Wednesday, 9th September, 2015
At our first Market Snapshot event on the Republic of Korea held on 13 August, MFAT and NZTE presentations covered New Zealand relations with Korea; the recently signed New Zealand – Korea Free Trade Agreement, and an overview of trade between the two countries. Case studies were presented by two Kiwi companies, ecostore and Jack Link’s, on their experience of doing business in Korea. Westpac also spoke to attendees about the New Zealand Dollar and the current currency markets outlook.
Key themes and lessons from the event for New Zealand companies interested in doing business with Korea include:
- Consistently maintain a cultural perspective
- Research is crucial and the key to making right decisions
- Be patient and remain committed – maintain a long term strategy
- Ensure a high level of engagement in dealings to truly connect with the market
- Physical presence in the market is ideal. Alternatively, appoint a trustworthy partner, distributor or representative in the market
- Get it right the first time! Korea is a tough market with high compliance requirements
- Visit the market to get a first-hand experience prior to entering the market
- Invest time and effort in building and maintaining relationships - the key to success!
Watch this space for our next Market Snapshot event – details coming soon.