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Doing Business in South Korea
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| SETTING-UP the FIRST
CONTACT |
Personal connections are key to doing business
in Korea. Similar to other Asian countries, very little distinction is made between
business and personal relationships. Thus, cultivating close personal ties through
patience is most important if one wants to succeed. Indeed, the best way to gain entry is
through introduction by a mutual friend.
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Should a personal introduction prove
infeasible, the businessperson still has several courses available to him or her via group
meetings. For example, joining a trade delegation is one way to meet Korean businessmen.
In the event that this channel is pursued, only one person should speak on behalf of the
group during meetings with the counterparts. This person should be the most senior in
rank, and if possible, age, in the group as the Koreans defer to seniority.
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Another way to get introduced to Korean
businessmen is through the South Korean Consulates General, banks, or consultants. It
would be very beneficial if these people know the person one wants to do business with
personally. A letter of introduction should be sent to the Koreans before any contact is
personally made by the businessperson.
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