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South Korea Overview
South Korea has grown to become one of the developing world's biggest success stories from a devastated, agrarian economy in the 1950's.
Exports remain very strong, and there are signs of recovery from the Asian crisis are in all industries.
Korea's business environment is dominated by chaebol - large conglomerates that set the tone for businesses nationwide
Chaebol seem to be in decline, exemplified by the crisis at Daewoo.
South Korea has a reputation of protectionism, favoring domestic competitors at the expense of outsiders.
With its rising standard of living, South Korea is losing its low-wage edge that enabled it to develop so rapidly.
The country is seeking to focus on higher value products inorder to compete in the global economy.
automotive parts and service equipment
computer hardware, software, and peripherals
cosmetics and toiletries
drugs and pharmaceuticals
electronics industry production and test equipment
films, videos, and audio recordings
food processing and packaging equipment
household consumer goods
industrial process control equipment
machine tools and metalworking equipment
pollution control equipment
pulp and paper processing equipment
Korean Stars - Movie, TV Drama, Singers and Super Models
South Korea is one of the world's most dynamic economies.
Per capita wealth has increased tremendously. This has led to changing customer preferences towards more processed food, books and electronic items.
Import blockages are prevalent: petty bureaucratic obstruction, nontransparent regulations, and subsidized domestic companies.
Franchising is developing rapidly.
Koreans are nationalistic and often cooperate with a hidden agenda that may favor local trade partners.
Maintain a close relationship with your agent; visit and demonstrate your products thoroughly.
Registered traders and offer agents are the best means for outsiders seeking to enter the Korean market
Koreans are extremely polite, friendly and formal in business dealings.
Face, a measure of one's dignity, is crucial to Koreans, as in other Asian countries. Causing someone to lose face can instantly destroy a relationship and any business that might result from it. Avoid criticizing someone in front of others, no matter how subtle.
Koreans generally bow to each other, but shake hands with foreigners. Bowing is still appropriate when dealing with someone older.
Business cards are important. When receiving a card, examine it closely before putting it in your pocket.
Koreans are generally very disciplined and nationalistic.
Koreans are known for their group cohesion.
Be aware of the importance of face.
Also treat people with the respect to which their position gives them.
In South Korea, business relationships are personal. Establish a good personal relationship.
Do not insult or harshly criticize someone in front of others.
South Korea follows a western style of law.