2. OVERVIEW OF ECONOMY
COMPARISON BETWEEN SINGAPORE AND
SOUTH KOREA
South Korea Economy Singapore Economy
Population: 48.8 million 5.1 million
GDP (PPP): • USD$1.4 trillion • USD$240.0 billion
• USD$27,978 per • USD$50,523 per capita
capita
Unemployment 3.2% in January 2012 2.0% in Fourth quarter 2011
:
Inflation (CPI): 3.4% in January 2012 4.8% in January 2012
FDI Inflow: USD$5.8 billion USD$16.8 billion
3. KOREAN WAVE OR HALLYU
• Refers to the spread of South
Korean Culture around the world.
• phenomenal success of
Korean television dramas fuels
the robust growth of Korea’s
culture-based industry
• Provided the world with a better understanding towards
Korea Culture through the subtle embedment of traditional
values such as the centrality of communal life, filial
responsibility, disciplined work ethics, and empathy toward
social minorities
4. KOREAN WAVE OR HALLYU
• largely responsible for achieving
over one billion dollars in revenue
annually for South Korea through
cultural exports.
• predicted to reach up to $3.8
billion in revenue in 2011, a 14%
increase from the previous year.
• boost the number of foreign tourists
travelling to South Korea from 2.8
million in 2003 to 3.7 million in 2004.
The
• What is the impact of Hallyu
on Singapore?
• Social impact?
• Economic impact?
5. FREE TRADE AGREEMENT BETWEEN
SINGAPORE AND SOUTH KOREA
• The Korea-Singapore Free Trade
Agreement (KSFTA) was signed on
4 August 2005. The KSFTA came
into force on 2 March 2006
• Korea's first free trade agreement
with an Asian country
• Almost 75% of Singapore's
domestic exports to Korea enjoy
an immediate tariff elimination
which provides them a cost
advantage and first mover
advantage into the Korea's
market.
6. FREE TRADE AGREEMENT BETWEEN
SINGAPORE AND SOUTH KOREA
• Korean manufacturers
sourcing for intermediate
products like IT components
from Singapore for their
finished goods will also benefit
from reduced costs resulting
from tariff benefits accruing to
these imports into Korea.
• Thus boost trade between
Singapore and Korea
7. INTERNATIONAL ENTERPRISE (IE)
SINGAPORE (KOREA)
• IE Singapore's Overseas
Center in Seoul has been
established since 1990.
• involved in catalyzing
investments into Korea and
partnerships between
Singapore-based and
Korean companies venturing
beyond Korea.
8. INTERNATIONAL ENTERPRISE (IE)
SINGAPORE (KOREA)
• It constantly seeks to multiply these
channels for investments and
partnerships through collaborations
with strategic partners.
• Example: Memoranda of
Understanding (MOU) have
been signed on a governmental
level with KOTRA (Korea Trade-
Investment Promotion Agency)
and the Busan & Jinhae Free
Economic Zone (BJFEZ) to
expand the opportunities for
collaborations between
Singapore based and Korean
enterprises.
