South Korea
Southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea is the location of South Korea, which is about as big as Indiana with four seasons as the United States. It has high-context culture and collectivist business culture with the population of about 47 million, half of which believe in Christianity and the other in Buddhism and 3% Confucians. Its economic growth over the past 30 years has been spectacular since the end of Korean War in 1952. Per capita GNP, only $100 in 1963, exceeded $10,000 in 1997. It is now the United States’ eight-largest trading partner and is the 11th largest economy in the world. Its government type is republic, and it is known to Western world as one of the Big Emerging Markets that has experienced a rapid economic growth in the past decade. Also it is know . . .
Service franchise businesses including health, leisure, travel, foreign language schools, advertising, and interior design, for example. Selecting the appropriate partner is one of the most difficult and crucial aspects of initiating a joint venture in South Korea. n in Eastern world as one of the four dragons of East Asia that has achieved an incredible record of growth. It has suffered Asian financial crisis from 1997 to 1999, which resulted in massive foreign borrowing, low GDP growth, and high debt, and an undisciplined financial sector. Considering this fact South Korea is a gold mine for software design, hardware manufacturing, and software programming companies of United States, for example, because South Korea does not have enough software engineers despite its well educated industrious manpower. 23 million Internet users and twenty four million main lines are in use. Local representation is essential for foreign firms hoping to be successful in the Korean market in which business relationships are built upon personal ties and valuable introductions. South Korea has 11 Internet service providers and 22. On the other hand, the South Korean government's attempt at a policy shift toward the support of small and medium-sized businesses means that the participation of chaebols in a joint venture could create additional obstacles in terms of obtaining necessary approvals and local financing. This success was achieved by a system of the close government business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. As the result of the supervision of a proactive government South Korea now possesses one of the best telecommunications infrastructures in the world and almost half of the population in South Korea became active Internet and mobile phone users. 6% in 1998, and then strongly recovered to plus 10% in 1999 and 9% in 2000.
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