Doing Business in South Korea

In 1948, Korea was divided into two countries: North Korea and South Korea. Unlike South Korea, North Korea is still a very closed economy. There is not a lot of foreign investment inside the country except from South Korea and China. North Korea is a one party controlled country so the government is everywhere. Public service is completely under government control. Everything from construction to financial services is controlled by the government. Corruption can be seen more in North Korea because of the serious shortages of foods, goods, and housing. If the company is trying to do business with North Korea, they have to seek help from government officials, which means they have to pay a bribe.

These measures were introduced as there were extremely high taxes in South Korea, which widened disparity made many people suffer. South Korea’s economic success was a result of a competitive education system and a highly skilled and motivated workforce. In the 1970s and 1980s, South Korea became the leading producer of ships, one of the major ship building countries being Hyundai but this industry began to decline in the mid-1980s as a result of the oil glut and world-wide recession. However, South Korea is once again the world’s most dominant ship builder with a 50.6% share in the global shipping market as of 2008. Construction has also been an important in the South Korean export industry since 1960s and remains to be a critical source of foreign currency. By 1981, overseas projects, mostly in the Middle-East accounted for 60% of the work undertaken by South Korean construction companies. South Korea’s Samsung C&T Corporation also built many remarkable buildings such as the Petronas Towers and Burj Khalifa. During the 1960s, South Korea was extremely dependent on the U.S.A to supply its armed forced but after President Nixon’s policy of Vietnamization was removed in the 1970s, South Korea began to manufacture many of its own weapons. In 2010, South Korea’s defence exports were $1.5 billion. South Korea’s remarkable technological advancement and

Following the Korean War and the rebuilding of their societies, both North Korea and South Korea’s economies have depreciated and fluctuated. With their different economic systems, one using the military and the other using trade, they both have received different results.

E-Commerce is highly developed in Korea’s financial sector and the country is at a distinct advantage to exploit E-Commerce due to its high-speed broadband networks and densely populated districts[5]. The use of E-Commerce will undoubtedly be beneficial in launching Canada Goose products regardless of the chosen distribution channel, and the specific methods shall be discussed later.

After World War II the United States armed forces and intelligence agencies were affected by force reduction and spending cuts. With communism looming in Europe the remaining intelligence personnel started focusing their attention back towards their traditional geographic area of Europe. Yet, Korea was becoming a hotbed of activity. The United States was forced to figure out what to do with the country after Japan’s withdrawal, in addition to the fighting happening along the Chinese-Korean border. Eventually a resolution was establish; the Soviet Union would assists the Koreans north of the 38th parallel, and the United States would assist to the south. A few years after this agreement, the United States pulled out and handed

In 2015, South Korea’s gross domestic product (GDP) was 1.377 trillion dollars (“South Korea GDP, 2017). Comparatively, North Korea’s GDP in the same year was a paltry 16.12 billion dollars (North Korea GDP, 2017). The country is also ruled by an authoritarian dictator whose sole agenda is developing nuclear weapons to inflict mass casualties. On the other hand, South Korea has gone on to make popular consumer products through reputable companies such as Samsung and Hyundai. Aside from protecting a nation from the clutches of dictatorial leaders, the US’s involvement in the Korean War helped to prevent the forceful spread of an imperialistic version of communism that was being perpetrated by North Korea and

In order to successfully introduce a product into a foreign market it is important to know the culture of the country you plan to do business in. In order to introduce mobile handsets into a market like Venezuela, the supplier must be well acclimated with the purchasing habits, tastes, and willingness to purchase the product that is being sold. Understanding these things starts with building a knowledge base about the major aspects of the culture and your target consumer. With this being said I am providing a brief overview of the country of Venezuela.

In New York City, Korean businesses account for almost 22,000 firms of those owned by Asians (Census.gov). Heavy concentrations of these businesses are located in Flushing, Queens, and the Broadway Korean Business District, located between 24th and 34th streets, huddled between Fifth and Sixth Avenues, in Manhattan (Min 39 “Caught in the Middle”). Korean immigrants immigrated to the United States for a better way of life. In Korea, many Koreans held college degrees, and had professional careers. However, upon arrival to the United States, they were unable to transition into the same type of positions once held in the country they immigrated from. In addition, the language barrier encouraged Koreans to open their own businesses.

State Capital Group 1747 Pennsylvania Avenue, N.W. Suite 1200 Washington, D.C. 20006 (202) 659-6601 PHONE (202) 659-6641 FAX info@statecapitalgroup.org www.statecapitalgroup.org

The next nation that will be discussed is South Korea, whose legal tradition finds its origins from Japan, but is now becoming more American in nature due to increased globalization. Korea’s legal tradition was first established 4,300 ago when the Gojoseon dynasty created its own statutory law, heavily influenced by Confucianism and China’s legal system (SpringerLink and Yŏn 'guwŏn 2). (note that during the retelling of South Korea’s history, the nation will be referred to as Korea until the point at which it became separated into Northern and Southern territories). Korea maintained this particular legal tradition, and aspects of a uniquely Korean brand of Confucianism, until the 19th century. In 1894, the internally induced Kabo Reforms aimed to modernize the whole of Korea in terms of legal and administrative systems, culture, economy, and more (“Emergence of a Modern Society”). The Kabo Reforms resulted in a legal system that closely resembled Japan’s system, which followed a civil legal tradition that was heavily influenced by Germany. Korea’s transformation towards a Japanese civil law system was further intensified and completed when it became a colony of Japan in 1910. Following the defeat of Japan during World War Two, Korea gained its independence in 1945, only for the southern half of the nation to fall under American occupation until 1948, while the northern half was occupied by Soviet Russia (SpringerLink and Yŏn 'guwŏn 5). Now dubbed as South Korea, the

South Korea and Japan have had a close relationship from ancient history to the present day. Because of this reason, their economic growth and development have similarities and disparate differences. This paper will discuss some of the two countries’ major characteristics including geographic, social, and political characteristics and look at their histories and economies.

At the end of World War II, Korea was a poor former agricultural colony of Japan. But the rapid growth of Korea’s industrial economy has been remarkable. The economy of South Korea is now the third-largest in Asia and the 13th largest in the world by GDP as of 2007. To trace back the economic development of South Korea, the former president Park Chung-Hee played a pivotal role, and was credited for shifting its focus to export-oriented favoring a few large conglomerates. Unlike his predecessors, Park showed a strong commitment to economic development, believing good economic performance as a primary means for enhancing his political legitimacy. Under the President Park Chung-Hee’s era, the government played a dominating role in a

In South Korea, the Korean language is the most frequently used language and the Koreans use Hangul as the main writing system. Quoted from kwintessential.co.uk, “The Korean language is spoken by more than 65 million people living on the peninsula and its outlying islands as well as 5.5 million Koreans living in other parts of the world.  The fact that all Koreans speak and write the same language has been a crucial factor in their strong national identity.” In the present time, Korea boasts many dialects, including the standard dialect used in Seoul and central areas. Even

South Korean are very cautious in consuming their food or buying certain products. Typical Korean cuisine usually consist of ‘kimchi’ (fermented cabbage), ‘gochujang’ (fermented chili sauce), less salt, less sugar, and less condiments because it considered bad for health. In terms of other

For firms seeking to engage in international business, government intervention may increase both the risks and costs they undergo. With liberalised trade, firms