The Canadian government is organizing a business delegation to attend the Bio Korea 2025 International Convention in Seoul from May 7-9, 2025. Bio Korea 2025 is Korea's largest international life sciences convention, and may be of particular interest to Canadian life sciences and bio health businesses. Conference topics will include innovative biotechnology and bioconvergence technology.
The Canadian Trade Commissioner Service is offering participating Canadian companies, among other benefits, full convention access, a space at the Canada Pavilion at Bio Korea 2025, pre-arranged B2B meetings and a program of site visits, arranged by the conference organizer, the Korea Health Industry Development Institute.
The application deadline for interested Canadian businesses is February 21, 2025. More information about the Canadian delegation and the application process is available on the Trade Commissioner Service’s Bio Korea 2025 web page.
The South Korean Life Sciences Market
With its focus on research and development partnerships, the South Korean life sciences market may offer new business opportunities for Canadian companies. Between 2017 and 2021, South Korea’s bioindustry expanded by approximately 10% each year. Having identified biotechnology as a national priority, the South Korean government has allocated KRW 400 billion (approximately CAD $396 million) for R&D in 2023 alone. The South Korean private sector is also aligned with this agenda as major South Korean petrochemical companies have also made significant investments in biotechnology.
Canada and Korea
From a Canadian perspective, trade and investment with South Korea occurs in a stable political and legal environment.
South Korea continues to be a key strategic partner for Canada for scientific innovation, trade and investment. In September 2022, both countries entered into a “Comprehensive Strategic Partnership”, which includes a focus on cooperation on supply chains, critical minerals, science, technology, and innovation, as well as promoting trade and investment. The country is also the cornerstone of Canada’s Indo-Pacific Strategy (see Fasken’s bulletin on The Place of South Korea in Canada’s Indo-Pacific Strategy).
Since 2015, the Canada-Korea Free Trade Agreement (“CKFTA”) has also provided favourable access to the South Korean market, coupled with a robust regime for the protection of Canadian investment. This includes access to private investor-state dispute settlement (see Fasken’s bulletin: Canada and South Korea Conclude Landmark Free Trade Agreement). Under the CKFTA, 99% of Canada’s exports to South Korea are eligible for duty-free access, and by 2032, Korean tariffs will be eliminated on almost all of Canadian exports. Furthermore, the CKFTA has significantly reduced trade barriers for certain goods concerning the life sciences sector. Pharmaceuticals, medical devices, and scientific instruments are eligible for duty-free treatment under the CKFTA. In addition, the CKFTA provides protection and enforcement provisions concerning intellectual property rights, which are vital for collaboration in the life sciences sector.
Conclusion
South Korea continues to provide a stable legal and political environment for Canadian businesses – in particular in the life sciences sector – to diversify sources of investment and opportunities for trade and innovation. Canada’s delegation to Bio Korea 2025 may offer Canadian life science and pharmaceutical companies to explore these opportunities with the support of the Canadian Trade Commissioner at Canada’s embassy in Seoul, South Korea.
