK) in 2012.
In 2019, Korea and Sweden celebrated 60 years of diplomatic relations. South Korea has been one of the most important export markets for Sweden. There are over 120 Swedish companies that have registered subsidiaries in South Korea, and if you count the brands, it’s even more.
Many Swedish companies expect to continue investing in South Korea to capture the growth potential. More than half (62 per cent) of respondents expect increased investment in the coming 12 months compared to the previous year.
Sweden’s global image has been relatively stable over the years. Known for its innovation and sustainability leadership, Sweden has always had a strong positive image in South Korea.
Being a Swedish brand has benefited businesses in South Korea for many years. This trend has been growing since we asked this question in 2015. The year 2022 was no different – 74 per cent stated that Swedish brands contribute to business “very or very much”, and 17 per cent stated that it “partially” contributes.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
This report aims to increase the understanding of Swedish companies’ performance in South Korea and deepen our appreciation of the opportunities and challenges that the South Korean market poses. In addition, it will hopefully serve as a reference in bilateral trade dialogues between Sweden and South Korea.
This year, we conducted the survey from March 8 to 25. Out of 120 eligible companies, 55 respondents replied, with a 45 per cent of response rate.
Lastly, we would like to extend our most sincere gratitude to the participating companies and respondents who have contributed to this report.