When I have a meeting with foreign companies, I always ask one same question : "What is the biggest huddle to find partners in South Korea?". 9 out of 10 says that they cannot find enough information about Korean companies and don't know how to build pipelines. Interesting fact is that Korean companies are struggling with same problem when they look for overseas partners.
There seems to be a demand and supply in the market, how come two parties are struggling with a same problem? It is because that they use ineffective channel to find their business partners such as Google search. Do not waste of your time for nothing. Here are 3 effective ways to build pipelines in South Korea.
- Local government
Korean local governments are actively promoting to attract foreign companies to their region. Each local government focuses on a different strategic incubating industry. Seoul, the capital of South Korea, is focusing IT, service and financial industry. Chungbuk focuses on bio, medical and cosmetics, Sejong city focuses on energy and IoT. Jeju is for smart-travel and electronic mobility infrastructure, etc.
I, as an investment advisor in Seoul Metropolitan Government, get calls and emails from all over the world. I asked them how they found me and they said "in Seoul Government website". It is simple. All you need to do is that to find a project manager in a local government and call or email them and ASK. Here are each city's strategic industry and links of metropolitan and provincial government sites.
Metropolitan Governments(regional strategic industry)
Seoul(Startups, R&D, service, finance, fintech, etc) : www.seoul.go.kr, investseoul.com
Incheon(Tourism, robot, aircraft, beauty, green-climate finance, etc) : www.incheon.go.kr
Gwangju(Eco-friendly car, energy storage) : www.gwangju.go.kr
Ulsan(Eco-friendly car, 3D printing) : www.ulsan.go.kr
Busan(Marine-tourism, IoT convergence city based service) : www.busan.go.kr
Sejong Special Self-Governing City(Energy IoT) : www.sejoing.go.kr
- Provincial Governments
Gyeonggi-do(Self-driving car, tourism, big-data, biotech, etc) : www.gg.go.kr
Gangwon-do(Smart healthcare, tourism) : www.provin.gangwon.kr
Chungcheongnam-do(Solar, hydrogen fuel cell, car parts) : www.chungnam.net
Chungcheongbuk-do(Bio-medical, cosmetics) : www.cb21.net
Jeollabuk-do(Carbon industry, agricultural science) : www.jeonbuk.go.kr
Jeollanam-do(Energy SI, chemical material, Drone) : www.jeonnam.go.kr
Gyeongsangbuk-do(Smart device, titanium) : www.gyeongbuk.go.kr
Gyeongsangnam-do(Intelligent machine, aircraft) : www.gsnd.net
Jeju Special Self-Governing(Smart-tourism, electronic car infrastructure) : www.jeju.go.kr
- Korean Government Agency
KOTRA, Korea Trade & Investment Promotion Agency, is a government agency dealing with difficulties of foreign companies. One of role of KOTRA is helping foreign companies' business in Korea. KOTRA has 127 Korea Business Centers(KBCs) in 86 countries. KOTRA sometimes hosts a business and networking event to promote business environment of South Korea. The events will gives you a good chance to meet someone can help your business. Visit their website and find a nearest branch. They will advise you the best you start business or find partners in Korea.
- Your Embassy in South Korea
There are 137 foreign embassies and consulates in South Korea. Your embassy or trade promotion institution under embassy in Korea has a relation manager or a project manager. Their role is to promote your country in Korea and building relationship with Korean companies and government. I was invited and participated in networking events hosted by foreign embassies and I learned their culture, market and also built network with delegation from their country. Sometimes they asked me to introduce Korean companies and I did. I also ask their help to set up meetings when I plan to business trip to their country. It is mutually beneficial relation. Find them and ask their advise.
Doesn’t it look simple? Just try and you will know how it works.