Doing Business in South Korea

September 15, 2008[Your Name]

South Korea Facts and Figures

Official Language: KoreanCapital: SeoulCurrency: WonGDP Total (2007 est.): $1.266 trillionGDP per capita: $24,800Population: 49 million

Importance of the first contact

Prefer to meet face to faceUse last names and titlesHave interpreter availableHave business cards and all materials written in both English and KoreanBe 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 score0 is highly corrupt5 is the border between countries that do and do not have a corruption problem.South Korea scored a 5.1

ReferencesKim, Eun Y. Let’s Make a Deal Part 3. Executive Planet. South Korea. Retrieved August 17, 2008 fromhttp://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