Finding business partners in Korea

Consider meeting with several potential business partners first to give you a basis for comparison. It can be helpful to meet with the contact you believe will be the best fit for your business towards the end of your trip. This will give you time to develop a better understanding of the market so you can handle questions and discuss strategic options with confidence. Concentrate your effort on only one or two markets at first to ensure a better chance of success.

Australians on the ground in Korea also strongly recommend that when traveling to Korea - you should have your next trip dates booked and arrange follow up meetings for then. This helps demonstrate to Koreans you value the relationship, assisting to build trust. Carrying business cards is essential, and you should follow up with those who have provided their cards to you. Within 48 hours of each appointment, you should send an email thanking your contact for the meeting, providing follow-up information and noting, if necessary, that you will get back to them within a specified time period on particular requests. This will leave a good impression and demonstrate you are someone with whom business can be reliably done with.

Joining a business association is a great way to learn more about what is going on in the local business community and to meet potential colleagues and partners. In Seoul, there are several well-established country-specific business associations with memberships of hundreds of business people.

 

Australian Chamber of Commerce in Korea (AustCham Korea), the peak body representing Australian and Korean business interests, was set up almost 20 years ago and has more than 240 members. AustCham Korea’s mission is to promote Australian business, the Australia-Korean business partnership and AustCham members’ interests as an effective source of information, connections and representation. The organisation facilitates business networking opportunities through a range of forums and networking and social events. It also strives to play a constructive role in promoting Australia/Korea business relationships. 

The Korean Chamber of Commerce and Industry (KCCI) is Korea’s largest private economic association, with more than 135,000 members. It provides numerous services to its members, including seminars and conferences, human resources development services and government advocacy. KCCI operates eight human resources development institutes nationwide and administers exams to contribute to a developing a highly skilled workforce. KCCI’s external focus is placed on the strengthening of economic cooperation in the private sector. This includes supporting trade missions and market survey teams internationally, resolving trade disputes, providing trade inquiry services, as well as strengthening relationships with international organisations.

Australia Korea Business Council (AKBC) seeks to foster friendship and understanding between the business communities of Australia and Korea and to promote technical and economic cooperation, trade, investment, education and tourism between the two countries. The major corporations involved in trade between Australia and Korea (up to 80 percent) make up the membership of the council. Recently its constitution has been revised to accommodate more business and professional members to reflect the changing nature of the relationship between Australia and Korea, as more small and medium-sized business enterprises begin operations between the two countries. 

Want to learn more? Explore our other South Korea information categories or download the Korea Country Starter Pack.