Download Doing Business in South Korea

Doing Business in South
Korea
September 15, 2008
[Your Name]
South Korea Facts and Figures
Official Language: Korean
Capital: Seoul
Currency: Won
GDP Total (2007 est.): $1.266 trillion
GDP per capita: $24,800
Population: 49 million
Importance of the first contact
Prefer to meet face to face
Use last names and titles
Have interpreter available
Have business cards and all materials
written in both English and Korean
Be punctual and respectful
Cultural Differences that affect
business
In South Korea, businessmen start with
a contract and negotiate from there.
In South Korea, large industrial
business is generally male dominant.
American businesswomen may find this
uncomfortable.
When “Yes” doesn’t mean
“Yes”…or “no”
Reluctance to say “no” directly.
May say “yes” when they actually mean
“no”
Rather than say “no” they may say
“That will be difficult” or “I will need to
think about that”
Corruption Perceptions Index
10 is the highest and best score
0 is highly corrupt
5 is the border between countries that
do and do not have a corruption
problem.
South Korea scored a 5.1
References
Kim, Eun Y. Let’s Make a Deal Part 3. Executive Planet. South Korea.
Retrieved August 17, 2008 from
http://www.executiveplanet.com/index.php?title=South_Korea:_Let%27s_Make
_a_Deal%21_-_Part_3
Kim, Eun Y. Executive Planet. South Korea. Retrieved August 17, 2008 from
http://www.executiveplanet.com/index.php?title=South_Korea
Info Please. The 2006 Transparency International Corruption Perceptions
Index. Retrieved August 16, 2008 from
http://www.infoplease.com/ipa/A0781359.html
NationMaster. Oil refining ability by country. Retrieved August 17, 2008 from
http://www.nationmaster.com/graph/ene_oil_ref_abi-energy-oil-refining-ability
US Department of State. March 2008. South Korea. Retrieved August 17,
2008 from http://www.state.gov/r/pa/ei/bgn/2800.htm