Korea (Republic Of) Travel Guide - Business

• GDP: US$888 billion (2006).
• Main imports: Machinery, electronics, oil, transport equipment and organic chemicals.
• Main exports: Semi-conductors, electronics, textiles, ships and cars.
• Main trade partners: China, Hong Kong, Japan, Saudi Arabia and US.

The third largest economy in Asia after China and Japan, Korea is a major force to be reckoned with in electronics, mobile phones, digital displays, steel and semiconductors, amongst other things. It is the world leader in shipbuilding and the automotive business is also large, with great domestic loyalty; 97.3% of all cars sold are Korean. The Korean Development Institute estimates that 5.2% average growth will be possible until 2011 if Korea continues with its economic reforms.

The Incheon Free Economic Zone (IFEZ) is being built near Incheon International Airport as a business and tourism hub for northeast Asia, and the East Sea Free Trade Zone is also underway in the east coast city of Donghae. The thaw in relations with the North has seen a growth of economic links; 10km (6 miles) north of the demilitarised zone is the new Gaeseong Industrial Complex, which provides South Korean companies with a base from which to access a cheap and hard-working labour market; and North Koreans get a glimpse of economic prosperity.

Unemployment was at 3.3% in 2006, and inflation was forecast to rise to 2.6% in 2007 (from 2.2% in 2006).

Businessmen are expected to wear a suit and tie. English is widely spoken in commercial and official circles. Prior appointments are necessary and business cards are widely used. The use of the right hand when giving and receiving particularly applies to business cards. Never scribble on, or hold a business card for too long, as this is seen as impolite. Best months for business visits are February to June.

Office hours: Mon-Fri 0900-1800.

Korea Convention Bureau (KCB), part of the Korea Tourism Organization, is keen to build Korea into a premier destination for tourists, convention delegates and business travelers. There are excellent facilities across the country, as well as good international air links and internal transportation. According to the Union of International Associations, Korea held 185 international meetings in 2005, ranked 14th worldwide. Four convention cities have been designated nationwide: Seoul, Busan, Daeju and Jeju-do. For more information, look online (website: www.koreaconvention.org).

Korea Convention Bureau
40 Cheonggyecheonno, Jung-gu, Seoul 100-180, Korea
Tel: (2) 7299 5553.
Website: www.koreaconvention.org

Korea Exhibition Centre (COEX)
World Trade Center, 159 Samseong-dong, Gangnam-gu, Seoul 135-731, Korea
Tel: (2) 6000 0114.
Website: www.coex.co.kr

International Convention Centre Jeju
2700 Jungmun-dong, Seoguipo City, Jeju-do 697-120, Korea
Tel: (6) 4735 1000.
Website: www.iccjeju.co.kr

Korean Chamber of Commerce and Industry (KCCI)
45 4-ga, Namdaemun-ro, Jung-gu, Seoul 100-743, Korea
Tel: (2) 6050 3114.
Website: www.kcci.or.kr

Korea Trade Centre in the UK
1st Floor, Brettenham House North, Lancaster Place, London WC2E 7EN, UK
Tel: (020) 7520 5300.
Website: http://english.kotra.or.kr