Reasons why Doing Business in Korea is Beneficial
By: Mohsin Ali
Korea is said to be a leading economy in the world, ranked as 11th largest in the world and 4th largest in the Asia. Korean economic success is defined as one of the most remarkable success story of any nation till date, considering the fact that it even endured the economy regression during dark phase of the world economy. It holds many giant companies in technology including Samsung and many other automobile, television and semi-conductor chip formulating companies.
Considering these facts, it seems that Korea is indeed a favorable country for business and holds a stable market for other companies who want to break into Korean market. This fact has already enticed many companies who have begun their venture in the Korean market; increasing the demand of Korean translation services. This favorability has also been enhanced due to the Free Trade Agreement (FTA) between Korea and UK, resulting into many liberations in doing business and trade.
Below are given few reasons, indicating that why Korea is the best place for doing business in Korea:
Lower Duties on Goods:
Korea has devised trade and business friendly policies and in accordance to this policy, there are very less duty on the trade of goods. It indicates that Korean government is itself paving the path for other foreign countries to settle in Korea and do business without hurdles of heavy duty on import of goods.
Protection of Intellectual Property:
Korea pays special attention to the intellectual property protection by making adequate laws and regulations. So, it makes companies tension free regarding their intellectual property matters, letting them to do business without any fear of intellectual property violation and leakage of their trade secrets and strategies.
South Korea has exceeded one step further by giving relaxation on cross-ownership of financial services. It has acted like a stirrer for the foreign companies’ venture in the Korean market, because it has opened up more chances and dimensions for market entry.
Different Dimensions of Market:
Another significant quality of Korean market is that it is quite vast. You can do investment and venture your business in numerous fields, as besides common commodities, South Korea is also exceptional in shipbuilding, steel and the automotive industries. Moreover, its financial services sector is also quite strong with 3rd largest banking and 2nd largest insurance industry in the Asia. All these business opportunities make Korean market as a super hit option for people seeking to capture Korean market.
Hub of Creativity:
Korea has developed its creative industry to an extremely exceptional extent, breaking the previous marks and setting new benchmarks in the industry by developing new design concepts. In doing so, Korea is not leaving any stone unturned as Korea is doing ventures with other global companies who are well aclaimed in the global innovative market. This enhanced creativity will make Korea quite proficient in strong market techniques and strategies; hence, giving more opportunities to the businesses to entice and attract potential customers.