South Korea is a remarkable story of economic transformation: from foreign aid recipient to tech superpower in just a few decades.
Let’s recap what we learnt about operating in South Korea:
- Be formal in business settings and take note of the hierarchy in the room.
- Business is still based on personal relationships, so get in the right networks. Remember, this economy is dominated by large chaebols and their families.
- Get in touch with your country’s trade organisation, local chambers of commerce and Invest Korea to speed up your entry into this market.
- Have kimchi will travel. Koreans love their food and drink. You’ll see kimchi everywhere and a drinking session is part of Korean business culture.
- Whilst Korean society is pretty homogenous, there’s keen interest in the outside world and it’s a nation with international aspirations that’s open to foreigners.
- If you follow those tips and immerse yourself in the amazing Korean culture, you’ll be “switched on in Seoul” in no time.
That’s it from South Korea. Thanks for watching and see you on our next business adventure together!