Archive for Don Southerton

Korea-facing Questions, Issues, or Project

Korea-facing Questions, Issues, or Project

I have a long history as a trusted advisor offering Korean business strategy and consulting services to firms across the globe. This includes major Korean groups, international brands, and government agencies.

Many see me as the “go-to” expert on all Korean business matters.

Have a Korea-facing question, issue, or project. Let’s talk.

Don Southerton

dsoutherton@bridgingculture.com

+1-310-866-3777

https://www.bridgingculture.com

Startups: CES Innovation Award 2025

Startups: CES Innovation Award 2025
Image: CES 

Deadline for applicants August 23, 2024.

Startups, we assist companies with their CES Innovation Awards by helping them prepare and manage their application entries. This includes translation and editing content for readability and clarity.

We know the intricacies of the selection process and have experience overseeing and promoting recent award winners.

The annual awards program honors the most innovative companies in consumer technology.

The 2025 application deadline is Aug. 23, 2024, 11:59 PM EDT, so time is running out.

We can prepare and manage your application.

Let’s discuss…. dsoutherton@bridgingculture.com +1-310-866-3777

https://www.bridgingculture.com

Criteria 2025

Judges assess the innovation based on predetermined criteria, including originality, impact, feasibility, scalability, market potential, and societal or environmental benefits.

All entries are reviewed and scored based on the following criteria:

  • Engineering and functionality
  • Aesthetic and design
  • What makes the product unique and innovative

2025 Categories (We can assist in selecting the best fit)

Accessibility & Age Tech

Products and services with innovative features that enable ease of use to improve accessibility for persons with disabilities, regardless of cognitive, mobile, hearing, or visual abilities. Aging Tech includes technologies designed to assist the aging population in maintaining independence by addressing needs including fall detection/prevention, social isolation, and other health, safety, and wellbeing concerns.

Artificial Intelligence

Software, products and services that simulate human intelligence, productivity or actions through machine learning or some other form of algorithm-based model such as generative AI, natural language processing, computer vision, and neural networks.

Audio/Video Components & Accessories

Systems or speakers designed to provide playback, storage or distribution of audio and video signals and content, as well as products designed to enable, enhance, connect, or maintain audio/video systems and components. Also includes high performance audio components and speakers that provide optimal performance and sound reproduction. Hi-Fidelity products are typically produced in limited quantities and are often handcrafted.

Beauty & Personal Care

Products, devices, and applications designed to enhance skincare, cosmetics, and personal grooming routines. It includes innovations such as smart or enhanced skincare solutions, personalized beauty recommendations, digital makeup tools, immersive beauty experiences, and augmented reality beauty apps, all aimed at improving the efficacy, convenience, and personalization of beauty routines.

Computer Hardware & Components

All desktop and notebook computer systems and internal components, including tablets and e-readers.

Computer Peripherals & Accessories

Products designed to connect to and extend the functionality of desktop or portable computer systems or to enable, enhance, connect, power or maintain desktop or portable computer systems.

Content & Entertainment

A device, app, or service that allows a user to stream audio and video over a network. Offerings can be free or at a cost.

Cybersecurity

Products that serve to protect, enhance, manage or analyze digital security.

Digital Health

Health devices, mobile apps, telehealth and other technologies designed to monitor, detect, treat, and analyze health, support well-being, manage disease or provide a therapeutic benefit.

Drones

Consumer and commercial drones that are able to fly, swim, or otherwise move and be operated from a remote location. May include secondary features such as photo/video recording, movement of materials, mapping, wayfinding, search/rescue, or other capabilities.

Embedded Technologies

Integrated chips and components designed to provide functionality to finished products or subassemblies, including but not limited to microprocessors, sensors, radio-frequency ICs, systems on a chip (SoC) or modules, and embedded Internet of Things (IoT) solutions.

Fashion Tech

Fashion tech, which includes wearables, smart or luxury fashion, is the integration of technology such as sensors, processors, or displays into clothing, accessories, or textiles for the purpose of sensory enhancement, measurement, computing or data-collection/transmission.

FinTech

Products designed to create, enhance or automate financial services such as mobile payments, blockchain, digital financial services and NFT or digital assets.

Fitness

Devices, software, or systems designed to test, monitor, analyze or optimize the fitness, training, or athletic performance of an individual. May also include equipment that incorporates sensors or other technology.

Food & AgTech

Technology that improves the yields and efficiency in food production. Products designed to produce, preserve, or process food with less waste and enable better nutrition. May include plant-based technologies, features that help produce better crops or new locally and home-grown food options.

Gaming & eSports

Products (hardware, software, services) designed to allow users to interact with electronic games. Also includes technologies and software applications including platforms that enable esports.

Headphones & Personal Audio

Devices that allow users to listen to content, such as music, radio, video, TV, gaming, portable media players or telephone conversations. The devices may incorporate microphones for user voice response or input, and do not have to be designed for use with any specific type of device.

Home Appliances

Products that have a primary function of being used in the home, including major and small domestic appliances. Products may provide home heating and cooling, comfort, aesthetics, convenience, food storage and preparation, or cleaning. Products should be internet-connected and offer smart features to enable enhanced operation and capabilities. Also includes products with innovations to improve efficiency or save energy.

Human Security for All

Products that align with the critical role of technology in supporting the United Nations’ efforts to advance human security for all, including Community, Economic, Environmental, Food, Health, Mobility, Personal and Political. Products must demonstrate how technology helps tackle the world’s most pressing problems. More information can be found on HS4A.

Imaging

Products designed to produce or enhance the visual experience or allow the user to capture, store and edit still images or video.

Industrial Equipment and Machinery

Products, systems, tools, or machines used to automate, enhance, and streamline production and operations in sectors like agriculture, mining, and other industrial sectors. Products may include autonomous vehicles for farm management, electric mining and construction vehicles, advanced robotics for performing complex industrial tasks, material handling equipment, among other technologies that form the backbone of industrial operation.

In-Vehicle Entertainment

Products and components designed to be part of an in-vehicle entertainment and information systems(OEM or aftermarket).

Metaverse

Platforms, software, and services that deliver next-generation, immersive online experiences that embody the next iteration of the Internet. Solutions can be consumer-oriented or aimed at the enterprise market.

Mobile Devices, Accessories & Apps

Smartphones and other mobile handsets including wireless hot spots or accessories designed to work with mobile devices, such as cases or chargers. Also includes apps developed to run on mobile device platforms including Android (Google Play) and iOS (Apple App Store).

Pet Tech & Animal Welfare

Technologies designed to promote the physical and mental well-being of animals, including pets, farm animals, and wildlife. Products may include hardware or services that monitor health/safety, track activity, provide food/water, foster companionship, or support other areas of animal enrichment.

Robotics

Programmable or otherwise intelligent machines capable of performing specific tasks or replicating human movement, interactions and productivity. Includes consumer and industrial applications.

Smart Cities

Products, applications and technologies designed to be incorporated in a smart city, or smart venue, technology ecosystem. Smart cities are designed to improve and enhance the lives of the citizens and businesses who inhabit it.

Smart Home

Products and accessories that provide a home’s inhabitants with sophisticated monitoring and control over the building’s functions or enable users to maintain a wired or wireless data network. May also include products and software that provide remote access and control.

Sports

Technology innovations in sports equipment, venues, and broadcasting techniques. Also includes technology that aims to improve athlete safety and enrich the engagement of both participants and spectators in sporting events.

Sustainability & Energy/Power

Innovative features incorporated into products that are environmentally friendly, including efficient and clean energy use; manufacturing processes that reduce use of harmful environment substances (e.g.,lead, mercury, auto emissions); durability/end of-life (e.g., reuse, refurbish, remanufacture, recycle); renewable resources (e.g., solar and wind technologies); products and services that help clean water or air, conserve resources, or facilitate efficient powering or charging of consumer electronic products.

Vehicle Tech & Advanced Mobility

Automotive and other transportation products and services that integrate technology into the driving or riding experience, whether by enhancing safety, navigation, improving the passenger experience (except entertainment), or enabling self-driving functionality. Also includes unmanned aerial vehicles (UAVs) and transportation technologies for air, sea, space mobility, and personal mobility, and engine technologies such as electric and hydrogen.

Video Displays

Devices whose primary purpose is the display of video content, excluding items marketed and sold primarily as computer monitors. Also excludes displays in wearables.

XR Technologies & Accessories

Products (hardware) designed to provide a virtual, augmented, mixed or extended reality experience. This includes accessories designed to work with XR technologies and systems such as haptic gloves or controllers.

Korean Business: Focus on Solutions

Focus on solutions

It’s common in Western meetings to first discuss issues as part of the work-through. As well as any potential repercussions and downsides. Then, after discussions sometimes at length, the team will discuss options and countermeasures.

In contrast, Korean teams, knowing of the issue, prefer to focus talks on the solution and immediate steps to mitigate—then report these plans and actions to leadership.

My recommendation when tackling an issue is for teams to clearly state the challenge and recognize potential downsides, but quickly move on and devote the meeting to actionable steps and solution-oriented discussion.

This can be streamlined by a PPT which clearly and concisely states: Point 1—the Issue and Point 2—any Downsides, versus rehashing the issue and downsides-repercussions.

More so limit or sidebar any deep discussions on either point… dedicating the meeting to Point 3—actionable and solution-oriented steps.

The final steps should be a tentative timeline for executing the steps and the outcome. This gives the Korean team key points they need for reporting to leadership.

Questions, comments, ask. I, too, am always open to new projects and opportunities.

Call 310-866-3777 or EM Dsoutherton@bridgingculture.com

Don Southerton

https://www.bridgingculture.com

It’s not too early to be thinking about CES 2025

 CES 2025

Image: CES

Korean brands….It’s not too early to be thinking about CES 2025. We offer elite services to support companies and brands for the world’s top trade show.

Most top brands are now working through their January 7-10, 2025 Consumer Electronics Show plans.

We offer theme development that shares your vision, strong pre-show and in-show PR and media outreach capabilities, plus media event content and hosting.

This year 5000-plus global media and content creators packed the show’s media centers and extensively covered the show leading to some 25,000 media mentions and more than 35,000 articles. We can ensure that your brand and products get the attention they deserve.

We have a track record of getting media product attention including a coveted “Top 10 “by CNET.

We have also prepared and managed entries for the CES Innovation Awards and won an Honoree in the Sustainability, Eco-Design & Smart Energy categories. The annual awards program honors the most innovative companies in consumer technology.

Again, the best time is NOW to plan for CES 2025. Along with our partners, we can position your company for a successful event. Let’s talk

https://www.bridgingculture.com

Decision-making and Approvals: Korean Business Culture Insights

Decision-making and Approvals

Hot topic…This week, I share two of my Korea-facing business perspectives—decision-making and approvals. Are you developing a high-priority project or business proposal? I can provide perspective to ensure success. Let’s talk. 

Decision-making and Approvals: Korean Business Culture Insights

This week, I am sharing two of my Korea-facing business perspectives—decision-making and approvals. 

In most Korean companies leadership decides on direction and major issues. In turn, the working and local team’s role is to gather and prepare needed information. 

Then, if approved they will report back to HQ on implementation and progress.

In cases where overseas leadership and teams hope to offer an idea, new service, or program, local Korean management’s role is often to gather information and then share it with the appropriate senior team members, who are often in Korea. The local opinion is valued, but review and final approval may come from Korea.

My suggestion…

When conducting a meeting where a decision must be made please recognize that your local Korean team(s) will have a considerable say in the outcome. This may include both the operations and finance teams. 

First, since the topic and subject matter may be new to your Korean team, I recommend you share before the meeting any needed background documents (best provided in PPT format). 

In addition, have an informal pre-meeting Q&A with the Korean team leader to brief and update them on any specifics.  Note: they may need a day to review proposals and agreements, so timing is critical.

Even in the best cases, expect that the Korean team may want to postpone any decision until they can carefully review and perhaps confer with Korea. I suggest all documents and meeting PPTs be immediately forwarded to the Korean team. I’d create a sense of urgency with a timeline for execution and implementation. 

Regardless, expect some delays and be patient. Over the years, I’ve found that Korean teams appreciate when their overseas co-workers recognize that the internal approval process takes time and be ready to offer as-needed supportive data or documents.

The Approval

Within hierarchical business structures approvals usually require several people to “sign off” on a program before commencing the project. For those who are used to leaner organizations, the process can be seen as time-consuming and lead to frustration and delays. 

First, once the go-ahead agreement to move forward on a project is reached within the local organization’s team, the Korean team, too, often has its internal procedures that usually include both Operations and Finance approvals. 

Depending on the size of the local organization and whether the project needs review by the Korea HQ, I’ve experienced projects requiring several “approvals” leading to a “final” approval. 

For example, once the Korean team agrees to a project, it may mean their team has signed off, but the project must still go to senior management for their okay. 

Once senior management has approved, it may go to a COO or CEO for “final” review. 

I’ve found Korean teams can be rather vague in sharing the number of approvals in part because the approval chain may change with each project. 

In other words, the Korean teams are aware there are several approvals, but depending on the nature of the project and the costs involved higher levels of approval might be required. 

I recall a Korean team leader on one project rather humorously reporting approvals several times over a week and then upon receiving a final approval at the end of the week remarking that it was really the “final” approval. 

In some cases, I’ve seen companies with several C-levels sign off, but the project still waits several more days for a senior CEO or their Board to approve. 

In the best instance, these senior approvals go smoothly when senior leadership trusts the judgment and needs of the local organization’s team. 

However, in other situations, leadership may request additional specifics on the project. More concerning, I’ve witnessed senior leadership ask for modification, dramatically affecting previously negotiated terms and conditions of the agreement. 

One example of CEO intervention that is not uncommon comes to mind. Several years ago, I was organizing and facilitating a 10-day Global Manager Leadership workshop in Korea for one of the Hyundai Motor Group’s top divisions. 

Participants from the U.S., Europe, the Middle East, India, and Asia-Pacific would be attending. Plans were set, dates confirmed, and approvals were obtained up to, but not including, the CEO, an approval thought to be just a formality. 

To the surprise of some, the CEO asked the Korean team a number of pointed questions. Uncomfortable with the level of response and sensing the team was rather inexperienced at organizing a global event, he asked the workshop to be postponed with the team re-grouping and coming back in a few days with some data/metrics centered on outcomes from past events and specifically their impact on long term employee loyalty. 

Take away

Be aware that projects might be ‘approved,’ and you will be expected to move forward but there may be the ‘Final Approval’ before a true engagement. In the best cases, I have witnessed a quick sign-off by a CEO.  In the worst case, they will either want things restructured or postponed. 

Are you developing a high-priority project or business proposal? 

I can provide perspective to ensure success. Let’s talk. Call or Text 310-866-3777  EM Dsoutherton@bridgingculture.com

https://www.bridgingculture.com

Staying Connected and Informed—Korean Business Culture

Staying Connected and Informed

It is no small effort to stay current on key issues with the many moving parts within a Korean Group and with Korea in general.  

Knowing there are gaps in communications, I do my best to keep teams and leadership updated. I’d like to share some thoughts ….

From time to time, there are concerns in the overseas workplace over communications.

This can range from a perception of disconnect and being the last to know as global announcements are made or finding out important news second-hand.

This information gap can include working teams but is also felt by local leadership.

Team members may even feel that information was being deliberately withheld.

While there may be some truth in the disconnection, the feeling that Koreans are withholding information deliberately is most often not reality.  What may be a surprise for Western overseas teams is that Korean staff in their home offices must make quite an effort to stay informed.

As one entry-level employee of a major Korean group lamented,

“If I did not spend an hour daily networking with fellow workers, I would be in the dark on issues major and minor that could have a significant impact on my work assignment and  projects.”  

For my work with Korea-based companies, nightly chats, frequent emails, and Kakao texts are required, or I too, would be “in the dark.”  Still, I often find breaking news issues when checking my Kakao or running an early AM Google search. It is common when I ask a Korean colleague and even leadership on the news, their response is one of surprise—not in me asking, but this may be the first they had heard about, too. 

This implies that silos within the company limit the sharing of information. More so, those not well connected are out of the loop or rarely given an advance heads up.

I find it interesting that colleagues within a company often remark and see me as well-connected—a very positive trait.  As a caveat, teams try to keep their trusted friends, colleagues, and management well informed—even on sensitive and confidential issues.   Savvy management continually seeks news on issues, projects, and forthcoming announcements from their colleagues and networks. This is not only to stay informed but to avoid being caught off guard or blindsided.

This network can play a critical role in one’s career and advancement. That said, for most Koreans facing international operations, the communication channel—informal and formal—between the Korean HQ and local subsidiaries is through expatriates.(The same goes for Western companies located in Korea, as Westerners there serve as expats.) 

Roles vary within each company, but most frequently with Korean global business an expat’s primary role is to be the liaison between Korea and the local subsidiary.  

Frankly, some expats are more open to sharing information than others.

Regardless, I feel this is less a deliberate withholding of news than a “filtering”—that is, a review of communications from the mother company and then a doling out of appropriate information.  Filtering becomes an issue when information is withheld until the last moment, whether for clarity, to avoid confrontation, or to decide to best address a delicate situation.

Delaying communication often forces local operations to drop everything and deal with an issue that would have been less demanding and disruptive for the teams if conveyed promptly.  In other situations, I found that information is often held back until a 100% certainty is reached on an outcome or upcoming event.

What appears to be silence on important news is often an attempt based on their years of experience working with the mother company to spare local teams from concerns that could and probably would change over time.  

So instead of constantly having to return to the local team with a shift in plans, an expat may stay quiet until the last moment and have a firm confirmation. 

This can mean little advance notification, as it is common for announcements first to need legal, PR, and then leadership’s “final” approval.

Workarounds

There are workarounds, and one needs to recognize that much is strongly rooted in a company’s culture. Culture matters.

For starters, my best practices include: 1) Building a strong professional network—including colleagues local and overseas.  Have set times to chat even nightly with Korea… I suggest by Kakao.

2) Maintain a reputation as one who can share and be shared information—with a high degree of trust and confidentiality when appropriate

All said, outside issues deemed as private, sensitive, and confidential, few will dispute the need for strong internal communications and updates—shared across the organization.  Here as always.  

If you have a question or inquiry on this topic or another, let’s set a time to chat.

I’m also available by Kakao at 310-866-3777 and Don Southerton, so join me…

(Kakaotalk is free, and best to download the app on your phone and access it).

Don

https://www.bridgingculture.com

Incheon and George Mason University Sign MOU

Incheon and George Mason University Sign MOU

(Center L) Gregory Washington, President of George Mason University, (Center R) Dr. Wonsok Yun, Commissioner of IFEZ w/ George Mason and IFEZ officials Photo: BusinessKorea

Agreement to promote industry-academia cooperation including biotechnology, bio-manufacturing, cybersecurity, artificial intelligence (AI), and information and communication technology (ICT).

On June 13, 2024, the Incheon Free Economic Zone Authority and George Mason University signed an MOU to promote mutual industry-academia cooperation.

The signing was attended by Dr. Wonsok Yun, Commissioner of the Incheon Economic Zone (IFEZ), Gregory Washington, President of George Mason University, and Robert Matz, President of George Mason University Korea.

The agreement will promote education and research projects in important fields such as biotechnology, bio-manufacturing, cybersecurity, artificial intelligence (AI), and information and communication technology (ICT).

The plan is also to establish additional programs at Mason Korea, which is located in the Incheon Global Campus in Songdo. These new classes will target job and talent development–in cooperation with George Mason University in the United States.

The collaboration will, too, support IFEZ’s plan for the Global Campus partners to serve as a channel providing highly skilled talent to top American and international companies.

President Washington said, “This year, in celebration of the 10th anniversary of the opening of George Mason University Korea, we have decided to expand cooperation with the Incheon Economic Office,” adding, “We will provide opportunities for education for students and cooperation with companies through cooperation in various fields, including support for the Incheon region.” “We plan to expand,” he said.

Mason Korea opened its doors in 2014 and is celebrating its 10th anniversary this spring semester. From our initial offering of two undergraduate programs and 34 students, they have grown to offer six undergraduate and two graduate disciplines, with over 1000 students.

Regarding the MOU, Commissioner Yun said, “We are pleased to be able to solidify our cooperation based on the growth of George Mason University Korea over the past 10 years while expanding our scope to the U.S. campus,” adding, “This agreement will help the development of both George Mason University and the Incheon region.”

He continued, “I am pleased to expand and develop cutting-edge fields through industry-academia cooperation, and to build a foundation for cooperation between various students and startups between Incheon and Virginia through George Mason University.”

Mason University Korea is one of the five foreign universities within Songdo’s Incheon Global Campus (IGC).

###

Incheon Free Economic Zone Media Release, June 2024

Created, translated, and edited by Don Southerton dsoutherton@bridgingculture.com

Source: Kookmin Ilbo

https://www.kmib.co.kr/article/view.asp?arcid=0020199378

Photo: BusinessKorea

https://www.businesskorea.co.kr/news/articleView.html?idxno=219062

Chemulpo to Songdo

Looking back: Chemulpo to Songdo

Circa 2009. Photo by The Korean Daily and Nathaniel Taeho Yu, Ph.D.

With my considerable work today in support of South Korea, the City of Incheon, the Incheon Free Economic Zone (IFEZ), and Songdo, I’m reminiscing about my 2009 release and signing of the book, “Chemulpo to Songdo IBD: Korea’s International Gateway.” Media coverage was extensive in local U.S. and Incheon news. Thanks, Nathaniel Taeho Yu, Ph.D. for the great photo.

The event attracted over 100 attendees, including Mayor Ahn Sang Soo, American officials from the Songdo IBD project, members of the press, and local dignitaries.

Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.

I’ll be talking and writing about that more, so stay tuned.

Meanwhile, to view a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway. Sparing no effort, I wrote in both English and Korean.

Chemulpo to Songdo
Cover Image

Many of the photos were published for the 1st time.

Chemulpo to Songdo
Photo Courtesy BCW and Keystone-Mast Collection, UCR/ California Museum of Photography, University of California, Riverside

And, the book is cited frequently, and the photos are amazing…

Go here to view the book https://play.google.com/books/reader?id=mUPfc5Z72IAC&pg=GBS.PP1

IFEZ: A Global Business Hub City, Part 2

Just us in Part 2 of Korea’s Money Today’s interview with Dr. Peter Wonsok Yun, Commissioner of the Incheon Free Economic Zone Authority, and his Q and A.

I provided the translation and editorial review. Please check it out.  Few grasp global developments as well as Dr. Yun.

IFEZ: A Global Business Hub City

Dr. Wonsok Yun, Commissioner of Incheon Free Economic Zone Authority,
(Photo provided by Incheon Free Economic Zone Authority)

The following is a Money Today Q&A with Commissioner Yun. In Part 2 of the interview, Dr. Yun shared his insights, thoughts, and plans.

Q. Please briefly explain IFEZ

IFEZ was designated “Korea’s first free economic zone” on August 11, 2003. At the time, no one could have imagined reclaiming the desolate West Sea mudflats and turning them into a global city.

Over the past 20 years, IFEZ has successfully transformed ‘Songdo, Yeongjong, and Cheongna’ into international cities with exceptional innovation and lifestyle.

Above all, we are proud of what we have achieved — our original goal of ‘attracting foreign investment’.

Last year, the environment for attracting domestic and foreign investment contracted due to the war between Russia and Ukraine, but we achieved $432 million in FDI, a 10.7% increase compared to 2022.

Large multinational corporations and research institutions were established, fostering a global startup ecosystem where international talents, including overseas Koreans, congregate and collaborate.

The role of IFEZ is crucial for the success of Incheon City’s 8th popularly elected core policies, ‘Global Top 10 Cities (New Hong Kong City)’ and ‘Jemulporn Renaissance’.

It is now time to lay the foundation for long-term, sustainable growth in the future.

Q. What needs to change to lay the foundation for sustainable growth?

So far, IFEZ has adopted the ‘linked development’ approach, which involves constructing profit-making facilities alongside public facilities. The profits generated from the development and land for private apartments and businesses have been channeled for public facilities such as parks and social infrastructure (SOC) for the city.

Significant progress has been achieved in developing infrastructure for smart and international cities through this interconnected method. However, the development is highly residential, which limits its ability to attract domestic and foreign companies for business and job creation.

Now that IFEZ is 20 years old, we aim to develop a new model that integrates linked development and investment attraction.

We will attract strategic industries to fulfill the core function of the free economic zone as a ‘global business hub’ and to advance in name and reality.

We need to provide a driving force for new industries, such as start-ups, and foster the AI ​​industry.

Q. The target for foreign investment attraction this year is set at $600 million. What is the strategy?

This year, we plan to expand our strategy to attract “global IR companies” and bring in more cutting-edge companies.

In addition, we will achieve this year’s target of $600 million by establishing a ‘Day Station Incheon Strategy’ where companies gather in Incheon.

We will take the lead in balancing development within the existing industrial complexes in the original city center of Incheon. To this end, we plan to strengthen our network by collaborating with the Korea Trade-Investment Promotion Agency (KOTRA) and the World Federation of Overseas Korean Traders Associations (World OKTA).

During the first half of this year, we are putting every effort into our high-tech industrial complex strategy in the bio-pharma sector.

We believe that Songdo, which already possesses world-class biopharmaceutical production capabilities, is the perfect match.

We are putting our efforts into attracting a bio-specialized complex to build a ‘Bio-Triangle’ connecting the Songdo-Namdong-Yeongjong region.

As the companies in Songdo possess advanced strategic biotechnologies, as noted by the Ministry of Trade, Industry, and Energy, I believe it is the most suitable region for the government’s industrial development.

Q. Why are you pursuing additional FEZ lands, including the southern end of Ganghwa and Incheon Inner Port?

Twenty years have passed since IFEZ was launched. As we enter maturity, investment demand is increasing, but available land is in short supply.

For a specialized bio hub complex to be constructed within IFEZ, like Songdo, additional land must be made accessible.

Currently, IFEZ’s development rate exceeds 90%. There is a lack of space to attract the four major high-tech industries that Incheon pursues.

In many cases, other countries and their competitive cities have available land and rival clusters. IFEZ must also be able to compete in high-tech industries, future mobility, cultural tourism, green bio, and smart cities. To achieve this, additional FEZ designation is essential.

Q. A red light has been turned on for large-scale projects that have stalled, including the Golden Terra City (formerly Midan City) casino project. How are you going to solve it?

I am aware of the concerns shared by the residents of Incheon. We are focusing our efforts on getting things back to normal.

Last March, the Ministry of Culture, Tourism and Sports did not extend the casino project development period applied for by RFKR, the Korean subsidiary of China’s Furi Group, the operator of the Midan City complex resort.

We will seek to develop alternatives to meet the expectations of residents.

In addition, the ‘Icore City Project’, which involves constructing landmark buildings in Zones 6 and 8 of Songdo and has been in consideration for 17 years since announced in 2006, has seen repeated delays. These delays have been due to financial crises, changes in local governments, and the ups and downs of the global economy.

We are currently discussing options and plans to resolve, for example, the height restriction issue with the relevant ministries.

Q. Inaugurated as the 8th Commissioner of IFEZ last February, what activities have you undertaken since taking office, and what kind of organization are you aiming to create in the future?

First, for over a month since taking office, I have spent my time reviewing major work in progress, and visiting the central Incheon City ministries, business sites, and related organizations. I have dedicated considerable time to communicating with shareholders to understand the current business issues better.

Internally, we are promoting the establishment of the ‘IFEZ Vision and Strategy 2040 Project’ that will drive future leaps forward.

We will, too, strive to create a productive and happy IFEZ organizational culture.

In the future, the goal is to make IFEZ a world-class global city that surpasses Dubai and Hong Kong. To this end, we will do our best to attract corporate investment, for example, by conducting ‘visiting investment IR’.

In addition, we will increase the city’s competitiveness so that IFEZ becomes a top free economic zone, creates good jobs, revitalizes the local economy, and serves as a model for a new growth engine for our country.

A Brief Bio, Dr. Wonsok Yun

Born in Chungcheongnam-do in 1960.

Graduated from Sungkyunkwan University, English Language and Literature, a Master’s degree from Seoul National University Graduate School, and a Doctor of Business Administration, from Sungkyunkwan University Graduate School.

Director of Economic and Trade Cooperation Division, Korea Trade-Investment Promotion Agency (KOTRA)

CEO, International Business, Hangul and Computer Group

Chairman of Global Industrial Competitiveness Forum

This article was originally published in the Korean language in the June issue of Leader’s Money Today, a legislative affairs magazine. Sang-gu Yoon, head of Incheon headquarters, Reporter Se-mi Hong.

The article has been translated and edited by Don Southerton. Dsoutherton@bridgingculture.com

Korea Business Culture: Similar brings us together…

Similar brings us together...

Similar brings us together…

I enjoy sharing Korean business insights. This insight is one of my most popular.

I often say   “Similar brings us together…”

Global business requires colleagues of different cultures to work together daily.

How we perceive each other culturally is often based on differences, such as language, and similarities, like shared values such as family. I prefer to concentrate on the similarities, as differences can create distance while similarities unite us.

It is crucial for Western teams collaborating with Korean operations to gain a deep understanding of the workplace culture in Korea, including the 2024 norms, practices, and daily life. The workplace is under constant change, and we can easily fixate on things that may have been distorted by hearsay or a lack of understanding.

The same principle applies to Korean global teams assigned to support overseas operations.  We all need to become learners, adept in local and overseas practices. Expecting global teams to conform to Korean business norms rarely works; it often leads to delays and stalled projects.

As I noted above, recognizing similarities is one of the most powerful cross-cultural bridges. In other words, how can you relate to the nuances in communications and day-to-day life? This requires identifying the local beliefs, values, expectations, traditions, and culture

The information provided helps us gain a deeper understanding of how our teams think and what they expect.

Outcomes

Although there is bound to be friction between home and host country cultural values, a successful model accomplishes…

1. Awareness and appreciation of the home and host country with the ability to gain insight into one’s personal traits, strengths, weaknesses, attitudes, and interests.

2. Realization of shared cross-cultural values, along with an awareness of and respect for cultural differences.

Call to Action

Are you dealing with Korea-facing issues, challenges, or impasses? I provide workarounds and solutions.

Don Southerton

Dsoutherton@bridgingculture.com