Sean Hayes attended the Korea Business Forum

The Korean Business Forum is one of the leading private groups of senior executives in leading companies doing business in Korea. The group meets, at least, monthly to discuss major issues affecting businesses in Korea. I, highly, recommend applying for membership in the Korean Business Forum.

This month’s meeting addressed issues facing the Korean economy, the new labor policy of the Moon Administration, and major reasons why Korea is still important for international businesses.

Some interesting takeaways:

  1. Korea is the 11th largest economy by nominal GDP in the world.
  2. Korea is the 4th largest economy in Asia.
  3. Korea is the leading chip manufacturer and shipbuilder in the world.
  4. Korea is the 4th largest oil producer and 6th largest car maker in the world.
  5. Korea is the 6th largest exporter in the world.
  6. Korea’s household debt is one of the highest in the world.
  7. Korea ranks low in the World Competitive Report 2018 in Product Market & Labor Market.
  8. Korea has an extensive FTA network which makes, in many cases, Korean an attractive place to manufacturer/export from.
  9. FDI Inflows have increased.
  10. A more burdensome regulatory environment than Japan or China – as seen in the flight of Kakao, Naver and Nexon to Japan.
  11. Numerous government agencies are intrusive in business.

Sean, last month, gave a presentation to the Korean Business Forum on Labor Law Issues facing companies doing business in Korea.

Sean is a regular participant in the group. Attendees in the group include senior executives of international corporations, senior Korean government officials and representatives from embassies and chambers.

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