Thoughts on Korean Business by Don Southerton

Management and teams, need an update on Korea's economy? Car Industry? Trends? For the past few years, I've offered teams and management 6 week Korea 101 and Korea 201 programs. They have been well received. That said, one outcome of the current economic downturn is ever limited resources and even less time.  Nevertheless, key management and teams working for Korean-based firms now more than ever need to understand Korea. My solution for 2009, I'm offering quarterly updates (Korea 301). Topics will vary over the year. Each session, with Q and A, is about 2 hours. Session 1 (Winter 2009) The first hour of the session looks at the Korean economy. My sources include Korean government officials, leading Korean economists, reports from outside Korea, and my own insights. To keep the session relevent, I'll discuss the roles of Korean auto makers, especially the new Green Deal initiatives. The second hour of the session looks at Korean generations. Again, I strongly link t...

When the first Anglos arrived in Korea more that 100 years ago, many were given Korean names. One method is purely phonic using the native Hangul language. Another more prestigious method crafts special names using Hanja, Korean Sino-derivative words based on Chinese characters. This takes  expertise, since the name have great significance. With Hilary Clinton's trip to Korea, she will receive a Korean name. How the name was crafted is insightful. BTW My name Su Dong, translates as "to awake; the East."  蘇 東 Korea Times notes: On the occasion of U.S. Secretary of State Hillary Clinton’s visit to Korea, the Republic of Korea (ROK)-U.S. Alliance Friendship Society announced Wednesday that it would confer the Korean name of “Han Hisook” on the former first lady and senator of the United States. The society will send a plaque containing a description of the name to Secretary Clinton in time for her return to Washington from the Asian tour. “It is our sincere hope that the ...

Last week I posted that BCW was supporting a worthy project to to promote goodwill between the U.S. and Korea.  L ink to U.S. Embassy Seoul announcement. The program is called WEST-Work, Study English, and Travel. BCW was asked to recommend top U.S. firms well suited to offer internships to Korean university students.   The Korean interns will learn about U.S. business and your company will have access to quality interns who are motivated to perform and learn. It's a win-win for all.  After a number of requests, I have compiled a FAQ. WEST Program Frequently Asked Questions : What are some guidelines for a Paid Internship? Most internships are paid. Interns generally make a 'living wage'. This varies between $12 and $22 per hour depending on location. Are there additional employer costs? There are no additional costs for the employer. Moreover, the interns have medical insurance. They are responsible for their own travel and housing. When will the program begin? The firs...

This year on Monday, February 9, 2009 tradition-minded Koreans will celebrate a special holiday commonly called Daeborum.  Actually called Jongwol Daeborum, it has been observed for over 1,000 years. Jongwol Daeborum is the first full moon of the new lunar year. In the past, it was thought that because the moon was full, it was a day for driving away misfortune and evil. Thus, the foods eaten and the games played on this traditional holiday have had a hidden purpose of expelling misfortune and evil. Jongwol means the first of the month and Dae means big in Korean. Borum means round moon or full moon. (It’s pronounced as its spelled… “dae borum”). While Lunar New Year’s Day was seen as a family-oriented day, in contrast, Jongwol Daeborum was communal. That means Koreans traditionally started a lunar year with their family and 15 days later celebrated the full moon at a community level. Jongwol Daeborum, then, is a day filled with folk games, customs, and rituals. Nowadays, the celebrati...

Imports have made some inroads into the Korean car market. Nevertheless Hyundai-Kia Motors share 80% of the market. I found this article in Chosun Ilbo intriguing. Import sales are down! Probably not due to nationalism, but the downturn in the global economy has buyers wary. Imports in Korea come with huge VATs. Koreans Turn Backs on Imported Cars The Korea Automobile Importers and Distributors Association (KAIDA) said Wednesday the registration of imported cars for January was 3,760, down 29.1 percent from January of last year, and down 7.1 percent from December. Some new 666 Honda cars were registered, ranking top, followed by BMW (525 cars), Mercedes-Benz (444), Audi (423), Volkswagen (409), Lexus (251), Chrysler (236 including Jeep and Dodge), Ford (170 including Lincoln), Infiniti (163), and Nissan (87). Some 60 Peugeots were registered, skidding to 13th place from 10th with 216 a year ago and sustaining the biggest drop among all imported car brands. Registrations for Volvo als...

American Colleagues BCW has been asked to recommend top U.S. firms well suited to offer internships to Korean university students. This is a great opportunity to promote goodwill between the U.S. and Korea. The Korean interns will learn about U.S. business and your company will have access to quality interns who are motivated to perform and learn. I was hoping you would offer several internships. The internships can be flexible 3 to 12 months. The interns have English language skills. Concerns such as health insurance, placement costs, and visas are at no cost to your firm. Questions? Next steps? I'd be happy to discuss at your convenience. 1-310-866-3777 dsoutherton@bridgingculture.com DS Some details... The WEST (Work, English Study, and Travel) Program will allow qualifying Korean university students and recent university graduates to enter the United States for up to 18 months on J-1 exchange visitor visas. The program required them to study English and participate in a pr...