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Transcript of South Korea
"Taeguk" or Yin Yang
represents harmony & balance
Common Stereotypes & Misunderstandings
Koreans can’t drive.
Everyone gets plastic surgery.
extremely hierarchical & traditional
respect must always be paid to elders
one of the most ethnically homogenous nations in the world
They are emotionally unstable and violent.
Total Area: 100,210 km²
Total: 50 million people
Average density: 501 people/sq. km
Median population age: 40.2 years
Fertility rate: 1.23 children per women
Life expectancy: 80.8 years
literacy rate: 97.9%
university entrance exam (suneung)
7.6% of GDP is spent on education
free for students ages 6 to 15
12% of consumer spending spent on education
typical students study from 8am to 10pm
Business Language & Gestures
importance of business cards
"come over here"
"we don't have that here"
avoid eye contact with people of different genders, age, social status
won't admit they don't understand English
meaning of 'yes' and 'no'
Acceptable topics of conversation:
age, salary, religion, and family life (determines status and seniority)
cultural heritage, economic success, popular entertainment, fashion, sports, company accomplishments, personal hobbies
anything related to Japan
Women in Business
low glass cieling
9.1% or 272 executives out of 2993 state-run institutions are women
Financial Services Commission had only 1 female executive out of 109
16 of 288 public institutions had female CEOs
149 had no female executives
law restrictions: 40 hours, 5 day/week, no more than 12 hours a day
most people work up to 52 hours a week
coal, tungsten, graphite, lead
large fishing industry
potential hydropower & nuclear energy
arable land: 15%
permanent crops: 2%
rivers & lakes: 10%
covered by the National Health Insurance (NHI)
general hospitals, oriental hospitals, public health centres, private hospitals
more doctors in urban areas than rural
3% of the population admitted to having paid a bribe (2013)
Act on the Protection of Public Interest Whistle-Blowers
How Laws are Made
serial number & printed into the Official Gazette
Foreign Business Laws
Foreign Investment Protection Agreement (FIPA)
1) Foreign investors can have access to invest in all types of business in Korea
2) Potential foreign investors have to notify government authorities of investment rather than seek consent
Of the 1148 industrial sectors in Korea, only 31 sectors are closed to foreign investment
Type of Government
republic form of government
powers shared between the president, the legislature as well as the courts
Tariffs, Quotas and Embargoes
average tariff rate is around 8.7%
0%-2% for raw materials, 5% for semi-manufactured products, and 8% for manufactured goods
strong taxation on agricultural products
rates outside of quotas are often discouraged and expensive; some products can be taxed up to 400%.
other import taxes include
10% to 20% for luxury goods
liquor tax (115% for beer, 30% for fruit-based liquors, 72% for spirits)
transportation tax (15 in 20% on vehicles)
After Japan's defeat in World War II in 1945,
Korea was divided in two
Administered by Soviet Union in the north and United States in the south.
Fair presidential elections were held in 1987
decades of authoritarian
establishment of current constitution
June 17, 1948
five major constitutional changes
Western-style democracy adapted
Formation of Government
Stability of Government
South Korea Political stability index (-2.5 weak; 2.5 strong):
View on Trade
a large majority of Koreans (79%) sees international trade as good for South Korea’s economy
for its companies (78%)
for creating domestic jobs (60%).
68% agree that international trade is good for consumers and 56% believe it benefits “your own standard of living.”
Branches of government
President and Prime Minister
South Korea uses the Won, as its currency
considered a soft currency
slowly regained strength in recent years.
central bank of South Korea forecasts a growth of 3.8% this year and 4% in 2015.
GDP per capita: $22,590 USD
GDP composition by sector
GDP growth rate
Current country GDP: $1.13 trillion USD
Importing partners and products/Exporting partners and products
Employment and Labour
International organization memberships
Association of the South East Asian Nations (ASEAN)
Asia-Pacific Economic Cooperation (APEC)
East Asia Submit (EAS)
World Trade Organization (WTO)
Organisation for Economic Co-operation and Development (OECD)
International Monetary Fund (IMO)
World Health Organization (WHO)
United Nations (UN)
Chile, Singapore, EU, Peru, U.S. and Canada
Australia, New Zealand, Colombia, Turkey, Mexico and China
Israel, Central America and Malaysia
Canada-Korea Free Trade Agreement (CKFTA)
has diplomatic relationships with over 188 countries in the world
hosted a number of international events including the 1988 Summer Olympics and the 2002 World Cup Soccer Tournament
Canada’s first agreement with an Asian country
to increase exports to South Korea by a total of 32 percent as well as expand the Canada’s economy by $1.7 billion within the years
Canada’s primary industries, agriculture, forestry and seafood will benefit the most
high demand in Korea
primarily concerned with North Korea China, Japan, and Russia.
traces back to World War II when the nations were under communism
South Korea's relations with Japan also continue to be turbulent due to a number of unsettled Korean-Japanese disputes, many of which stemmed from the period of Japanese occupation.