[THE INVESTOR] Brexit’s impact on Korea’s information and communications technology industry is likely to be marginal in the short term, given Britain’s relatively small share of its overall shipment, a senior government official said on June 27.
Choi Jae-you, vice minister of science, ICT and future planning, noted that Britain accounts for merely 0.7 percent of Korea’s ICT-related exports.
The volume of Korea’s direct investment into Britain’s ICT sector stood at around US$300 million between 2000 and 2015, according to the ministry.
“In the short term, Brexit will have a limited impact on Korea’s ICT industry,” Choi told reporters.
But it may have some negative effect in the long haul if instability in the financial market and weaker investor sentiment are protracted, he added.
The government will closely monitor conditions for ICT exports in order to take swift and appropriate measures to minimize Brexit’s impact, Choi said.
Korea shipped 54 percent of its total ICT export goods to China in 2015, 14 percent to Southeast Asian nations, 10 percent to North America and 5.9 percent to the EU.
Its main competitors in the global ICT market are China and the U.S., not European countries.
