SOCIO-CULTURAL ASPECT

Geographical

Location

 Located in East Asia

 Land Mass: 100,032 sq. km
 Water Mass: 290 sq. km

Population

 Current population: 50,663,895

Education

 Public schools and private schools

 One of the top-performing OECD Countries in reading literacy, mathematics and sciences
 Consists of grades 1 to 6, ages 6 to 12 years old
 3 grades in middle school (Grade 7-9) ages 12 to 13 years old and graduate at age 15 to 16 years
old

Language

 Korean Language (한국어/조선말) – official and national language

Religion

 53% of the population has a religion

 Among them are Buddhism and Confucianism

TECHNOLOGICAL ASPECT

Contribution to Society

 Global leader in electronics, digital displays, semiconductor devices and mobile phones

Recent Research and Development

 Shift from the old industrial to new high tech economy facilitated a recasting of national efforts
 Refocused state helped midwife the nascent IT sector, through a combination of privatization of
the national telephone service provider, creation of infrastructure, and dispute moderation.

ECONOMIC ASPECT

Agricultural Aspect

 2/3 of the country are mountains and hills

 22% arable land
  Most important crop: rice

Industrial Sector

 The country's main industries include automobiles, electronics, steel products, semi-conductors,
shipbuilding, and textiles.

Service Sector

 The service industries include restaurants, hotels, laundries, insurance, public bath houses,
health-related services, and entertainment businesses.

GDP and GNP Report (pics)

Entrepreneurial/Investment Status (di ko alam kung ano pwede ilagay. Parang wala ata hehe check
mo na lang)

 The growth of entrepreneurship in South Korea has turned the country into an economic
powerhouse. In this collection of essays, scholars highlight the favourable political and cultural
values conductive to its development, including the characteristics of entrepreneurial family
firms and the impact of new media and globalization.

Employment Status

 Number of employed persons (as of March 2017): 26,222 thousand

 Employed Persons in South Korea averaged 23575.70 Thousand from 1999 until 2017, reaching
an all time high of 26622 Thousand in March of 2017 and a record low of 20275 Thousand in
June of 1999.
 Number of unemployed persons: 1,023 thousand
 Unemployment Rate in South Korea averaged 3.63 percent from 1999 until 2017, reaching an all
time high of 7.10 percent in June of 1999 and a record low of 2.90 percent in November of 2013.

Business law (di ko rin alam to haha)

 The South Korean government has imposed heavy restrictions on doing business with North
Korea under the National Security Act. In addition, there were restrictions on engaging in
financial transactions with Iran under the Foreign Exchange Transactions Act. The South Korean
Government recently lifted most of those restrictions, but some of the restrictions will remain
for a certain period of time.

Business Practices

Dress Code

• Dress is conventional and conservative for both women and men

• Dark suits, white shirt and tie are accepted as the norm for men
• Suits, dresses, or blouse and skirt are acknowledged for women. Trousers are not generally
worn for business
• Women should avoid sleeveless, tight-fitting garments
• Colours should be understated and traditional
 • Good quality accessories are accepted
• Be aware that winter can be very cold, and summer very hot, in South Korea

Titles

• As discussed previously, Koreans have three names; they are used in order of surname,
generation name, and then given name.
• If unsure address people as Mr. _____ (surname) or surname ______ and then their title
(teacher, professor, etc)
• Generally, Koreans will offer you their name, which may be a westernised version of their
Korean name

Business cards

• Business cards are considered important and ritualistic in Korea

• It is advisable to have one side printed in English and the other in Korean
• Give and receive cards with both hands, with the Korean side uppermost for ease of reading
• Take time to read and examine the cards you are given – it is respectful
• Place cards in a holder to keep them safe and show you are treating them well
• Never write on or mark the cards you are given

Meetings

• Organise your meeting ahead of time, giving plenty of notice

• Arrive punctually and be prepared
• The most senior Korean will enter and be seated first
• As Koreans live and conduct business within a Confucian framework, initial meetings are often
used in an introductory fashion and business may be instigated later
• Do not show impatience at this stage as these pleasantries are a way of getting to know you
• Only remove your jacket once the senior Korean does
• Choose delegates who are on par with their Korean counterparts – this shows respect and
knowledge
• Exchange business cards in a respectful manner after the initial introductions
• Ask open ended questions that do not require a yes or no answer as Koreans dislike refusals

Negotiating

• Allow the senior Korean to instigate business discussions

• Phrase questions in a manner that allows for discussion (Ask ‘When can we expect delivery?’
And not, ‘Will delivery be within two weeks?’)
• Avoid using an outright ‘No’ in response to questions
• Be aware of others’ Kibun – do not force an issue if you sense reluctance as you may harm you
own dignity and lose their respect
• Always show respect for senior colleagues and management
• There are often times of silence during meetings, try not to break these as they are moments of
contemplation and show consideration for others
• Avoid a hard sell and forceful negotiations – remember Kibun
 Management

• Korean business and personal lives are based upon strict hierarchical structures
• Confucianism supports this structure within the family and workplace
• Older and senior delegates should be deferred to at all times
• 'Sonsaengnim' means "respected person" and is frequently used when addressing someone of a
higher position
• In South Korea managers take a paternalistic role with employees and may be familiar with staff
in a personal manner
• This allows for a mutual respect and understanding so don’t be put off if asked questions of a
personal nature

ENVIRONMENTAL ASPECTS

Natural Resources

• The country's sparse mineral resources include coal, tungsten, iron ore, molybdenum,
limestone, and graphite.

Environmental Advocacies / Preservation Programs

• The South Korean government launched its “1st Seoul Metropolitan Air Quality Control Master
Plan (2005-2014)” in 2005.
• South Korea heavily adopted nuclear power in a kind of Faustian bargain to reduce emissions
from fossil fuel power plants, but now the country is facing a significant nuclear waste storage
problem.
• One of the most prominent and controversial water-focused environmental projects is the Four
Rivers Project.

Business Travel and Tourism

• In 2012, 11.1 million foreign tourists visited South Korea, making it the 20th most visited country
in the world, and the 6th most visited in Asia.
• In 2014, number of Korean oversea tourists was about 16.1 million. And Korean oversea tourism
expenditure was $19,469.9 million.