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Home / General Information / Korea Business Success eZine / Korea Business
Success eZine – Fall 2008
Korea Business Success eZine – Fall 2008
Welcome to the Fall 2008 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
1. Feature Article: The Economic Crisis The dark clouds gathering over the US and other Western economies have positively started pouring down rain on Korea (and many other emerging markets, too). To try another metaphor: When the US sneezes, Korea catches cold. Living and working in Korea these past few months, it's been simply amazing to watch as the government of Myung-bak Lee wound up the US beef import crisis, only to get hit with these economic troubles, which Koreans commonly refer to as the "Economic Crisis that Started in America". Just a year ago, the Korean currency was still in the midst of a multi-year appreciation trend that threatened the competitiveness of Korean exporters and made imports and foreign travel and study cheaper than ever for Koreans. But since the start of the year, things have turned around, with the Korean won now at about W1,300/US$1, which is on-par with where it was shortly after the Asian crisis of 1997-1998. The stock market has fallen, too. And to me, the most surprising thing of all is to see how negative economic news about the US economy seems to just push the value of the US dollar up against the Korean won. Amidst great public criticism of his leadership style, the president spoke to parliament and the nation about steps the government is taking to deal with the crisis. He explained that the current situation is different from the one in 1997 in that Korean companies are not highly leveraged now and the government holds vast foreign currency reserves. Instead, the problem is mainly one of liquidity, caused in large part by foreign investors selling their Korean investments to cover losses back home. (This, incidentally, is the same explanation a colleague of mine in India has heard from the Indian government to explain the recent Indian currency depreciation and stock market plunge.) President Myung-bak Lee announced a long list of measures by the government to deal with the crisis, including reducing taxes, increasing fiscal spending in areas such as environment-related industries to create jobs, guaranteeing loans by banks to raise liquidity, liberalizing business regulations and freezing government employee pay. President Lee has even set an example by giving up his own salary for the time-being. The President reminded his audience that in the 60 years since the modern Korean nation was founded, the country has overcome many obstacles and that this crisis gives Korea another opportunity to grow (or, to use the translation for the commonly used Korean word: "to leap"). Indeed, he has mentioned multiple times recently that the current crisis, if handled well, can lift the country into the ranks of the advanced countries. Indeed, based on my recent discussions with colleague Don Southerton of Bridging Cultures, Korean business in general is seeing the crisis as a way to pick up assets on the cheap. Perhaps they are remembering back to the Asian crisis of 1997-1998 and how foreign companies came to Korea and transformed the business landscape while buying Korean companies at firesale prices. It remains to be seen how and whether Korea will take advantage of today's crisis as a turning point for the country.
Korean Consulting & Translation Service, Inc. is about halfway through a major upgrade to our online presence and services. We've redesigned our website to focus on three main areas: translation, business services and business information. In the months to come, we plan to add new features to assist the business community with high-value services related to Korean business. Check out our new website here: www.koreanconsulting.com and if you have ideas for further improvement, please send them in by email to sbammel@koreanconsulting.com. We have also upgraded our corporate logo (called our ‘Seal
of Honor") which is designed to resemble an official Korean seal. In Korea, a personal or company seal is applied to official documents, sometimes in place of, but more often, in addition to, a signature. Always in red, its affixation to a paper demonstrates that the owner has approved, agreed to or is otherwise bound by the terms of the respective document. To avoid future misunderstandings, it is often applied multiple times to each page, both front and back, and over the signature, even across multiple folded pages at once. In other words, the Korean seal, particularly when registered officially, is an unmistakable and legally enforceable sign of the reputation, honor and integrity of the owner. Thus, our logo (which contains the four initials of Korean Consulting & Translation Service, Inc.) in the form of a Korean seal next to our name, connects us with Korean tradition while representing our modern ideals in a visual way. Furthermore, a seal is an instrument of writing and communication. While our translations are mainly written, the common thread that runs through all of our services is the goal of facilitating all aspects of our clients' Korean communications. Thus, our logo is a Korean seal of honor that demonstrates we will do our best for our clients to support all of your business communications in a Korean context.
The Royal Asiatic Society (Korean branch) is an organization that was founded in 1900 to promote understanding of the arts, customs, history, and literature of Korea. These goals are achieved through its three main activities - tours, publications and lectures. The tours conducted by the Society are different from the tours offered by commercial operators in that they cover less but do it in much greater depth with commentary by experts in the field. There is a wide variety of tours offered. Some have a focus on adventure and physical activity while others look at cultural and historical aspects of Korea. The Society's library contains a great number of publications on Korea in English collected from the time it was established right up to the present day. The Society has a scholarly focus but some of the tours, lectures and publications could be of interest to foreign business-people in Korea, as well as providing an opportunity to network with other foreigners and Koreans. Have a look at the Society's website if you are interested. http://raskb.com/
4. Feature Article: Social Status in Korea Long ago, the rulers of Korea adopted Confucianism. Under Confucianism, there is a clear hierarchy. The traditional social hierarchy was:
In modern Korea, the class system is weakened but not totally gone. These days, social hierarchy is mostly determined by one's profession or the status of one's organization and one's position within it rather than membership of a particular class. A man's status contributes to or determines his wife's status but a woman is able to acquire status independently of her husband. One part of the old class system remains - professors, high ranking public officials and religious clergy are awarded extra status. Be aware of this and be sure not to cause offence by failing to acknowledge the status of individuals in these professions during your business and social interactions. There are a multitude of titles for addressing Koreans. Using them in a greeting would make a great impression. The basic pattern is "TITLE+NIM, ahn-nyeong-hah-se-yoh?" If you know a person's title, you can follow the above pattern to greet them. Here are some examples of titles of Koreans you might meet. The NIM is included here so don't add it again.
The title of "sah-moh-nim" is used for the wives of men whom you would address with high respect. Such women may also have another title as a result of their profession or position in an organization. For example, a female professor married to a pastor could be addressed as "gyo-soo-nim" (professor) or as "sah-moh-nim" (wife of a high ranking male). In such cases, the choice of title would depend on which capacity she is acting in at the time.
Blog is short for web log. A blog is a website where an individual records their opinions and experiences in words and pictures for all to see. There are a large number of blogs in English about Korea made by expats, of which some of the more worthwhile ones are listed below. Korean Translation and Consulting Inc. is not affiliated with any of these blogs and does not endorse any of their content. Korea-related blogs generally have links to other Korea-related blogs, of which The Marmot's Hole probably has the most extensive list.
6. English Language Radio Stations in Korea Arirang has operated an English language FM radio station on Jeju Island since 2003 and now other Korean cities are set to have their own English language radio stations, too. The new radio stations will provide a variety of information to assist foreigners living in Korea.
AFKN (American Forces Korea Network) has English language radio stations for US military personnel stationed in Korea. The stations provide a variety of information and American popular music.
In addition, the SkyLife cable TV system has a radio channel (channel 855) that broadcasts in Chinese, Vietnamese, Tagalog and Thai. From 2009, the broadcast languages will be expanded to include Russian, Uzbek, Japanese, Mongolian and Arabic.
7. What (the …) is that Music? In Korea you might come across some music playing in public and wonder what it is. Quite possibly you are listening to trot music. Trot music is a style of music from 1940s and 50s Korea and Japan that is popular with the older generation. The name trot is said to be derived from foxtrot. It is still being performed and recorded and there are even a few young trot singers. Trot music is contentious with the younger generation; some like it, while many absolutely despise it. A person's like or dislike of trot music is a good topic of light conversation. Click on the links below to hear for yourself the merits, or otherwise, of Korean trot music. Below is a video of BeyoncBelow is a video of Beyoncé [ top ] |
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