Forefront of innovation
Korea’s strong support for R&D and business development has enabled it to rise as an economic powerhouse and a global leader in innovation, providing cutting-edge product development services that are superior to market competition.
Over the years, Korea’s R&D spending-to-GDP ratio has been one of the highest in the world. This 2021, it led the global rankings with an R&D expenditure of 4.35 percent of its GDP according to Statista’s data – an indication not just of its innovation prowess but also of its global competitiveness.
Experts in R&D
Korea is continuing to bolster its technology sectors. News sources say the government plans to invest US$20.8 billion in major R&D projects in 2022. Korea has also vowed to reach carbon neutrality by 2050 and spend 1.89 trillion Korean Won on carbon neutrality technology in 2022, which will boost the country’s sustainable economic growth plans and create more green jobs.
Strong government support
Korea’s fast transformation from an agricultural and poverty-stricken nation to one of the world’s high-tech economies can be attributed to its government’s active support for systematic development. It provides incentives to companies investing heavily and R&D while protecting them from competition in order to thrive and flourish.
Inclusive creative economy
Large corporations are not just the life and blood of Korea’s progressive economy. The country encourages active participation from SMEs, young people and practically anyone who has creative ideas and experiences to share – bringing in a diverse pool of talent that businesses can draw from.
Aside from R&D, Korea also invests heavily in education. With a highly trained and globally competitive workforce, businesses are assured of cost-effective solutions, high level of productivity, and product and service reliability.
Korea Sourcing 101
When establishing business relationships with suppliers, you can expect your first meeting to be personal rather than strictly business-related.
Devote time to know suppliers
Working with suppliers in Korea is more than just sending out e-mail. Establishing camaraderie is a first great step before you even dive deep into nitty-gritty of the business. Make time for small talks, exchanging pleasantries and providing positive impressions of the Korean culture.
Be patient but firm
Suppliers and manufacturers are persistent and good negotiators. Being too pushy might turn them off so negotiate politely, reasonably and with respect all the time.
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