Report on doing business in South Korea launched

A new Asia:NZ report, South Korea: An Opportunity for New Zealand Business, was launched on 21 October in Wellington. Hosted by Deloitte, the event attracted a cross section of influential voices in New Zealand business and government, as well as a number of South Korean officials based in New Zealand. Dr Andrew Butcher, Asia:NZ Director, Research and Policy, welcomed the guests and introduced the speakers.

The research project was undertaken by Deloitte and led by Partner Alasdair MacLeod (pictured left, with James Penn). Mr MacLeod explained that they “were determined that the report be written in plain English in order for it to be accessible to and resonate better with a wide business audience.”

He noted that the key messages from the report for businesses in New Zealand entering the Korea market were that they need to build their market understanding, be the right scale, establish the right relationships and recognise, acknowledge and embrace the Korea’s culture.

Mr McLeod mentioned that “everyone we met stressed the importance of the upcoming free trade agreement. “  The evening therefore benefitted greatly from an enlightening contribution by Alison Mann of the Ministry of Foreign Affairs and Trade. Ms Mann is leading the FTA negotiations with South Korea, the second round of which took place in Wellington in mid-September.

“New Zealand is interested in the broadest possible FTA and negotiations with South Korea are on the ambitious end of the spectrum,” she explained. She described the engagement process as the “toughest we have dealt with”, particularly regarding sensitive issues around South Korean agriculture. She stated however that “New Zealand has made a strong case on the benefits [of liberalisation of the Korean market] for both sides.”

Asia:NZ Director, Business James Penn explained  that the research was undertaken to address a gap that had been identified in the existing research relating to New Zealand’s experience of doing business with South Korea. “South Korea is a major economic power and less known in New Zealand than Japan and China.” Mr Penn noted that one of the key findings of previous research done by the Foundation, which in part prompted this latest study, was that New Zealanders “rated quite poorly in understanding Korean culture”.

The South Korean ambassador HE Mr Kwang-il Noh illuminated the discussion in this regard, arguing that it was imperative that New Zealand business people “understand the very unique culture of Korea”. There was also a need, he added, “to think of Korea in terms of unification”. Citing recent economic projections, he noted that a united Korea could have an economy bigger than those of Germany and Japan by 2050.

Rounding off the evening, Asia:NZ Executive Director Dr Richard Grant thanked all for their compelling contributions and concluded that “Korea is a very exciting place for New Zealand to be doing business”.

Related pages:

 

Photos (all L to R):

1) James Penn (Asia:NZ) and Alasdair MacLeod (Deloitte)

2) Grace Kim (MFAT), HE Kwang-il Noh (South Korean Ambassador to New Zealand) and Andrew Gibbs (Deloitte)

3) Gavin Middleton (Organics NZ), Geoff Walmsley (Deloitte), Alison Mann (MFAT) and John Keating

4) Young leaders Kieran Brown, Frances Yamada and Craig Getz with Vanessa Lee, Asia:NZ Director, Education


Last updated: 02 November 2010
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