Swedish Transportation Delegation Visits Seoul

South Korea has for many years been one of the fastest growing economies in the world and today the country is ranked as the 12th largest economy globally considering purchasing power. A very strong domestic industry and an attractive consumer base have made South Korea into a highly interesting market for Swedish companies.

In conjunction with the official visit by the Swedish minister Ann Linde, Business Sweden and the Swedish embassy in Korea are hosting a business delegation to Seoul focusing on “Smart Cities”, a topic which is on top of the agenda in South Korea. During the delegation to Seoul, special attention will be given to areas such as transportation, automotive, and safety. Areas in which Telenor Connexion, a leading provider of Internet of Things (IoT) solutions, has extensive experience.

The delegation program includes seminars, meetings with key decision makers in the private and public sector, a roundtable and more. Telenor Connexion participates alongside customers Volvo and Scania.

According to the Hyundai Research Institute, Korea’s market for Internet of Things services is expected to surge from the current 3.3 trillion won (US$ 3 billion) to 17.1 trillion won by 2020. The forecast means the nation’s IoT market will grow at an annual average of 38.5 percent in the next five years, outpacing 28.8 percent of the global market.

According to Business Sweden, the Swedish Trade & Invest Council and organizer of the trip, South Korea is dedicating significant efforts to become a global innovation leader. This further enables opportunities for cutting-edge international companies looking to expand to Korea.

 

In addition, besides being a huge market by itself, South Korea is a prominent cultural influencer in the region and an excellent stepping stone to other Asian markets.