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Republic of South Korea country brief contents key economic indicators .................................................... 2 overview ............................................................................... 2 political ................................................................................. 3 imports and exports............................................................ 3 sector opportunities............................................................ 5 sustainability ....................................................................... 8 market entry......................................................................... 8 regulatory issues................................................................. 9 freight ................................................................................. 11 doing business with South Korea ................................... 11 visa requirements.............................................................. 12 time difference................................................................... 12 contacts.............................................................................. 12 useful websites.................................................................. 13

Republic of South Korea Country Brief May 2010

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key economic indicators Economic Indicator Population GDP GDP Growth Rate GDP Per Capita Inflation

South Korea 49.4 million (2009) US$833 billion (2009) 0.2% (2009) 5.9% (2010 forecast) US$16,860 (2009) 2.8% (2009)

Total Imports

US$323 billion (2009)

Total Exports

US$363.5 billion (2009)

Currency

South Korean Won (W)

Source: EIU, World Trade Atlas

overview The Republic of Korea (South Korea) is located in the southern part of the Korean peninsula. The northern half of the peninsula is North Korea or the Democratic Republic of Korea th (Communist). The two Koreas were divided along the 38 parallel in 1945 into two military zones as a provisional arrangement pending a resolution of the political conflict in what was previously a single country. Through a programme of modernisation and industrialisation, which started in the 1960s, South 1 Korea now ranks as the world’s 14th largest economy and 10th largest trading nation. The country has progressed from basic industries such as cement, fertilisers and industrial chemicals, to producing automobiles, electronics, iron and steel and shipbuilding, and then to computer and other technological products. In 1997, a large number of corporates (chaebols) began running into financial difficulty and several were forced into bankruptcy. This signalled the beginning of a series of economic problems which culminated in the Korean government requesting a US$57 billion bail out from the IMF to avoid default on payment of short-term foreign debts. The IMF agreed to the loan on the condition that Korea undertakes major economic reforms, particularly restructuring the financial sector and chaebols. While the success of Korea is widely acknowledged to have hinged on the chaebol system, these conglomerates were largely held responsible for the economic crisis. The chaebols were involved in a wide range of activities – from textiles and footwear to high-tech semiconductors and microelectronics. The chaebols have held a privileged position over the last three decades with strong government assistance and preferential access to capital, which has made it difficult for smaller Korean firms to grow. The economic crisis destroyed half of Korea’s 30 largest conglomerates. Republic of South Korea Country Brief

In signing up for the financial aid package on 3 December of 1997, the Korean government agreed with the IMF that it would pursue macroeconomic stabilisation and structural reform in the financial sector, the corporate sector, and the labour market, and accelerate trade and capital account liberalisation. At last, Korean companies were to be genuinely integrated into the global

May 2010 1

CIA World Factbook. South Korea

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economic system through a global financial system resting on Western style business ethics and corporate management. The post-crisis period also brought a powerful new momentum to the market in the form of stateof-the-art technology and knowledge-based industries resulting in an increasing share of information technology (IT) products in Korea’s overall exports. The share of semiconductors, mobile phones, and LCD display products in Korea’s overall exports has increased from just over 20 percent to over 40 percent. The so-called “new economy” was taking off. Today, South Korea is acknowledged as one of the better-reformed countries in Asia. However, there is still much that remains to be done on financial and labour market reforms. Korea is also busy developing and looking for new growth engines particularly in the areas of ICT, biotechnology and culture (film, TV and music). Lately Korea also has huge interest in so-called green growth, covering a range of technology applications addressing improving environmental efficiency, sustainability and quality of life. The global financial crisis of 2008-09 had a short and sharp impact on Korea, which avoided a technical recession by recording only one quarter of negative growth. Economic growth rebounded strongly through the latter half of 2009 and early 2010, benefiting from Korea’s strong regional trade integration and the growth in China. Whilst consumption of many western goods took a hit in late 2008 and early 2009, consumer confidence and spending patterns are largely back on track.

political South Korea is a constitutional democracy. The current ruling party is the Grand National Party. Mr Myung-Bak Lee was inaugurated as president on February 25, 2008 for a five-year term. The Cabinet includes the president and prime minister and is responsible for formulating government policies. Talks on reunification of North and South Korea continue spasmodically, punctuated by acts of provocation on the part of North Korea. However, many political and ideological issues need to be resolved before reunification becomes a reality.

imports and exports South Korea's Top Ten Exports This table shows South Korea’s top ten exports for year ending December 2009 South Korea's Top Ten Exports for year ending December 2009 Electrical machinery and equipment and parts

Republic of South Korea Country Brief May 2010

US$ billion 88.8

Ships, boats and floating structures

42.5

Machinery

32.0

Vehicles other than railway or tramway

36.5

Optical, photographic, cinematographic, measuring

29.2

Mineral fuels, mineral oils

23.7

Plastics and articles

18.3

Iron and steel

15.4

Organic chemicals

13.0

Articles of iron or steel Source: WTA

8.0

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South Korea's Top Ten Imports This table shows South Korea’s top ten imports for year ending December 2009 South Korea's Top Ten Imports for year ending December 2009

US$ billion

Mineral fuels, mineral oils

91.6

Electrical machinery and equipment and parts

53.5

Machinery

34.4

Iron and steel

18.4

Optical, photographic, cinematographic, measuring

10.5

Organic chemicals

9.0

Ores, slag, ash

8.8

Plastics and articles

7.1

Iron/Steel Products

6.1

Vehicles other than railway or tramway Source: WTA

5.5

Recent Trends Korea’s imports totalled US$323 billion in the 12 months to the end of December 2009, compared with US$435 billion for the year ended December 2008. Leading imports are mainly industrial product and raw materials used for manufactured goods destined for the domestic th nd th market and for exports. Seafood, wood, and meat are the 20 , 22 , and 25 largest imports respectively.

New Zealand’s Top Ten Exports to South Korea This table shows New Zealand’s top ten exports to South Korea for year ending December 2009. New Zealand's Top Ten Exports to South Korea for YE Dec 2008

NZ$ million

Wood

292

Aluminium

149

Meat

139

Dairy

103

Methanol

97.6

Fruit

72

Wood pulp

65

Iron and steel

39

Fish and seafood

36

Processed foods

33

Source: World Trade Atlas

Recent Trends South Korea ranked as New Zealand’s sixth largest market with exports totalling NZ$1.24 billion in the year to December 2009. Republic of South Korea Country Brief May 2010

Exports to South Korea have traditionally been commodity-based. Wood and wood pulp is the largest export item, accounting for 29 percent of total exports. Meat and dairy products accounted for around 20 percent. While trade to date has lacked the breadth achieved in some of New Zealand’s other key markets, there are encouraging signs that this is changing.

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sector opportunities New Zealand Trade and Enterprise sees opportunities for exporters to South Korea in the following sectors.

Education Korea is the second-largest market for New Zealand education institutions with 15,905 Korean students studying in NZ in 2009 which is a 7.5 percent decline from 2008. Numbers in 2009 were strongly impacted by the impact of the global financial crisis on household expenditure, and by fears associated with the H1N1 flu outbreak. Korea is the largest market for the NZ school nd sector, 2 largest market for the English language and third largest market for tertiary studies. Overseas study has been a popular option in Korea for well over a decade and continues to increase in popularity. This increased demand has seen an increase in competition from traditional competitors such as the U.S., England, Canada and Australia. There has also been the emergence of newer entrants to the market such as Ireland, Malaysia, Philippines, India and Singapore who aggressively promote their countries as an education destination. Similarly the Korean Ministry of Education in Korea has launched a number of initiatives to retain or increase the number of Korean students learning English in Korea. Examples include the building of English immersion language villages in Seoul and Paju and setting up some international schools which can take some Korean students. In addition to this, the Korean government has announced that they will spend approximately US$4.2 billion over the next five years, with the objective of making Korea the best English-speaking country in Asia within a decade. Korea is also looking for attracting more foreign students to Korea. In 2009, there were 75,850 foreign students in Korea and this number is expected to increase to 100,000 by 2012.

Beef Total beef consumption was estimated at 389,000 metric tonnes (mt) in 2009, up 6.6 percent from 2008. Per capita consumption was estimated at 8kg. With the introduction of the country of origin labelling system for foods including beef served at restaurants in December 2008 and the implementation of the beef traceability system for domestic “Hanwoo� beef in June 2009, consumption of domestic beef has increased 12 percent to 195,000mt in 2009 as consumer confidence on locally produced beef was strengthened. Imports have declined however due to unfavourable foreign exchange rates, particularly in the first half of 2009, and also with lingering consumer confidence around the potential for BSE infection from US beef. Beef imports were 197,860mt in 2009, down 12 percent from 224,092mt in 2008. Short rib accounted for 38% of beef imports, followed by cube roll (15%), clod (11%), brisket (10%), chuck rolls (6%), round (6%), shank (3%) and knuckle (3%).

Republic of South Korea Country Brief May 2010

Country of origin labelling requirements have encouraged restaurants to rationalise down to one or two imported beef originators, typically Australia, United States. New Zealand, most often a secondary or tertiary source of beef to restaurants, has tended to be squeezed off menus as a result. Australian beef industry has done a very good job of promoting sole source supply of Australian beef through effective restaurant channel support (menu concepts, stickers, printed collateral support, etc). In terms of volume, Australia accounted for 59% (116,715mt) of imports, followed by the U.S. with 25.3% (49,974mt), New Zealand with 15.2% (30,162mt) and Mexico with 0.5% (1,009mt).

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In 2008, New Zealand’s market share was 16.7 percent (37,384mt). Korea prefers a marbled beef product, although some consideration is now being made as to the nutritional benefits of lean, grass-fed beef, but only by a small percentage of the market.

Seafood Korea is one of the largest seafood markets in the world in terms of per capita consumption. Due to a declining local catch, Korea relies heavily on imported seafood. The size of Korea’s seafood market was estimated at over KW6 trillion (US$7 billion) in 2009, with imports accounting for around 30-40 percent of the market. Currently, the key words for Korean consumers are well-being, health, organics and safety. This has seen a big flow on effect in seafood consumption, with Korean consumers opting for more seafood over red meat because they believe it is lower in fat and calories and easier to digest. However since the third quarter of 2008, due to unfavourable foreign exchange rates, imports of seafood have somewhat declined. This has also been reflected in a decline in Greenshell mussel imports from New Zealand into Korea. In 2005 US$9.6 million of Greenshell mussel was imported, which increased 14 percent to US$10.9 million in 2006 and grew a further 25 percent to US$13.6 million in 2007. In 2008, however, it declined to US$11.4 million and further declined 18 percent to US$9.4 million in 2009. The restaurant trade has been capitalising on the increased ‘health and wellbeing’ popularity of seafood in Korea. Over the past years there has been a flurry of large seafood buffet restaurants opening. They have been very popular and many serve New Zealand Greenshell mussels. Some of the more innovative companies are investing in packaging and products designed for retail sales, but the major part of New Zealand mussels are sold in bulk frozen half shell form through intermediary importers and into restaurants as a relatively undifferentiated protein. As a result, New Zealand mussels compete with local blue mussels and prices have been low, with sub-economic returns to producers. New Zealand exported US$16 million worth of seafood to Korea in 2009. This includes Greenshell mussels, which account for over 60 percent of the total New Zealand seafood exports to Korea, hoki roe, snapper and live eel. Small gains are being made in high-end seafood products, with the introduction of new products such as prepared/preserved salmon.

Wine Wine consumption in Korea is still very limited with annual per capita consumption of around half a bottle. Wine consumption had been growing rapidly with wine imports increasing by 70 percent in 2007 and 11 percent in 2008 (to US$161 million). In 2009 however imports declined 33 percent to US$109 million. The demand for New Zealand wine has also been increasing. Up until mid-2001 there was only one New Zealand brand in the Korean market. As of June 2010, there are over 40 in the market. In 2009, New Zealand exported US$1,066,519 worth of wine to Korea.

Republic of South Korea Country Brief

New Zealand Winegrowers plan to hold their fifth New Zealand wine fair in Seoul in October 2010.

May 2010

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Life Sciences Korea is New Zealand’s largest export market for deer velvet although access restrictions currently limit value-added deer velvet exports. There are also good opportunities for other products in the nutraceutical/health food/supplement markets. The main drivers are an ageing population, health and welfare issues, and cultural factors such as the attitude to oriental medicines. Careful consideration needs to be taken of the regulatory environment in this sector.

Film There have been increasing activities in the film and creative sector between New Zealand and Korea. Korea is a leading film maker, with 138 feature films produced (with the release of 118 films) in 2009. Seven Korean films have been shot in New Zealand - Bungee Jumping, Silmido, Old Boy, Antarctic Journal, Fly High, a Korean-US fantasy action film The Warrior’s Way with NZ$40 million budget and Dinosaurs in Korean Peninsular. Thanks to highly recognised New Zealand’s creativeness and film making technologies, Korean companies contact us with interest in shooting films in New Zealand or working with New Zealand film makers. Korea Academy of Film Arts and Korea Broadcasting Commission sent technicians and producers to New Zealand for training on both 2006 and 2007. In September 2008, an important milestone in the relationship was reached when our two Ministers of Culture signed a Film Co-Production Treaty. This is an exciting development, and will stimulate many more Korean-New Zealand collaborations. Some New Zealand films have been popular in Korea, including Once Were Warriors, Piano and Whale Rider. New Zealand Trade & Enterprise, in cooperation with MFAT and Tourism NZ, held premieres for the Lord of the Rings for three years from 2001 to 2003, Whale Rider in 2004, King Kong in 2005 and Narnia in 2006.

ICT Market drivers include the government’s lead in developing policies and plans to make South Korea one of the ten largest information technology/knowledge based economies in the world, coupled with private sector investment in the local industry and R&D. The ICT market is worth 2 over US$190 billion with imports of more than US$75 billion (2008). South Korea has the world’s highest broadband penetration rate, with ninety five percent of total households connected to broadband Internet. In the recently released International Telecommunications Union (ITU) study Measuring the Information Society 2010, South Korea ranked third in their index of ICT development (IDI). This index measures a range of statistical factors around fixed and mobile telecommunication penetration, broadband availability and usage, as well as ICT skills such as adult literacy and school enrolment ratios. Korea started satellite digital multimedia broadcasting in May 2005 and terrestrial digital multimedia broadcasting in December 2005. Also Wibro, a locally developed mobile broadband, started service in March 2006. IPTV service is gaining popularity among Korean people. The new Giga Internet, offering 10 times faster speed than existing service and more reliable connectivity, will also be provided beginning in 2013. Korea has a strong domestic ICT industry with globally competitive manufacturers such as Samsung and LG. Republic of South Korea Country Brief

Opportunities exist for NZ companies particularly in the areas of digital contents, health IT and augmented/virtual reality. New Zealand’s Ultra Fast Broadband project has generated some interest in Korea, principally around opportunities for Korean solutions, technology and investment.

May 2010 2

US Commercial Service. Korea : information and communication industry, September 2009.

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sustainability ‘Sustainability’ and ‘food miles’ are not concepts that many Korean consumers are aware of at the moment. However many local producer groups often stage ‘buy local’ campaigns. Many consumers believe that locally produced food is of better quality and safer than imported products and Korean-grown food items generally enjoy a premium over imported products. The trend towards well-being and health is growing in strength and consumers are willing to pay more for healthy food or well-being products. Environmentally-friendly products (foods produced organically or with less pesticide/chemical) have gained popularity and the market is growing rapidly. Food safety continues to be a big concern/issue and consumers are interested in ‘traceability’ and ‘country of origin labelling’ systems. For example, all restaurants must have origin of beef written on their menus. The Korea Food & Drug Administration (KFDA) also disclosed that Radio Frequency Identification (RFID) chips will be tagged on all processed foods and some food ingredients by 2013. The RFID chips will provide consumers with a ‘past record’ of food ranging from ingredients to consumption. It will also expedite the tracking and withdrawal of problem foods in the event of a food safety accident. With a population approaching 50 million and a land area of only 99,268km², rapid industrialisation has resulted in considerable environmental problems. The rapid pace of urbanisation over the past three decades has further aggravated the nation’s deteriorating environment. In recent years, South Korea has been faced with growing pressure to conform to more demanding international standards for environmental protection. Koreans are becoming more conscious of environmental issues and there is increasing demand for a better environment. The Korea Ministry of Environment (MOE) has therefore introduced stringent environmental regulatory measures in recent years.

market entry th

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The South Korea domestic market is relatively large and ranks 27 in the world in 2009 , but the market is still mostly price-driven and competition is high. Complicated import restrictions still exist for many products and the distribution channels for most items can be lengthy and complicated. Korean consumers also tend to be brand-conscious. Since 1997 Korea has seen rapid and dramatic changes, including industry restructuring and rationalisation as well as changes in the distribution system. Many new trading companies and distributors/wholesalers have entered the market and offer new alternatives for New Zealand exporters.

Republic of South Korea Country Brief

New Zealand exporters should generally work with an appropriate Korean agent or importer rather than entering the market directly. Once established, it is important to continue stable supply and price in order to maintain a long-term relationship and avoid importers turning to alternative sources. Participation in relevant trade exhibitions and cooperation with Korean industry associations through New Zealand Trade and Enterprise can be cost-effective methods of initial market entry.

May 2010 3

World Competitiveness Yearbook 2010 online. Domestic economy consolidated rankings.

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As import regulations for many products are complicated, it is recommended that New Zealand exporters check trade barriers carefully before exporting their products to South Korea. Korean customers are essentially price buyers, i.e. the lowest possible price. South Koreans are brand-conscious and have very fixed ideas on which country is the best supplier for certain products, e.g. France for wine. It can be very difficult to change these opinions. New Zealand has a good country image among Koreans as clean and green, which helps food and beverage exporters, but can work against exporters of hi-tech items. While there are growing similarities between South Korean and Western business practices, a number of unique local customs and traditions remain which impact on the way business is conducted. A key element to business success in Korea is building personal relationships. Personal visits to offices and factories as well as entertaining and social occasions can help to build these relationships. Exporters can expect considerable communication over each issue or transaction and eventual success requires persistence and determination, which should be balanced with patience and tact. A reference list of successful sales to buyers in South Korea and other markets is a very useful marketing tool. In the absence of a sales history to Korean buyers, a reference list of sales to Japan or the U.S. can be very helpful. Market entry requires a wide range of information. You have to make decisions on all kinds of issues that will ultimately affect your approach to the market. New Zealand Trade and Enterprise can provide comprehensive, factual data ranging from trends and segments in the market to distribution/competition and market demographics.

regulatory issues The following is an outline of some of the regulatory issues New Zealand exporters need to be aware of.

Anti-Dumping Regulations Under the Foreign Trade Act, the Korea Trade Commission (KTC) investigates and determines injury to the Korean industry resulting from imports.

Currency Restrictions Korea has maintained strict capital controls under the Foreign Exchange Control Act for many years but liberalisation is progressing. For international trading and foreign direct investment, there are no major currency restrictions.

E-Business

Republic of South Korea Country Brief

Korea ranks among the top countries for Internet usage in the world. More than 75 percent of the total population use the Internet. 90 percent of all Koreans use a mobile phone, and 95 percent 4 of the total households subscribe to broadband Internet. More than 60 percent of Internet users use Internet shopping malls and 40 percent of Internet users over 12 years of age subscribe to Internet banking services.

May 2010 4

Economist Intelligence Unit. South Korea: Telecoms and Technology Report, April 16th 2010

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Health Regulations The Korean Food and Drug Administration (KFDA) has responsibility for enforcing the Food Code and the Ministry of Health and Welfare (MHW) for enforcing the Food Sanitation Act. The National Veterinary Research and Quarantine Service has responsibility for enforcing the “Manufacturing and Processing Standards and Specification of Livestock Products”.

Import Barriers South Korea’s standards for sampling, inspection and certification often deviate from international norms and have been criticised as having a negative impact on imports.

Import Quotas and Licences South Korea has agreed to convert outstanding import quotas to tariff rate quotas (TRQs), in order to allow minimum market access on certain products. However, the rate for over-quota product is often prohibitive.

Marking and Bar Codes South Korea joined the European Article Numbering Association (EAN) International in 1988 and applies the EAN system. Korea’s country code is 880. Korea Distribution Information Centre, an affiliated organisation of the Korea Chamber of Commerce and Industry, provides bar code numbers to manufacturers.

Packing and Labelling Labelling requirements and standards differ according to the product. Labelling standards for food are set and enforced by the KFDA and NVRQS (National Veterinary Research and Quarantine Service). All imported food products are required to have Korean language labels. Stickers may be used but should not be easily removable and should not cover the original labelling. Labels should have a significant amount of information printed in letters large enough to be easily legible. It is restricted by law to advertise therapeutic benefits of a food and/or health supplements. This also covers product packaging and labelling. The Korean MAF has authority for labelling requirements on unprocessed GMOs and KFDA has authority for those on processed GMO products. For electrical products, a label in Korean, including the product name, manufacturer name, safety certification number, manufacturing date, electric standard, and electricity consumption, should be attached to each product.

Product Liability The Product Liability Law, enforced from July 2002, requires manufacturers and service providers, including importers, to take responsibility for the safety and health of their customers. Exporters should discuss product liability obligations with their agent or distributor. Republic of South Korea Country Brief May 2010

Safety Regulations Various laws and organisations exist to protect consumers. The following are some of these organisations and the products they control.

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KFDA - safety of food and pharmaceutical products



National Fishery Products Inspection Service - seafood



National Plant Quarantine Service - plants



NVRQS - livestock, meat and dairy products



Korea Testing Laboratory and Korea Electric Testing Institute - testing electric products and issuing “safety certification”



Korean Gas Safety Corporation - testing gas appliances

Tariffs and Duties Korea’s average tariff rate is 7.9 percent, although the rate for some agricultural products remains high. South Korea is establishing tariff rate quotas (TRQs) to allow minimum market access on certain products, but while the rate for in-quota product is low or zero, the rate is often prohibitive for over-quota product. New Zealand Trade and Enterprise can provide free basic information on tariffs at an indicative level to assist companies to assess the viability of market entry.

Taxation There have been a number of revisions to the Korean tax system in recent years. Corporate tax for taxable income up to 200 million won is 10 percent, and for over 200 million won is 20 million plus 22 percent. Value Added Tax (VAT) is charged on imports at 10 percent of the dutiable value. Dutiable value is CIF (Customs value) plus all other duties and taxes (Customs duty; Special Excise tax; Liquor tax; Transportation tax; Tobacco tax, and education tax etc). Major exclusions from VAT in Korea are processed foods and books.

freight Air Freight Korean Air flies everyday except Tuesday and Wednesday from Auckland to Inchon (and everyday from Inchon to Auckland). Air New Zealand suspended all flights to Korea in 1998.

Sea Freight There is sea freight service between New Zealand and Korea provided by COSCO, MaerskSealand, MISC, MOL, MSC, NYK, PIL, P&O Nedlloyd and Tasman. It takes 20~30 days depending on the route (direct to/from NZ or via Australian or Asian ports etc).

Republic of South Korea Country Brief

New Zealand Trade and Enterprise has basic information on air and sea freight options to this market, but for details on rates and schedules, exporters will be referred to a range of appropriate service providers.

May 2010

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doing business with South Korea Cultural and Business Tips 

Business cards are essential. Have your card ready when you meet people. Give and receive business cards with both hands or with the right hand.



Never write a person’s name in red ink. Koreans do not use red ink unless the person is dead. The only exception is when red ink is used in a tojang (name seal).



Koreans write their surnames first, followed by their given names.



Korean people normally do not open gifts in front of the host. Gifts are set aside to be opened later.



Koreans normally bow when they greet each other, but also welcome the opportunity to shake hands.



Limit direct eye contact when in conversation. Direct eye contact is considered discourteous and impolite during conversation.



Speak slowly. Sometimes what you say may not be completely understood, but a Korean will pretend to understand because they feel uncomfortable asking you to repeat yourself.



A suit is more appropriate than casual attire at business meetings and social gatherings.



Tipping is neither expected nor encouraged.

visa requirements New Zealanders travelling to South Korea do not require a visa for visits of up to 90 days. Visas are required if you intend to work or engage in commercial activities, and are issued by Korean Embassies or Consulates.

time difference South Korea is three hours behind New Zealand except during daylight saving (October-March) when it is four hours behind. For the current time in South Korea go to www.timeanddate.com

contacts New Zealand Trade and Enterprise Business Team

Republic of South Korea Country Brief May 2010

Service

Phone 0800 555 888

New Zealand Trade and Enterprise Republic Of South Korea Contact

Graeme Solloway

Role

Trade Commissioner

Address

New Zealand Trade and Enterprise Seoul, c/o New Zealand Embassy

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15th Fl, Kyobo Bldg, #1 Chongro 1-ka KPO Box 2258 Seoul, Korea Phone

+82 2 736 0341

Fax

+82 2 722 6945

Email

graeme.solloway@nzte.govt.nz

Korea/New Zealand Business Council (Inc) Address

Korea/New Zealand Business Council P O Box 28041 Wellington

Phone

+64 4 475 8955

Fax

+64 4 475 8982

Executive Director

Fergus McLean

Email

Fmclean@xtra.co.nz

Website

www.koreanzbc.co.nz

useful websites

Republic of South Korea Country Brief

Organisation

Web Address

Kotra (Korea’s Trade Promotion Organisation)

http://www.kotra.or.kr

Invest Korea

http://www.investkorea.org

Korea Assn of Information and Telecommunication

http://wwww.kait.or.kr

Korea’s main trade fair organiser

http://www.coex.co.kr

Ministry of Strategy and Finance

http://www.mofe.go.kr

The Kiwi Chamber (New Zealand Chamber of Commerce in Korea)

http://www.kiwichamber.com

Universal currency converter website

http://www.xe.net/ucc/

Disclaimer: While New Zealand Trade and Enterprise has verified the information in this document, we make no representation as to the completeness, correctness, currency, accuracy or fitness for any purpose of the information. New Zealand Trade and Enterprise will not be responsible for any damage or loss suffered by any person arising from the information contained in this document, whether that damage or loss arises from negligence or otherwise.

May 2010

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South Korea - Country Brief