EPIC Delegation to Korea 2023

We organize EPIC Member Delegation Trips to #China?#Japan #Korea #Taiwan?#Malaysia?#Singapore?#India? #Israel??#UAE #Canada to support EPIC members in their global business development. LINK TO PICTURES

FEEDBACK KOREA 2023: Doing business in Korea offers unique opportunities and challenges. The country is known for its fast decision-making processes and a keen interest in trying new technologies. However, language can be a barrier, although Koreans are generally kind and welcoming. Korea's market is dominated by technology integrators and end-users, with giants like LG and Samsung leading the way. Despite its technological advancements, Korea doesn′t seem to have many core technology suppliers, particularly in areas like optics and lasers manufacturing. The Laser Koreas exhibition was industrial focused, but small. Considering Europe's strength with a thousand photonics suppliers, this could be a potential opportunity for members of EPIC.

One prominent characteristic of doing business in Korea is the speed of decision making. Korean companies are known for their agility and ability to make quick decisions. This can be advantageous for EPIC members that are small, or require quick returns, as it allows for efficient negotiations. This fast-paced decision-making process could be a result of factors such as the competitive business environment, a hierarchical corporate culture, and a strong emphasis on efficiency. In Korea, decisions are often made at the executive level, where a small group of key decision-makers holds significant authority. When we visited companies, most of the time the CEO of the company was present.

Korea's enthusiasm for adopting new technologies also makes it an attractive market. The country seems to have a strong appetite for innovation and constantly seeks cutting-edge solutions. This aligns well with the goals and capabilities of EPIC members. By introducing our advanced photonics technologies to the Korean market, members can tap into a receptive customer base eager to embrace new solutions to tackle application challenges.

Korea's market is dominated by technology integrators and end-users, with LG, Samsung, SK Hynix, Hyundai being prime examples. These companies excel in integrating technology into various products and services.

I personally suffered of the language barrier and the challenge it presented in order to organize the delegation trip. English proficiency may vary among individuals, but I still came across many people at the Laser Korea exhibition, including distributors of international products, who did not speak enough English to have a fluent conversation. However, despite the language barrier, Koreans are generally friendly and welcoming. Working through a local distributor should help bridge the communication gap and facilitate successful collaborations!

BACKGROUND: EPIC International Delegations are exclusively for EPIC members with the objective to support their business development and global collaboration activities.?The trips typically include visiting an exhibition or conference, visiting local manufacturing facilities, numerous networking events with local companies, distributors, partners, and meeting business and technology partners. The trip is composed of 10-20 participants, and registration closes 1 month before the date. To find out more about past and future trips, please visit www.epic-assoc.com/upcoming-events

ABOUT EPIC: is the world-leading industry association that promotes the sustainable development of organizations working in the field of photonics in Europe. We foster a vibrant photonics ecosystem by maintaining a strong network and acting as a catalyst and facilitator for technological and commercial advancement. EPIC publishes market and technology reports, organizes technical workshops and B2B roundtables, supports EU funding proposals, advocacy and lobbying, education and training activities, standards and roadmaps, pavilions at exhibitions. www.epic-assoc.com