Do we have to observe K-REACH?

Short answer: Yes

Anyone who intends to manufacture or import more than 1ton of phase-in substance and more than 0.1ton of non-phase-in substance has to comply the K-REACH. So anyone who wants to export phase-in-substance(more than 1t/y) or non-phase-in-substance( more than 0.1t/y) to Korea, they have to register their substances indirectly through their importer.