Business Practices of South Korea: Influence of Culture and Communication

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1. Introduction:

Hello everyone. The main purpose for my speech is to let you know more about South Korea and its culture. According to former U.S. Representative Charles B. Rangel “Since the Korean War, the U.S. and South Korea have established an enduring friendship with shared interests, such as denuclearizing the Korean Peninsula, combating aggression abroad and developing our economies.”

Today, I am going to share with you about how conducting business in South Korea would be positive and unique for us.
I have gathered some important information about South Korea with some research for the last two weeks.
Firstly, I am going to talk about South Korea. Second, I will explain about South Korea communication behavior to the USA. Lastly, I will focus on the major business events happening in South Korea.

Let us start by giving some background information about South Korea:

South Korea lies in the eastern part of Asia sharing the Southern Part of the Korean Peninsula: hence the name South Korea. South Korea has a temperate climate with four distinct seasons: long winter, very short summer, short spring, and autumn.
The capital city of South Korea is Seoul.
South Korea is made up of 17 first-tier administrative division – 6 metropolitan cities, 1 special city, 1 special autonomous city, and 9 provinces.

Talking about Current political structure and important persons in power:

Korea has the political framework of a presidential representative democratic republic with Legislative, Executive and Judicial branch of the National Government.
Moon Jae-In is the current president of South Korea.

Country Economic Status:

The economy of South Korea is the fourth largest in Asia and the eleventh largest in the world.
According to the Economic Indicators from the UN Data, Service economy has the highest portion of the economy which is 59.2 % in the year 2018, followed by Industry 38.6 % and agriculture 2.2 %. Shipbuilding, automobile production, mining, construction, armaments, and tourism are the major industries in South Korea.
Korea’s Vision 2030 Plan suggests that South Korea will lay the foundations to join the most advanced countries in the world. Vision 2030 focuses on three strategic themes to create a foundation for economic prosperity: A vibrant society. Creating a vibrant society, living in moderation and proud of its national identity, protected by caring families and supported by empowering social and healthcare systems. A thriving economy. Cite from: https://mep.gov.sa/KnowledgeBaseDocuments/MEP%20Documents/SaudiKoreanVision2030Committee.pdf

Now that I have given you some background about South Korea, I am now going to tell you about some of the culture and communication behavior with America.

I did research on some website, to get to learn more about the culture and communication of South Korea:

The relation between the United States and South Korea have been extensive since 1950, when the United States helped establish the modern state of South Korea, also known as the Republic of Korea, and fought on its UN-sponsored side in the Korean War (1950–1953). South Korea and the United States agreed to a military alliance in 1953. Is was called “the relationship forged in blood.”
According to the United States Trade Representative: South Korea is currently our 6th largest goods trading partner with $119.8 billion in total (two way) goods trade during 2017. Goods exports from the United States totaled $48.3 billion; Goods imports totaled $71.4 billion. The U.S. goods trade deficit with Korea was $23.1 billion in 2017.
South Korea’s economy is high-tech and industrialized. Its main industries include electronics, telecommunications, auto production, steel, shipbuilding, and chemical production. Some of South Korea’s largest companies include Hyundai, LG, and Samsung. The recent popularity of Korean popular culture, often known as the ‘Korean Wave’, in these countries has increased tourist arrivals.

Now that I have told you about some cultural and communication relationship between the United States and South Korea, now I am going to talk about two current projects happening in South Korea:

The United States is ranked second in the trading partners of South Korea after China. This economic and commercial tie will deepen if the United States–Korea Free Trade Agreement, also known as KORUS FTA, is enhanced more which would create more jobs, economic support and technological exchange between the countries.
According to Korea’s national report, “As our special anniversary OECD Observer shows, Korea has come from being one of the world’s poorest countries half a century ago to now the world’s 11th largest economy. Home of the world-famous brands, from cars to smartphones, K-pop and fashion. Korea’s transformation has been dubbed ‘The miracle on the Han River’”.

Now that I have told you information about South Korea, let me conclude my speech.

First, I gave you some background information about South Korea. Second, I told and compared you about the communication behavior with America. Finally, I told you about the current news that is happening in South Korea.
I think conducting business in South Korea would be beneficial as the consumption behavior of the people living in Korea is similar to major developed countries and there is security for business with ease of getting into the market. Also, the aspiration to try out the foreign products and services in Korea provides the atmosphere to do well in business in South Korea.

Work Cited:

‘South Korea.’ CultureGrams Online Edition, ProQuest, 2019, online.culturegrams.com/world/world_country.php?cid=149&cn=South_Korea&ctid=3. Accessed 06 April 2019.
Hofstede, Greet. “Country Comparison.” Hofstede Insights, www.hofstede-insights.com/country-comparison/south-korea,the-usa/.
Gamel, Kim. “South Korean Parliament Ratifies Cost-Sharing Accord with US.” Stars and Stripes, www.stripes.com/news/pacific/south-korean-parliament-ratifies-cost-sharing-accord-with-us-1.575803.
UNdata. “Republic of Korea”, United Nations, data.un.org/en/iso/kr.html.
“Korea.” OECD, www.oecd.org/korea/.
“U.S. – Korea Free Trade Agreement.” United States Trade Representative, ustr.gov/trade-agreements/free-trade-agreements/korus-fta.

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Business Practices of South Korea: Influence of Culture and Communication

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