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Business Success eZine – January
2004
Korea Business Success eZine – January 2004 Welcome to the January 2004 issue of the Korea Business Success eZine of Korean Consulting & Translation Service, Inc. This issue contains:
I would like to thank each of you for your part in making 2003 our best year ever. Looking back, I think of the hundreds of clients that came to us over the past 12 months for Korean business-related services – mostly for document translation, but also for business consulting. I trust that our services helped you become more successful in your business in Korea and with Koreans. With our recent web site upgrade, we are continuing our shift from being “translation-centered” to focusing more on Korean business consulting. Through our expertise and business network in Korea, we are prepared to fill the needs of North American companies for assistance doing business in Korea. The mix of business services that we offer on our web site is flexible so be sure to contact us about anything regarding business in Korea – even if not directly introduced on our web site. We look forward to helping you do better business in Korea in 2004!
2. Korean Proverb – “It’s like rice cakes in a picture” Rice cakes are a popular treat in Korea and are enjoyed throughout the year, but particularly during the Lunar New Year. Of course, you can’t eat a painting of rice cakes though, right? Likewise, when someone is referring to something they would like but can’t have, they say: “It’s like rice cakes in a picture.” Use this saying the next time you see something you wish you had but could never afford to buy.
3. Web-based English-language information about thousands of Korean companies Looking for objective information about a Korean company on the Web? The following sites provide English-language information that is accessible to non-Korean clients. * National Information and Credit Evaluation, Inc. – www.eng.nice.co.kr/main.asp * Korea Information Service – http://www.kisinfo.com/eng/index.shtm * Korea Credit Guarantee Fund - http://www.kcgf.co.kr/english/index.jsp
4. Korean Language Tip: “Happy New Year” Did you know that Koreans celebrate New Year’s Day – TWICE? Not only do they celebrate New Year on January 1, Korea has had an even bigger celebration on the Lunar New Year that falls in late January or early February of each year. That means you can hear Korean wishing “Happy New Year” to each other throughout January and even into February! Here is how to say “Happy New Year” in Korean: “Say-hay boke monny badusayo”. A literal translation of this greeting is: “May you received much new year’s fortune.” Want to hear it pronounced? Click here: http://64.81.114.4/happynewyear.wav
5. Feature Article: “The Korean Economy in 2003/2004” -- by Steven S. Bammel, President of Korean Consulting & Translation Service, Inc. After the very difficult economic times during 1997-1998 due to the Asian Currency Crisis that came to a climax in late 1997 in Korea, the country slowly pulled itself out of the doldrums thanks in large part to investment in the domestic high-speed Internet network, economic activity in preparation for co-hosting the 2002 World Cup – and a massive expansion in domestic credit. As banks were still recovering from their bad debts to corporations, they developed a new-found zeal for lending to households. This expansion process finally ran its course by late 2002 and 2003 has been a year of working through the previous excesses. While not as serious as the currency crisis in 1997, Korean companies that had still not fully recovered from the previous difficulties have been facing lots of additional problems and many Koreans say that the economic conditions of 2003 have been similar to those of 1998. The unemployment rate that rose in 1997-1998 had still not fallen to pre-crisis levels and so many households continue to suffer. Real estate prices haven’t fallen by as much as they did in 1998, but steadily rising prices are still not the norm that Koreans had come to expect during the 1980s and 1990s. Having endured an unprecedented back-to-back series of two recessions over just 5-6 years, the overall mood among Koreans regarding the short-term economic situation is negative. But in Korea, how bad is “bad”? Construction continues to boom on high-rise residential apartments and the national transportation infrastructure. Companies like Samsung are rising to the top in international technology, with others such as Hyundai and Kia gaining strong footholds in overseas automobile markets. The “high unemployment” rates in Korea are still pretty low, “stagnant” real estate prices continue to rise slowing, and the “recession” growth rate of 2003 was still +2.9% according to the Bank of Korea. So what does 2004 hold? With low inflation of 2.8%, the Bank of Korea is predicting GDP growth to rise to 5.2%. While this is still less than Korea had come to expect in the past, it shows the Korean economy to be strong and preparing for yet more growth in the future. Korean corporations have worked through much of their bad-debt problem and Korean banks are stronger than they were. Look for gradual economic recovery 2004 as the country pulls out of its current recession.
A subscriber recently notified us of an “oversimplification” in our Korea Business Success eCourse. While we have tried to keep things short in the eCourse in order to make it as useful as possible to our readers, his point was well taken. Here is what he said so please make sure you keep this in mind when shaking hands in Korea: “In Day #2's first paragraph, you mention something concerning handshakes: "If you want to add more respect to your shake, bring the left hand over your counterpart's right hand." I was taught specifically that only an elder can use both hands together in a handshake. In other words, it is impolite to grasp a senior person's hand with both of yours. It was told to me (on some authority, I think) that bringing your left hand to your wrist or above is a show of respect. Although in Western culture it is a sign of gentleness or respect, it may send the wrong impression to grasp a senior team member with both hands. Again, I will have to say that I have nothing other than my memory to back this email, but I believe it is correct. At any rate, I am thoroughly enjoying these emails on etiquette. Thanks so much!”
7. Request for feedback and testimonials If you have benefited from or have any feedback to send us about any of our services – either paid or free – we would love to hear from you. As we strive to customize our services to you, who are doing business in Korea and with Koreans, we need to know what we are doing right, what we’re doing wrong and how we can improve. Please contact me directly anytime with feedback. We are also looking for testimonials that we can post on our web site – in particular, on the eCourse and eZine pages. Please send those too if you’ve benefited from these client services about business in Korea. You can reach me directly at: sbammel@koreanconsulting.com or 972-255-4808.
8. Day-trip in Seoul – Gwanak Mountain Staying in the Seoul area on business over a weekend or Korean holiday? Have a free day and want to get some exercise? How about climbing a mountain? There are several mountains in the Seoul area that are easily accessible from the subway and that have beautiful views from the top and one of the best is Gwanak Mountain. Directions: Take subway Line 2 to Seoul National University Station. From there, you can either walk (about 20-25 minutes) or take a bus to the Seoul National University campus. The entrance to the mountain is nearby so just find a trail and start walking toward the summit. It will take a good 4-5 hours to reach the top. On a clear day, the view of southern Seoul is breathtaking so be sure to take a camera. [ top ] |
