Biz-friendly Environment
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Seamless and Affordable Electric Supply
According to the World Bank’s Doing Business 2020 report, Korea ranked 5th out of 190 countries in ease of doing business ranking, and the 3rd among OECD countries. In particular, Korea ranked high in the category of Getting Electricity and Enforcing Contracts.
The result highlights that electricity is supplied through a fast and simple process at an affordable price
International Energy Agency (IEA) said Korea’s average cost of utilities per person (tax included: 8.28 pence/ KWh) is 2nd the lowest of 28 OECD members as of 2020.
Energy prices in Korea remains merely half the OECD average and 25% of that in Denmark (tax included: 33.06 pence/ KWh) which tops in the global energy price index.
The result highlights that electricity is supplied through a fast and simple process at an affordable price
International Energy Agency (IEA) said Korea’s average cost of utilities per person (tax included: 8.28 pence/ KWh) is 2nd the lowest of 28 OECD members as of 2020.
Energy prices in Korea remains merely half the OECD average and 25% of that in Denmark (tax included: 33.06 pence/ KWh) which tops in the global energy price index.
※ Source : IEA "Domestic electricity prices in the IEA"
Comparison of Electrical Service
| Ranking | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Country | UAE | Korea | Hong Kong | Malaysia | Germany |
※ Source : World Bank Group "Doing Business 2020 ease of doing business score calculator"
Stable Water Supply
Korea has developed infrastructure capable of providing a stable supply of water. Furthermore, Korea’s water utility bills is on average KRW 739 per m2, compared to KRW1,651 of major countries around the world.
Korea’s water supply bill is 44.7% of that of the overall average of major countries around the world. For example, the water supply bill in Japan is 1.7 times, US is 3 times, and Denmark is 5.3 times than that of Korea.
Water supply bills
Korea’s water supply bill is 44.7% of that of the overall average of major countries around the world. For example, the water supply bill in Japan is 1.7 times, US is 3 times, and Denmark is 5.3 times than that of Korea.
As of 2020 (Unit : Won/m2)
| Country | Korea | Italy | Japan | USA | France | UK | Germany | Denmark |
|---|---|---|---|---|---|---|---|---|
| Bill | 739 | 962 | 1,251 | 2,250 | 2,430 | 2,767 | 3,284 | 3,910 |
1) Exchange rate(June 30, 2020) : 1USD = 1,203 KRW
※ Source: Global Water Intelligence (Global water survey firm)
※ Source: Global Water Intelligence (Global water survey firm)
Active Application for Intellectual Property Rights
The number of applications for intellectual property rights in Korea is the 4th largest in the world, following China, the US, and Japan, and Korea reclaimed the 4th ranking in the world in Patent Cooperation Treaty (PCT) patent applications in 11 years with surpassing 20,000 cases per year for the first time. In addition, Resident patent applications filed per GDP, far outdistanced other leading countries, topping the global list, showing Korea’s excellence in application for intellectual property rights.
| Ranking |
Industrial Property Rights Applications from Major Countries (2020(tentative), Unit: Case) |
PCT International Patent Applications from Major Countries (2020, Unit: Case) |
Number of Applications per Million Korean Citizens (2019) |
|||
|---|---|---|---|---|---|---|
| 1 | Germany | 3,666 | China | 68,720 | Korea | 3,319 |
| 2 | USA | 2,214 | USA | 59,230 | Japan | 1,943 |
| 3 | Switzerland | 1,949 | Japan | 50,520 | Switzerland | 1,122 |
| 4 | Korea | 1,669 | Korea | 20,060 | China | 890 |
| 5 | Italy | 1,231 | Germany | 18,643 | Germany | 884 |
※ Source: World Intellectual Property Organization (WPO), Korea Intellectual Property Office (KIPO) 2020 Yearly Intellectual Property Statistics, WIPO IP Facts and Figures 2020, World Intellectual Property Indicators 2020
The speed of its patent process is one of Korea’s strengths in this area. The examination and processing period for patent and utility model registry in Korea is shorter than in the US (16.3 months) and similar to Japan (10.4 months).
As of 2018 (Unit : months)
| Status | Patent and Utility Model Registry | Trademark Model Registry | Design Model Registry |
|---|---|---|---|
| USA | 16.3 | 13.3 | 2.7 |
| Japan | 10.4 | 4.9 | 5.0 |
| Korea | 10.3 | 5.5 | 4.9 |
※ Source : World Intellectual Property Organization (WIPO) Yearly Intellectual Property Statistics, Korea Intellectual Property Office (KIPO)