Thoughts on Korean Business by Don Southerton

Welcome to this vodcast edition of Everything Korean: Insights into Korean Business. Contact: Don Southerton 1-310-866-3777

By Don Southerton, President and CEO Bridging Culture Worldwide Welcome to this edition of Everything Korean: Insights into Korean Business. As we enter February 2010, it looks like the US and Korean economies have been recovering--in Korea some are concerned over a double dip recession, a strong won eroding profits, and if the Chinese economy contracted--how would they deal with its impact on Korea--now rivaling that of US Korean economic ties. That said, Korea's top tier companies like Samsung and Hyundai Kia are posting record 2009 sales and profit. For example, Samsung Electronic sales exceeded $ 117 billion. Their profits, like those at Hyundai Kia, soared, too. Moving right along, today I'd like to share in this vodcast a topic many viewers will find valuable. I know many firms have successfully gained new business opportunities with Korea based companies. Others viewers are hopeful at the prospect of Korea focused business ventures. Many of you did a great job meeting...

FOR IMMEDIATE RELEASE Carlsbad, CA January 29, 2010 -- Korea Business Central ( www.KoreaBusinessCentral.com ), the premiere Korean business and networking site, is sponsoring an ongoing series of interviews on how to succeed at Korean business. The first interview is with Tom Coyner, author and business consultant. Tom Coyner has more than 20 years of management experience in Korea and Japan working for American firms. He has an MBA in International Business from the University of Southern California and his recent book is entitled Mastering Business in Korea. Coyner's Korea Business Central interview highlights the idea that doing business in Korea is not as hard as it may seem at first glance but relationships are most important. He notes "There is no substitute for getting one's feet on the ground and getting to know people." What may surprise many, Coyner points out, "Many companies make more net profits out of Korea than they do even in China...." In ...

I see more women in the Korea workplace. They add much and are excellent team members. Much has changed over the past few years. Still, from my perspective this article exaggerates at least with regard to the major business groups the role of women. Since the major Groups are hierarchical with seniority based promotions, it will take more time for women to be in key positions within the major companies. Korea Times notes The remnants of patriarchy are fast disappearing as women assume increasingly bigger roles, the phenomenon that some experts dub as the advent of a neo-matriarchal society. Examples of the strengthening of female power are everywhere including national exams, economic activities and political participation although in some areas males still remain dominant. Historically, males have ruled in the national exams to become high-ranking officials, diplomats, prosecutors or judges in Korea due in no small part to masculine-oriented Confucianism. But things have been changi...

Korea WEST allow qualifying university students and recent university graduates from South Korea to enter the United States for a period up to 18 months on J-1 Exchange Visitor Program. This visa will allow students the opportunity to study English and American business practices, participate in internships, and travel independently at the end of their program. BCW has been a strong supporter of the program since its inception. Here is a recent endorsement letter by the Korea Ministry of Education, Science, and Technology. (Click on image to enlarge) For more information Click Here

The new year is shaping up. I hope you had the opportunity to review my 2010 Looking Forward Korea Executive Commentary. Click Here for link. That said, it’s time to consider Korea business and workplace focused training for the team. Korean culture training within your organization should be a constant and never ending process. In addition to providing new team members with awareness and skills, provide all team members and key management with coaching and ongoing training. More significant, Korea is constantly changing--so staying up to date is vital. I have deep insights—and stay current daily. I have 2 suggestions for training in 2010. One option is quarterly workshops providing insights into modern Korean business and the workplace that directly impact your company. Additional topics can include new Korean management and communication styles, business norms, and workplace etiquette. The intent of each of the 2-hour workshops is to build upon the current experiences of the team, w...

American Colleagues Again for 2010, 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 an internships. The internships can be flexible 6 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 Some details... This is the second round of the WEST program . Resumes are ready for review. Click Here 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 mont...

I feel GM Daewoo, once a huge success story, will see its presence in Korea erode. With GM's plan to relocate more Korea model production to the US, GM Daewoo's export numbers will drop even more. Once the Number 3 Korean car maker, in the wake of the global auto meltdown, Hyundai and Kia have gained even more local ( and global) market share. Hyundai and Kia have topped 80% now in Korea. GM Daewoo continues to slide. Reducing their export production only adds to the situation. Chosun Ilbo notes GM to Move Gentra Production to U.S. One more GM Daewoo model made in Korea for export to foreign markets will be produced in the U.S. GM said Monday that the Gentra subcompact (Chevrolet Aveo in the U.S.) will be manufactured at its Orion Township plant in Michigan beginning late this year to be sold in the U.S. from early 2011. The U.S. plant will produce 160,000 Gentras a year. GM decided in November last year to move production of the Lacetti Premier (Chevrolet Cruze) from GM Daewoo...

Korea's top conglomerates did well last year. I've noted in my commentaries and posting that they looked at the global recession as a opportunity to gain market share and leap frog past their competitors---many long established. Along with aggressive marketing and drive for sales, they cut costs, eliminated jobs, and scrutinized spending. One key factor which will influence 2010 profits will be a strengthening Won. Chosun Ilbo reported... (btw US$1=W1,135 or think that Korean trillions equal US billions, Korean billions equal US millions, etc.) Forty years since its founding Samsung Electronics has set an unprecedented record in Korean business history. The electronics giant on Thursday [Jan 7, 2010] released estimates of its revenue and profit for the fourth quarter of last year. Preliminary revenue stood at a record W39 trillion while operating profit posted W3.7 trillion . Overall Samsung reaped W136 trillion in revenue and W11 trillion in profit in 2009, becoming the fir...

Welcome to this Vodcast edition of Everything Korean sponsored by Bridging Culture Worldwide and Korea Business Central . This is your host Don Southerton . Questions? Just call or email .