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Business Profile
Economy: Korea is one of the so-called ‘tiger economies’ of the Pacific Rim, which underwent rapid growth and industrialisation from the 1960s onwards and forged a major presence in world export markets. Korea’s strength came from four main areas: shipbuilding, steel, consumer goods and construction. The agricultural sector, dominated by rice-growing and fisheries, is an important export earner as well as meeting domestic demand. Tourism dominates the service sector, which is still relatively small but received a boost from the success of the 2002 World Cup football competition, which South Korea co-hosted.
Compared with the North, which has extensive coal and mineral deposits, the South is relatively poor in natural resources, although there have been recent offshore discoveries of natural gas which should help to reduce South Korea’s dependence on imported energy. The financial crisis which struck Asia in the autumn of 1997 had a very serious effect on the South Korean economy and raised major concerns about the long-term viability of the chaebol – the large conglomerates that form the foundations of South Korea’s industrial economy – and the stability of the finance sector, which had assumed increasing importance.
The economy was saved from further damage at the beginning of 1998 by a US$60 billion financial rescue package put together by the IMF which kick-started a strong recovery by the South Korean economy. After settling down, the economy is now accelerating again: growth forecasts were increased to six per cent for 2002 on the back of an increase in exports and investment. The Government has begun to tackle some of the most important structural weaknesses in the financial sector. The USA and Japan are South Korea’s main trading partners, followed by China, Germany, Hong Kong and Singapore. Korean companies have been making inroads into new and emerging markets such as China and Russia.
Business: Businessmen are expected to wear a suit and tie. English is widely spoken in commercial and official circles. Prior appointments are necessary and business cards are widely used. The use of the right hand when giving and receiving particularly applies to business cards. Best months for business visits are February to June. Office hours: Mon-Fri 0900-1800, Sat 0900-1300.
Commercial Information: The following organisations can offer advice: Korean Chamber of Commerce and Industry (KCCI), PO Box 25, 45 4-ga, Namdaemun-ro, Chung-gu, Seoul 100-743 (tel: (2) 316 3114; fax: (2) 771 3267; e-mail: trade@kcci.or.kr; website: www.kcci.or.kr); or Korea Trade Centre, Fifth Floor, 39 St James’s Street, London SW1A 1JD, UK (tel: (020) 7491 8057; fax: (020) 7491 7913; e-mail: kotra@kotra.co.uk; website: www.kotra.or.kr/london).
Conferences/Conventions: The following organisations can offer advice: Korea Exhibition Centre (COEX), World Trade Centre, 159 Samsong-dong, Kangnam-ku, Seoul 135-731 (tel: (2) 6000 0114; fax: (2) 6000 1301; website: www.coex.co.kr); or Korea Convention and Coordinating Committee, PO Box 903, c/o Korea National Tourism Organisation (see Contact Addresses section), which can also offer advice and information on meeting facilities in the Republic of Korea. There is also a new convention centre, the Internation Convention Centre Jeju, in the island of Jeju (2700 Jungmun-dong, Seoguipo City, 697-120 Jeju, Korea; e-mail: webmaster@iccjeju.co.kr; website: www.iccjeju.co.kr).
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