South Korea Presentation
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South Korea Presentation
- 1. Poh Kian Yong Soh Hwa Jie Fion Wong
- 2. • Population: ~50 million • Ethnically homogenous • Christianity (31.6%) , Buddhism (24.2%) • Confuscianism Geography&Demography • 8 distinct provinces • Seoul and South Gyoengsong the most developed • Mountainous, shortage of land • Among Russia, Japan and China
- 3. Economy Electronics Automotive Ship-Building •TV, aircons, phones and hi-tech display •Mobile telecommunications taking the lead •Global leading manufacturer of LCD and plasma display •LG and Samsung •Started exporting in 1976, rapidly expanding thereafter • Trendsetting policies, vanguard of major movements •Durability, diversity, technology, safety and economical •Hyundai Kia, GM Daewoo and Renault Samsung Motor •7 of the world top 10 shipbuilders AND shipyards •High value-added cruise ships and special oil prospecting ships •Hyundai, Samsung and Daewoo Heavy Industries • GDP: US$ 1.1296 trillion • Annual GDP Growth: 3.9% • Inflation Rate: 1% • Trade Surplus: US$ 926 million
- 4. MajorExports 25% 14% 10%9% 42% China ASEAN US EU Others 10% Petrochemicals 9% Semiconductors 9% Machinery 9% Automobiles 7% Ships 7% Steel 5% LCD Devices Export Partners 6th Largest Exporter
- 5. ComparativeAdvantages R&D • Invests heavily relative to their income • Growth in investment faster than GDP growth rate • Technological forefront and keeping up with changes • Value-for money Educated Workforce • Large emphasis on education • Science, technological & business • 63% of 25-34 year-olds complete tertiary education • Industrial flexibility • Low-cost, high quality products Financial Institution • 10 banks in the top 50 safest emerging market banks • 3 banks in the world’s 50 safest banks • Credible banking industries • Safe and reliable conduit of business transactions
- 6. PoliticalDevelopment 1945- 1948 1948- 1960 1960- 1961 1961- 1963 1963- 1972 1972- 1979 1979- 1987 1987- present day First Republic Syngman Rhee Second Republic Yun Bo-seon Military rule MG Park Chung-hee Third Republic Park Chung-hee Fourth Republic Park Chung-hee Fifth Republic Chun Doo-hwan Sixth Republic Roh Tae-woo Kim Young-sam Kim Dae-jung Roh Moo-huyn Lee Myung-bak Park Geun-hye Military rule Liberal Conservative US military Administration Lt. Gen John R. Hodge
- 7. Politics&Business • Increased deregulation and decreased government intervention • Increased transparency • Liberalization of foreign exchange rate, FDI and insurance • Privatized most publicly owned • bank • Raised interest rates • Abolished cap of aggregate FDI • “Big Deals” approach • Legalized lay-offs • Increased cooperation with Chaebols to reinforce autonomy • Protected domestic industries Control of financial sector and government-business ties • Adopted tight fiscal policy • Increased efforts to distribute resources to SME • Reduced protectionism and improved business environment IMPLICATIONS Growth in Chaebol companies Growth in domestic companies and shift to export-orientedPark Chun Hee Chun Doo-hwan IMPLICATIONS Increased competitiveness Growth in SME Clamp down on Chaebol companies Kim Young Sam IMPLICATIONS Rise in unemployment rates Stronger Chaebol companies Further increase in foreign capital inflow Kim Dae-jung IMPLICATIONS Increase in foreign capital flow Rise in banks and financial companies to handle foreign capital
- 8. RecentDevelopment 2.87 Veto point Credible commitment vs decisiveness Deregulation: Negotiate new bilateral and multilateral FTA Review economic regulations Reduce reliance on Chaebol exports: Increased funding for start ups Foster Venture Capitalists Opens up Korean market to foreign firms Nurture service sector Increase number of exporting firms (SME) 19th Assembly of South Korea
- 9. Culture&Business Etiquette ‘Ppalli Ppalli’ culture • ‘Hurry, hurry’ • Time efficiency Collectivism • Harmony • Protests • Strikes Kibun • Pride, Face, Mood • Politeness, Consideration Nunchi • “Eye measure” • Ability to read kibun • Non-verbal cues Hoesik • Company dinners • Hierarchical bonding • “Rounds” Drinking • Posture • Never pour for yourself • Always fill empty cups
- 10. Society • Influence of celebrities • Flourishing advertising industry The Celebrity Effect • Entertainment Industry • 2/3 of advertisements use celebrities IMPLICATIONS • Importance of connections and relationships • Transparency issues Nepotism • 56% of workers hired through personal connections • FM Nepotism Scandal IMPLICATIONS • Need for internet presence • Communicating with consumers • Telecommunication infrastructure Connectivity & Internet • Naver, ‘Cafe’s • KakaoTalk, Naver Line • 5G by 2020 IMPLICATIONS