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Aug 6, 2013

Possibile Successful Business Opportunities in Korea

I just read a blog post by my friends over at the China Law Blog that motivated me to write the following post.  Korea is an excellent testing ground to determine the feasibility of your business for other Asian markets such as China.  The country has, also, proven more profitable, for many businesses, than the often too hard to catch "Chinese Middle Class."

The following is a list of some industries that are succeeded in Korea.

1.  Franchises.  The franchise market in Korea is booming.  All major players are in Korea and, most,  are doing very well.  Many of the less known franchises have, also, succeeded. 

2.  Education.  Koreans have a thirst for education that seems insatiable.  Much of the market, however, is closed to foreign competition. 

3. Military Technology.  Korea is one of world's largest purchasers of military technology.  All major players have a solid footing in Korea with many of the second-tier players playing a vital role in Korea's blossoming native military technology industry.  

4.  Food & Beverage.  Foreign products are now seen, everyday, on Korean dinner tables. 

5.  Health & Pharmaceuticals.  As an aged society, Korea has struggled with many of the same diseases as seen in the West. 

6.  Fashion & Textile.  The middle and upper class in Korea have an aptitude for luxury goods that is beginning to rival even the Japanese. 

7.  Green Tech.  As the world changes so does Korea.  The World has a thirst for sustainable solutions and Korea is, slowing, following suit. 

8.  Suppliers to Chaebols.  The major companies in Korea are purchasers of everything from automobile supplies to crude oil. 

9.  Software.  The top foreign players dominate the market with a few Korean companies that have made a substantial niche in the market.  Many foreign players have successfully licensed software to major conglomerates with success. 

10.  Industrial Machinery.  Surprisingly enough, Korea is an importer of high-tech industrial machinery.  A great deal of the machinery is imported from Japan.

11.  Entertainment Business.  With a shrinking workweek and more disposable income Korea consumers are increasingly spending on entertainment and leisure.  I am looking forward to Metallica in Seoul at the end of this month. 

12.  Tourism.  Tourism spending has increased over the past decade, leading to low hotel vacancy rates and a boost in retail spending on fashion, entertainment and electronics.  The largest tourist population visiting Korea is the Chinese.  The Chinese find, in many cases, shopping in Korea more economical than shopping in Hong Kong.

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SeanHayes@ipglegal.com

IPG is engaged in projects for companies and entrepreneurs doing business in Bangladesh, Cambodia, China, Korea, Laos, Myanmar, the Philippines, Vietnam and the U.S.

www.ipglegal.com