KOTRA Holds 'Korean Business Environment' Forum with Finnish Chamber of Commerce

'4th Business+ Forum' at Lotte Hotel on the 23rd

About 50 expatriates attended... Sharing Korean-style organizational culture

Discussion on ESG, labor, industrial accidents, taxation, trade, energy

Foreign-invested companies on alert amid new government launch and changing business environment

[Asia Economy Reporter Moon Chaeseok] KOTRA announced on the 23rd that it held the 4th 'Business+ Forum' at the Lotte Hotel Seoul in collaboration with the Finnish Chamber of Commerce in Korea.

The event served as an opportunity to share necessary information for doing business, including Korea's unique organizational culture, with about 50 expatriates from foreign companies and institutions attending. Most of the attendees were senior and middle managers.

It was reported that participants showed keen interest in the Korean business environment as expectations for foreign-invested companies in the Korean market grew following the launch of the Yoon Seok-yeol administration. As of last year, the number of foreign-invested companies entering Korea reached 15,670.

The forum's theme was 'Doing Business in Korea.' In a lecture conducted by Professor Emeritus Moon Hwi-chang of Seoul National University, the background behind Korea's rapid short-term growth through trade and foreign investment attraction was highlighted from cultural perspectives such as the mindset of Korean businessmen, commercial customs, and organizational culture.

Participants discussed a wide range of topics including digital transformation, ESG (environment, social, and governance), information technology (IT) security and personal data protection laws, the Serious Accidents Punishment Act related to industrial safety, labor-management relations, tax systems such as personal income tax and corporate tax, free trade agreements (FTA), as well as hydrogen and future energy businesses. They shared Korean economic and industrial trends helpful for management and risk prevention.

Ryu Jae-won, Head of KOTRA's Trade and Investment Data Division, said, "With the support of the new government's business-friendly policies launched last month, we hope that this forum will help reduce the psychological distance foreign companies have toward Korean business culture and environment, serving as a catalyst for revitalizing global trade and foreign investment."

The forum has been held monthly since March. Eighteen foreign chambers of commerce in Korea, which have signed education cooperation MOUs with KOTRA, participate in the event.

Exterior view of KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul. (Photo by KOTRA)

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