DOING BUSINESS IN SOUTH KOREA

(The photo above is of a Cherry Blossom tree with flowers which bloom only at a particular time of the year and for 2 weeks only)

Since I became an Entrepreneur 5 years back, I have been doing some business in Korea. I definitely do not have an all encompassing experience but thought that my Korea diary may help a few of you.

My ex-colleague from Rohm and Haas and I have joined hands and help suppliers from both these countries find customers in our respective countries. The products are mostly limited to Chemicals but we have also delved in lighting products, Wood-Plastic Composite (WPC) extrusion machine and food ingredients.

The most important cities are Seoul, Busan, Daegu and Incheon. Busan is the port city and Seoul the capital of Korea.

My visits to Korea have always been enjoyable and the learnings tremendous. The first thing that strikes you on arriving into the country is that it is like any other developed country. Seoul Airport is fantastic, cleanliness paramount and systems/ processes completely in place.

I think Korea also has one of the fastest broadband wifi services. So if travelling to Korea, one does not need to carry an International SIM card or buy a local SIM card. Most of the places, airport, hotel, malls, offices have free wifi services and one can easily connect thru them (without password) and do facetime, Whatsapp calls, Skype, Viber et al and always remain connected to your family, friends, office back home.

Commuting is not cheap and cabs are costly though I have never used them due to my friend who obliges me by taking me everywhere in his car. The issue with metro is that you exactly need to know how many stations you have to travel as language is a huge barrier. In Korea they speak and write ‘only’ in Korean language with very few people knowing English. Most of the signages, directions are in Korean language.

Food is another challenge that Indians may face in Korea. There is virtually no vegetarian restaurant. Their staple diet is Beef/ Pork. Some restaurants do serve chicken but it is difficult to locate them. There are also some very nice Indian restaurants where one can find normal North Indian cuisine. If one is comfortable with Non-vegetarian food and willing to experiment then there is no dearth of varieties. One particular restaurant I visited serves chicken soup. This is perhaps the best chicken soup I have ever had in my life. It is normally served with Khimchi, the Korean version of pickle and green chillies which are the size of a small cucumber. Another not to be missed product is the local rice wine which is smooth, sweet and mildly intoxicating.

Hotels are mostly clean, nice with very friendly staff, though language will always remain a barrier. Check the breakfast menu before booking your Hotel as this could be your only meal for the day if you are a vegetarian.

Korea is an ageing society and most working class is in the middle age. There is virtually no population growth. This has more challenges than advantages.

They are extremely ethical and loyal. Also reflects in their politics. Their President can be elected only once and then has to quit politics.  By the way, they hate the Japanese due to the atrocities committed during WWII.

When you are in conversation with someone, you must listen very patiently to what the person has to say. Patience is a virtue, especially in Korea. When you speak, you must speak very slowly, explaining in detail your point of view even though it may seem very basic. Never get into an argument and try to understand their point of view.

Koreans prefer doing business with Koreans. So it is always good to have a Korean agent, distributor, friend to take along with you when going for a business meeting. They prefer an appointment to be taken much before your arrival and normally stick to the schedule given. I may not be wrong if I suggest that you have to necessarily take off your shoes before entering any Korean office. But they provide you with slippers/ sandals/ covers while you are in the office. Meetings start with tea/ coffee or some drink. The women working in the office serve these drinks to the visitors.

Most business meetings are ‘no-nonsense’ kind of meetings and very straightforward. They take time to understand your issues/ products/ services and also share their thoughts openly. I found that most meetings never end up with any conclusion and is always carried forward even if you want to close the deal. Perhaps, they prefer having an internal discussion post the meeting and then conclude. Late afternoon meetings end up with elaborate drinks/ dinner. Koreans believe in long term relationships/ partnerships and a dinner invite means that you are one of those with whom they want to do business with.

On my Korea visits, I have met many people, had great food/ wine, visited their village showcase to understand about their history and culture, done shopping, had business meetings, enjoyed every bit of it and looking forward to my next trip in November 2016.

Anyone out there wants help/ support for export to or import from Korea, please feel free to get in touch with me!