Food and Beverage to South Korea

Eligible businesses can apply for free support to export packaged food, non-alcoholic beverages, health food, dried fruit, nuts, dairy, and wine to South Korea. Applications have closed.

Program dates

March 2022 to July 2022

Key event

Seoul Food and HotelExternal Link, 7 to 10 June 2022

Why this market

The Republic of Korea (South Korea) is Australia’s third largest export market and is Australia’s fourth largest two-way trading partner.

South Korea has a population of 51.7 million and a gross domestic product (GDP) per capita of more than US$31,000.

There is still untapped potential in South Korea for Australian exporters of high-quality food and beverages.

South Korean consumers regard Australia as a clean and green environment, which produces quality food products and ingredients.

The Korea–Australia Free Trade Agreement (KAFTA)External Link has improved access for Australian food and beverage exporters. There is potential for strong growth as more South Korean consumers are exposed to the wide range of Australian food and beverages.

Participation requirements and success factors

Eligibility for the overall Program

Have headquarters in NSW
Be export-capable and export-ready
Have between 3 and 199 full-time equivalent (FTE) employees
Have a valid ABN (Australian Business Number) registered for NSW
Have a commercial product or service
Have a website featuring the product or service (marketing and promotional costs might be reimbursed through the NSW Export Assistance GrantExternal Link)
Be prepared to adapt the product or service for the market
Have a product or service that is produced primarily in NSW
Be willing to travel to Sydney for events and to the selected market (where and when COVID-19 restrictions permit travel), and must cover their own travel expenses
Not be considered a trader (meaning the Program is for businesses that produce and add value in NSW)

Additional eligibility requirements  for this stream

Market-ready product or service has already been tailored for this market

The ideal participant

Health and functional foods:
- Unique, price competitive and consistent quality
- Product has (or can be adapted for) a 12-month shelf life, 10 degrees display shelves
Dairy, meat and seafood items are/can be compliant with import quotas, restrictions, and other market access regulations
Able to respond to enquiries from South Korea quickly and flexibly to build relationship trust

Businesses not eligible for this stream

2020–21 Going Global Program “South Korea” participants

Curriculum

Introductory sessions

Welcome session
A review of your readiness for the South Korean market
Export pricing for the South Korean market
Pitch training and pitch deck development

Market intelligence briefings and cultural training

South Korean food and beverage ecosystem, channels and supply chains
Category and competitor review including supply chain margin
Market entry strategy, optimal channels and access, and buyer criteria
South Korean business etiquette, cultural awareness and negotiation principles
Pitch development and articulating unique selling points for the South Korean market

Partner search and introductions

Virtual participation at trade show Seoul Food and Hotel, 7 to 10 June 2022, with in-market assistance and logistical support from Investment NSW)
Introduction to potential partners, facilitated by a South Korean consultancy
Fully supported 1:1 virtual business matching interviews