Citizen and Tissot are the bare minimum. In itself, it has 2.6 million inhabitants. South Koreans like to keep their contracts as flexible as possible and amend it if needed.
Don’t say no to the first shot of alcohol and make sure you finish it in one gulp (Koreans call this 원샷, one shot). In a hierarchical situation, bows are generally initiated by the junior person. Since the Korean War, South Korea has become one of the world’s leading economies- a far cry from the impoverished nation it once was. Pour liquor (usually soju) until it fills 3/4 of the glass. You are expected to manufacture a wide variety of textiles and sewing supplies and accessories such as fabric, patterns, upholstery materials, yarns, needlecraft supplies, sewing machines and seasonal … South Korea is a presidential republic. Expect there to be multiple rounds of negotiations. Also, a Korean man will most likely not initiate a handshake with a Western woman; it’s up to her to decide if she wants to extend her hand or not. US companies mostly sell machinery, aircrafts, optical and medical instruments, and vehicles in South Korea.
The main topics in order of importance are: You will hear a full presentation on their company history and milestones. Goodbyes are short. Most Koreans have been exposed to Western culture through movies and TV shows, and will often have their favorites.
Company gifts (pens, umbrellas, calendars, etc.) If you want to get your supplies from South Korea, you need to be aware of US import regulations. Strategically located on the River Han, Seoul is the largest trade, finance, and business hub of South Korea. US companies mainly seek South Korean vehicles, machinery, pharmaceuticals and mineral fuels. Hierarchy is an important concept in South Korean business. For a first meeting, items with your company logo or traditional items of your hometown/country are perfect. Present your business card with two hands when the oldest/highest ranking person presents theirs.
Take a moment to read the card carefully, and place it in front of you on the table. South Korea had been a developing country until the 1960s. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content. It has about 9.7 million inhabitants (with 25 million people living in the greater Seoul Capital Area). All contracts in Korean define “Party A” and “Party B” as either “gahb” or “uhl”, while in western countries “Party A” and “Party B” are considered somewhat equal. Contracts should be in both Korean and English. Services provide the majority of the country’s GDP (59%), while industry is at 38% and agriculture at 2%. Creative industries (Design) – South Korea’s overall design market is worth £10.6 billion. Most South Koreans understand English; however, make sure to inquire whether you need to bring an interpreter to your business negotiations. When scheduling a meeting, plan well ahead of time. Asking for a final and best offer is considered a bit aggressive. Veem Announces $31M in Strategic Funding Round. Close your mouth when chewing and try not to make noise.
Prepare yours as well. Two people usually attend a business meeting, a junior and a senior employee, so plan accordingly. South Korea has five National Celebration Days (Independence Movement Day, Constitution Day, Liberation Day, National Foundation Day and Hangul Day) that commemorate key events in Korean history and culture. A contract in Korea is usually a loose agreement to work together in some capacity with the particulars changing to your benefit or detriment as time goes on.
In little over half a century (since the end of Korean War), South Korea has managed to transform itself from a deeply impoverished nation to one of the world’s leading economies.
Although becoming less important, gender is still a factor. If you want to dial a South Korean number from the US, follow these instructions.
Small talk during meals is uncommon, especially with middle-aged people. The number of students in higher education had risen from 100,000 in 1960 to 1.3 million in 1987, and the proportion of college-age students in higher-education institutions was second only to the United States. Similarly, South Koreans are loyal to their former schools, sports teams and hometown. You should seek the advice of professionals prior to acting upon any information contained in the Content.
The majority (over 80%) of South Korean population uses cell phones. Korean companies often have cash-rich subsidiaries in other countries.
However, there are several additional public holidays; here’s a list of these.
It’s a collective process where everyone is expected to participate according to their rank and knowledge. Koreans don’t like saying a direct ‘no’ (ani or anniyo in Korean). Koreans are vague by Western standards, especially during the first meeting. Business cards are exchanged at the same time while standing, even if you have their contact info. Total exports amounted to about $512 billion in 2016. Make sure you’re on the same page about the role of the contract in your relationship. Korea has a rich history and culture. It takes at least a week to finalize details.
Since the US and South Korea have a Free Trade Agreement in place, 95% of Korean consumer and industrial goods can enter the US free of duties and merchandise processing fee (MPF). This will help you understand your counter party as their definition might differ from yours considerably. They are willing to spend a lot of time and money on getting to know their partners, which means that you can expect a considerable amount of socializing as a part of business negotiations. Sending international payments through Veem is fast, secure, and low-cost. Your willingness to participate indicates how much you value them and whether you plan to establish a long-term relationship. In general, South Koreans tend to use use fewer facial expressions and hand motions than Americans. The concept of ‘face’ (called gibun in Korean) is equally important. International Travel: South Korea The country’s leading industries are electronics, vehicle production, telecommunications, shipbuilding, steel, and chemicals. Place their card on the table so you can see it during the meeting (don’t put it in your pocket as this is uncommon). The individual in the ‘superior’ position is treated with respect while the ‘junior’ is subservient (sometimes to the point of rudeness by Western values). The US is South Korea’s second biggest export partner after China, receiving 13.5% of the total South Korean export (that amounts to $69.9 billion).
Some examples of this are “employer and employee” or “buyer and seller” relationships. Loyalty to the company and its leaders is important for and expected of South Koreans. It’s ok to ask for a discount or an adjustment. Similarly, contradicting someone in public is not advised.
The most important seat is the center furthest from the entrance. Prepare specific questions.
Also, designate an overseas district to enforce a contract when possible, since it’s much easier to win a judgement in a non-Korean court.
South Korea places great importance on education, innovation and investment into research and development. When you drink, turn your head slightly away from the older/higher ranking person and drink. Even if that’s the case, make sure you know the proper Korean name of your partner (especially since their co-workers wouldn’t necessarily know their Western name). Due to the north – south divide, the two parts of the ancient kingdom have taken very different routes from the second half of the twentieth century. If they don’t have a title, stick to Mr. and Mrs. As your relationship progresses, you might eventually be invited to call them by their first name. If something unexpected comes up in your partner’s schedule, they might cancel the meeting at any time. You will be judged by your appearance and grooming (clean shaven and clean cut are a plus). Similarly, when first establishing contact, it’s best to use an intermediary party known to both of you, as cold calls are rarely responded to in South Korea. Don’t make small talk at this stage, just follow our formula unless a question is asked. In business you will either be a 갑 (gahb), “the party with power and money” or 을 (uhl), “the party without”. Avoid ambiguous and inconsistent language. If you need to respond negatively, try to formulate your answer without directly saying no. … Interestingly, this might also result in your partner understating their achievements. You might find yourself fighting for the check. Officially, South Korea uses the metric system, but informally, many people still rely on the traditional Korean units of measurement (cheokgwan-beop). Dress shoes, slacks, a button up shirt and tie are recommended.
They value the interpersonal relationship between your companies above the written legal document, and might not want to adhere to the contract as strictly as US businesspeople are used to. Koreans won’t say “no”, instead they will say, “it will be a little difficult”. Gifts are often exchanged as a sign of appreciation, especially at the first meeting to build trust and goodwill. The border between the two countries along the 38th parallel was set by the armistice ending the Korean war in 1953. Hence why “Make a friend first and client second” is a well-known illustrative Korean saying. Request the information you didn’t receive during the meeting. When communicating via email, South Koreans like to exchange a few pleasantries about the weather, and express their hope for their partner’s good health. Here’s a list of the major trade shows held in South Korea. An introduction is usually followed by a handshake, or a traditional Korean bow (bending from the waist to a maximum of 45 degrees). South Korea is described as ‘mostly free’ by the Index of Economic Freedom and businesses old and new will face little hindrance from government interference. South Koreans place great value on establishing and nurturing business relationships.
A higher age/job title will give you more credibility. After starting a translation company, I follow these guidelines whenever I interact with Korean clients.
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