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 open on 27 October 2021.
March 2022 to July 2022
Seoul Food and Hotel, 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) 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 Grant)
- 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
- 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
Program debrief, ongoing advice and follow up
- Ongoing support provided by a dedicated NSW Government Export Adviser
Note: The curriculum is subject to change.
Register for the webinar on Wednesday 13 October 2021 from 4:00 to 5:00pm AEST.
Applications open on 27 October 2021 and close 17 November 2021.