Great opportunities for New Zealand businesses in Korea

17 August 2018

The South Korean economy is growing at a fast pace and can offer many opportunities for New Zealand businesses. This report by North Asia Cape explains the current advantages and challenges for New Zealand businesses in South Korea, and offers valuable advice for businesses who wish to engage with this market. Korea is already offering big opportunities for New Zealand food and beverage companies. Korean tastes are changing and there is a growing preference for Western food. There are also growing opportunities in alcohol (especially wine) and honey. However, New Zealand businesses need to be more proactive and provide business-specific information on the New Zealand market to attract more Korean investment. Business owners looking to engage with and grow in the Korean market need to learn about the market’s dynamics; understand the language; be willing to build and invest in strong relationships; understand and follow the rules of social hierarchy; and observe the protocols around meetings, business cards and gift giving. These strategies could enable New Zealand businesses to grow in South Korea and take advantage of all the opportunities this market has to offer.

Read the full article on the North Asia CAPE website.

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