Doing international business in South Korea

Doing international business in South Korea

international business in south korea

South Korea is only next to Japan when it comes to an Asian country having many globally recognized brands. Names like Hyundai, Samsung, LG, and Kia are household names around the world that spell value and quality.

South Korea is an extremely business savvy and business-friendly state, ranking 5th in the world in the ease of doing business. South Korea is a presidential democracy with national elections once in five years.

South Korea’s Vital Data (as of 2016)

Population (million)  50.5
GDP (billion USD)  1,411
GDP per capita (USD)  27,539
GDP per capita PPP (USD)  35,751
Purchasing power per dollar, compared to the USA  123%
Surface area (sq km)  100,266
% of population living in urban areas  82%
% of GDP added by agriculture - industry - services  2% - 38% - 59%
Ease of doing business index (1 = best, 189 = lowest)  5

What are business opportunities in Indonesia?

South Korea imports goods and services worth about 35 billion USD annually. While South Korea ranks high on international business friendliness, import formalities and knowledge of the Korean language is required for effective business transactions.

South Koreans conduct business in a formal business atmosphere and are extremely professional and courteous during business dealings. The government and industry are extremely business-friendly with copious information available to business entities and individuals interested in transacting business in the country. South Korea conducts several fairs, seminars, and exhibitions for authentic business to business interactions and business opportunity creation.

Where the action really is - international business and South Korea

The Top 5 imports into South Korea are in the following business and industrial sectors:

  • Electronic Equipment
  • Vehicles
  • Machinery
  • Mineral Fuels Including Oil
  • Ships, Boats, and Marine Structures

What are South Korea’s important events?

Important events are Korean New Year, Buddha’s Birthday, Liberation Day, Memorial Day, Nationals Foundation Day, etc.

South Koreans are extremely serious about sports, and even more serious about winning; South Korea ranked 5th in the 2012 London Olympics. The country hosted the 1988 summer Olympics and will play host to the 2018 winter Olympics.

E-sports are a national pastime in South Korea. The long coastline lends itself to diving, boating, and sailing as the country’s favourite pastimes. Though the world sees an industrial and modern South Korea, the country offers many tranquil sites and locations to visit and experience. Stunning modern and traditional structures captivate equally.

This entry in Asia was updated on July 11, 2017 by specialist.