Businesses and other organisations from across the West Midlands gained vital insights on doing business in South Korea, thanks to UK Trade & Investment (UKTI).

More than 20 companies and education providers joined a UKTI seminar at Advantage West Midlands to find out how to tap into the potential of this often overlooked, but highly lucrative, Asian market.

Birmingham firm Delcam, of Small Heath Business Park, which develops and supplies software for the three-dimensional design, manufacture and inspection of complex shapes, has been working in the market for 20 years, firstly through a distributor and then establishing a joint venture in 1992.

Marketing manager Peter Dickin told delegates that the company now has 1,500 customers in South Korea, including Hyundai, Kia, Samsung Motors and GM-Daewoo.

"We were very fortunate to form a partnership at the outset with a hugely respected South Korean businessman," he said.

"For almost 20 years, he has developed relationships with both large and small companies and converted them into Delcam customers.

"It's very important to commit for the long term and this approach does pay off. We are expecting this year to be our most successful ever in South Korea."

Douglas Barrett, UKTI's head of trade and investment at the British Embassy in Seoul, explained why West Midlands firms should consider exporting to this valuable market.

He said: "South Korea has the 15th largest economy in the world, an economic growth rate of 6.1 per cent and stable financial markets.

"The EU/Korea Free Trade Agreement will remove 97 per cent of import tariffs within the next three years, bringing massive improvements for UK companies.

"There are fantastic opportunities in many sectors, including financial and legal, automotive, food and drink, pharmaceuticals, high end fashion and high value products.

"We can help companies research the market, identify potential markets and organise events for them at the Embassy."

Firms represented at the event included Milliefiori, of Edgbaston, Birmingham, which designs and makes fashion accessories and interior decoration textiles, and tableware manufacturer Churchill China, of Tunstall, Stoke-on-Trent.

Viv Wilson, designer maker at Milliefiori, said: "We hadn't really explored South Korea as a market for our products previously because of our perception of the political situation.

"I was reassured to hear that the situation in North Korea has no effect on businesses in South Korea, and I would definitely like to look further into opportunities in this market, which has great potential for us. It was inspiring to hear about Delcam's success."

Steve Rowley, export sales director at Churchill China, said: "We are already exporting to South Korea and would like to increase our business in this country.

"The UKTI seminar was very useful, enjoyable and informative and has reinforced and strengthened our understanding of the market."