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Transcript of South Korea
The pricing in South Korea is different than that of Canada. This is because the two currencies are very different. 1 Canadian Dollar is equivalent to around 100 South Korean Won. Also if you were going to open a business in South Korea, you would have to look at costing of the shipments and transportation.
Size :99,720 sq km
Capital city : Seoul
Language(s) :Korean, English
Currency :South Korean Won
Type of Government:Republic
GDP :1.64 trillion U.S dollars
GDP/Capita :32,800 U.S dollars
Labour force :25.5 million
Type of Government : Democratic Republic
Free trade agreement with Canada?
Canada and Korea met for a fourteenth round of negotiations toward a Canada-Korea Free Trade Agreement (CKFTA) in Seoul, South Korea, from November 25 to 29, 2013. No confirmation on agreement. Ban still in affect.
Beef ban on Canadian beef?
Ever since 2003, South Korea has banned all beef coming from Canada, because of their imports of beef contained bovine spongiform encephalopathy, commonly called "Mad Cow Disease"
Reaching a final
South Korea pits
the interests of
auto makers, which have long fought the idea of granting duty-free entry for Hyundai and Kia vehicles into Canada
Steel maker POSCO forms joint venture with Canada’s Fortune Minerals to develop coal resources
POSCO has invested hundreds of millions of dollars for the progress of a coal project
The Republic of Korea has been a WTO member since 1 January 1995
Korea joined the OECD in 1996 and a decade later began motions to join the OECD’s Development Assistance Committee
Korea joined the International Monetary fund in August 26, 1955
Business Ethics and Corporate Social Responsibility
Since the 1970's South
Korea has made efforts
in reforestation. Right
now there are 20 national
parks and forests that
have been untouched by people.
In 2013, a conference held led to an
agreement by both presidents for a clean energy partnership.
Addressing global warming, they agreed to make cleaner energy as part of their partnership
Corporate Social Responsibility
Cases that companies are using "green management", which allows corporations to improve their reputation while taking advantage of new markets.
Many corporations in South Korea use CSR to mask violations of labour rights.
South Korean unions see participation in CSR activities as a useful means for achieving their goals
Their is a balance between there being social responsibility and there not being any at all.
Treatment in Labour
There are many companies such as "Hyundai" that believe they should prioritize product over labour issues
People in Korea work 2 090 hours a year, more than the OECD average of 1 776 hours
A trilateral council of government, labor and management representatives agreed to raise South Korea’s minimum wage for next year (2014) by 7.2 percent to 5,210 won (US$4.57) per hour from current 4,860 won per hour
35% of workers receive some information regarding safety while the rest has not; 41% had received health and safety training such as accident prevention, and only 14% of individuals that are injured get compensated.
Korea follows a set standard in making products and/or service, and takes it seriously.
In some cases companies prioritize product over labour issues
It is mandatory for all Korean males to have some form of military service
The government blocks access to North Korean websites and, sometimes, to major overseas web sites that host blogs
South Korea has just recently developed anti corruption laws that have already arrested past presidents and business men.
It has recently increased the jail time and brought more awareness in bribes and scandals.
Salon du Chocolat Seoul
Kyung Hyang Housing Fair
Seoul International Sports & Leisure Industry Show
Solar Wind Earth Energy Trade Show
All of these sources are restricted from laws, and blocks off programming from North Korea, and other places.
Samsung Electronics Co.
Samsung Group is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul
Samsung Electronics Co. Ltd. is engaged in consumer electronics, information technology and mobile communications, and device solutions businesses worldwide. It develops, manufactures, and sells various consumer products, including mobile phones, tablets, televisions, Blu-rays, DVD players, home theaters, and digital cameras and camcorders; home appliances, such as refrigerators, air conditioners, washing machines, ovens, and dishwashers and more
Rules & Laws for advertising messages
If it was 12o'clock noon in Toronto, it would be 2 a.m the next day in South korea, Seoul.
A 14 hour difference
Winter begins in December and lasts until mid-March. In the Northern region around Seoul temperatures are harsh.
Spring begins in late March / early April and continues until the beginning of June. Usually the temperature will stay between 5 and 10c until late April when the temperature begins to rise.
The summers in Korea are hot, humid and rainy. June is quite nice with temperatures in the mid-twenties and lots of clear skies.
Autumn is quite short and lasts from mid September to November. The temperatures are 15c +, it is quite dry and there are not many rainy days.
Originated in South Korea, Seoul. Samsung Electronics Co. Ltd. is engaged in consumer electronics, information technology and mobile communications, and device solutions businesses worldwide.
Imports & Exports
Major Imports: Machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, and plastics
Major Exports: Semi conductors, wireless telecommunication equipment, motor vehicles, computers, steel, and ships
Seoul National University
Pohang University of Science and Technology
University of Seoul
The Korea Communications Commission is a government agency that regulates TV, radio, and the Internet within South Korea.
It restricts any broadcasting from North korea
Restrictions on being anonymous online
As of 2012, Laws and Regulations have loosened up after many protests
Advertisements for foods that are high in fat, sugar, and salt, will be limited during the prime time television hours of 5 and 7 p.m. and during any children's programming.
Use of celebrities and recognized brand names
Competitive & Absolute Advantage
South Korea does not possess any resources or material that is only native to Korea. But there are other resources that are available in Korea. The most important natural resources are coal, iron, graphite, gold, silver, tungsten, lead, and zinc. Together these resources constitute around two-thirds of the total value of natural resources.
Three products that South Korea is known for is rice, meat such as beef and pork, and milk. These are the the three main products that is produced in South Korea.
The literacy rate of South Korea is very high. For male it is 99.2% and for female it is 96.6%. Therefore the labor force of Korea is well educated and can provide a competitive advantage.
There is no product that is only manufactured in Korea. Samsung, Korea is responsible for the flexible screen. They have totally changed how a traditional screen works. The new screen is totally bendable and the colors more vivid. It also saves a lot of energy. The first mp3, the first cell phone with mp3 built in. the first touch screen that does not need a stylus, the first touch screen phone by LG, First LTE Smartphone by Samsung. was made and developed in Korea. Also the retina display of Apple developed and produced by LG was also from Korea. Korea was also the first nation to introduce mobile television.
The labor is fairly cheaper in South Korea, compared to Canada. In Korea the minimum wage is $4.33 US. Which is a significantly lower than that of Canada. If a Canadian company opened a branch in South Korea the price of the labor will be very cheap, compared to Canada.
South Korea has a absolute advantage over Canada in the production of rice.
Working in South Korea
One of the biggest airport on South Korea is called Incheon International Airport. There are many hotels surrounding the airport. One of the Hotel is Hyatt Regency Incheon. They offer many different things. It is a luxurious 5 star hotel. They have many different meeting rooms, of all sizes. Also offer a place to stay. Therefore making it really useful for individuals on a tight schedule business trip.
Here are three office places that are still on sale in Seoul, South Korea
Taepyeongro 1-ga, Seoul, 100-768. The rent for this office is ₩1000000 per month. That will be $1020.41CAN. Phone line is going to be provided, when we rent the office. The office is in the centre of seoul’s financial district. The neighbours of the office is Korea’s famous banks, and hotels. Incheon International Airport is just 35 miles away. Broadband internet, phone line and furnitures are included.
Jongno 1-Ga, Seoul, 110 714. The rent for this particular office in not provided. The website tells us to contact the owner. It is located on Seoul’s most successful business hub.
The office is close to Seoul City Hall, global finance firms, embassies. It is also close to many important government offices. The office is fairly close to Incheon Airport.Broadband internet, phone line and furnitures are included.
Yeoksam-dong, Gangnam-gu, Seoul, 135-984. The rent of this particular office is ₩1000000 per month. The office is located at the heart of seoul and close to many famous hotels and restaurants. It is very close to the subway and only 32 miles away from Incheon International Airport. Broadband internet, phone line and furnitures are included.
Cultural Factors and Customs
The business meeting should take place between 10 am to 12 pm. Or should take place during mid afternoon, from 2pm to 4pm
Punctuality is very important. This is because it is a sign of respect in Korea. If you know you are going to be a little late for a business meeting, call ahead
Gift giving is a famous practice in South Korea. They are given at first meeting to build up relationship and to acquire favors. When you are receiving a gift use both of your hands to receive the particular gift. This is showing respect, to the individual that is presenting you with the gift
One must avoid holidays such as lunar New Year and/or the moon festival as a meeting date.
When entering a room, the senior member of your business should enter first. If it is a meeting room, then they should they should enter and sit at the middle of the table. You should not enter the room before your seniors.
History, culture and religion played a huge role why Canadian and Korean cultures are very different. Koreans bow to show respect, because of the ancient Chinese culture. Though now the chinese’ do not bow anymore, the Korean people still bow to show respect. Buddhism has a major influence on the korean culture. One can clearly see the influence, on the culture. Because of this, Buddha's birthday is a major holiday in South Korea.
Managing International Risk
Political Risk: This is because the country does have a fairly new president. Park Geun Hye is the, first female president of South Korea. Though she is doing a very good job of keeping the country safe and the economy good, she is a new president. So we do not know if she can truly handle any political downfall, or any kind of major disaster with a cool head.
Economic Risk: Korea has a very strong economy.
Social and cultural risk: The Korean culture is very good at adapting to new things. They were not the first to invent computer or other gadgets, nor the first to create cars. But now they are at the top at the production of both cars and modern technology.
Technical and commercial Risk: This is because technologically south Korea is ahead of almost all the other countries. They have companies such as samsung, LG etc. These companies are known for their remarkable technology. As the time goes by and the world becomes more reliable on technology, the value of these companies will go up. They will make a lot more profit.
Natural Risks: Recently there have been quite a few natural disasters taking place in south Korea. That might affect the trading, business that are going to take place on Korea.
It costs 4,490 South Korean Won or $4.62 CAD to ship in the same city
It costs 11,100 South Korean Won or $11.43CAD to ship to another province
Pantos Logistics is a global service provider based in Seoul, South Korea.Pantos is the largest logistics company in Korea and the 26th largest in the world. Pantos has an air freight agent to include total logistics services including sea freight, air freight, road and rail freight, warehousing, logistics consulting, international express, project cargo, terminal service and customs clearance