Korea

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50 Country starter pack Conducting business in Korea Korean table manners • Wait to be told where to sit. There is often a strict protocol to be followed. • The eldest are served first. • The oldest or most senior person is the one who starts the eating process. • Never point your chopsticks. • Do not pierce your food with chopsticks. • Chopsticks should be returned to the table after every few bites and when you drink or stop to speak. • Do not cross your chopsticks when putting them on the chopstick rest. • Fill the glass of the person sitting next to you. Use both your hands when doing so. Do not fill your own glass. • Do not pick up food with your hands. Fruit should be speared with a toothpick. • Bones and shells should be put on an extra plate. • Try a little bit of everything. It is acceptable to ask what something is. • Refuse the first offer of second helpings. • Indicate you are finished eating by placing your chopsticks on the chopstick rest or on the table. Never place them parallel across your rice bowl. • Do not lift your bowl or plate from the table while eating as it is considered rude. Socialise with Koreans: Korea has a vibrant entertainment scene and if potential business partners present an invitation to socialise, this is a positive sign and the offer should be taken up. Socialising with Korean business partners is a very effective way to build a relationship. There is a strong “work and play” mentality in Korea. It is not unusual for men to go out five times a week, play golf on Saturday, and have a family day on Sunday. In the office, however, Koreans work hard and put in long hours. A typical night out usually involves four stages, starting with dinner. Women can attend dinner, but traditionally do not take part in the later stages of the night – although it is becoming more common for foreign business women to do so. It is best to be guided by your hosts. The second stage may involve drinking and karaoke, which Australian businessmen will be expected to attend. The third and fourth stages involve progressing to multiple other venues. These final stages are generally for the Koreans only, and Australians are not necessarily expected to take part. Socialising is most important in the early stages of a business relationship. Thereafter, socialising with your Korean business partners is only required occasionally. Note that you should be careful not to organise meetings that overlap with dinner or lunch time. Many Koreans will become fidgety at 12pm and will want to go to lunch. The entire Korean staff will tend to be out of the office between noon and 1pm. Gifts: Gift giving is a part of the business culture in Korea. It generally occurs at the start of a meeting after greetings. Always start by offering the most senior person the gift first, followed by the next most senior person and so forth. Gifts should be given and received with both hands and should not be opened in the presence of the giver. If you receive a gift, you should reciprocate with a gift of a similar value. Gift wrapping is important in Korea so ensure not to use dark colours. Package the gift attractively with bright colours paying attention to the wrapping detail. Avoid giving expensive gifts as the receiver will feel obliged to reciprocate. Gifts in sets of four, with red writing, knives or scissors should also be avoided as these are seen as symbols of death. Networking events: Networking events in Australia generally involve standing up and moving between people while drinking and/or eating, this is not the case in Korea. Although perceived as reserved for rather formal and official events in the Australian business context, the typical style of networking in Korea comprises sit-down events, generally with dinner. Australians may find this too intimate for their liking, but Koreans see it as the best way to build a relationship and get to know your new contact. Likewise, Koreans find Western-style stand-up networking events very uncomfortable and impersonal, and often you will find your Korean counterpart seeking out a seat and not engaging with crucial person-toperson mingling. If you’re bringing your Korean business partners to such an event, make sure you brief them that it is a stand-up format and explain why, while also ensuring you’re able to find some seats for them.
Country starter pack Conducting business in Korea 51 Local government and authorities In addition to developing relationships with business partners, Australians will need to consult some primary government agencies throughout the process of setting up a business in Korea. KOTRA (Korea Trade-Investment Promotion Agency) KOTRA assists businesses in foreign trade through business match-making, trade missions, exhibitions, and by providing information on overseas markets. The trade library at KOTRA’s head office offers current information on economy, business, trade and investment, as well as an extensive range of resources such as business directories, tariff schedules, and periodicals. Website: english.kotra.or.kr Invest KOREA Invest KOREA, a branch of KOTRA, is the Korean Government’s inward investment promotion agency. It provides assistance with administrative procedures for foreign investment into Korea, including consultation on mergers and acquisitions, joint ventures and real estate acquisition, and advice on legal and taxation matters. Invest KOREA also operates the Invest KOREA Plaza, a short-term, low-cost option for foreign investors entering or expanding in the Korean market. Website: investkorea.org Seoul Global Center The Seoul Global Center – operated by the Seoul Metropolitan Government – functions much like Invest KOREA. It provides support for business start-up procedures in Seoul, particularly for small and mediumsized enterprises. It also provides consultation on taxation and real estate acquisition, helps foreign businesspeople Dos and don’ts of business in Korea • DO expect to be asked personal questions as this shows polite interest and builds relationships • DO give an enthusiastic performance at karaoke bars • DO protest slightly when paid a compliment • DO be prepared for lengthy negotiations • DON’T be too pushy in business deals • DON’T talk about politics or Korean culture • DON’T expect a direct negative answer from Koreans if they can’t help or don’t know gain a better understanding of the local market through conferences and various publications, and provides general information and advice on life in Seoul. Website: global.seoul.go.kr Other useful departmental and association websites include: • The official website of the Korean Government – www.korea.net • Korea Importers Association (KOIMA) – www.koima.or.kr/main.do • Korean Institute for International Economic Policy – www.kiep.go.kr
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 47 and 48: Country starter pack Conducting bus
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Page 55 and 56: Country starter pack Business pract
Page 83 and 84: Country starter pack Visiting Korea
Page 97 and 98: Country starter pack Engage with us
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Korea

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