Korea

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46 Country starter pack Conducting business in Korea 4. Conducting business in Korea
Country starter pack Conducting business in Korea 47 Having chosen your strategy for establishing your business, you must consider how to conduct business in Korea. This includes understanding Korean business etiquette and culture, developing business relationships, choosing business partners, negotiating, holding meetings, and carrying out due diligence. 4.1 KOREAN CULTURE AND BUSINESS ETIQUETTE The 2015 Australian International Business Survey (AIBS) identified that local language, culture, and business practicalities as the largest single barrier to conducting business in Korea for Australian businesses. For this reason, it is crucial to understand some fundamental Korean cultural practices within the business context. Korean culture is steeped in Confucianism, which emphasises respect for education, authority, and age. Although modern Koreans may not adhere to Confucian principles as rigidly as previous generations, these principles continue to underpin many customs and business practices. Age and status: Respect for age and status are very important in Korean culture, with hierarchy affecting all aspects of social interactions. Everyone has a role in society as a result of hierarchy - therefore it is vital to respect it. Koreans are most comfortable interacting with someone they consider their equal. Status is largely determined by someone’s role in an organisation, which organisation they work for, which university they went to and their marital status. Business cards: The exchange of business cards is an essential part of initial meetings. It allows Koreans to quickly determine their counterpart’s all-important position, title and rank. While still standing, you should politely hand a business card over with two hands, and receive one in return. Do not simply drop the card into a pocket; instead take a few seconds to review names and titles. If you are sitting down, place it on the table in front of you for the duration of the meeting. Korean names: Korean family names are mostly of one syllable, while given names tend to have two. The family name comes first (Kim Tae-Woo, for example). Until you are on very good terms with a Korean counterpart, it is best to use the family name preceded by an honorific (such as Mr), whether speaking directly to them or about them to another Korean. In settings that call for great respect or formality, you should use your counterpart’s formal title and surname (Chairman Lee, for example). Some Koreans who have lived overseas may have adopted a Western first name, and prefer that it is used over their family name. Some also view their name as a very personal thing, so a suggestion to work on a first-name basis may be slow to be offered.
Page 1 and 2: REPUBLIC OF Korea COUNTRY STARTER P
Page 3 and 4: SURFACE AREA 99,400 square kmS GDP
Page 5 and 6: Country starter pack Introduction t
Page 21 and 22: Country starter pack Getting starte
Page 39 and 40: Country starter pack Sales & market
Page 45: Country starter pack Sales & market
Page 49 and 50: Country starter pack Conducting bus
Page 55 and 56: Country starter pack Business pract
Page 83 and 84: Country starter pack Visiting Korea
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Country starter pack Engage with us
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Country starter pack Engage with us
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Korea

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