Korea Business Success eZine – Fall 2005

Welcome to the Fall 2005 issue of the Korea Business Success eZine of Korean Consulting & Translation. We hope you find this information helpful to your business in Korea and with Koreans everywhere.

Table of Contents

1. Results of Competition
   
2. Korea-Related Terminology
   
3. Feature Article: Alcoholic Beverages of Korea
   
4. Korean Financial Stats in English
   
5. In the News: South Korea Offers Support in Wake of Hurricane Katrina
   
6. Korean Government Selects 21 Engines of Future Economic Growth
   
7. Korean Emigration Statistics
   
8. Upcoming Environmental Products Expo in Seoul
   
9. Black or White - Does it Matter?

1. Results of Competition

The feature article in the last edition of this eZine was about machine translation and also contained a competition asking readers to guess the meaning of some machine translated text. We received a large number of entries. Thank you to all those who entered. All the entries had the gist but the limitations of machine translation meant that the exact meaning eluded everyone, so judging was very difficult. As always, there can only be one winner. Congratulations to Mr. Asa Shiverick of Gale International in New York. Your check for $100 is in the mail.

2. Korea-related Terminology

Here are some more explanations of Korea-related terminology. If you ever have a simple question or request for information related to Korea then you should use our website set up to handle these quick inquiries - http://www.askakorean.com.

"Cheong Wa Dae" / The Blue House - Cheong Wa Dae is the name of the building that contains the office of the president of South Korea and his various advisors. It is also known as the Blue House because it has a blue tiled roof. The US equivalent would be the White House. http://english.president.go.kr/warp/en/tour/places

Six-party talks - Six countries, the US, South Korea, China, Japan, Russia, and North Korea, are currently in negotiations regarding the future of North Korea's nuclear power and weapons programs.

Korean wave ("Han-Ryu") - In many Asian countries, a significant amount of popular music, TV drama, movies and fashion is directly imported from or heavily influenced by Japan and Hong Kong, but in recent years South Korea has begun exporting its popular culture to Asian countries too. The rapid and strong surge in interest in Korean popular culture in these countries can be likened to a wave, hence the term Korean wave or "Han-Ryu". The Korean wave phenomenon is even considered worthy of study by academics in different Asian countries. And South Korean companies are making good use of the Korean wave to market their products in Asian countries.

BOK - BOK (The Bank of Korea) is the central bank of Korea. It is responsible for issuing currency, containing inflation, formulating and implementing monetary and credit policy, managing the nation's foreign exchange reserves, supervising other banks etc. The US equivalent is the US Federal Reserve. http://www.bok.or.kr/eng

"Hangeul" (also spelled "Hangul") - Hangeul is the Korean word for the Korean alphabet. The Korean alphabet was invented by a group of scholars between 1444 and 1446 on the order of King Sejong in order to bring reading and writing to the masses. Prior to the development of Hangeul, the Korean language was represented using Chinese characters, so the invention of Hangeul greatly improved literacy. Koreans respect King Sejong for his benevolent act and have great pride in their alphabet. October 9 (January 15 in North Korea) has been declared Hangeul Day. Hangeul is phonetic and the basics can be easily learned in a couple of hours.

"Hanja" - Hanja refers to Chinese characters used in written Korean. Most Korean texts are written exclusively in the Korean alphabet (Hangeul) with Chinese characters occasionally being added in parenthesis to clarify meaning. At the other extreme, a small number of texts are written almost exclusively in Chinese characters with only the occasional use of Hangeul when there is no Hanja to represent what the writer wants to say. Roughly 70% of Korean words have a Chinese origin which can be represented with hanja.

"Hakwon" - Hakwon is a Korean word describing a type of small to medium-sized private academy that provides tuition in one or more subjects - generally to prepare schoolchildren for their final exams, to prepare young people and adults for entrance exams or admission tests, to provide relevant job skills, or just for general interest. The range of hakwons is enormous. They are not really like community colleges because they are private and for-profit, specialize in a very small number of subjects, are generally focused on preparing people to take tests or gain employment; or just on introducing them to new hobbies. The bulk of the English-speaking foreigners residing in Korea are employed as English teachers in foreign-language hakwons.

3. Feature Article: Alcoholic Beverages of Korea

Drinking is a very important part of Korean business culture in particular and Korean culture in general. Koreans think that it is important to know someone well in order to do business with them and believe that drinking together is the best way to get to know someone. The feature article in the Fall 2004 issue of this eZine gave an explanation of Korean drinking culture. This article continues with the topic but focuses on the various types of alcohol commonly consumed in Korea.

There are three words to describe alcohol in Korean - "sool", "joo", and "ahl-kol". Sool is a word of Korean origin and is used when talking about alcoholic beverages or drinking in general. Joo is a word of Chinese origin and is used only in the names of some alcoholic beverages. The word ahl-kol is borrowed from English and is used only when talking about alcohol in the scientific or medical sense.

Alcoholic beverages are classified as being Korean or Western. Western alcoholic beverages are referred to as "yang-joo" in Korean, which is a literal translation. Korean alcoholic drinks don't have a special term to describe them specifically as Korean.

Western Alcoholic Beverages (Yang-Joo)

• "Mek-joo"
  Mek-joo is Korean for beer. Mek-joo is common and popular in Korea. Both Korean beer and a limited range of imported beer are available. Korean beer is sold in aluminum cans, glass bottles, in plastic bottles up to 1.6 liters (54 oz.), and on tap. Imported beer is sold in long-neck glass bottles and generally not on tap. Korean beer is sold on tap at Korean bars and in cans or bottles at restaurants. Nightclubs and cafes tend to sell imported beer in long-neck glass bottles. Imported bottled beer would probably be available at Korean bars, but probably not at most Korean restaurants.

• "Wa-in"
  You'd be well-advised to steer clear of Korean-made wine. At worst you'll get grape juice mixed with industrial alcohol, and at best you'll get a poor quality wine made by an inexperienced wine-maker from grapes grown by an inexperienced grower. The selection of imported wines was traditionally very poor but this has completely changed in recent years. The availability of quality imported wines has improved dramatically as Koreans have started to acquire an interest in and appreciation for wine. Expect to pay a bit more than you would at home for wine.

• "Wis-kee"
  Obviously, wis-kee is Korean for whiskey. Whiskey is common and popular in some circles but tends to be expensive -- and can be incredibly expensive depending on where you buy it. Korean-made whiskey is available but reportedly not of a high standard. Quality imported whiskey is widely available but, as mentioned, does tend to be pricey.

• Cocktails
  A limited selection of cocktails are available from nightclubs and hotels.

• Other
  Other liquors are available but are not common.

Korean Alcoholic Beverages

• "Soju"
  Soju is undoubtedly the most representative Korean alcohol. Soju is a drink similar to Japanese sake but with a much less-refined flavor, to put it euphemistically. The alcohol content is about 22% and it is drunk in shot glasses. A restaurant can add flavors such as cherry or lemon to take the edge off but this is considered strictly for the ladies. Real men drink their soju straight. The fact that soju is also sold in tetra packs with a straw attached, just like fruit juice, will probably amaze you as it did me when I first saw it.

• "Baek-se-joo"
  Baek-se-joo translates as "100 year alcohol". It is a rice wine with extracts of various health-giving herbs. The name refers not to the length of time the drink is aged but to the age to which drinkers will live. At around 15% alcohol content, it not quite as strong as soju and is much gentler on the palate. You may find baek-se-joo to your liking.

• "Oh-ship-se-joo"
  Oh-ship-se-joo is simply a 50-50 mixture of baek-se-joo and soju. It is drunk by Koreans when the occassion calls for something better than soju but the budget does not allow for straight baek-se-joo. "Oh-ship" means 50 in Korean, hence the name.

• "Mahk-kohl-lee"
  Mahk-kohl-lee is a type of Korean rice wine. It has an alcohol content of around 6%, is sweet and has cooked rice grains floating in it. Mahk-kohl-li is generally not consumed in eating or drinking establishments but rather at gatherings of family or friends. It is quite cheap and therefore popular with young people.

• North Korean Alcohol
  North Korean-made alcohol may be available for sale in a small number of shops in South Korea. Don't expect much in terms of quality. It is best drunk for the experience and best given as a gift for the novelty.

4. Korean Financial Stats in English

The Korean financial regulator, Financial Supervisory Service (FSS), last month launched an English language version of its statistics service on its website: http://english.fss.or.kr. The website provides information such as details of the status of companies and financial indicators for the Korean economy to help people analyze the financial health of Korean companies.

5. In the News: South Koreans Come to Aid of Victims of Hurricane Katrina

The South Korean government pledged $30 million dollars in humanitarian aid for the victims of Hurricane Katrina and to send a 50-man search-and-rescue team and associated relief supplies.

On September 15, The Korean Red Cross sent $250,000 worth of relief goods for victims of Hurricane Katrina. The goods, purchased with civilian donations, consisted of ten tons of diapers, five tons of tarpaulins and another five tons of rubber boots and cleaning tools.

6. Korean Government Nominates 21 Engines of Future Economic Growth

The National Science & Technology Council (NSTC), an agency established to improve efficiency of overall coordination of national science and technology policies, last month unveiled 21 technological areas it thinks should be promoted as engines of economic growth for the Korean economy.

The Ministry of Science and Technology (MOST) has indicated that it will draw up a technology road map for the 21 strategic sectors by year's end and produce a detailed government-wide implementation strategy by August 2006 based on the road map.

The NSTC has earmarked an 8.8 trillion won budget for national research and development (R&D) projects to be performed in 2006, up 12.5 percent from the budget for 2005.

The 21 areas chosen as future engines of growth are:

• Nuclear fusion technology (2025-2026)
  
• Ubiquitous social infrastructure establishment and management technology (2010-2013)
  
• Technology to utilize and manage marine resources (2012-2017)
  
• Supercomputing technology (2010-2012)
  
• Satellite technology (2011-2017)
  
• Genetic engineering of plants and animals and production of new biotech products and medicines (2012-2015)
  
• Medical technologies such as treatments derived from stem cell research, xenotransplantation and detection, treatment of and research into mechanisms of spread of cancer (2015-2017)
  
• Nano, high performance and environmental material technologies (2012-2015)
  
• Climate change prediction and mitigation technologies (2011-2015)
  
• Humanoid robot and brain-machine interface technologies (2013-2017)
  
• Next generation aerospace and high-speed transport technologies (2013-2016)
  
• Clean and renewable energy technologies (2013-2016)
  
• Information security systems and anti-terrorism technologies (2011-2013)
  
• Next generation entertainment and display technologies (2011-2013)
  
• Next generation wireless communication technologies (WiBro/DMB) (2010-2013)
  
• Technologies for bio-protection and the evaluation and control of hazardous substances (2012-2014)
  
• New and tailored pharmaceuticals (2014-2018)
  
• Global resource survey technologies (2011-2014)
  
• Technologies for predicting, detecting and responding to natural disasters (2010-2014)
  
• Ecosystem preservation and restoration technologies and construction of cycling environmental systems (2010-2014)
  
• Nuclear energy safety and waste treatment (2010-2013)

7. Korean Emigration Statistics

The Ministry of Foreign Affairs and Trade reports that Korean emigration has declined steadily over the last ten years from 15,917 in 1995 to 9,759 last year. The vast majority of people who emigrated went to either the US, Canada, Australia or New Zealand. The total number of people emigrating to countries other than one of these four numbered only 281 in the last decade.

8. Upcoming Environmental Products Expo in Seoul

All those who are interested in attending or participating, check out the website for this new environmental products exposition in Seoul this November. http://www.enviroexpo.co.kr/eng

9. Black or White - Does it Matter?

According to Michael Jackson, it doesn't matter, but when it comes to Koreans choosing what wear to a funeral, choice of color is important. The immediate family of the deceased traditionally wear plain white clothes made of hemp.

When a person dies, a wake is held at the place where the person died that lasts for three days and nights in most cases and longer in the case of the rich and famous. If a person dies in a hospital then the wake is held in the hospital. The immediate family of the deceased person express their grief by wailing whenever condolences are expressed and other relatives drink, play go-stop (a Korean card game) and talk about the life of the deceased person in order to help cheer up those grieving and to make the deceased person feel more comfortable in the after-life.

It is unlikely that you will ever attend a Korean wake, but the fact that Koreans are given time off work to attend wakes, which generally last three days, could possibly temporarily affect business dealings or negotiations you have with Koreans.

[ top ]