Abstract
The paper discusses the sea food market of South Korea where it has been exporting its products and sea food items to the Canadian market. The paper discusses the South Korean sea food in Canada. The business challenges it has been facing, the positive attributes of working in this market etc.
As per the research in 2011, the total sea food market or the sea food production in South Korea has reached to 3.26 million tones, which has been increasing by an average of 3.1 % annually which was mere 0.93 million tons in the year 1970. On average the annual increase rate has been a positive one of 12.5 %.
The country has been quite well established in terms of making sure that it does have the resources, the markets that can be explored where the products offered by the South Korean fish market can be exported to support the companies and also earn FDI in return.
The emphasis of the government has been success factor and a key for the players in the market to focus on exporting its products to other parts of the market. The different states of Canada have been heavily populated with South Koreans therefore the purpose of the research is to make sure that the export initiatives remain intact. By exporting sea food to the Canadian market, the economy of South Korea shall stabilize further because it shall increase the percentage and the amount of foreign direct investment in the country.
Since both the governments of Canada and the South Korea have been enjoying significant success in the trading and the investment relationship with the constant development and growth opportunities,thishas strengthened the relationship between the two countries.
As per the research, the Canadian government and the Korean government have developed a Free Trade Agreement which shall be covering the different aspects of the Canadian and the South Korean trade; this also includes the investment sector, the government sector, the goods and services market, the non-tariff barrier, the labor corporation and other different areas of the economic activity.
it can be said that, the business opportunities of exploring the sea food market in the Canadian region is one of the major innovation and the breakthrough concept because eventually it shall help the sales increase for the South Korean market and in return Canadian market shall ensure that the customers of the consumers who have been willing to use the products offered by the South Korean market is made available at reasonable prices also.
The most obvious and the most challenging situation for the export of sea food from South Korea to Canada are the distribution network issues. Since export of sea food items requires that the product quality remains fresh and ready to eat. If the product while reaching Canada does not remain fresh and actually lose its crispness, than the purpose or the deal of export might work against the country.
In the end, it can be said that the research that has been conducted regarding the South Korean seafood in Canada shows that the decision to export the sea food in a developed country such as Canada is a difficult one. Although the market for South Korean fishery and sea food items does exists, but the government rules and regulations do not necessarily support the companies from Far East to come over and establish business connections.
Introduction
South Korea has been the third largest economy in the world in terms of the Gross Domestic Product (GDP) which is more than $1.449 trillion as per the reports of 2015. The major reason for the success of the economy is based upon the export industry of the market. The economy has been quite stable and positive since the year 2011.
The overall economy of the country is all set to increase by 3% in the coming year. The total population of the country is around 50 million out of which more than 80% of the people live in urban areas. As the research indicates, South Korea has been the most rapidly growing country among the OECD member states that has been demanding quality food.
Moreover, the organic food and the sea food items have been the main beneficiaries of the current trend. The country has been able to bring in the various factors which have indicated the growth in the export sector of the country.
The paper basically discusses the sea food market of the country where it has been exporting its products and sea food items to the Canadian market which holds quite a potential for the products imported from South Korea. The paper revolves around the South Korean sea food in Canada. The business challenges it has been facing, the positive attributes of working in this market etc. (Chang, 2009).
As per the research in 2011, the total sea food market or the sea food production in South Korea has reached to 3.26 million tonnes, which has been increasing by an average of 3.1 % annually which was mere 0.93 million tonnes in the year 1970. On average the annual increase rate has been a positive one of 12.5 % (Jeremy Torobin, 2011).
The sea food market in South Korea has been expanding because the government has been quite supportive of making sure that the industry prevails not only in the local markets and satisfy their needs but, it should also look to present itself for the export market also.
Along with this, the production of the shallow sea cultures in South Korea have recorded 1.48 million tonnes (45.4%) whereas the water fishery has accumulated 1.25 million tonnes (37.8 %), the inland water fishery 320 thousand tonnes (1.0%), distant water fishery 0.51 million tonnes (15.7%) as per the results of the year 2011.
Over the past decade or so, the production of the distant water fishery has been able to show a slight downturn due to the enforcement of the Exclusive Economic Zone (EEZ) by the South Korean neighboringcountries. Similarly, the total number of fishing vessels has also decreased which has reflected the overall reduction of the fishery resources in the country.
To actually support the growth of the inland water fishery, the Ministry of the Agriculture, the Forestry & Fisheries of the South Korean market have announced in the year 2012. The government of the country will invest KRW 110.7 billion to help increase the 50% of the household incomes of those companies that have been working for a while.
The plan also includes the element of industrialization of the high value inland and the aquaculture business along with the strategic management of the inland fishery resources. The South Korean government has been undertaking the aspects of the aquaculture and it is looking to establish the methods and ideas which can secure the companies in the fish market to catch quotas in the foreign waters.
The country has been quite well established in terms of making sure that it does have the resources, the markets that can be explored where the products offered by the South Korean fish market can be exported to support the companies and also earn FDI in return. The emphasis of the government has been success factor and a key for the players in the market to focus on exporting its products to other parts of the market (Jeremy Torobin, 2011).........
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