South Korea has a population of about 52 million as of 2023. Known for its economic miracle, technological advancements, and vibrant culture, South Korea is a significant global player.
With a GDP per capita of approximately $31,000 USD in 2023, South Korea’s economy is heavily driven by exports. Major industries include electronics (like smartphones and TVs), automobiles, shipbuilding, and steel. The country is also a leader in technological innovation and digitalization.
South Korean Business culture
South Koreans are serious businessmen and tough negotiators. Koreans are familiar with English and if well educated, are functionally fluent in the language. However as English is not their native language, do not assume that their appearance of agreement is an indication of understanding. Koreans prefer that a familiar face make the introductions to a new business associate. They are extremely patriotic. Thus any awareness shown by foreigners of Korean culture, is rated highly.
South Koreans play with their cards close to their chest so be prepared for anything! They will always believe that they are negotiating from a position of strength (Customer is King) and try and get the maximum from the deal whilst giving away the minimum.

