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Korea Business Success eZine – Spring
2007
Welcome to the Spring 2007 issue of the Korea Business Success
eZine of Korean Consulting & Translation Service, Inc. We hope
you find this information helpful to your business in Korea and with
Koreans everywhere.
Table of Contents
- An Unwanted Visitor
- Spring Time in Seoul
- Feature Article: Gift Giving Etiquette
- US-Korea Free Trade Agreement Negotiations Concluded
- Korean Date Format
- Insurance for Your Stay in Korea
- Watch Out Tiger!
1. An Unwanted Visitor
Yellow dust ("Hwang-Sa") in Korea is dust that is blown
from the dry desert regions of China and Mongolia and that makes
its way to South Korea, generally around this time of year. It
can cover buildings and vehicles and causes respiratory problems.
There doesn't seem to be any solution in sight but, fortunately,
meteorologists are able to provide advance warning of its approach.
The problem can happen at any time of year but spring is usually
the worst for the yellow dust. If you speak with your Korean business
counterparts this week, asking them about the yellow dust will
make great small talk.
2. Spring Time in Seoul
A favorite activity for Seoulites (residents
of Seoul) to do in early spring is to take a stroll to look at the
cherry blossoms. The best place in the metropolitan area to view them
is along Yunjungno Street in Yoido. They can be viewed in the day or
the evening.
Because viewing the cherry blossoms is a popular activity, expect
traffic congestion to be bad even on the weekend and so take the
subway instead. To get there by subway, take subway line 5 and
get off at Yeouido Station (station number 526) or Yeouinaru Station
(station number 527) and follow the crowds.
3. Feature Article - Gift Giving Etiquette
Gift giving is common in
Korea and not giving a gift when you would be expected to could cause
offense. As a rule, it is better to give a gift when not expected than
to not give a gift when one is expected. The questions of when, to
whom and what gifts to give are not always easy ones to answer. Gifts
are given in both business and personal situations. It is not possible
in this article to give a complete list of situations where giving
a gift would be expected and so it would be good to discuss it in advance
with a Korean having a good understanding of the situation. Our Korean
advice service at www.askakorean.com is
also able to help in this regard.
When giving gifts to multiple individuals, you need to pay attention
to the seniority of the recipients and give accordingly. Don't give
gifts of equal value to people of different levels of seniority and
don't give gifts of higher value to people of lower seniority. The
value of gifts should generally reflect the seniority of the recipient,
not the closeness of your relationship or other considerations. Seniority
means rank and is determined by age and relationship to you in personal
settings and job title in business situations.
The number one rule when giving gifts is to make sure it is wrapped.
Even when giving cash, Koreans always place it in an unsealed white
envelope before giving. The number two rule when giving gifts is to
give using both hands. The same applies for receiving gifts. In fact,
it is polite to use two hands when giving or receiving any object from
someone else.
Even though not strictly gift-giving, when paying for ongoing services
(such as Korean lessons), you should pay using the same protocol as
you would for giving cash gifts. This means you should place cash or
checks in an unsealed envelope and give with both hands. It is only
appropriate to pay by pulling cash out of a purse or wallet for one-off
transactions, such as making a purchase or paying a bill in a shop,
restaurant or hotel.
Here are some guidelines for gift giving:
- Establishing a business relationship usually calls
for gift giving. A gift that is representative of the place where
you live would be most appropriate. For example, if you're from Seattle,
a bag of nice Starbucks coffee would go over well.
- Concluding negotiations or initiating a major project
may call for gift giving.
- If you work in Korea and take a trip overseas,
it is appropriate to bring small gifts back for your co-workers.
- If
you attend the wedding of a Korean, you should give a gift. But never
buy a present and bring it to the wedding! Be sure to bring money
(cash or bank check) and make sure it is in an unsealed envelope
with your name written on the front and hand it to the person at
the entrance collecting money from guests. Indicate whether you are
attending for the bride (신부 "Shin-boo")
or groom (신랑 "Shil-lahng"). Expect your name
and the amount of money to be recorded. The amount of money you give
depends on how close you are to the bride or groom. Also, because
of superstition in the Orient, it is best not to give an amount starting
with the number "4" (e.g.
40,000 won) and when writing your name on the outside of the envelope,
don't write in red ink. If unsure how much to give, take advice on
this matter from a Korean.
4. US-Korea Free Trade Agreement Negotiations Concluded
After many rounds of difficult negotiations, US and South Korean
negotiators have finally reached an agreement on the terms of a free
trade agreement between the two countries. The deal must now be ratified
by the governments of both countries before it comes into effect.
South Korea made concessions in relation to agricultural imports
and the US made concessions in relation to textile and garment
imports.
The deal is likely to be good for Korean manufacturing but potentially
damaging for the Korean agricultural sector, which was always the dilemma
faced by Korea when the free trade agreement was first proposed and
when it was being negotiated.
Analysis by the Korea Institute for Economic Policy indicates that
over the long term, the free trade agreement will boost South Korean
exports to the US by 15.1% and boost US exports to Korea by 39.4%,
which will serve to reduce the trade deficit the US has with South
Korea. Additionally, South Korean GDP is predicted to rise by 1.99%
over the long term thanks to the agreement.
Feelings in Korea toward the free trade agreement are mixed but
most people have a positive attitude regarding it. The general
sentiment is that it will strengthen the Korean economy, bring
about closer ties with the US and raise Korea's standing internationally.
5. Korean Date Format
The Asian date format, which Korea follows,
is different from the US and from the European formats, and this can
potentially cause confusion.
The date format used in Korea is YEAR.MONTH.DAY. Note that year,
month and day are separated by periods (dots) rather than slashes
or dashes. For example, Christmas day this year would be written
as 2007.12.25 in Korea.
Sometimes, instead of using periods (dots) to separate the numbers,
the Korean words for year, month and day are used. The order of the
numbers is the same. Christmas day this year would be written as 2007년 12월 25일 in
this format. Another alternative that is occasionally used is to write
the Korean words for year, month and day in Chinese characters instead
of writing those words using the Korean alphabet. Using our example
of Christmas day this year again, we would write 2007年 12月 25日.
Regardless of whether the words for year, month and day are written
using the Korean alphabet or Chinese characters, the pronunciation
will be the same.
While numbers in Korea are written the same way as we write them,
they are pronounced differently. To make matters even more confusing,
Koreans have two different number systems, the Korean number system
and the Chinese number system. These systems are used for different
purposes. The numbers in dates use the Chinese number system. However,
when talking about time, the Korean number system is used for the
hour, and the Chinese number system is used for the minutes and
for the seconds.
Our example of Christmas day this year would be:
| Written |
2007 |
년 |
12 |
월 |
25 |
일 |
Pronunciation |
ee-chon-chil |
nyon |
ship-ee |
wohl |
ee-ship-oh |
il |
It is worthwhile teaching yourself how to read, write and say numbers
in Korean if you are going to stay in Korea for an extended length
of time. The following web site can help you with this. http://langintro.com/kintro/numbers/numindex.htm
6. Insurance for Your Stay in Korea
For an extended stay in Korea, you might consider getting insurance.
But where would you go to get insurance?
One option would be to organize insurance with an insurance company
in your own country, but they may not offer suitable products. The
other option would be to organize insurance with an insurance company
in Korea, but communication could be an issue.
The way around both of these problems is to buy insurance from a foreign
insurance company with branches in Korea.
Korean Consulting and Translation Service, Inc. cannot and does not
endorse any of the following insurance companies operating in Korea
or their products.
The American insurance group AIG has 12 branches across Korea. It offers
a range of insurance products specifically tailored to expats living
in Korea and has detailed information on them on the English language
version of its website. www.aig.co.kr
The Dutch insurance group ING has a branch in Seoul. It offers life
insurance, investment plans and corporate pension plans for Korean
and multinational companies operating in Korea. Detailed information
on its products is available only on the Korean language version of
its website. www.inglife.co.kr
The German insurance group Allianz has an extensive branch and agent
network in Korea. It offers life insurance, various types of loans
and corporate pension plans for Korean and multinational companies
operating in Korea. Information on its products is available only on
the Korean language version of its website. www.allianzlife.co.kr
The US insurance group Prudential has an office in Seoul. It offers
life insurance and wealth management services. It does not have an
English language version of its website. www.prudential.co.kr
7. Watch Out Tiger!
Tiger Woods needs should be thankful that Kim Jong Il, the reclusive
North Korean dictator, is too busy running his country to take part
in international golf tournaments. According to official media reports,
the "Dear Leader",
as he is referred to in North Korea, got five holes-in-one and finished
38 under par on his first ever game of golf. Kim, a keen golfer these
days, reportedly achieves three or four holes-in-one each time he plays.
With that sort of golfing ability, perhaps Kim Jong Il would be better
off leaving the running of the country to others and taking part in
international golf tournaments in order to earn some hard currency
to help the ailing North Korean economy.
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