Page 1

Spring 2017

PROMOTING POST-BREXIT BRITAIN GLOBALLY British Council Chair, Christopher Rodrigues speaks to members

WHICH SCHOOL IS RIGHT FOR YOUR CHILD? SFBS Principal, Dr. Timothy Gray gives advice to newly-landed expat families

SOPHISTICATION, HERITAGE AND HISTORY Truefitt & Hill Master Barber, Luke Joyce explains what British luxury means to Cheongdam’s newest barber shop


Platinum Members

BCCK

SPRING 2017

About the British Chamber of Commerce in Korea (BCCK) Formed in 1977, the British Chamber of Commerce in Korea (BCCK) is a membership-based, non-profit organisation that represents the business interests of its members in Korea. The Chamber represents a broad spectrum of British, international and Korean companies, which all share significant commercial interests in the country. The Chamber has over 330 members of which approximately 25% are Korean companies/individuals. The Chamber also works together with the British government to promote British trade, commerce and investment in Korea and to encourage business development between Korean and British companies. About FOCUS Issue No.1 FOCUS is published quarterly by the British Chamber of Commerce In Korea and is distributed throughout the BCCK’s networks both in the UK and Korea. Contributors British Embassy Seoul, Daniel Gray, Herbert Smith Freehills LLP, Hunter Labs (Cody Hunter), Jardine Lloyd Thompson Korea, Robert Walters Korea, Seoul Foreign British School (Dr. Timothy Gray), Truefitt & Hill (Luke Joyce), Savills Korea Advertisers Asian Tigers Mobility, British Airways, Four Seasons Seoul, HSBC, Indulge, Jaguar Land Rover Korea, Jo Malone London, Seoul Foreign British School

Patron Members

Photography Greg Samborski (www.gregsamborski.com) Dylan Goldby (www.welkinlight.com) FOR ADVERTISING & ARTICLE CONTRIBUTION ENQUIRIES BCCK PR & Marketing Team marketing@bcck.or.kr, +82 2 6365 2307

BCCK FOCUS Issue No.01 Publisher: The British Chamber of Commerce in Korea 14th Fl, The-K Twin Towers B-dong, 50, Jongro 1gil, Jongro-gu, Seoul, Korea +82-2-6365-2300 www.bcck.or.kr


CONTENTS

22

8 67

Congratulatory Message 07 Congratulatory Message from the British Ambassador

Chamber Focus

14 Special Breakfast with the City of London’s Lord Mayor 15 Roundtable with Senior UK Trade Policy Representative 15 Exclusive Breakfast for Patron and Platinum Members

General Chamber News

15 Special Breakfast on Promoting Britain Globally in the Post-Brexit Era

08 2017 Executive Committee Election

Events – Networking

09 Chamber CEO Appointed Advisor for Investment Promotion for Gyeonggi Province 09 The BCCK Attends Annual Policy Briefing for Foreign Businesses 10 BCCK Team Participates in SC Trophy Cup 10 The BCCK Meets Then-Acting President Kyo-Ahn Hwang

Business Services’ News 11 Webinar Explores Korean Life Sciences Market 11

BCCK Makes Trip to the UK

11 Webinar Explores Korea's Latest Tech Trends 12 Chamber Supports Linguaphone’s Entry to Market 13 Business Services' Highlights

Events – Business 14 Breakfast Forum on Korea’s Political Outlook and Implications for its Economy in 2017

16 February Pub Night 16 Cocktail Networking Night

Upcoming Events 17

Upcoming Events

UK-Korea Trade Focus 20 Five Recent News Stories in UKKorean Trade

People Focus

33 Korea Economic Focus Q1 2017 36 Korea Salary Survey 2017

Legal Focus 38 Article 50 Process 42 What Foreign Companies Should Know About the Kim Young-ran Law

Lifestyle Focus 45 Top Restaurants to Dine with Your Business Clients 50 Choosing the Right Foreign School for Your Child 52 How to be a Fit Executive

Member Focus 56 Member Stories 58 Member CSR Activities 65 New Members

22 Interview with British Luxury Barber Shop Master Barber Luke Joyce

66 Member Offers

26 Five Questions with: North Korean Defector Hyeonseo Lee

Market Focus

SPECIAL FOCUS: ‘UK/ Korea 2017–18 Creative Futures’

28 Korean Office Market Trends for 2017

68 UK/Korea 2017–18 Creative Futures A Year of Celebration

31 Managing Asia’s Demand For Infrastructure

72 UK/Korea 2017–18 Creative Futures Spring Events


CONGRATULATORY MESSAGE

CONGRATULATORY MESSAGE FROM THE BRITISH AMBASSADOR I would like to congratulate the BCCK on the release of the first issue of their webzine, FOCUS. The launch of this webzine is an exciting step for the Chamber and I believe that this and future issues will contribute to the deepening of ties between the UK and Korean business communities and play an important role in enhancing and promoting the Chamber’s activities in Korea.

I am delighted that our formal partnership with the BCCK has been such a success. Over the past couple of years, the BCCK has truly gone from strength to strength, providing high quality business advice to British companies seeking to enter the Korean market. These services, along with the BCCK’s active role in hosting events and participating in trade missions, has created an ever more solid business platform for British business in Korea, enabling my team to devote more of our resources to areas such as market access, trade policy and regulatory work, which will take on more importance in the coming months and years.

One of the most rewarding par ts of my job as Ambassador is helping British companies benefit from the huge range of opportunity this country has to offer. In almost any industry and any sector you can think of, British companies have products, services and capabilities that South Korea wants and needs. South Korea has a developed economy, impressive industrial capabilities, unsurpassed IT infrastructure and knowledgeable and sophisticated consumers who are generally well-disposed to the UK, and associate quality with our products and services.

There is a busy year ahead for us all. And it is an important year for bilateral relations: the UK-Korea Year of Creative Futures, which will see a number of cultural, artistic and educational events across the country. I encourage BCCK members to get involved in the programme.

The UK has, of course, chosen to leave the European Union, and now one of our key tasks is to preserve the benefits that have flowed from the EU-Korea FTA. Although the process of departing the EU undeniably presents uncertainty for all, both the UK and South Korea have a strong interest in finding a path through to a new arrangement which preserves the benefits for both sides.

Although there are challenges as well as opportunities in doing business in Korea, I am confident that by continuing to work together closely, the Embassy team and BCCK members will do everything possible to support UK business in Korea.

CHARLES HAY BRITISH AMBASSADOR TO THE REPUBLIC OF KOREA

BCCK FOCUS 07


CHAMBER FOCUS | GENERAL CHAMBER NEWS

2017 Executive Committee Election The BCCK held an Annual General Meeting (AGM) election of new representatives for the organisation’s 2017 E xecutive Committee (E xCo) during a ceremony held at the Conrad Hotel Seoul in Yeouido on February 10, 2017. BCCK Chairman Steve Duckworth provided opening remarks followed by words of welcome by HM Ambassador Charles Hay. This year’s election attracted a total of 18 candidates who were nominated for election.

The newly elected 2017 ExCo is as follows: Chairman • Steve Duckworth, Managing Director, ERM Korea Vice Chairman • Paul D’Arcy, Country Chairman, Shell Korea Vice Chairman/Treasurer • Daniel Fertig, Partner, Assurance, Samil PricewaterhouseCoopers Trustee • Alex Jun, Regional Director, Rolls-Royce International Korea

8 The British Chamber of Commerce in Korea

The ExCo provides overall guidance for the BCCK’s operations and strategic planning activities, whilst also acting as a brain trust for the organisation. Members of the ExCo populate five specialist committees that meet on a monthly basis and help shape the activities of the Chamber, ensure activities are run smoothly, and that BCCK members and their sectors are represented fully.

Directors • Tony Hayward, Area Director, North Asia Area, British American Tobacco • Sanjay B. Sadarangani, Country Head of Global Trade and Receivable Finance, HSBC • Mike McClure, Chief Representative, Herbert Smith Freehills LLP • Daniel M. Barron, Head Teacher, British International Kindergarten Hannam • Manuel Alvarez, Country Manager, British Airways • Eric Thorpe, Managing Partner, Edge Communications • Graeme Salt, Head of College, Dulwich College Seoul Auditor • Richard Southall, Managing Director, McLaren’s Korea Ex-Officio • Martin Fryer, Director Korea, British Council


Chamber CEO Appointed Advisor for Investment Promotion for Gyeonggi Province On April 12, 2017, BCCK CEO Sean Blakeley was appointed an Advisor for Investment Promotion for Gyeonggi Province according to Article 11 of the Gyeonggi Foreign Investment Promotion Ordinance.

The appointment positions the BCCK as a firm stakeholder in the promotion of foreign investment into Gyeonggi Province, which is the most populous province in South Korea.

The BCCK Attends Annual Policy Briefing for Foreign Businesses

On March 31, BCCK CEO Sean Blakeley participated in an annual Policy Briefing for Foreign Businesses in Korea organized by Korea's Anti-corruption & Civil Rights Commission (ACRC). The briefing was attended by ACRC Chairperson Yunghoon Sung and 12 representatives from Korea-based foreign chambers of commerce.

Chairperson Sung discussed on the enforcement status and future plans of the Improper Solicitation and Graft Act and exchanged opinions on the ACRC activities with the heads of foreign business groups. The BCCK's inclusion in this event was indicative of the Chamber's focus on market access in 2017.

BCCK FOCUS 9


CHAMBER FOCUS | GENERAL CHAMBER NEWS

BCCK Team Participates in SC Trophy Cup On April 1, staff from the BCCK and three BCCK Member companies - British American Tobacco Korea, Diageo Korea, and Savills Korea - participated

in SC Trophy Cup 2017. While no team won the final round, the BCCK encourages more British member companies next year to participate!

The BCCK Meets Then-Acting President Kyo-Ahn Hwang BCCK CEO Sean Blakeley attended the Foreign Investors’ Roundtable on Monday, February 13, which featured a discussion on foreign business with Acting President Kyo-Ahn Hwang. During a personal interaction with the BCCK CEO, the Acting President emphasized the importance of the role of the BCCK for the upcoming bilateral discussions between the UK and Korea in the post-Brexit era. He also met with senior government officials, during the event, including Woo Taehee, Vice Minister of the MOTIE, as well as those from Financial Services Commission and KOTRA. This recognition of the importance of

10 The British Chamber of Commerce in Korea

the Chamber at the presidential level signals the increasingly active commercial and economic role of the BCCK expected from the Korean government.


CHAMBER FOCUS | BUSINESS SERVICES' NEWS

Webinar Explores Korean Life Sciences Market On February 9, the BCCK held a joint seminar with Department for International Trade (DIT) Korea regarding opportunities for British companies in Korea’s life sciences market. Seon- Young Lee, the

Communications and Government Affairs Specialist at GSK Korea, was the guest speaker for the event and provided a rundown of the market and potential opportunities for UK companies.

BCCK Makes Trip to the UK From March 13-17, the BCCK’s CEO Sean Blakeley and Project Coordinator Stella Kim travelled to the UK to make presentations on opportunities in the Korean market for companies in industries ranging from fashion to ICT. During the trip, they met with

the British Chambers of Commerce, an umbrella organization for British chambers of commerce worldwide, and representatives from the UK Fashion and Textile Association (UKFT).

Webinar Explores Korea’s Latest Tech Trends On March 30, the BCCK held a joint seminar with DIT Korea regarding opportunities for British companies in Korea’s tech market. Erik Cornelius, who is the co-founder and COO of G3 Partners, was the guest

speaker for the event and provided a rundown of the market, recent trends, and potential opportunities for UK companies.

BCCK FOCUS 11


CHAMBER FOCUS | BUSINESS SERVICES' NEWS The BCCK took a holistic approach by identifying potential partners in the Korean market and arranging meetings with key decision makers. At the end of the project, BCCK provided the company with a comprehensive visit report outlining key opportunities and recommendations of a partner in order of priorities. ST Unitas was chosen because of its ambitious and dynamic plans for the program. ‘ T h e BC CK’s sup p o r t w a s b eyo n d all o ur expectations in terms of efforts and commercial expertise,’ said Debora Mondella, Lingaphone Group’s International Brand Manager. ‘What we appreciated most about working with the Korean team was the compelling assistance and professionalism of the staff. They assisted us with meetings with potential clients with helpful and strategic insights, which enabled us to accomplish our goals.’

Chamber Supports Linguaphone's Entry to Market The Linguaphone Group, a world-leading global language-training provider, recently entered into a master license agreement with ST Unitas, Korea’s largest e-learning business group, for its English language learning system, Direct English. The British Chamber of Commerce in Korea (BCCK) played an instrumental role in initiating the partnership as it provided market entry advice and key introductions while Linguaphone explored the Korean market for partners. In late 2015, Linguaphone appointed the BCCK to find a new master licensee of one of their English education programs in Korea – Direct English.

12 The British Chamber of Commerce in Korea

‘Korean investors were attracted to the best-in-class programme which Linguaphone Group offers, the strong reputation of the company and the heritage with which it is associated,’ said BCCK CEO Sean Blakeley. ‘These are qualities that resonate globally. Our team did a great job to bring the expertise of the two companies together for a profitable and successful English language training partnership in the near future.’ This new partnership between the two companies is expected to enable ST Unitas to accelerate the expansion of their “Dangi-hakgyo” brand of academies that specialises in helping students achieve their goals as quickly as possible. The introduction of Direct English into Korea is also expected to present a new tool in Korea’s English education space, which is characterized by ‘cramming’ and below average TOEFL scores among OECD countries.


Business Services' Highlights During Q1 2017, the BCCK provided support to a wide range of British companies to heighten their understanding of and ease their entrance into the Korean market. The BCCK’s range of business services include bespoke partner searches and market research reports and this past quarter had a happy list of UK companies that couldn’t stop gushing about the BCCK team!

The BCCK was commissioned by Smylie to find potential partners in the Korean market. Smylie is an exporter of British food and drink products. “We contacted BCCK to assist us in identifying suitable partners in the Korean market, within a very short space of time they were able to produce a comprehensive list of prospective companies and arrange meetings,” said Alex Smylie, Smylie’s Sales Manager. “Throughout the process the quality of service and professionalism was excellent and it has enabled us to progress swiftly into the market.”

In February, the BCCK was commissioned by Northern Powerhouse, a broad initiative to boost economic growth in northern England, to setup B2B meetings during a trade mission to Korea for companies in the digital and creative sector. “We were extremely impressed by the professionalism and the genuine desire to support the many creative media businesses we brought to Korea on the Northern PowerHouse Trade Mission in February 2017,”said James Ramsbotham, the CEO of the North East England Chamber of Commerce. “The BCCK were outstanding in helping UK-based businesses on the trade mission to understand how to succeed in Korea and to make a myriad of very useful introductions, many of which have genuine potential for meaningful and profitable business. Everyone was impressed by the BCCK’s range of quality contacts and willingness to open doors across their network. We could not ask for more.” The BCCK provides a wide range of business services to help UK brands enter the Korean market, and the details of these services could be found here. The Chamber also provides services to Korean companies looking to enter the UK market. Find more information here.

BCCK FOCUS 13


CHAMBER FOCUS | EVENTS - BUSINESS

Breakfast Forum on Korea’s Political Outlook and Implications for its Economy in 2017 On February 9, the BCCK hosted a Breakfast Forum featuring Dr. Kim Jiyoon (Asan Institute for Policy Studies) and Dr. Hans Schattle (Yonsei University) as discussants and journalist-author Andrew Salmon as

the moderator. The event focused on a discussion on Korea’s political crisis and how it will impact the economy in 2017.

Special Breakfast with the City of London’s Lord Mayor On February 20, the BCCK, along with the Seoul Financial Forum, hosted a Special Breakfast featuring the City of London’s Lord Mayor, Dr. Andrew Parmley, at The Shilla Seoul Hotel. The Lord Mayor discussed the current state of the City of London’s financial services sector and its future

14 The British Chamber of Commerce in Korea

in the era of Brexit. The event was sponsored by Herbert Smith Freehills. BCCK Chairman Steve Duckworth and Herbert Smith Freehills Korea Chief Representative Mike McClure provided words of welcome.


Roundtable with Senior UK Trade Policy Representative On February 23, The BCCK hosted a roundtable with Mr. John Alty, director general of trade policy at the Department for International Trade at the BCCK office. The event was also attended by Ms. Sue Kinoshita, deputy head of mission of the British Embassy Seoul, Mr. Sean Blakeley, CEO of the BCCK, Mr. Steve Duckworth, chairman of the BCCK, and 12 CEOs from some of the UK’s top investors in Korea. The closed-door, senior-level event served as a platform where representatives of major UK businesses and

the British government exchanged views on important business and commercial issues pertinent to the UK-Korea bilateral economic and commercial relationship.

Exclusive Breakfast for Patron and Platinum Members On March 9, the BCCK held an Exclusive Breakfast for Patron and Platinum members featuring Dr. Florian Kohlbacher of the Economist Corporate Network. Dr. Kohlbacher discussed the outlook for Korea’s political and economic situation in 2017. The event drew 14 Patron and Platinum members from the BCCK membership.

Special Breakfast on Promoting Britain Globally in the Post-Brexit Era On March 16, the BCCK held a Special Breakfast featuring Christopher Rodrigues CBE, the Chair of the British Council, at the Four Seasons Seoul. HM Ambassador Charles Hay and BCCK Chairman Steve Duckworth made welcoming remarks. The event was co-hosted by the British Council and VisitBritain, and

sponsored by British Air ways. During the event, British Airways’ Country Manager Manuel Alvarez gave away two BA Gold Cards.

BCCK FOCUS 15


CHAMBER FOCUS | EVENTS - NETWORKING

February Pub Night The BCCK held its first annual Pub Night on February 23 at Broughton’s Bar in the British Embassy Seoul compound. The Pub Night was sponsored by Dwight School Seoul. The event drew 140 guests and featured authentic New York street food from the

Halal Guys, Pilsner Urquell beer from SAB Miller and cider from Magners. Delegates from a trade mission from Northern Powerhouse also joined the event.

Cocktail Networking Night The BCCK held its first annual Cocktail Networking Night of 2017 on March 30 at Bover Lounge, State Tower Namsan. The event was sponsored by Robert

16 The British Chamber of Commerce in Korea

Walters Korea, Indulge, Neal’s Yard Remedies, LVI Partners, Denby Korea, British Airways and Eta. The event drew 140 guests.


CHAMBER FOCUS | UPCOMING EVENTS

Upcoming Events June 8

Interview Evening with Cricketer Mike Gatting Join the BCCK and other commonwealth chambers for a night of networking and Q&A with Cricketer Mike Gatting at the British Embassy’s Broughton’s Bar! RSVP Here!

June 14

The UK’s Snap General Election: Implications for Brexit How will the UK’s general election on June 8 affect Brexit? Get an update on the Brexit process so far and an outlook for the future with Herbert Smith Freehills Korea’s Chief Representative Mike McClure. RSVP Here!

June 22

Summer Pub Night Come and enjoy the start of Summer at our June Pub Night at the British Embassy! As always, we will have a great selection of cocktails and great food to eat. RSVP Here!

July 5

2017 Korean Labour Market Trends: Mid-year Update What trends have dominated the labour market thus far and what is the outlook for the second half of 2017? Come and learn more with Robert Walters Korea Country Manager Duncan Harrison. RSVP Here!

BCCK FOCUS 17


Advertise with the BCCK Email | The quickest way to approach high level members of Korea’s domestic and multi-national companies is through direct emails to the BCCK’s mailing list. Website | Our website is the onestop-shop for information about our events and activities. We offer opportunities to our members to advertise through banners or BCCK member offers. SNS | Need to get a message out about an upcoming event, recruitment offer, press release, or CSR success? Utilise our SNS network (Facebook, Linkedin, Instagram, Twitter and Google+) to get the message out to a broader audience. Webzine | We offer advertising opportunities through our quarterly webzine, FOCUS. The webzine is offered through our website and sent out to our 3,500+ network of business contacts in Korea and the UK. Directory | The BCCK Membership Directory is the one place you can find out all about our members. Offered in print and online, we offer advertising space to help get your products and services out to a broader audience.

Contact us today to learn more at: E-mail: marketing@bcck.or.kr Phone: +82 (0)2 6365 2307


UK-KOREA TRADE FOCUS

Five Recent News Stories in UK - Korean Trade 1. Boots, the UK's iconic pharmacy chain, to launch in South Korea In July 2016, Walgreens Boots Alliance announced that it will enter the Korean market in partnership with Emart Company Ltd, an affiliate with Shinsegae Group. The two companies have formed a retail franchise partnership, and Boots stores will be opened in shopping malls, Shinsegae department stores and Emart hypermarkets. They will also open standalone stores on high streets. The Boots stores will have a wide range of Boots owned products as well as exclusive Boots branded products. The very first store is expected to open in May 2017 at the Starfield Hanam on the outskirts of Seoul, Korea's largest shopping mall established by Shinsegae Group in partnership with U.S. property developer Taubman Centers. 2. The British government provides clarity and certainty to the post-Brexit era The British government published a white paper entitled “The United Kingdom’s exit from and new partnership with the European Union”, on February 2, 2017, to provide the public with a clear vision of the directions, which would have economic and political implications for the UK-Korea relationship before it triggered Article 50 on 29 March - the process informing the EU of the UK's intention to leave. This was part of the British government's

20 The British Chamber of Commerce in Korea


efforts to provide its citizens, the markets, business communities and other stakeholders with more clarity and certainty to the upcoming political process of the UK leaving the EU. 3. UK and Korea discuss post-Brexit bilateral economic cooperation The first high-level UK-Korea trade working group met to discuss bilateral economic cooperation after the UK’s exit from the European Union on 24 February, 2017. The UK delegation headed by John Alty, Director General of Trade Policy in the Department for International Trade, met with their Korean counterparts headed by Director-General for FTA Negotiations and East Asia FTA Yoo Myunghee at the Ministry of Trade, Industry and Energy in Korea (MOTIE). The discussions were based on "the principles that the bilateral trade relations will be maintained without interruption after the UK’s formal exit from the EU and that they will be at least equivalent to the Korea-EU FTA or be strengthened further," according to MOTIE's press release. 4. Lancaster University to set up Korea campus in Busan in 2019 Lancaster University, one of the most prestigious universities in the UK, signed a Memorandum of Understanding (MoU) with the government of Busan City and Busan-Jinhae Free Economic Zone

Authority - one of the eight free economic zones established to induce foreign investments and foreign educational institutes - in March 2017. The tripartite MoU confirmed each party's commitment to open a global campus of Lancaster University in the Busan-Jinhae Free Economic Zone in the second half of 2019, offering undergraduate and graduate programmes for finance and logistics. The Korean government and local government authorities will provide tax, administrative and other financial support. 5. UK brands continue to make successful inroads into the Korean market Despite the political turmoil and low economic growth in recent years, many UK retail and consumer brands have continued to look to Korea for business opportunity. As the fourth largest economy in Asia becomes more and more sophisticated, UK companies have been able to leverage ‘Brand Britain’s’ sophistication and history. Some recent UK brands that have successfully entered the market include John Frieda (cosmetics), Oliver Sweeney (fashion), Orla Kiely (fashion), Steelite (kitchenware) and Monica Vinader (jewellery).

BCCK FOCUS 21


PEOPLE FOCUS

Interview with British Luxury Barber Shop Master Barber Luke Joyce BCCK Editorial Staff

Truefitt & Hill (T&H), the premium male grooming services shop with a 211-year history, recently setup a shop in Seoul. The BCCK sat down with Luke Joyce, a T&H Master Barber, on his impressions of the market for T&H services in Korea and future strategy for the brand in the country. Q. What brings you to Korea? I am here to support the opening of the shop in Cheongdam-dong and provide further training to our barbers here. The barbers on staff all spent some time in the UK just a couple weeks ago to gain experience at the T&H shop in London and are now settling in before the big opening of the shop. Q. What has been your experience working with Korean clients thus far? I have found them very respectful and nice. They know what they want, but want suggestions, too. Sometimes they are reluctant to have a straight razor shave, but they enjoy it once they have it. All in all, the Korean guys are generally well-groomed, but grooming services are becoming more popular. If you have

22 The British Chamber of Commerce in Korea

nice car and house, then why not have everything else, like a nice shave? Rather than go to the salon and sit next to the ladies, why not come in and have your own time?  . Why did T&H decide to enter the Q Korean market? We wanted to give Korean consumers the opportunity to experience a proper men’s grooming experience and become a leader in this industry. Ultimately, it was to provide a space where people can experience the best in British luxury and perhaps even feel like a British ‘gentleman’. Q. What kind of customers does T&H hope to target in Korea? We do not have a specific target consumer; at its core, T&H is a barber shop and it is open to everyone. If we have to pick a specific target, however, I would say we want people who know how to take care of themselves – people who like to consume small luxuries from time to time. Our goal is to provide a bespoke grooming experience to each and every customer. We welcome all


BCCK FOCUS 23


PEOPLE FOCUS sorts of customers: those in a bromance, fathers & sons – there’s no restrictions. When they enter our shop, they become a VIP. Q. What is the difference between the Korean premium grooming market and those in other Asian markets? Korean men are the world’s top consumers of cosmetics. They consume even more than men in Japan, so globally Korea is the biggest market for male cosmetics. Korea, however, still lags behind other Asian countries in quality barbershops. The male cosmetics industry is already a saturated market here, and very stable. But ‘grooming services’ – such as shaving – have not fully caught on yet. Q. But, there are already hair shops in Korea for men. Those have all been established within the last three years. The shops that are leading the market currently are all Americanized, ‘old-school’ barber shops. These shops do not provide premium services like straight razor shaving. These shops are simply focused on ‘hair styling’. T&H, however, is more focused on the bespoke, grooming ‘experience’ tailored to each customer. In the end, customers who visit these existing barbershops simply get their hair styled according to a set of styles the shop provides; T&H, on the other hand, is providing a bespoke service that the customer wants. Q. You have promoted your brand through the Chamber. What was your experience? Yes. We have utilized the BCCK’s mass email service (eDM service) and provided members of the BCCK membership with special vouchers for T&H’s services. Within 10 minutes of the first eDM being sent, a director at a global fashion brand called us and made a reservation, later getting his own personal grooming service at our shop. A lot of female customers contacted us and purchased the vouchers we marketed through the service.

24 The British Chamber of Commerce in Korea

Q. What kind of discounts do you offer at the T&H shop? We offer customers the opportunity for discounts on our services. Members can pay for the services they receive in advance. Each payment gets them an extra 10% off our services. Male grooming packages we offer like ‘Father&Son’ and ‘Bromance’ are actually 10% off from our original prices. Our vouchers are actually quite popular in many countries. Women purchase them for their husbands or boyfriends. In Korea, almost all those who have purchased our vouchers have been women. There are three types of gift vouchers – hair cut vouchers, straight razor shaving vouchers and ultimate grooming experience vouchers (hair cut + shaving). To use the voucher, customers have to make a reservation. Q. Anything else you would like to share about the T&H shop in Korea? All our staff can communicate in English and we have no issue in providing services to foreign customers. All the barbers at the shop have received education in the UK. We also have a great lineup of fragrance/cologne products. All the products used in our barbershop - from our shaving creams to our after-shaving balms - are on sale. Our products are categorized under a variety of different ‘fragrance’ product lines. This means that we have various products that have the same fragrance so customers can create their ‘own scent’ by using the products from the same fragrance lines. All the products have a 200-year history; we are proud to offer highquality products that have been developed from the experience and feedback of our clients at the shop. All of these products are at our locations in Cheongdam and Hannam. Q. What are T&H’s future plans in Korea? Any upcoming promotions you would like to tell our readership about? We are a British brand, so we strive to promote British luxury and lifestyle. When we say ‘British


luxury’, we are not referring to the French style of ‘super fancy’; rather, we consider British luxury to exist within everyone’s ordinary lifestyle. Like all the other British brands, we do not aim to be ‘flashy’. We focus more on ‘sophistication’, ‘heritage’ and ‘history’, and the sense of refinement and experience that comes from these concepts.

We focus more on ‘sophistication’, ‘heritage’ and ‘history’, and the sense of refinement and experience that comes from these concepts.

More specifically, we are keen to collaborate more with other British brands that have our same mindset. We, of course, are interested in becoming more actively involved in activities and events put on

by the BCCK and British Embassy. We are currently partnered with the premium whisky brand ‘The Balvenie’ from William Grant & Sons. Customers can experience ‘The Balvenie’ at our shops. The brands are perfectly matched for each other; ‘The Balvenie’ is one of the UK”s top whisky brands, and T&H is a premium space where men can network. T&H has not historically focused on heavily marketing itself, so we don’t plan to have a lot of events. We are a brand that values ‘experience.’ We want our customers to tell others in their network about their experience and promote our shop and products by word of mouth. If you wish to make a reservation, please call 02-511-1805 or email info@truefittandhillkorea.com. Shop Address: 1&2F, 5, Seolleung-ro 158-gil, Gangnam-gu, Seoul, Korea A special thanks to Mr. Luke Joyce, Master Barber, and Kenny Nam, Brand Manager, at Truefitt & Hill for their contributions to this article.

BCCK FOCUS 25


PEOPLE FOCUS We sat down with her recently to get her thoughts on life in South Korea as a defector, the role of the UK in improving the North Korean human rights situation, and the upcoming South Korean presidential election.

Five Questions with: North Korean Defector Hyeonseo Lee BCCK Editorial Staff Hyeonseo Lee is a North Korean defector living in Seoul, South Korea. Her recently published memoir, The Girl with Seven Names – A North Korean Defector’s Story, has been published in 18 languages in 25 countries. In August 2016, her memoir was added to the list of New York Times Best Sellers.

26 The British Chamber of Commerce in Korea

Q. North and South Korea are not only divided by the 38th Parallel; the two countries have different cultures and even use different words to describe the same things. What was the biggest culture shock you had when you first arrived in South Korea? Because the two Koreas have been divided for seven decades, I had thought that the South Korean people would welcome North Korean defectors with open arms. But I turned out to be completely wrong. Actually, North Koreans are a ‘forgotten people’ to many South Koreans. We are treated like outsiders or foreigners in the country. That was the most shocking thing for me when I arrived here.

Despite having shared 5,000 years of history and a common language, I was also surprised to find there was a language barrier when I spoke with South Koreans. South Koreans seem to use English more than the Korean language. North Koreans predominantly use Korean words when speaking. South Koreans, however, use a lot of English words. I feel like the country is the ‘Republic of English’.


Q. A commission of inquiry (COI) was established by the United Nations in 2012 to investigate human rights abuses in North Korea. In the past, COIs have been set up to investigate the human rights situations in war-torn countries like Sudan or Syria. In 2013, the COI produced a report detailing widespread human rights abuses in the country. Do you believe the report has led to an improvement in North Korea’s human rights situation? The COI report is really important because it was the first time in history that North Korea’s human rights issues were investigated by such an international body. It also shifted the focus from North Korea’s nuclear and missile issues to the serious human rights situation. I think because of the report the world now knows more about the human rights situation in the country. I do not think, however, that there have been dramatic changes there due to the report. That being said, the report did put pressure on North Korean diplomats working abroad to explain the human rights situation in the country. I don’t think that is enough, but it is a start. Q. We understand you had your first public speaking experience at the British Embassy Seoul. What role do you think UK has in changing the situation in North Korea? For me, the UK has been a major source of support. My publisher is from the UK and I did have my first speaking engagement at the British Embassy Seoul several years ago. When I lived in North Korea, I remember learning about the ‘British gentleman’, while also learning that Americans are ‘bastards’. I am also happy to hear that the BBC will be broadcasting Korean language shows into North Korea in the future. I believe the broadcasts will help awaken North Korean people to what is happening in the outside world – which is an important step in order to produce change in the country. Q. What are your thoughts on the direction South Korea’s policies toward North Korea will take after the South Korean presidential election on May 9?

We have experienced both a soft-line policy – the Sunshine Policy under Kim Dae Jung - and hardline policies under President Lee Myung-pak. All have failed. I cannot say which candidate this time around will be able to craft and implement an effective policy toward North Korea. However, whoever becomes president, I hope they can create new innovative policies toward North Korea – maybe a combination of past policies.

North Korea is not a normal nation; it is a nation run by gangsters. So the hope to build trust with gangsters is an impossible dream.

President Park Geun-hye tried to emphasize the building of trust between the two Koreas before moving to serious dialogue. But North Korea is not a normal nation; it is a nation run by gangsters. So the hope to build trust with gangsters is an impossible dream. I think her government failed in its approach to North Korea. Q. What is the best way for people in Korea to get involved in improving the North Korean human rights situation? People always talk about the tension on the Korean Peninsula because of North Korea. But I always say that people should pay more attention toward the human rights situation and North Korean defectors hiding in China. We can’t wait on these issues – their lives are threatened every single minute. I think donations are the best way to help. There are ways defectors can get out of China and North Korea, but there is no money to help fund their escape. To really get involved effectively, people need to donate to organisations that help North Korean defectors come to South Korea and to freedom.

BCCK FOCUS 27


MARKET FOCUS

Korean Office Market Trends for 2017 Savills Korea Research

In a low interest rate environment, institutional investors have increased fund allocations to alternative investment sectors, resulting in increased demand for real estate. In addition to increasing appetite for a range of real estate sectors, some previously-delayed development projects have resumed and are being reviewed by investors. As regulation on registering asset management companies (AMCs) has eased, a number of newlyestablished real estate AMCs have entered the market, resulting in strong competition to secure assets. Established AMCs with strong track records are expanding their business as they target individual investors chasing yields through public fundraising.

This new source of capital will contribute to increases in both volumes and the number of transactions. To sum up the investment market in 2016, the total transaction volume reached a new record high of KRW 8 trillion approximately. Even when the sale of the International Finance Center (IFC, just the office portion) is excluded, the transaction amount totaled KRW 6tn, the highest amount posted in five years. Moreover, there were multiple transactions of owneroccupied offices as more and more companies liquidated their non-core assets during the year. Seoul prime office buildings attract continued interest from both domestic and international

Office Transaction Volume 9

1Q

Unit: KRW trillions

2Q

3Q

4Q

7 8 6 5 4 3 2 1 0 2007

2008

2009

2010

Source: Savills Korea

28 The British Chamber of Commerce in Korea

2011

2012

2013

2014

2015

2016


investors. In the current market with a high vacancy rate, office buildings which are well-let and offer secure tenants are highly preferred. Meanwhile, buildings with high vacancy risk were sold to value-add investors looking to undertake asset management strategies including change of building use, remodeling or building expansion.

...the CBD enjoys the most active leasing market of all the three major office districts, with a constant inflow of tenants from other districts, strong tenant preference for the area and steady demand for office upgrading. Therefore, the vacancies in the area will be absorbed steadily.

In 2017, six new large-scale projects will be supplied onto the market, including three prime office buildings in three major office districts, with others in Jamsil and Yongsan. In 2017, in the Central Business District (CBD) of Seoul, the planned relocations of anchor tenants from existing buildings are likely

to increase the vacancy and the CBD is expected to maintain a high vacancy rate in the short term. However, the CBD enjoys the most active leasing market of all the three major office districts, with a constant inflow of tenants from other districts, strong tenant preference for the area and steady demand for office upgrading. Therefore, the vacancies in the area will be absorbed steadily. In the GBD, there is no planned new office supply in 2017, and the vacancy rate is expected to decrease as some anchor tenants will move to this area in 1H/2017. However, the completion of Lotte World Tower near Jamsil Station, plus Majestar City near Seocho Station, is likely to have direct and indirect effects on tenant relocations in the Gangnam Business District (GBD). The Yeoudo Business District (YBD) will see the completion of K Tower in 2017. The vacancy rate will increase as SK securities will take up more than 50% of space relocating from another prime building in the YBD. The proportion of foreign investment increased from last year to 42% of the investment market in 2016. International investors have shown a growing interest in Korea, as Seoul has lower barriers to entry and

Investment Volume by Source of Capital 9

Domestic

Unit: TrillionKRW

Foreign

7 8 6 5 4 3 2 1 0 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Source: Savills Korea

BCCK FOCUS 29


MARKET FOCUS attractive yields, in comparison with other major cities in Asia Pacific. The market saw a growing number of value add transactions as vendors capitalised on abundant liquidity.

...the yield of five-year government bonds and bank loan interest rates increased amid growing uncertainties caused by the policies of the incoming U.S. administration and the interest rate increase by the Federal Reserve. Despite volatile external geopolitical factors, investment in Korean commercial properties continued to expand.

Internal rate of return (IRR)-driven international investors have actively acquired office buildings with leasing risk, but situated at good locations. The demand from international investors for value-add properties aimed at lowering vacancies, along with the new office buildings planned to be put on the market, is expected to lead to continued provision of

rent-free periods and tenant improvement (TI). The BOK benchmark interest rate remained at 1.25%, the lowest level ever. However, the yield of five-year government bonds and bank loan interest rates increased amid growing uncertainties caused by the policies of the incoming U.S. administration and the interest rate increase by the Federal Reserve. Despite volatile external geopolitical factors, investment in Korean commercial properties continued to expand. The nominal cap rate is estimated to be in the highfour percent to five percent range. However, the real cap rate with rent-free period and TI is expected to be in the low- to mid-four percent range. As of March 2017, the yield of five-year government bonds rose beyond 1.99%, but the spread is still above 200 basis points (bps) (200 to 250 bps). In general, the LTV rate in the Korean investment market is 55% with financing costs in the low 3% to mid 3% range.

Cap Rate Trends in Seoul Office Cap Rates Spread(RHS)

9%

Cap rate(LHS)

Five-year treasury bond yield(LHS)

900

2006

2006

2006

Source: Savills Korea

30 The British Chamber of Commerce in Korea

2006

2006

2006

2006

2006

2006

Q3

Q1

Q3

Q1

2006

Q1

0 Q3

0% Q1

100

Q3

1%

Q1

200

Q3

2%

Q1

300

Q3

3%

Q1

400

Q3

4%

Q1

500

Q3

5%

Q1

600

Q3

6%

Q1

700

Q3

7%

Q3

800

Q1

8%

2006


MARKET FOCUS

MANAGING ASIA’S DEMAND FOR INFRASTRUCTURE Jardine Lloyd Thompson Korea

Transport and energy infrastructure will be a key determinant of Asian countries’ ability to fulfil their economic potential. But can projects deliver?

As Asia grows rapidly, so too does its demand for new and replacement infrastructure. The region has one ‘developed world’ economy in Japan. It has the rising economic superpowers of China and India. Thailand, Malaysia, South Korea, Indonesia and other countries are also enjoying significant growth. To keep pace with burgeoning population growth, mobility and urbanisation, governments face pressure to develop infrastructure. The Asian Infrastructure Investment Bank notes that “infrastructure investment paves the way for longterm development. Inadequate infrastructure and limited connectivity have long been bottlenecks to growth in Asia.” Some $8 trillion will be committed to infrastructure projects this dec ade to remedy historic al underinvestment and address demand, according to McKinsey.

Demand drivers Demand for infrastructure in Asia is likely to be largely driven by urbanisation in developing markets, and the need for infrastructure upgrades in more developed economies. That’s according to Stephen Boddington, Regional Construction Managing Director for JLT Asia. The region is expected to have 4.8 billion inhabitants by 2050, with approximately 3.3 billion of them living in cities, according to the 2015 UN Development Programme’s Asia Pacific Human Development report. Boddington says: “Relentless expansion generates demand for more sustainable solutions, which can transport large populations across a city many times larger than those in the US and Europe.” The world’s eight largest cities are all in Asia. China alone will have an estimated 221 cities of more than one million people by 2025, while India expects 150

BCCK FOCUS 31


MARKET FOCUS such conglomerations. This creates demand not only for transport infrastructure, but also for power and water. Boddington explains: “Population centres are growing in resource-poor regions – notably north China, Java and northern India. Infrastructure is necessary to transport power and water to these resource-hungry cities. An example is the SouthNorth Water Transfer Project in China.” Transport challenges Follow China’s lead, many Asian cities will massively increase the scale of their metro systems, including light rail in locations where tunnelling is too costly. Countries with many megacities also need connections between them. This has led to an expansion of high-speed rail projects in Asia – such as the Singapore to Kuala Lumpar line in Indonesia – many of which are financed by Chinese investors. Meanwhile, in the developed economies of Japan, Hong Kong and Singapore, governments are overhauling infrastructure from previous decades. They’re also filling in gaps, through projects such as the bridge from Chek Lap Kok in Hong Kong to Macao. Such major transport projects are relatively recent developments, however. The main focus for governments faced with urbanisation pressures is population control and mobility. “This has led to very inefficient and environmentally unfriendly city designs such as Beijing, Jakarta and Karachi,” says Boddington. “Such places are over-reliant on highway building and private transportation solutions.”

32 The British Chamber of Commerce in Korea

Renewables opportunities Things are starting to change, with a huge increase in green energy opportunities and grid decentralisation. Infrastructure for resources is becoming increasingly important, as many areas have abundant untapped energy generation and water resource reserves. Examples include the Mekong River, and geothermal energy in the Pacific Ring. “JLT has a renewable energy facility for wind, solar and hydro projects, which is attracting a good deal of interest,” Boddington points out. The Philippines is a good example, he continues. “The country aims to increase its renewable energy capacity to an estimated 15,304 MW by the year 2030. That’s almost triple the 2010 level.” Asia’s opportunities attract strong interest from international contractors and developers, and should ensure pipelines of construction work for decades to come.

For more information contact Stephen Boddington, Regional Construction Managing Director at JLT Asia on +852 2864 5565 or email stephen_boddington@ jltasia.com. The ar ticle is taken from the Jardine Lloyd Thompson’s website.


MARKET FOCUS

Korea Economic Focus Q1 2017 British Embassy Seoul

The British Embassy Seoul releases economic data concerning the Korean economy on an annual basis. This data includes updates on macroeconomic figures along with an overview of trends and issues that are affecting the Korean economy. SUMMARY • Korea recorded 2.8% GDP growth in 2016. The Bank of Korea raised its 2017 GDP growth forecast to 2.6% from 2.5%. • Presidential elections on 9 May should provide much needed political stability. But high household debt levels are likely to hold back growth in domestic consumption. • Exports will likely recover in 2017, growing 2.4%. But export concerns remain over global protectionism and pressures from China. Macro-economy

UK

Korea

12,649.90

1,404.40

1.8

2.7

40,412

27,633

Annual inflation rate (%,’16)

0.7

1

Unemployment rate (%,‘16)

4.9

3.6

Korea’s total FDI (Q117)

-5.9

7.7

Korea’s FDI from UK (Q2)

Nominal GDP (USD,’16, est) Real annual GDP Growth (%,’16) GDP per capita (USD,16)

Current account balance (% of GDP,16)

Trade & Investment

Total

Growth

Total goods exports (Mar)

48.9

13.70%

Total goods imports (Mar)

42.3

26.90%

Goods exports to UK (Mar)

212 mil

-61.4

Goods imports from UK (Mar)

301 mil

60.8

3.9

-9.2

91 mil

(IMF, Korean Ministry of Trade, USD, bn, %)

GDP Growth Rate (OECD, %)

Exports & Imports Growth Rates (MoTIE, %)

8

30

6

20

4

10

2 0

0 Feb

07

09

11

13

15

16

-2

JUN AUG OCT

DEC

Feb

APR

JUN AUG OCT

DEC

Feb

-20

-4 -6

APR

-10

-30 World

Korea

UK

Exports growth rates

Imports growth rates

BCCK FOCUS 33


MARKET FOCUS MAIN ECONOMIC TRENDS In 2016, the Korean economy recorded 2.8% GDP growth. Despite a good start, momentum was lost in Q4 2016, when GDP growth slowed to 2.4% yoy, following growth of 2.6% yoy in Q3 and 3.3% in Q2. The slowdown in 2016 growth was related to weakening domestic consumption and exports. Domestic consumption and demand was hit by restructuring of the shipbuilding sector; high levels of household debt; and the political crisis surrounding President Park which impacted on spending by both consumers and Chaebol conglomerates. Private consumption increased by only 1.6% in Q4, the slowest pace of growth since Q1 2015.

Assemblyâ&#x20AC;&#x2122;s impeachment against President Park and elections were set for 9 May. This signalled the beginning of the end of the political turmoil. Some uncertainty will continue to weigh on investments and economic growth, however, until a new government is elected and their policies become clearer. <Table 2> Growth of non-bank sector debt (FSC) 50 40 30

<Table 1> Contribution to GDP Growth (BoK)

20 10

4

Outlook 3

0 2015 Jan-Feb(KRW, trn)

2 1

15

16

17

Domestic consumption contribution (%p) Exports contribution(%p) GDP Growth rates (%) World

Korea

UK

While exports in goods and services had shown some signs of improving (1.1% in Q2 and 0.6% in Q3), Q4 export growth dropped to 0.1%. The contribution from net exports to the economy was negative in Q4, removing 0.7 percentage points from overall Q4 GDP. 2017: A fresh start for the government, but economic challenges remain On 10 March, after months of political crisis, the Constitutional Court upheld the Korean National

34 The British Chamber of Commerce in Korea

17 Jan-Feb Year(KRW, trn)

The Bank of Korea raised its economic growth rate estimate for 2017 to 2.6% from 2.5% with some signs of improvement. The Ministry of Strategy and Finance (MoSF) and the IMF have maintained their forecasts to 2.6%, while most private investment banks foresee slower growth of 2.0-2.4%.

0 14

2016

A new government will offer much sought-after political stability, which should provide a boost to the economy. It will however, have its hands full in 2017 managing ongoing challenges, again mainly related to domestic consumption and exports: Domestic consumption: Rising household debts, coupled with weak income growth are constraining private consumption. As the US Fed continues to roll out its programme of interest rate hikes, the Korean press have increasingly focussed on high and rising debt levels among Korean households and their exposure to domestic rate rises. Koreaâ&#x20AC;&#x2122;s financial


regulator has tightened up commercial bank lending to limit the risks arising from heavily indebted households. But as the regulator has curbed one risk it has created another as homebuyers with poor credit records are turning to the loosely regulated non-banking sector to obtain mortgages. Loans by the non-bank sector increased rapidly by KRW 5.6 trillion (£3.9bn) during Jan-Feb 2017 (compared to KRW 3.6tn (£2.5bn) in a same period last year). While experts agree that Korea’s household debt to GDP ratio is high and likely to impact on consumption growth, many do not see it as a systemic risk to the economy, since the majority of debt is in the middle and higher income groups with positive net wealth. They argue that the government needs to watch for shocks, but in the meantime the issue requires a social (not economic) response to protect the vulnerable. Analysts expect the Bank of Korea to maintain its policy interest rates at 1.25% throughout 2017. Exports: January, February and March, saw an upward tick in Korea’s exports by 11.1%, 20.2% and 13.7% yoy, respectively. However, the prospects for maintaining double-digit expor t grow th are dampened by concerns over rising global protectionism and China’s ban on Korean products and Chinese tour groups to Korea (see box below). Korea’s exports are estimated to grow by 2.4% in 2017.

China’s ban on Korean products and tourists to Korea China has banned the sale of group tours to Korea and some Korean products in the Chinese market in response to Korea’s deployment of the Terminal High Altitude Area Defence system (THAAD). Experts expect 0.2pps to be shaved from Korea’s

GDP as China’s contribution to Korea’s tourist revenue is estimated at 0.5% of GDP. China accounted for 26% of total Korean exports in 2016, which is equivalent to 9% of GDP. However, since around 86% of Korean exports are intermediary goods, which are also important to China’s manufacturing supply chain, optimists expect China’s pressure on Korean exports to be only shortterm. China’s ban has increased pressure on the government to diversify Korea’s export destinations and to attract tourists from a wider range of countries.

8 million Chinese tourists visit Korea annually (50% of total tourists) Chinese tourists spend $14bn in Korea annually (63% of total tourist spending) Breakdown of Korean exports to China, 2016

Intermediary goods exorts to China 86.10%

Consumer goods exports to China 13.90%

Government spending: following the Presidential election on 9 May, the Korean government is expected take supportive fiscal measures (equivalent to 0.6% of GDP) in response to the falling Chinese tourist numbers and the impacts of corporate restructuring.

BCCK FOCUS 35


MARKET FOCUS

Korea Salary Survey 2017 Robert Walters Korea

KOREAâ&#x20AC;&#x2122;S GROWING INTERNATIONAL JOB MARKET WAS ACTIVE IN 2016, DRIVEN BY AN INFLUX OF GLOBAL ORGANISATIONS AND SMES. WE ANTICIPATE SIMILAR HIGH LEVELS OF DEMAND IN 2017, ESPECIALLY FOR BILINGUAL PROFESSIONALS, PLACING FURTHER PRESSURE ON THE LOCAL TALENT POOL. 2016 INSIGHT Despite a relatively stagnant domestic economy, the number of multinational companies entering Korea hit a new record high in the first half of the year as did foreign direct investment (FDI) in Korea. This was largely due to the countryâ&#x20AC;&#x2122;s Free Trade Agreements with the EU and China which encouraged European investors to use Korea as a platform into the region. The influence and presence of multinational companies in the Korean market has never been greater. We expect this to increase in 2017 and the years ahead. 2017 EXPECTATIONS Increased hiring by insurance companies is likely to continue in 2017, with several Asian banks and securities companies entering the Korean market. In particular, we expect that Chinese insurance companies will continue to enter the country and seek approval to buy Seoul-based life insurers. Throughout 2016, demand was highest for qualified HR professionals and those with labour management

36 The British Chamber of Commerce in Korea

experience. This was in response to the Korean government continuing to prioritise labour reform with a focus on the wage peak system and creating roles for young professionals. We expect this will continue in 2017, with companies recruiting qualified HR specialists with strong communication skills to resolve disputes and reduce conflict between unions and management. This in turn will support efforts to implement a new wage peak system. Within the gaming sector, there was fierce competition for developers with niche skill sets such as C++ and Unity, with a noticeable rise in salaries for these candidates. This will continue in 2017 as competition to create and launch the best games intensifies. There will also be high levels of demand across mobile, online and console platforms throughout the year. Across the chemical, medical and healthcare industries, companies were keen to attract sales specialists with strong business development skills, coupled with advanced technical product knowledge. We expect the market conditions to continue improving throughout 2017 across Korea in these industries. In 2017, we also anticipate an increase in demand for senior managerial candidates with solid commercial skills, the ability to provide costeffective manufacturing solutions and excellent communication skills. These professionals will be required to transfer local market knowledge to global


headquarters and can expect significant salary increases of 15-20% when changing roles. BANKING & FINANCIAL SERVICES 2016 was a year of mergers and acquisitions in the Korean insurance market, driven by changes in International Financial Reporting Standards (IFRS), with US and Chinese companies leading the way. We expect more consolidation in the life insurance sector in 2017. Asian banks and securities companies, especially Chinese firms, continued to enter the Korean market last year, a trend that will accelerate throughout 2017. FINANCE & ACCOUNTING With increased numbers of Asian companies entering the Korean market, professionals in accounting and finance industries were highly sought after, and this will continue in 2017. Companies were particularly keen to recruit financial analysts and financial controllers in 2016. Job movers with tax-related experience experienced salary increases of 10-15%; a trend attributable to an increase in the number of tax-related jobs openings. We anticipate similar levels in 2017. HUMAN RESOURCES HR business partners with in-depth industry expertise were sought after by hiring managers in 2016. Major M&As and fluctuations in the business environment led to a rise in demand for professionals with significant employee relations and union experience. We also saw increased demand for HR professionals with recruitment experience to fill inhouse roles. INFORMATION TECHNOLOGY The Korean IT market continued to experience very strong demand from IT vendors for sales people with proven track records and industryspecific relationships. Direct sales professionals who had the ability to cultivate client relationships

were hired in greater numbers than those working in channel sales. Jobseekers in these roles had a salary increase of 10-15% in 2016. As more industryspecific IT vendors entered the Korean market, this also increased recruitment levels for talented solution architects. Demand was also strong within the ad tech sector for sales and business development professionals from the online, ad tech and digital agency space. Those with experience working with game or app publishers and e-commerce clients were also highly sought after, and we expect to see these hiring trends continue in 2017. SALES & MARKETING CONSUMER & RETAIL The need for Korean bilingual sales and marketing professionals continued to grow in 2016 and we see no sign of this changing in 2017. Tourist numbers in Korea were at historically high levels in 2016, supporting a strong performance by Korean retailers, who are increasingly looking for English and Chinese speaking retail staff. The Korean market has enormous potential as it sits at the forefront of digital innovation and marketing spend with a huge mobile focus. Professionals with digital marketing experience will therefore be in continuously high demand. CHEMICAL There were especially low levels of recruitment in offshore and heavy industry, as there was extensive restructuring in major shipbuilding companies. However, overall we saw a marked increase in hiring across other industrial sectors such as semiconductor, chemical and healthcare. INDUSTRIAL Bilingual professionals with engineering experience and technical sales expertise in the automotive industry were highly sought after by employers in 2016. We expect to see greater demand for qualified sales professionals and engineers with 7-10 yearsâ&#x20AC;&#x2122; experience in 2017.

BCCK FOCUS 37


LEGAL FOCUS

29 MARCH 2017: Article 50 notice formally submitted 29 APRIL 2017: European Council meets to approve negotiation guidelines APRIL/MAY 2017: EU Commission makes recommendation on opening negotiations MAY/JULY 2017: General Affairs Council adopts decision authorising opening of negotiations. Nominates EU Commission as EU Negotiator

Financial contribution from the UK At the outset the Commission wants to settle the principles on which the UK will contribute to the EUâ&#x20AC;&#x2122;s ongoing budgeted commitments while the UK is a Member State, but the UK House of Lordsâ&#x20AC;&#x2122; preferred view under international law is that the UK will have no liability to meet budget obligations payable after it has left.

1

JULY 2017OCTOBER 2018: Substantive Brexit negotiations OCTOBER 2018MARCH 2019: Approval Phase - Any Article 50 agreement must be approved by the UK and EU 29 MARCH 2019 (or other agreed date) : UK leaves EU- either a cliff edge or start of implementation phase towards long term trading relationship 2-5 YEARS LATER: End of implementation phase/ commencement of new trade agreement if agreed

38 The British Chamber of Commerce in Korea

3

Risks of delay in Process It seems likely that these issues of principle will take up a considerable period in which serious negotiations on the substance of the arrangements will not take place.

2 Rights of EU Citizens Both the UK and the EU, as well as many of the EU 27 Member States, have expressed the desire to settle the future of those already exercising their right of free movement as early as possible in the process.


BREXIT: CHARTING A NEW COURSE

ARTICLE 50 PROCESS 4

Framework for new Trade Agreement

UK Political Risk

The UK wishes to negotiate the framework of a new trade agreement or agreements with the EU alongside agreeing the terms of leaving and an “implementation phase” designed to ensure a smooth transition to a new relationship. The wording of Article 50 supports this, but Michel Barnier suggests this cannot be considered at all until the leaving arrangements are settled.

The UK Government has a relatively small majority and this could lead to difficulties in parliamentary management or to an early general election. The outcome of a general election could radically change the UK negotiating stance, if it sought for example continued membership of the Single Market through a treaty relationship with the EU or even to withdraw the notice altogether.

6

COURSE OF NEGOTIATIONS

WHAT OUTCOMES DOES THE UK FACE? 1. The resolution of these points will itself be complex 2. With general elections in key Members States, the policy of these directing minds in the negotiations is unlikely to become clear until after their elections

5 EU Political Risk There is a risk that changes in the continuing EU, particularly the Eurozone, could divert attention from the negotiations. The risks include the election of a right-wing Eurosceptic government in France, which might not be committed to remaining in the Eurozone, or, possibly, in the EU; a crisis in the Eurozone, most likely related to the economy of Greece or possibly other Member States; and a crisis related to the inflow of asylum seekers and the fragile military situation in the Middle East.

Once the Article 50 notice has been served, within the limitations of current UK policy, as set out in the Brexit White Paper, the range of outcomes are, broadly, reduced to two, but with variations possible: 1. A “hard Brexit” in which relations between the UK and the EU revert to those under WTO terms. If negotiations break down or the Article 50 agreement is rejected this could be a “cliff-edge”, moving overnight from full membership of the EU to WTO terms. There may still be a move to WTO terms even if there is an implementing agreement, which would merely soften the transition. 2. A move to a new trading relationship with an implementing agreement intended to bridge the gap. It is unclear whether the arrangements will cover both goods and services and there are a number of possible options with different effects for different businesses. BCCK FOCUS 39


LEGAL FOCUS

IMPACT ON THE UNITY OF THE UNITED KINGDOM The Scottish First Minister, Nicola Sturgeon, has announced that she wishes to hold a second referendum on Scottish independence from the UK between autumn 2018 and spring 2019 and has the support of the Scottish Parliament. Theresa May has indicated that she is not minded to consent to a second Scottish referendum until after Brexit, at a time when the options for the Scottish people are a lot clearer. A vote in favour of independence is something that would in any case greatly complicate the process of the UK establishing its position as a trading nation outside of the EU and would also cause difficulties for Scotland establishing a different course from the rest of the UK without any certainty of EU membership. Following independence, if Scotland wished to form a close relationship with the EU, Scotland would need to either apply for membership of the EU if it wished to re-join or seek to join EFTA and then the EEA. The standard accession process for joining the EU requires a unanimity vote and ratification by all Member States, which can take several years and risks being vetoed by Spain, which for domestic reasons is strongly opposed to accommodating States that have seceded from larger States. Joining EFTA and the EEA requires the approval first of the four EFTA States (Norway, Iceland, Liechtenstein and Switzerland) and then of the EU 27 and the EFTA States (other than Switzerland), again on a unanimous basis. The position is different for Northern Ireland should it opt for reunification. Under the terms of the Good Friday agreement the UK Government is legally obliged to offer Irish voters a referendum on reunification if polls show sufficient support for this to happen. In that event, Northern Ireland would be in a position of becoming part of an existing EU Member State, rather than seeking to join the EU as a new independent State (similar to the position when East Germany joined the EU in 1990 following German reunification). The position of Wales in relation to Brexit is relatively uncomplicated. The majority of voters in Wales, like the English, voted to leave the EU. The Welsh Government has however stated that it wishes Wales and the UK as a whole to remain within the Single Market.

WHAT SHOULD BUSINESSES BE DOING NOW? It is evident that there is a real risk of a â&#x20AC;&#x153;hard Brexitâ&#x20AC;? and this is the base case that many businesses will be examining, together with one or more other options, in order to devise a strategy to mitigate the potential negative effects of Brexit and maximise potential upsides. The focus of any Brexit review will of course depend on the nature of the businesses but will typically include a regulatory analysis (market access issues and deregulation opportunities), a supply chain analysis (impact of tariffs and non-tariff barriers) and a review of contracts (identifying problematical terms and contracting strategy issues). This type of analysis will allow businesses to determine priorities for further action. This may involve engaging with

FOR SECTOR BY SECTOR ANALYSIS NAVIGATE TO WWW.HSF.COM/BREXIT 40 The British Chamber of Commerce in Korea


BREXIT: CHARTING A NEW COURSE

CONTACTS government, directly or through industry bodies, to influence their approach based on prioritised analysis. At operational level it may mean strategic M&A, devising alternative legal structures, changes to geographical footprint and workforce, re-assessing investment plans, revising compliance frameworks and so on. Given the evolutionary nature of the Brexit process any such monitoring should be on-going in order to sequence and trigger planned actions but also to continually re-validate adopted strategies. Herbert Smith Freehills is working with numerous clients on the implications of Brexit for their activities. We have also collaborated extensively with other professional services organisations to provide holistic impact assessments and strategic advice, aligned with individual clients' objectives. Please contact your usual Herbert Smith Freehills contact or any of the contacts listed here if you would like to discuss further.

Gavin Williams Partner T +44 20 7466 2153 M +44 7850 709435 gavin.williams@hsf.com

Stephen Wilkinson Partner T +44 20 7466 2038 M +44 7785 775042 stephen.wilkinson@hsf.com

Dorothy Livingston Consultant T +44 20 7466 2061 M +44 7785 254975 dorothy.livingston@hsf.com

Lode Van Den Hende Partner T +32 2 518 1831 M +44 7809 200781 lode.vandenhende@hsf.com

Eric White Consultant T +32 2 518 1826 M +44 7809 200980 eric.white@hsf.com

BCCK FOCUS 41


LEGAL FOCUS

What Foreign Companies Should Know About the Kim Young-ran Law Chan Sik Ahn, Partner Hwang Mok Park P.C.

Everyone has been talking about Korea’s new antigraft law, popularly known as the ‘Kim Young-ran Law’, which took effect on September 28, 2016. This new law prohibits improper solicitations and illegal giving of money or goods and services. Approximately five months have lapsed since the new law took effect, and there have been 4 cases where fines were imposed due to violations of the law. The cases of violation are as follows: (i) an accuser who filed a criminal complaint gave ddeok (Korean rice cakes) as a thank-you gift to the officer who investigated the case; (ii) a lawyer paid for a judge’s meal without the judge’s knowledge; (iii) a petitioner, when submitting relevant documents, gave cookies to the civil servant who was in charge of the case; and (iv) a suspect who was arrested and investigated for charges of assault dropped a 10,000 bill on the floor to thank the police officer who had been kind to him/her despite his/her improper attitude during the investigation sessions. The above cases involve relatively small amounts of monetary offerings, perhaps 50,000 won at most. However, as shown in the examples above, the court will impose

42 The British Chamber of Commerce in Korea

liability even in minor matters. To deal with the law, companies are paying even higher levels of attention to compliance with the law when they come into contact with public officials. Moreover, the offering of gifts to public officials on traditional holidays (e.g., Thanksgiving or the Lunar New Year) has also decreased significantly. Who is Subject to the Law? Unlike Korean businesses panicking about the new law, most multinationals here do not seem to be very concerned, largely because they have for quite some time been implementing very stringent anticorruption policies or guidelines, reflecting the U.S. Foreign Corrupt Practices Act or similar legislation in their home countries. Some multinationals even welcome the new law in the hopes that it will serve to level the playing field between them and their local competitors. However, those multinationals still need to pay close attention to the nuts and bolts of the new anti-bribery law, because it has quite different requirements and exceptions than their own internal policies.


First, what does the new law have in store for foreigners and local subsidiaries of foreign corporations operating in Korea? Foreigners living or residing in Korea who are not ‘public officials or other relevant persons’ as defined by the law are

Some multinationals even welcome the new law in the hopes that it will serve to level the playing field between them and their local competitors.

National Assembly calling upon the government to pass certain legislation, is not considered an improper solicitation. But lobbying an Assemblyman in private to do so over an expensive dinner and drinks that you have paid for is illegal. In addition, if you request an elected public official to convey your complaint or grievance to the relevant authorities for the public good, it will not be an improper solicitation. Thus, it is perfectly acceptable for companies to have their complaints, grievances and constructive proposals passed on to public officials by third party channels, such as chambers of commerce or industry associations. The 30/50/100 Rule

not subject to the law. A foreign school in Korea is a public institution -- as are all local schools, whether public or private -- and its employees are thus all subject to the law. However, local offices of foreign media organizations are not classified as media companies under the Korean code, and are therefore not subject to the law. So for example, a journalist at the Korea Times is subject to this law, whereas a journalist working for the New York Times in Korea is not. A foreign diplomat is not a deemed ‘public official or other relevant person’ under the law, and is therefore not subject to the Act, but a Korean diplomat is, whether at home or abroad. What Actions Break the Law? The new law lists a total of 14 types of illegal solicitation, which is solicitation in violation of law or beyond the scope of a public official’s position or authority. It should be noted that this is an exhaustive list, meaning that if your specific activity does not fall under any of these listed activities, then it is not a violation of law. There are some notable exceptions. If you publicly exhort public officials to take a certain action, for example, if you hold a demonstration in front of the

The simple rule of thumb for exceptions to the prohibition on graft is the ‘30/50/100 rule’. Food, drinks and snacks are permitted up to KRW 30,000 in value. Gifts up to a value of KRW 50,000 in value are acceptable. Congratulatory, condolence money, flowers and wreaths are allowed up to KRW 100,000 in value. But be careful: the maximum value includes VAT but not shipping expenses. Any and all items in the same category shall be added up to determine the total value. So if food and drinks are provided together with gifts, then the maximum value permitted for all items combined is KRW 50,000, as long as the value of the food and drinks do not exceed KRW 30,000. If you give all 3 categories – food and drinks, gifts, and congratulatory or condolence money – at once, then the maximum value permitted for all items combined is KRW 100,000, as long as the value of the food and drinks do not exceed KRW 30,000 and the gifts do not exceed KRW 50,000. Exceptions to the Rule However, the ‘30/50/100 rule’ is not always applicable. In fact, the above cases where the court imposed fines involved gift offerings under 50,000 won. In this regard, the court has shown a propensity to deem financial or other benefits to be illegal, even

BCCK FOCUS 43


LEGAL FOCUS if they fall within the permissible limits under the law, if the offer of financial benefits is intended to conceal an illegality, or is otherwise not for any valid purposes (such as facilitating the performance of duties, or social interactions). Therefore, companies must pay attention not only to the actual values involved, but also to the purposes of the offering.

The law permits solicitation or financial advantage which is permitted by social norms as activities that are exempt from sanction. That said, however, you cannot simply fall back on this seeming catch-all exception, because the ‘social norms’ will be extremely narrowly interpreted and enforced by the courts.

Companies can consider another exception, the so-called ‘official event’ exception. If an organizer of an official event related to the duties of a public official or relevant person provides financial or other advantages, including transportation, accommodation, and food and drink, uniformly to all participants of the event, that is fine. To qualify for this exception, three elements should be satisfied: it must be an official event, the benefits must be uniformly provided, and they must stay within a general range and value. For example, if the PyeongChang Winter Olympics Organizing Committee offers to provide Korean journalists with free transport, accommodation and meals to the opening ceremony in 2018, this potentially falls within the exception just outlined.

44 The British Chamber of Commerce in Korea

The law permits solicitation or financial advantage which is permitted by social norms as activities that are exempt from sanction. That said, however, you cannot simply fall back on this seeming catchall exception, because the ‘social norms’ will be extremely narrowly interpreted and enforced by the courts. The court has decided that “in order to be included within the exception of ‘social norms’, an act should be one of the ordinary activities in life, and within the range of historically-fostered social order.” The court has also decided that providing a small amount of money or gifts as appreciation for an investigating entity without aiming to improperly solicit does not constitute a part of ‘social norms’. The Bottom Line Then when is a company liable to be punished? When an employee breaks the law in performance of her duties for her company, not only the employee but also the company will be punished with the same fine. However, if the company can show that it has not been negligent in giving due attention and supervision to prevent such violations by employees, it can escape punishment. Here is what a company should do: (i) ensure that the compliance manuals, policies or guidelines are in compliance with the requirements of the law; (ii) establish a dedicated compliance department or a compliance officer, and allocate budget, staff, and other resources to the same; (iii) conduct training and seminars and circulate relevant instructions on a regular basis rather than giving a one-shot seminar or notification; (iv) establish a constant monitoring system to ensure compliance; and (v) take disciplinary actions against any violating employee, strictly enforce rules and take measures to prevent recurrence.


LIFESTYLE FOCUS

Top Restaurants to Dine with Your Business Clients Daniel Gray, Blogger and Consultant You would think that this would be easy. After all, you have the business credit card and you are told to wine and dine your clients. However, the choice of restaurants might have different implications which could lead to problems with business rela-tionships and future negotiations. The type of restaurant or dining occasion such as having a coffee versus a glass of wine or a beer could suggest different things. You might be trying to say, “let’s keep it casual” but your dining choice might scream, “let’s get serious.” As a hospitality expert, I will give you some culture tips on the appropriate restaurant and then I will give you some of my top suggestions for some great eats in the city.

Dining Culture Tips The first question to ask is who initiated the meeting. If they initiate, then ask them where their office is and tell them you’ll meet them there. The first meeting or intro-duction should be made at the office. It’s a way to assess their capacity and their company. If you are meeting a person that always wants to meet at random cafes, you probably need to be concerned. An established place of business means they have the staff and licenses to do business. Afterwards, let them choose where they would like and tell them you’re ok with whatever or if you have some dietary restrictions, let them know (however, make

it easy for them since most Koreans find dietary restrictions unusual and could cause stress.) Their choice will give you an idea of what kind of company they are and how they regard you. A casual, Korean place means it is a throw-away meeting. If they take you someplace fancier or even a hotel, it means it is an important meeting since they will dig into their business accounts or pay more out of pocket.

A casual, Korean place means it is a throw-away meeting. If they take you someplace fancier or even a hotel, it means it is an important meeting since they will dig into their business accounts or pay more out of pocket.

If you initiate a meeting, lunch or dinner means different things. Coursed meals at lunch mean more time and implies a more serious business meeting. Koreans only have 1 hour for lunch so if it is running longer then they need to justify why they are missing

BCCK FOCUS 45


LIFESTYLE FOCUS

Photo credit: Yoosung Restaurant

“desktime” to be out with a client. The atmosphere you choose also means different things as well. A private room means, “let’s get serious.” Asking someone to dinner is serious, but asking them out for a beer is more casual. A beer also implies a light meal or snacks will come with the beer. To go from beer or another drinking place is normal and expected. Keep the night moving along from place to place and keep conversations casual and personal - this will work more in your favor for future relationships.

...keep in mind that these days the anti-bribery laws especially for reporters and those holding government positions makes choosing restaurants that are over 30,000 won dangerous. In this case, try to pick places that are private and a bit remote or right in the open such as at a hotel that advertises “anti-graft” law specials.

If you are probing or want to get to know someone more, just go out for coffee after work or have a meeting on the weekend to a destination area of 46 The British Chamber of Commerce in Korea

Korea for a fun meal. If you are looking to impress your Korean guests beef is always best. Ethnic restaurants will also impress especially Italian, American Steak, Thai and Indian. Try to pick places that aren’t too messy since maintaining appearances often supersedes taste. Also, keep in mind that these days the anti-bribery laws especially for reporters and those holding government positions makes choosing restaurants that are over 30,000 won dangerous. In this case, try to pick places that are private and a bit remote or right in the open such as at a hotel that advertises “anti-graft” law specials. These days many of the hotels have offer these meals such as Conrad Hotel, Millenium Hilton, Lotte Hotel and others. Remember, Koreans like “humble, honest” houses for initial meetings you can splurge later as things get more serious. Finally, if you are doing a one-on-one meeting with a member of the same sex, it usually isn’t an issue. If it is with a member of the opposite sex, pick a populated, public place. It would increase the comfort level for your guest.

Recommended Restaurants for Different Business Occasions Keeping it Casual To go for a beer, find a fried chicken place or craft beer place near your office, their office or in between. For fried chicken, I think Kkanbu chicken is the best. It’s casual, there is a variety of types of chicken, chips and other sides and they ice cold beer. I also like Oppadak. The top two are franchise places you can find everywhere. Now for a hidden gem, I like Hanchu. The chicken has this elusive spice because they fry the chicken in the same oil they use to fry their stuffed chilies (Hanchu 한 추 Gangnam-gu, Sinsa-dong 549-9 // 강남구 신사동 549-9 Ph: 02-3446-5778). Now if you are looking for a great Korean barbecue that is in a casual, slightly upscale atmosphere then go to Yunssi Grill Room. They do brined chicken dusted in cheese and seasonings and serve it with bacon and eggs, miso ramen and squid with noodles. Yum. (Yunssi


Grill Bang 윤씨 그릴방 마포구 연남동 228-8 // Mapo-gu Yeonnam-dong 228-800 Ph: 02-3143-2288). A Bit More Formal Authentic places that are value for money would illustrate to your clients that you are in the know and it would surely impress. My go-to place for Italian is Ciuri Ciuri in Hongdae. Run by Sicilian Italians, it offers excellent Italian fare (and amazing cannoli) at a good price. (Ciuri Ciuri Mapo-gu Sangsu-dong 3143// Ciuri Ciuri 마포구 상수동 314-3 Ph: 02-749-9996). Another great place is Hamo Kitchen in Gangnam. They do Korean food with top quality ingredients and fine technique. They do it so well that they were awarded 1 Michelin Star. Luckily, the prices are not Michelin level and they start at around 30,000 won. (Hamo Kitchen Gangnam-gu Eonju-ro 819 // 강남구 언 주로 819 Ph#: 02-515-4267). I also like Hong Yongjae for creative Korean food that is healthy. Started by a doctor that cured his cancer via healthy food, it has many dishes based around fermented soybeans (Hong Yongjae Gangnam-gu Yeongdongdaero 424 Sacho Building 424 강남구 영동대로 424 사초빌딩 02548-8340).

restaurant will have guests understand the creative and dynamic underbelly of Korea. (Soigné Seochogu Banpo-dong B1 549-17 // 서초구 반포동 549-17 Ph: 02-3477-9386). About the Author Daniel Gray is a Korean-American Adoptee that returned to Korea in 2005 to rediscover his roots. He started writing on his blog, Seoul Eats (www. seouleats.com), as a hobby and then ventured into

Photo credit: Soigne Restaurant

For Private Conversation For more private conversations, you should make a reservations at a restaurant with a private room. Luckily, there are many of those in Korea. For barbecue, you should go have beef at Samwon Garden. The place is an institution and known for their high-quality beef. Plus, it would impress your Korean and foreign clients since the serve highquality beef over white-hot charcoal. The place is spacious with a large water fountain out front. (Samwon Garden Gangnam-gu Eonjuro 835 // 강남 구 언주로 835 Ph: 02-548-3030). Chef Jun of Soigné has been serving up his own brand of innovative Korean cuisine for years. His dishes are artful stories that will surprise and amuse. Depending on the season and his mood, he might base his dish around a movie like ratatouille or it could be based on the seasons such has his wild mountain green salad with hanwoo beef. Quiet and contemplative, his

food related projects. He is a Korean food market expert that has worked with the European Union, Diageo, Yum Foods and many other companies and organizations. He has also appeared on television such as Bizarre Foods with Andrew Zimmern, Parts Unknown with Anthony Bourdain, the Kimchi Chronicles, Gourmet Diaries of a Foodie, Unravel Travel, and many more. He is currently the marketing and tour director of IFood Korea and owns two restaurants: Brew 3.14 and Brew 3.15 in Seoul. In his free time, he writes and photographs food, culture and travel topics. You can find him at www. delectabletravels.com and follow him on his various SNS platforms @seouleats.

BCCK FOCUS 47


IT CAN ONLY BE FOUR SEASONS

Experience the Four Seasons lifestyle at the Four Seasons Club Seoul.

Limited number of Annual Memberships is now available for BCCK members. With state of the art fitness equipment, pilates room and robust class schedule, the Club brings the most current wellness regiment to Seoul’s affluent leaders. A traditional Korean sauna offers luxurious relaxation in the heart of the city. Members of the Club also benefit from the worldwide network of hotels that make up the best Hotel company in the world with access to personal service at Four Seasons Hotels around the world.

멤버십 문의 02-6388-5260 FOURSEASONS.COM/SEOUL


LIFESTYLE FOCUS

Choosing the Right Foreign School for Your Child Dr. Timothy Gray MBE, Principal Seoul Foreign British School their national mainstream system. As a fee-paying school, they are classed as 'overseas private' and curriculum and learning integrity is generated from within the school.

Overseas schools began to emerge around the world in the early 1900s as the number of businesses increased to serve the developing commercial projects abroad. Up until then, because of the time taken for travelling, those working overseas (like diplomats), often sent their children to boarding school or hired a tutor to live in. Schooling abroad is a 'service industry' - it exists because a need is perceived. Where expatriate companies go, schools follow and so over the years, cooperative or volunteer groups formed the beginnings of what is now a multimillion pound British school overseas business. Unlike the German and French expatriate schools, however, British schools abroad receive no support from the government. The schools are often sponsored by expatriate companies or are developed independently or under the banner of ‘proprietary’ (i.e., owned by a person or family). Until recently, unlike the US expatriate schools, few overseas British schools had any accreditation with 50 The British Chamber of Commerce in Korea

However, the better overseas British school heads recognise the need for affirmation of their educational standards and the linked public relations aspect of showing parents some form of an independent accreditation/inspection report of the standards of the school. As a result, independent agencies sprang up offering that service to schools, though none linked directly to UK standards. The UK government continued to leave these overseas British schools alone to use whichever accreditation organization they wanted as these schools were outside the remit of OfSTED (Office of Standards in Education), the UK government school’s quality assurance inspectorate. In 2014, to some extent because the number of British schools overseas were increasing exponentially and expatriates were faced with the ‘brand name’ of ‘British Schools’ covering a range of schools with no familiar standardised accreditation, the UK government introduced the voluntary British Schools’ Overseas (BSO) inspection protocols under the auspices of the OfSTED school inspectorate. For the first time, expatriate parents had a recognisable standard against which to compare the British schools. Seoul Foreign British School (par t of Seoul Foreign School) is the first school in Korea to have successfully gone through that new inspection


(in addition to the world-renowned Council of International Schools and the US Western Association of Schools and Colleges accreditation). This gives parents, no matter from which education system they have grown up in, a clear benchmark against which to compare this, the oldest not-forprofit British curriculum school in Korea. The majority of our parents are non-British parents, coming from forty different countries and have never experienced British education. So why do they choose such schools such as Seoul Foreign British School? For many, it is the great reputation of British education now enhanced for the overseas schools with the BSO quality mark, and the chance for their non-English speaking child to continue their learning through an immersive language programme. For others it is the fact that we are not-for-profit, while for others, still, it is a ‘passing familiarity’ with the system, especially for the British Commonwealth parents. Of all the curricula being offered in international schools, the most pervasive is the British one (with the IB a close second) (International Schools Consultancy, 2016) but moving into and out of such a system can be problematic with lots of things to consider. When, for instance, does your home country’s academic year start and end - southern hemisphere tend to be January to December, while parts of India run an April to March year - and how

does that impact on which year your child is enrolled into in a school which runs a September to August academic year? How do standards of achievement translate into your home country’s system? Is there a School Profile to pass on to help re-integration? What impact will their lack of English have on them? How big are the classes and what is the language mix? What level of help is provided for students who need support or extra challenge? Just how ‘holistic’ is the school - sports, performing and fine arts are just as crucial to your child’s learning. How does the school support those students moving onto boarding/ other schools? How involved are the students in local and international service projects? These are all questions that should be asked when visiting the school prior to enrolling your children.

How do you know that the school is the right one for your child? The answer is surprisingly simple.

But even after asking all the right questions and checking accreditation/inspection standards, how do you know that the school is the right one for your child? The answer is surprisingly simple. When you tour the school, you will get a feel for the ethos, the relationships between the students and the teachers, how you are greeted, the facilities used (or are they just for show) and, if your child is with you, ask them how they feel, because you may be surprised at how insightful they are! In the end, how does the school seem to match its mission statement to what is happening in the school?

BCCK FOCUS 51


LIFESTYLE FOCUS

How to be a Fit Executive Cody Hunter, Founder Hunter Coaching Lab / Reebok Brand Ambassador

The life as a business executive can be extremely demanding. Weeks are filled with hours of sitting, business dinners and miles of travel. This lifestyle can take a toll on your body which can over time, cause major heath issues. What use is being successful in your work if you are too unhealthy to enjoy it? Getting ahead in your business doesn’t mean you have to go backwards with your health and wellbeing. While accumulating wealth in other aspects of your life, here are some tips on how to make sure you don’t become physically bankrupt. 1. Make daily workouts a priority. Working out isn’t something you do only when you feel like it. It’s a daily habit that needs to become

52 The British Chamber of Commerce in Korea

as natural as eating or sleeping. This means that you need to make working out a daily task that you MUST complete. No exceptions. Wake up earlier, go to bed later, train in your lunch break. Do whatever you can to make that training session happen. Focus on intensity and not on duration of training sessions. Some of the most effective sessions can take as little as 10 minutes to complete and can be done anywhere, at anytime, without any equipment. Here’s one you can try in your office, hotel or at home: Three rounds of:

60 sec pushups 60 sec squats 60 sec sit ups 60 sec rest


Complete as many reps as possible in 60 seconds. 2. Eat calories, don’t drink them. Your drink choices can have a massive impact on the total calories that you take in daily. If you are already making average food choices and then consume drinks high in sugar or alcohol on top of that, your body will not be able to keep up and you will gain unhealthy weight. Of course, social duties are important to all of us and at times alcohol consumption can feel like a requirement. Here are some steps you can follow which will help keep damage to a minimum.

• Cut sodas out of your diet completely. • Instead of adding soda to your spirits, drink on the rocks or with water. • Drink a glass of red wine which also carries some health benefits. • Don’t drink at all but make it seem like you are. I suggest a tall class of soda water with fresh lime or lemon. It looks like an alcoholic beverage and will keep the pressure at bay.

3. Get a standing desk. The human race has evolved to a point where we no longer have to work the land in order to live. We now sit at desks in front of computers for long periods of time which can really damage our health. One way to help combat this is to get a standing desk. Standing desks: • Can help lower the risk of weight gain • Can help improve mood and energy levels and even productivity • Can reduce neck and back pain

 tanding for 8 hours’ is a lot, so I recommend S the following: • Stand to work (grind work/making calls/ checking emails) • Sit to rest (reading the paper/have a coffee/ eat lunch)

4. Get a personal trainer or join a workout group. When working towards a healthier lifestyle, it’s important to set ourselves up for success. One way to do this is to commit to others so they can help keep you accountable. [pull-out quote] Knowing a coach or group of people are waiting for you means you are more likely to show up for the session and get the job done. I suggest joining a group training facility or getting a trainer that can work around your schedule. Start with 2-3 days of training a week and once you feel like you are ready, amp it up to four or more. 5. Commit to training for a minimum of 3 months. It will take about that long to form new habits. You will also be able to notice positives changes to your body and your mental state.

About the Author Cody Hunter is a health and fitness professional who has been working in the industry for over 10 years. He has a passion for making people better versions of themselves, physically, mentally and socially. You can find Cody at: Facebook: @huntercoachinglab Instagram @huntercoachinglab Email: cody@huntercoachinglab.com

Your standing desk will be unique to you and your height so it’s important to research and get the right one for you.

BCCK FOCUS 53


Book your flight and train journey in one itinerary. British Airways and Korail (KTX) are working together to make integrated bookings which will include your entire journey on the KTX rail network all the way to the airport for your British Airways flight departure, and back. As well as the British Airways flights, this new facility will include the high speed train service from Busan into Incheon Airport, making both your booking and travel processes seamless and convenient. How you can benefit from the scheme: â&#x20AC;˘ Free transportation between Busan station and Incheon International Airport. â&#x20AC;˘ Gives British Airways customers better and easier access to Busan To book, please contact British Airways on 02 3483 3337 or visit www.ba-ktx.com

TRAIN SCHEDULE FROM BUSAN TO INCHEON

KTX102

Departs Busan 05:10

Arrives Incheon 08:45

Same day connection to BA018 departing at 10:35

TRAIN SCHEDULE FROM INCHEON TO BUSAN

KTX121

* Bookings must be made 15 days before departure

Departs Incheon 09:10

Arrives Busan 12:37

BA017 scheduled arrival time 07:30


Enjoy great savings with British Airways and Korail (KTX). Together, British Airways and KTX make planning your trip even easier, with integrated flight and train bookings that cover both your outbound and return journeys. And now, when you book your entire trip – including your train tickets, flights and any stopovers – you can enjoy these great offers: Free return KTX train tickets to Incheon Airport Book now and you can enjoy free KTX train journeys when you travel from Busan or East Daegu station to Incheon airport and back. All you need to do is request your free return rail tickets at least 15 days before your departure at www.ba-ktx.com. We’ll email your tickets to you directly, which you can print before your journey.

Free domestic flights from Busan or Ulsan You can also enjoy free flights from Busan to Seoul (Incheon or Gimpo Airports), or Ulsan to Seoul (Gimpo Airport) flying Korean Air or Asiana Airlines. Simply include your domestic flight as part of your whole journey with British Airways by contacting your travel agent.

Free stopovers in Tokyo, London or Madrid You can enjoy two free stopovers in up to two destinations on either your inbound or outbound journey. Choose from Tokyo, London and Madrid. You can enjoy more than two stopovers for an additional charge. To include a stopover in your journey, book via your travel agent.

Free flights with Tokyo stopovers Choose a Tokyo stopover and enjoy a free flight between Seoul and Tokyo (including Incheon to Narita and Gimpo to Haneda), and also between Busan and Tokyo Narita flying on Japan Airlines, Korean Air or Asiana Airlines. To qualify, book your entire journey on British Airways – including your stopover from Korea to Japan – via your travel agent.

Free domestic flights in Spain with Madrid stopovers Explore another part of Spain for less with a free domestic Iberia flight via your Madrid stopover booked as part of your British Airways ticket.

10% off your round-trip Prefer not to include stopovers? As a BCCK customer, you can enjoy our exclusive 10% discount off the cost of your trip from Seoul to London, the UK and the rest of Europe by booking at www.ba.com using the password BABCCK.


MEMBER FOCUS | MEMBER STORIES

MEMBER STORY 01

Dulwich College Seoul Celebrates First Graduates - Class of 2017 Dulwich College is one of the UK's oldest independent schools, founded in South London as a boys’ school in 1619. Dulwich College International (DCI) was established to bring the Dulwich education to students around the world and is now one of the fastest growing UK independent school networks. After opening in 2010 with 223 students Dulwich College Seoul has steadily expanded their roll to accommodate over 650 students from Reception to Year 13 (ages 3 to 18 years). Now in 2017, Dulwich College Seoul is celebrating an important milestone, as they prepare to send their first graduates to universities around the world. So

56 The British Chamber of Commerce in Korea

far, the graduating students are holding offers in the UK from Oxford, Imperial, UCL, Bristol, St Andrew’s, Warwick, Bath, King’s College, Manchester, Leeds, Southampton, and Exeter, to name a few. They are also accepting unconditional places in the USA (with scholarship), Hong Kong, and France (with scholarship). Now a “through school” with a fully-established Kindergarten, Junior School, and Senior School, Dulwich College Seoul has officially arrived. They are now more than ever, at the forefront as a positive and influential force within the international school sector in Seoul.


MEMBER STORY 02

Robert Walters Korea: Global Salary Survey 2017 Robert Walters Korea, a leading bilingual professional recruitment consultancy, released its Global Salary Survey 2017 at an event held on February 2, 2016 at the Grand Intercontinental Hotel in Seoul. The 18th edition of the global salary survey provides a comprehensive review on the latest in the global recruitment market, while the event focused on

domestic recruitment trends. For more information on salaries and recruitment trends in your industry, download the Salary Survey 2017 from here. The BCCK will be holding an event with Robert Walters Korea on July 5, 2017, focused on a mid-year update on the survey. RSVP HERE!

MEMBER STORY 03

Samil PwC: Foreign-Invested Company Survey Samil PwC conducted a survey in 2016 among business executives from foreign-invested companies in Korea representing a wide range of industries. This is the first of its kind conducted by a professional services firm in Korea other than public organizations. The survey indicates that foreign business executives generally view Korea as an important and attractive market with a positive outlook. The dynamic nature of the Korean market and ability to quickly adapt to change are cited as more attractive features, followed by Korea’s reliable and advanced infrastructure as well as the availability of highly educated work force characterized by its strong work ethic. A few of the less desirable attributes of Korea

include a difficult regulatory environment, a preconception about saturated Korean markets in certain sectors and unique cultural challenges including a hierarchical corporate culture as well as language barriers. Henry An, Samil PwC Partner and Inbound Leader, says: “Korea clearly remains a relevant market for foreign investors and continues to attract foreign investment. To the extent that Korea can continue to leverage its inherent strength and improve on areas identified as shortcomings, it appears that Korea will be well positioned to become an even more attractive place to do business and entice further foreign direct investment in the future.” For more details, Please see press release on www.samil.com (http://www.pwc.com/kr/foreignbusiness).

BCCK FOCUS 57


MEMBER FOCUS | MEMBER CSR ACTIVITIES

MEMBER CSR ACTIVITY 01

BAT Korea takes a leap towards becoming a true CSR leader in Korea BAT Korea dreams of a Korean society full of ‘hope’ with its CSR activities Since its establishment in 1990, BAT Korea has been making continuous efforts in contributing to the development of the Korean society through numerous CSR activities. BAT Korea believes that only when the company provides sustainable and practical supports to those in need, will it be able to bring positive changes and values in the society. BAT Korea takes a lead in the development of Sacheon community For the past 15 years, BAT Korea Sacheon Factory’s employee voluntary charity group called ‘Big Love’ has been providing necessary goods, funds and manual labours for the local community every month to support the underprivileged. ‘Big Love’ has delivered its various activities every month since the opening of its factory in 2002. Some 58 The British Chamber of Commerce in Korea

of the activities include house repair, donations to the less privileged and sharing kimchi with the locals. Last year, the organization donated foods, c o m p u t e r, 2 , 5 0 0 briquettes and various goods to those in needs within the region. ‘Big Love’ and its members have been awarded s ever al tim e s f ro m the local authorities such as Sacheon City and Gyeongnam Provincial Government for its contribution to the local society. BAT Korea Sacheon Factory itself also sponsors the ‘Sacheon New Year’s


Sunrise Festival’ by providing traditional rice cake soups to the participating citizens every year. BAT Korea takes initiative in volunteering for women in need BAT Korea, with approximately 49% of Head Office employees being women, has worked hard to better improve its working environment over the past years. The company currently offers flexible maternity leave which has enabled the company to achieve a 100% reinstatement rate. In recognition of its efforts, BAT Korea received the ‘Best Employer for Women’ award last year from Aon Hewitt, the largest HR consultancy firm across the globe.

a career development program that helps single mothers to achieve financial independence through employment at a partnered company. BAT Korea to take on a bigger and bolder step for a maximum impact of its CSR activities BAT Korea plans to take on a bigger and bolder step for its CSR commitment in order to create positive values in Korea. BAT Korea is currently working towards expanding local CSR activities in Sacheon and broadening its support to single mothers in programs. In Sacheon, BAT Korea already signed an agreement with seven local charity groups on February 9th, and declared its promise to increase its annual donations to support the underprivileged by more than a fourfold starting this year. BAT Korea is also expecting to sign an CSR agreement with Sacheon City and the Sacheon Office of Education to launch scholarship and education programs for the local youth and provide school meals for the local students from the low income family.

BAT Korea’s women-friendly corporate culture led the company to initiate its support to women in needs, especially single mothers. BAT Korea realized single mothers in Korea have difficulties making a living while caring for their children, and went on to execute various support programs that would enable single mothers to ultimately stand on their own feet. Since 2015, BAT Korea has been managing a selfsupport program for single mothers with the help of the Social Welfare Society (SWS), a registered charity organization specialized in supporting single mothers. BAT Korea’s women leadership group called ‘Athena’ first took an initiative for the program, making monetary donation raised by internal employee auction at BAT Korea’s Christmas events for the past 2 years. The company contributed by doubling the donation fund through matching the same amount raised by its employees in both years. From the last year, BAT Korea has been supporting

For single mothers, BAT Korea is working with the SWS to launch multidirectional support programs ranging from practical childcare education to alltime psychological/psychiatric consultation. The company also expects to develop a public promotion program to change negative perceptions toward single mothers. BAT Korea will be also launching an extensive scholarship program for the younger generation in Korea, providing them with opportunities to make their dreams come true.

BCCK FOCUS 59


MEMBER FOCUS | MEMBER CSR ACTIVITIES

MEMBER CSR ACTIVITY 02

GSK Korea "Trek for Kids" In 2013, GSK and Save the Children formed a ground-breaking five-year partnership combining Save the Children’s global reach and experience, with GSK’s innovation, resources and expertise. The purpose of our shared value partnership is to help save the lives of one million children by tackling preventable mortality for children under five. Through Orange United, we encourage everyone at GSK to play their part in fundraising initiatives for Save the Children. GSK will then match every pound

raised by employees up to £1m. “Trek for Kids” is one of the campaigns initiated by Orange United and anyone working for GSK can join. 40 participants including one representative from Korea are given opportunity to take part in eight-day trekking to Mount Kenya and community service in Africa. The trekkers have raised GBP 4000 to participate in the trekking event through voluntary fundraising activities.

MEMBER CSR ACTIVITY 03

Kim & Chang: Giving Back to the Community Since its foundation in 1973, Kim & Chang (“K&C”) has committed itself to providing pro bono services including free legal pleading, assistance to development of better legal culture, and support for pro bono groups’ activities. Moreover, the firm

60 The British Chamber of Commerce in Korea

has strived to fulfill its social responsibilities by establishing the Public Interest Service Committee in 1999 for the first time in Korea. To this end, K&C launched its Committee for Social Contribution (Chairman Young-Joon Mok; hereinafter, the


“CSC”) in May 2013 to carry out a variety of social contribution activities in a more systematic and thorough manner. The CSC has established the Public Interest Law Center and Social Service Center to effectively run its public interest law activities and pro bono activities. K&C, through its Public Interest Law Center, provides professional pro bono services (sharing professional knowledge for the public good) by supporting the legal education and enactment and/or amendment of public interest law for the underprivileged and offering legal counsel for public interest groups. Furthermore, through its Social Service Center, K&C performs community service and sponsors public interest events.

K&C CSC’s social contribution program is mainly run by “K&C Friends.” K&C Friends is consisted of a pool of K&C members with continuing interests in providing pro bono activities and participating in routine community services. Their strong interest and participation in pro bono activities constitute a fundamental basis of our pro bono program. K&C

CSC’s major social contribution project includes “Multicultural Family Legal Academy.” The Academy provides basic legal lectures for multicultural families, in particular for married migrant women, to facilitate smooth transition to Korean society. K&C attorneys visit, provide lectures, and hold Q&A sessions on various legal issues related to residence, nationalization, wages, 4 major public insurances,

employment, tenancy, and inheritance. The Academy is held in all districts in Seoul as well as in other locations such as Eumseon, Chungcheongbukdo, Gyeongsan, Gyeongsangbuk-do and Gimjesi, Geonlabuk-do. In addition to the Academy’s other pro bono services, the CSC conducted the “Storybook Project” around last April and May for children in multicultural families. The Project consisted of providing recorded files of storybook narrations on behalf of mothers with poor Korean language skills as well as paperbacks to local community centers.

BCCK FOCUS 61


MEMBER FOCUS | MEMBER CSR ACTIVITIES MEMBER CSR ACTIVITY 04

Pernod Ricard Korea Gugak Scholarship scholarships. For the past 15 years, the company has donated around KRW 2bn to 318 students of the Gugak National Middle and High School. The graduates who have received the scholarship are actively performing their work in leading institutions such as National Gugak Center and National Theater of Korea as proud artists representing Korea. The first Pernod Ricard scholarship recipient, Kim Ye-seul, is now a percussionist at the National Theater of Korea. During an exclusive followup interview, she said that the Pernod Ricard Scholarship acted as ‘spiritual nourishment’ while she developed her skills as a Gugak musician.

Pernod Ricard Korea’s Gugak (Korean traditional music) Scholarship was launched in 2002. The offering of this scholarship may raise the question: 'Why would a liquor selling company be interested in Korean traditional music?' In fact, it is based upon the belief that the Gugak scholarship program contributes the Korean traditional music industry. The company’s mission is to preserve Korean traditional culture and to return corporate profits to Korean society. This ties a close thread with Pernod Ricard Group’s CSR philosophy, 'Sharing Conviviality'. The scholarship inspires, encourages and supports talented Gugak students in their pursuit of their goals through financial aid in a form of granting

62 The British Chamber of Commerce in Korea

On February 7, Pernod Ricard Korea held the "2017 Pernod Ricard Korea Gugak Scholarship Awards" at the Gugak National Middle and High School. Jean Touboul, the CEO of Pernod Ricard Korea, attended wearing ‘Hanbok’ and delivered scholarships to 36 talented Gugak students. He showed a deep enthusiasm about the traditional Korean music played by the students. Teacher and students showed him how to play instruments such as ‘Janggu’ and ‘Gayageum’, which led to a meaningful time spent by both students and the participants.


MEMBER CSR ACTIVITY 05

SCBK’s ‘Goodhearted Voice Festival’ Ends Successfully Standard Chartered Bank Korea (SCBK) held the ‘Goodhearted Voice Festival’, a part of the Audio Library Project, SCBK’s flagship sustainability programme, in the head office in Jongno-gu, Seoul, from 10 February to 12 February. The festival included an audition to select voice donors for the Audio Library Project Season 6, a project to create and donate an audiobook titled “The Encyclopedia of Dream Jobs” for visually impaired youth through voice donations, as well as a variety of programmes to raise awareness about the visually-impaired. It ended successfully with around 13,000 visitors including SCBK staff, office workers, students, families, and people with disabilities. The 120 voice donors who pass the “Goodhearted Voice Audition” of the festival will record “The Encyclopedia of Dream Jobs” which includes 101

topics on career explorations and five college majors that visually-impaired youth are most interested in. The audiobook will be donated to all blind schools, Braille libraries, and groups and organisations supporting visually-impaired people through the Media Access Centre of the Korea Blind Union in April, and a free smartphone app will also be developed and released.

BCCK FOCUS 63


New BCCK Members in Spring 2017 New Platinum Members

New Patron Members

BCCK FOCUS 65


MEMBER FOCUS | MEMBER OFFERS

Member Offers

Special offers are periodically provided to BCCK members!

Park Hyatt Busan: 10% discount on daily base rate The Park Hyatt Busan is a luxurious, intimate, and residential-style hotel located in the heart of Busan, Korea’s largest port city. The Park Hyatt Busan is offering BCCK members with a 10% discount based on a daily basis rate. Only BCCK members have access to this discount. *Black out dates: 7/30 – 8/6, 8/13 – 14, 10/01 – 02 & 22, 11/17 – 19, 12/24 & 31

British Airways: 10% discount off tickets to UK and Europe British Airways (BA) is offering BCCK members an exclusive 10% off all flights to the UK and Europe. The discount also applies to online-only exclusive deals through BA. Only BCCK members are eligible to receive this discount.

British Council: 15% discount on myClass English courses The British Council is a world leader in English language teaching. The organisation operates two adult centres at Euljiro and Gangnam and offers customised English courses that will meet the specific English skills needs of any organisation. If you would like to talk to the British Council about your organisation’s needs for training and development, please feel free to contact the organisation’s Corporate Training Team at any time. The British Council is offering BCCK members with a 15% maximum discount on a myClass English course. Only BCCK members have access to this discount.

66 The British Chamber of Commerce in Korea


Top Reasons to Join the BCCK ADVOCACY In the post-Brexit era, we are a key voice for British business and our members in Korea. We have a professional team to discuss about the direction of business of this changing situation and work closely with the Korean and British

governments, along with the British Embassy Seoul. Just this year, we held a members-only breakfast workshop event with Mr. John Alty, a key representative in discussions between the UK and Korea over a possible new trade deal.

ADVERTISING AND SPONSORSHIP BCCK members can maximize their company exposure through our online and of fline advertising platforms. We distribute an annual member directory, a quarterly webzine, and are active on Facebook, Linkedin, Twitter, and Instagram. Our annual membership

directory is distributed offline to all our member companies. Members can also take advantage of sponsorship opportunities at our events, including providing products to raffle at our events or having company logos on our event flyers and banners.

NETWORKING The BCCK hosts the largest and trendiest net working events for the international community in Korea. Our diverse membership â&#x20AC;&#x201C; 25% of our membership is Korean - and business network stretching from Korea to the UK ensures that you will be meeting new and interesting people at our events. We also host

a busy calendar of content-driven forums and workshops for our members on topics that are relevant to business leaders in Korea. We host special breakfasts featuring interesting speakers from the UK like the Lord Mayor of the City of London or the head of the British Council.

BUSINESS OPPORTUNITIES We are a hub for British business in Korea. The BCCK has an active trade and investment ser vices team that help UK brands find opportunity in Korea and, increasingly, Korean brands to enter the UK market. Already we have helped such brands as SuperGroup and Linguaphone identify partners and better understand the Korean market. We are also

JOIN NOW!

increasingly helping Korean companies enter the UK market utilizing our strong network in the UK. Our position as a hub for inbound and outbound market-entry enquiries makes us uniquely positioned to connect and promote business between our members both in Korea and the UK.


SPECIAL FOCUS: ‘UK/KOREA 2017–18 CREATIVE FUTURES’

From left: Martin, Soojung and Charles pose for a group photo after the ceremony

UK/Korea 2017–18 Creative Futures A Year of Celebration Here’s to a highly successful year and an enduring friendship between the UK and Korea

for artistic and institutional partnerships to reach a point where they can sustain themselves.

UK/Korea 2017-18 is the latest in a series of UK Seasons which started in 2012 with high-profile programmes in China and Brazil. The success of the model of holding a Season lasting a year or longer prompted Embassies and foreign governments in other countries to demand similar programmes with a focus on UK arts and the creative economy.

Over a year and a half after our Korea Season Team was first created, our UK/Korea 2017-18: Creative Futures Season finally launched! To mark this momentous occasion, we wanted to have an influential person who could represent us culturally and attract public attention throughout the season. We searched and searched and finally found a great celebrity in partnership with CJ E&M, a Korean conglomerate in entertainment and media industry – Soojung Lim, a Korean actress widely known at home and abroad.

Seasons and Years of Culture aim to achieve an enhanced relationship between the UK and other countries. Our intention is to both strengthen existing relationships, and forge new ones, making it possible 68 The British Chamber of Commerce in Korea


Soojung was appointed as the Cultural Ambassador for UK/Korea 2017-18 at the inaugural ceremony held at the British Embassy one week before the ‘big day’ in an effort to create the public buzz for the launch. She was joined by Martin Fryer, Director British Council Korea and Charles Hay, British Ambassador to Korea. Soojung is the first cultural ambassador appointed by the British Council since its establishment in Korea in 1973.

A total of 35 journalists attended the press conference.

Finally, UK/Korea 2017–18: Creative Futures was kicked off on Monday, 20 February, 2017 with the press conference, where Martin Fryer, Director, British Council Korea, Karen Bradley, Secretary of State for DCMS and Charles Hay, British Ambassador were present. The press conference was packed with 35 journalists and TV cameras. (From left) Hyesun Kim, Head of UK/Korea 2017-18 Creative Futures; Charles Hay, British Ambassador to Korea; Karen Bradley, Secretary of State for the Department for Culture, Media and Sport; Martin Fryer, Director British Council Korea, Graham Sheffield, Director Arts, British Council; and Kyu Choi, Creative Director UK/Korea 2017-18 Creative Futures, pose for a photo at the press conference.

Karen Bradley, Secretary of State for DCMS, giving a congratulatory speech and Martin Fryer, Director, British Council Korea explaining the background and history of the season at the press conference.

A scene from the press conference.

Meanwhile, Sir Nicholas Kenyon, Managing Director of the Barbican Centre, also visited Seoul to celebrate the launch of UK/Korea 2017-18 and the opening concert by the London Symphony Orchestra (LSO), the resident orchestra of the Barbican Centre. He shared the Barbican Centre’s innovative programmes during his talk ‘Culture in the City of London: creating arts in the capital’ which took place at the Seoul Arts Centre in the afternoon of launch day. He also talked about how the centre functions and is connected to other areas of London. The City of London is part of the wider metropolitan area of London. What is known as ‘the City’ is a one square mile area which has been the hub of business, politics and culture in England since its settlement by the Romans in the 1st century AD through to the Middle Ages when London expanded beyond the confines of the City. The talk was enjoyed by over 60 arts professionals from various regions of Korea and followed by a lively question and answer session.

BCCK FOCUS 69


SPECIAL FOCUS: ‘UK/KOREA 2017–18 CREATIVE FUTURES’

Sir Nicholas during his talk.

While Sir Nicholas’ talk was taking place in southern Seoul, a workshop was delivered by a world-class British composer, Mark-Anthony Turnage in central Seoul. He gave a master class for up-and-coming composers in Korea, with help from the Seoul Philharmonic Orchestra at their venue. Seven young Korean composers had an intensive class and discussed Turnage’s works.

Musicians welcome school kids to the Concert Hall, Seoul Arts Centre. (From left) Joost Bosdijk, bassoon, Jonathan Lipton, horn, Chi-Yu Mo, clarinet, Belinda McFarlane, violin, Matthew Gibson, viola

School kids are amazed by LSO musicians.

Martin, Mark-Anthony and seven young composers pose for a group photo.

Our activities on the day went on with London Symphony Orchestra and HSBC Korea in the afternoon. Five of London Symphony Orchestra’s musicians provided a memorable experience to engage with world-class musicians for a group of 60 school kids from Seoul National University Elementary School and Heaven School during their visit to Seoul. This was organised with the support of the British Council in Korea and HSBC Korea. Karen Bradley, the Secretary of State for Culture, Media and Sport attended the session to encourage inspired young students and musicians.

70 The British Chamber of Commerce in Korea

School kids learning and having fun with an LSO violin player.

Our launch events continued into the evening. Government repre s ent ative s , key par tner organisations, sponsors and artists convened to celebrate the launch of UK/Korea 2017-18. Charles Hay, British Ambassador to Korea delivered a congratulatory speech on behalf of the Secretary of State Karen Bradley. In her speech, she said UK/Korea 2017–18 Creative Futures is packed full


of amazing cultural events, but it is not just going to be a very special year. It will lead to a lasting improvement in the promotion of UK business, education, and science in Korea and it will create a platform for long-term international partnerships.” The Lord Mayor Dr Andrew Parmley and Sir Nicholas Kenyon attended to be part of this celebration.

At last, our launch day culminated with the London Symphony Orchestra’s opening concert, where a special repertoire of Mark-Anthony Turnage’s Håkan (Håkan Hardenberger Trumpet) was presented in Korea as the world premiere. Daniel Harding conducted another successful concert of LSO to a Korean audience, which officially kicked off the UK/Korea 2017–18 Creative Futures. It certainly increased the expectation of the Korean public for the year to come.

All photo copyrights: © British Council Korea

(From left) Martin Fryer, Director British Council Korea, Youngsan Kim, Deputy Minister for Culture and Arts Policy, Ministry of Culture, Sports and Tourism of Korea and Charles Hay, British Ambassador propose a toast for UK/Korea 2017–18: Creative Futures.

Daniel Harding and LSO members receive applause from the audience.

BCCK FOCUS 71


SPECIAL FOCUS: ‘UK/KOREA 2017–18 CREATIVE FUTURES’

The Wheel House by Acrojou © Steve Edwin

UK/Korea 2017–18 Creative Futures Spring Events UK/Korea 2017-18 Creative Futures kicked off in style on 20 February 2017 with a new work by Mark-Anthony Turnage performed by the London Symphony Orchestra at the Seoul Arts Centre. The UK season in Korea celebrates the very best of UK arts and culture and will run until March 2018, with a series of events and activities that place particular emphasis on emerging artists and reaching new audiences. Do not miss the opportunity to see a range of UK contemporary pieces in Korea this spring. For more information, please visit the official website: www. britishcouncil.kr/en/uk-korea-2017-18

72 The British Chamber of Commerce in Korea

Creative Director’s note: Learning to look below the surface In May, we brought a variety of UK’s art and cultural events to several cities including Ansan, Suwon, Icheon, Jeonju and Uijeongbu. A few days ahead of the president’s election, I visited the 18th Jeonju International Film Festival and watched the film The Shock Doctrine by Michael Winterbottom, one of the UK’s most prolific filmmakers. Based on the story written by Naomi Klein a Canadian journalist, Michael Winterbottom investigates ‘disaster capitalism’ an idea that neo-liberal capitalism feeds on natural disasters, war, and terror to establish its dominance. He invites the audience to look at and read about the world in a very meticulous way.


Concerning the fact that is one of the biggest problems that the world is facing today, Whally Range All Stars performed Ye Gods in Ansan, Icheon and Suwon and entertained audiences by parodying the pollution. At the same time they provided an opportunity for the audience to think about the city where they live. Acrojou showcased The Wheel House and invited the audience to ask questions about the human condition of refugees around the world. Throughout the show, it felt like an epic street poem.

NUDE : Masterpieces from Tate • FRIDAY 11 AUGUST 2017 to MONDAY 25 DECEMBER 2017 • SEOUL OLYMPIC MUSEUM OF ART

The exhibition Factory by Neil Brownsword was held in the city of Icheon, Gyeonggi International Ceramic Biennale 2017 and featured a wide range of Neil’s ceramic works to narrate our lives. This performative installation sheds light on people, the place and material left out in the process of industrialisation; Neil’s work communicates the value and relevance of the relationship between human beings and the world surrounding them rather than focusing on the beauty of crafts. As the value of arts can be translated into diverse definitions, it has different meanings to different audiences. From time to time, we ask ourselves what the arts could bring to us. The value that I was able to take away from the events I attended in May, is perhaps defined as ‘the power of reasoning’, 'thinking of the different sides of the world and our society, and encouraging people to question'. This 14-month-long journey UK/Korea 2017–18 takes us on to March 2018 is not merely to introduce the UK’s arts. We will share the differences, new changes and contemporary questions that the UK arts and culture and its Korean counterparts represent. We would like to provide you with common ground on which to appreciate our times with Korean audiences. I would like to invite you all to join us on this journey.

‘Masterpieces from Tate: Nude’ presents over 100 works selected from the Tate collection with the theme of naked body at Seoul Olympic Museum of Art from 11 August to 24 December. www.britishcouncil.kr/en/uk-korea-2017-18/ events/nude-masterpieces-tate

BCCK FOCUS 73


SPECIAL FOCUS: ‘UK/KOREA 2017–18 CREATIVE FUTURES’ The Tallis Scholars

• WEDNESDAY 31 MAY 2017 - 20:00 to THURSDAY 01 JUNE 2017 - 22:00 • LG ARTS CENTER / SUSEONG ARTPIA A world-renowned vocal ensemble from the UK, The Tallis Scholars, is now returning back to Korea in 13 years to perform their English and Italian renaissance vocal music.

The Tallis Scholars © Eric Richmond

www.britishcouncil.kr/en/ukkorea-2017-18/events/the-tallis-scholars

Romeo and Juliet presented by Seoul Philharmonic Orchestra •T  HURSDAY 15 JUNE 2017 - 20:00 • CONCERT HALL, SEOUL ARTS CENTER The Seoul Philharmonic Orchestra will be presenting Romeo and Juliet based on one of the most tragic love stories written by the great English writer Shakespeare. www.britishcouncil.kr/en/uk-korea-2017-18/events/romeo-julietseoul-philharmonic-orchestra

Willie Doherty Exhibition

• FRIDAY 07 JULY 2017 to SUNDAY 06 AUGUST 2017 • ART SONJE CENTER An exhibition of works by artist Willie Doherty on loan from the Collection of the Irish Museum of Modern Art at the Art Sonje Center. www.britishcouncil.kr/en/ukkorea-2017-18/events/willie-doherty

Remains, 2013 © Willie Doherty

74 The British Chamber of Commerce in Korea


Artience Daejeon 17

• FRIDAY 15 SEPTEMBER 2017 to SUNDAY 24 SEPTEMBER 2017 • DAEJEON The UK’s artists and artistic institutes will be presenting a project Artience Daejeon 17 to create opportunities and collaborate with scientists in science town of Daejeon in September. www.britishcouncil.kr/en/ukkorea-2017-18/events/artience-daejeon-17

Afterglow © boredomresearch, Animate Projects

The Painting Show • TUESDAY 04 JULY 2017 to SUNDAY 24 SEPTEMBER 2017 • GOYANG ARAMNURI ART MUSEUM The Painting Show presents a selection of recent works by 15 British artists and 8 Korean artists. This exhibition will held at Goyang Aramnuri Aram art Museum from 5 July to 24 September. Celia Hempton Raul, Serbia, 2nd June 2014, 2014 © Celia Hempton 2017, Courtesy the artist and British Council Collection

www.britishcouncil.kr/en/uk-korea-2017-18/events/paintingshow

Cheongju Craft Biennale: UK Pavilion – Form in Motion

Crossing Boundaries by Anila Quayyum Agha © 2015 Cheongju Craft Biennale

• WEDNESDAY 13 SEPTEMBER 2017 to SUNDAY 22 OCTOBER 2017 • FORMER TOBACCO PROCESSING PLANT IN CHEONGJU In partnership with the Crafts Council and Scottish Craft Biennale, a main exhibition called Form in Motion will be having its premiere at the UK Pavilion from Cheongju Craft Biennale. www.britishcouncil.kr/en/uk-korea-2017-18/ events/cheongju-craft-biennale-form-in-motion

BCCK FOCUS 75


ADVERTISE IN OUR NEXT ISSUE! Reserve Your Space Now for FOCUS Summer 2017!

The BCCK will be launching its next issue of FOCUS at the end of July 2017! The webzine will feature articles about living, working and doing business in Korea and offers a great opportunity for you to raise your company’s visibility through our 3,500+ contact database from the British, Korean and international business communities. Secure your space for the Summer 2017 issue to advertise your services or products to the BCCK’s extensive network. The webzine will also be available through the our website and other online platforms.

Left

Right

C

Advertising File Specifications Size: Width 595.28px, Length 841.89px Resolution: 300dpi or higher Colour Mode: RGB File Format: PDF

D

E

B

A Fro

nt

Co

F

ck

ve

Ba

r

BCCK Webzine ‘FOCUS’

Advertisement Rates Member Price

Non-Member Price

B. Opposite Inside Front Cover

900,000 KRW

1,100,000 KRW

D. Single Page (Second Section)

750,000 KRW

950,000 KRW

750,000 KRW

950,000 KRW

Advertising Space Location

1,000,000 KRW

1,250,000 KRW

C. Single Page (First Section)

800,000 KRW

1,000,000 KRW

E. Single Page (Third Section)

700,000 KRW

900,000 KRW

G. Inside Back Cover

800,000 KRW

I. Advertorial (one page)

900,000 KRW

A. Inside Front Cover

F. Opposite Inside Back Cover H. Back Cover

850,000 KRW

1,000,000 KRW 1,070,000 KRW 1,100,000 KRW

*Please note that all prices are subject to 10% V.A.T. **Advertising spaces are limited. Advertisers will be given spaces on a first come, first served basis

Contact PR & Marketing Coordinator Mijung Lee

02-6365-2307

mijung.lee@bcck.or.kr

G r

C

e ov

H


BCCK FOCUS Spring 2017  
BCCK FOCUS Spring 2017  

A quarterly magazine published by the British Chamber of Commerce in Korea. This issue has interviews with Truefitt & Hill Master Barber Luk...