Embassy of the Republic of Korea in the Kingdom of Sweden

1. Political Relations

The Republic of Korea

• ●Capital: Seoul (9.4 million in May 2023)

• ●National flag: Taegeukgi

• ●National flower: Mugunghwa (Rose of Sharon)

• ●Currency: Won ($1= ₩1,306.5) (May 2023)

• ●Official language: Korean (Hangeul)

• ●Land area: 223,098 km² (South Korea 100,364 km²)

• ●Climate: Mild with four seasons

• ●Population: 51,4 million (April 2023)

• ●Foreign nationals residing in Korea:2.25 million (2022)

• ●Population growth: -0.14% (2023)

• ●Political system: democracy with a President elected every 5 years by referendum. Governmental powers are divided into the executive, legislative (National Assembly with a chamber) and judicial Powers.

• ●President: Yoon Suk Yeol (May 2022~)

• ●Voting rights: Everyone has the right to vote from the age of 18

• ●Presidential election: every 5 years

• ●National Assembly election: every 4 years

• ●Municipal elections: every 4 years

Diplomatic Relations between Korea and Sweden

High Level Exchanges between Korea and Sweden

• ●From Sweden to Korea

2. Economic Relations

Overview of Korea's Economy

• ●GDP: 1.71 trillion USD (2023, World Bank)

• ●GDP Growth (Real): 1.4% (2023, World Bank)

• ●GDP per capita: 33,121 USD (2023, World Bank

• ●Exports: 632.2 billion USD (2023, Korea Customs Service)

• ●Imports: 642.6 billion USD (2023, Korea Customs Service)

• ●Foreign Exchange Reserves: 426.1 billion USD (2023, KOSIS)

• ●FDI (Inflows) : 32.7 billion USD (2023, MOTIE)

• ●Economic Scope (By GDP): World's 14th largest economy (2023, Bank of Korea)

• ●Leading Industries : ICT, Electronics, Semiconductor, Automobile, Steel, Petrochemical, etc.

• ●Since the establishment of the FTA Roadmap in 2003, the Republic of Korea has actively pursued FTAs with its key trading partners. So far, 17 FTAs with Chile, Singapore, EFTA, ASEAN, India, Peru, EU, US, Turkey, Australia, Canada, China, New Zealand, Vietnam, Colombia and 4 Central American countries (Nicaragua, Honduras, Costa Rica, El Salvador), United Kingdom entered into force. Korea has FTAs in effect with a total of 59 countries (2022, Ministry of Trade, Industry and Energy).

Economic Relations between Sweden and Korea

Trade

• ●Korea is now the third largest trading partner of Sweden in Asia, with Sweden-Korea trade amount reaching 3.5 billion USD during 2023.

• ●Major export goods to Sweden : Mobile phone, automobile, automobile components, electric vehicle, wire synthetic resin, etc.

• ●Major import goods from Sweden : Industrial machine, precision instrument, generator, truck, medical substance, hot rolled plate, telecommunication component, ship component, X-rays, radiation instrument, etc.

Investment

• ●The total cumulative amount of Swedish Investment in Korea up to 2023 is 2,880 million USD. Major Investing sectors are industrial machine, medical device, communication, device, large distribution, and automobile components.

• ●About 120 Swedish companies are in Korea including Volvo, SKF, Ericsson, Envac, Alfa Laval, Autoliv, Scania, Sandvik, IKEA, Gambro, Assa Abloy, ABB, H&M, Atlas Copco, TetraPak, Hitachi Energy, etc.

• ●The total cumulative amount of Korean Investment in Sweden up to 2023 is 650 million USD.

• ●About 20 Korean companies are in Sweden including Samsung electronics, LG electronics, KIA motors, Hankook Tire, Hyundai Motor Company, Hyundai Mobis, Korean Air (Cargo), Cheil Worldwide Inc(advertisement), Hyundai Merchant Marine, LX Logistics, HS Ad, EUKOR Car carriers, Dongjin Semichem, Jeil M&S, etc.