– Norwegian expertise is in demand

- The authorities plan to increase wind power production. Several major projects are in the start-up phase, and a number of Norwegian companies are already involved in megaprojects for floating offshore wind outside the city of Ulsan.

Roger Martinsen, Head of Department at our office in Seoul, South Korea, explains. The office consists of Martinsen and four locally employed staff. We also share premises with the Norwegian Embassy in South Korea and the Norwegian Seafood Council.

In other words, we are well placed to help Norwegian companies across a range of industries enter the South Korean market.

South Korea is one of the world's leading investors in business development and research. The World Bank also ranks it fifth in its 'Ease of Doing Business Index'. In just a few decades, the country has developed into a dynamic economy and a pioneer in technology.

'South Korea has few natural resources and has therefore established itself as an industrial powerhouse. Most of this development has taken place since the 1980s. Hyundai, Kia, Samsung and LG are all relatively new companies that have taken the world by storm,' Martinsen explains.

South Korea is also Norway's third-largest trading partner in Asia. This creates strong export opportunities for Norwegian companies, as Norwegian expertise and services are in high demand.

While Norway is almost self-sufficient, South Korea currently imports 95 per cent of the energy it needs. The country is therefore investing heavily in energy, with plans to expand offshore wind, nuclear power and hydrogen. South Korea aims to become more self-sufficient while making its energy sector and industry greener.

One Norwegian company that has gained a foothold in South Korea is global carbon producer Bergen Carbon Solutions (BCS). The company uses a unique carbon capture and utilisation (CCU) technology to produce various forms of solid carbon from carbon dioxide. With our support, the Norway-based company signed a letter of intent with Korean chemicals company TKG HUCHEMS in 2023 to establish a strategic partnership aimed at commercialising BCS’ technology in South Korea.

South Korea aims to develop 26.7 GW of offshore wind capacity by 2036. Martinsen points out that our own research shows the South Korean and Norwegian supply chains to be highly complementary. This major investment in offshore wind is creating demand for environmental and impact assessments, as well as expertise, solutions and vessel capacity for marine operations, including the installation of turbines, cables and mooring systems.

Norway is engaged in a partnership dialogue with South Korea, with broad efforts under way to position Norwegian companies to seize the market opportunities available. 'South Korea needs Norwegian expertise,' says Martinsen, who has around 30 years of experience in management and strategy advisory and has himself worked in the oil and gas industry for many years.

Through us, you can take part in a range of engaging and relevant courses and workshops to learn more about sales, marketing, sustainable growth – or the country you want to expand into.

Axess Group is one of ten Norwegian companies that recently took part in one of our export development programmes focused on opportunities in South Korea’s offshore wind market. The company provides cable installation services for offshore wind turbines. Although Axess Group has operated in South Korea for ten years, the programme has given the company greater insight into the Korean offshore wind market and introduced it to potential partners and customers.

Martinsen says that entering the South Korean market can be challenging, as competition is fierce and English proficiency is often limited. South Korean companies have high expectations, focus strongly on quality and expect things to move quickly. 

Success here is entirely possible, as the Norwegian company Normex has discovered. The company, which provides disinfection and water treatment solutions, has taken part in several of our export development programmes targeting South Korea. Through these programmes, Normex has explored specific market opportunities and gained in-depth knowledge of South Korea's development plans for the aquaculture industry – and the potential they offer. Normex has entered into a partnership agreement with a local aquaculture technology company and is well positioned to supply its solutions to one of the national pilot projects.

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