The National Assembly (Parliament) has passed a motion to impeach President Yoon Suk-yeol for issuing a short-lived martial law on December 3rd. The motion suspends Yoon’s role as South Korea’s president.
Prime Minister Han Deok-soo will step in as acting president to lead the nation until Yoon returns to office or until a new president is elected.
The Constitutional Court has six months to review the impeachment motion. If the court upholds the motion, a new presidential election will be held within two months of the court’s decision.
I assume he will be impeached, as most feel the reasons President Yoon’s grounds for martial law were political rather than his reason to “investigate election fraud manipulated by North Korea.”
His motives stem more from frustration with advancing the administration’s agenda and his desire to prevent the opposing party from meeting.
My takeaway is that South Korea’s democracy is vibrant after decades of authoritarianism. Politicians embrace free speech and confrontation, and massive public rallies are typical. What is apparent is that Korean democracy remains strong and resilient.
Concerns about potential trade restrictions regarding the impeachment’s international impact on business have been raised.
Although the incumbent Trump administration has not explicitly mentioned tariffs on South Korea, there is potential for tariffs on Korean-made goods and services.
More to the point, during the previous Trump administration, in which President Trump met with the former Korean president and engaged in ongoing negotiations, we saw exemptions for Korean products subject to punitive tariffs.
The status of the South Korean leadership in limbo could pose a challenge until the Korean presidency is resolved.
That said, in my opinion, President-elect Trump seems to have greater concerns about U.S. military troops in South Korea than about any bold mention of trade restrictions—unlike with the EU, China, Mexico, and Canada.
About Don
Don Southerton has a long history of offering Korea-facing market entry, strategy, and consulting services to businesses around the globe.
On business issues, Southerton has contributed to CNBC, The Economist, Automotive News, the BBC, CNN Fortune, Korea Times, Yonhap, tbs eFM, Wall Street Journal, Branding in Asia, and Forbes.
Southerton is the author of more than a dozen books, including, most recently, Korea 101: The Book (2023) and Hyundai Way: Hyundai Speed (Third Edition, 2023).
The bustling city of Incheon, South Korea, and its busy port, including Songdo, were once known as Chemulpo. It was Korea’s first international city.
Interestingly, Incheon Metropolitan City mayor Yoo Jeong-bok envisions transforming the city into Asia’s premier business hub, aspiring for it to become one of the world’s top 10 cities.
In the late 19th century, Chemulpo emerged as the main port for merchants trading with Korea. Strategically located on the west coast, it was home to residents from China, Japan, Britain, America, Germany, and Russia.
Many Western traders and officials gathered at the Chemulpo Club, which overlooked Incheon Harbor and was a popular meeting place for expatriates in the early 1900s. In 1896, William Franklin Sands, a young American diplomat newly assigned to Korea, described Chemulpo and its high and low tides that exposed great expanses of mud as “an unattractive entrance to a great adventure.”
Accounts from that time also depict the Chemulpo Club as a gathering place for foreigners to discuss political and business developments in the turbulent days before Japan formally annexed Korea in 1910.
The club was established in Seoul in August 1891 by diplomats and merchants from 11 countries. They initially met at a Western-style building in Seoul’s downtown Jung District.
However, in 1901, the Russian architect Aleksey Seredin-Sabatin built and relocated the Club to a two-story location in Chemulpo, which had become the hub of trade.
Suffering from neglect and the ravages of the Korean War, the club was restored in the late 2000s.
The book was a historical and contemporary research endeavor—including tracking down and acquiring rights to never-published early 1900s photographic plates, and translating the English content into the Korean language, too, for a bilingual work.
The search for images would span both continents–starting at Yonsei University Library where they attributed a series of engaging day-to-day Chemulpo images to the Keystone-Mast Collection, at the UCR/ California Museum of Photography, University of California, Riverside.
The Keystone-Mast Collection comprises over 350,000 stereoscopic photographs and negatives that depict the world between the late-nineteenth and mid-twentieth centuries.
The UCR collection houses several archives including the Korean travelogue stereoscopic plates. In an era before widespread movies and the invention of TV, handheld viewers gave a 3D-like stereo image—often of far-away and iconic destinations.
These images stand out as if taken today bringing clarity into the Chemulpo port life.
The August 2009 Chemulpo book event would attract over 100 attendees, including Mayor Ahn Sang Soo and his entourage, American and Korean officials from the Songdo IBD project, former U.S. ambassadors to South Korea, members of the press, and local dignitaries.
Following the book presentation, a walking tour was conducted for the guests of Incheon’s Jayu Park and the historic Chinatown district.
Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.
The city of Incheon, and its port, including Songdo, were Korea’s first international city.
This today, aligns well with the vision of Incheon Mayor Yoo Jeong-bok and the region’s Incheon Free Economic Zone (IFEZ) commissioner Dr. Wonsok Yun for the city to become one of the world’s top international business hubs. Dr. Peter Wonsok Yun
Songdo today – Image by Daesun Kim
You can view and download a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway here. Enjoy.
Globally, foreign direct investment in the tourism sector has been steadily increasing. Yeongjong, located within the Incheon Free Economic Zone(IFEZ), has quickly become the primary destination for tourism and leisure, attracting tens of thousands of visitors and offering numerous investment opportunities.
Over twenty years ago, IFEZ initiated an ambitious plan to attract foreign investment. Districts Songdo, Cheongna, and Yeongjong in Incheon were designated as South Korea’s first free economic Zones (FEZs). A free economic zone attracts foreign investment, capital, and technology by offering tax reductions and deregulation.
More specifically, global FDI in tourism, leisure, recreation, and entertainment has continued to improve, as cited by the World Tourism Organization (UNWTO), which partnered with the fDi Intelligence from the Financial Times.
Today, IFEZ offers an unparalleled strategic location, world-class infrastructure, a favorable business environment, and supportive government policies. In addition to providing expedited access to Incheon International Airport and Sea Port, the surrounding Capital Metropolitan Market boasts a population of 25 million, and over 800 million individuals are accessible regionally within a 2-hour flight radius.
Yeongjong, a part of the IFEZ business triangle, is being developed as a hub for tourism, leisure, recreation, and entertainment, catering to tens of thousands of visitors. Yeongjong and IFEZ host two integrated resort casinos: Paradise City and Inspire Entertainment Resort. A third site, Midan City, is ready for development and open to investment.
Paradise City resort boasts a Forbes Travel Guide 4-star Hotel, shopping mall, spa, convention facilities, and a casino for foreigners.
In addition to its five-star hotel, expansive convention facilities, and casino for foreigners, Inspire Entertainment Resort is newly opening and showcases local and international performance talent in its 15,000-seat area. Plans include Discovery Park, an outdoor entertainment space.
Midan City, former Caesar’s, is a ‘ready to build’ site with approximately 25% of the initial development completed. It offers a unique opportunity to ‘fast-track’ investment in a luxury hotel, spa, conference center, restaurants, and a casino for foreigners.
The adjacent Muui Island Solaire Ocean Resort is perfect for resort hotels, convention facilities, water and theme parks, and meditels, where foreign patients visiting South Korea can enjoy high-quality medical services and amenities. Connected by a bridge from the Incheon International Airport, Muui Island Solaire Ocean Resort will share ocean views, hotels, a convention center, and a water park.
The Muui Island Solaire Ocean Resort medical tourism industry opportunities are of special interest. Specifically, Korea has become a favored destination for foreigners seeking affordable and quality medical services.
Meditel is a compound of ‘medicine’ and ‘hotel’, where Korean medical services and lodging facilities are in one building for foreign patients.
The South Korean government has officially approved designated sites for constructing and managing meditels so that foreign patients visiting South Korea can enjoy both high-quality medical services and tourism.
There is no better location than Muui Island with its tranquil beaches, solitude, and relaxing lifestyle—all within minutes of the airport and dynamic greater Seoul-Incheon metro area.
Future development and investment opportunities also include Yeongjong Dream Island. Infrastructure work is underway for future amenities, including a sports park, golf course, marina, shopping mall, and commercial business district.
IFEZ FDI Benefits and Incentives
Notably, international foreign direct investments (FDI) deals comprised 28% of the global tourism & leisure industry’s M&A activity in Q1 2024 and signal Yeongjong’s growth. For foreign direct investment (FDI), IFEZ offers benefits, including a skilled workforce, tax reduction incentives, and real estate investment immigration programs.
FDI incentives include tax reduction options in the tourism, hotel, and resort sectors. As in all FDI, each opportunity is subject to a case-to-case review. Some can include exemptions from Customs for hotels and resorts importing goods and local taxes based on the investment.
Real estate investment opportunities, too, are an IFEZ benefit for those who invest locally and retain the investment for at least five years. Immigration programs allow investors to freely enter, depart, live, work, and run their businesses in Korea. Their family may receive education and be eligible for Korean medical insurance and its benefits—again, equal to Korean residents.
In conclusion, South Korea, the City of Incheon, the Incheon International Airport, and the Sea Port have significantly enhanced the development of IFEZ’s Yeongjong as a hub for tourism, leisure, recreation, and entertainment. With the global increase in tourism FDI, we can expect investment partners, facilities, and new opportunities to continue attracting tourists, visitors, and local vacationers.
A game-changer introduces something with such significant added value that it stands out from the competition. Game-changers transcend traditional business boundaries, dominate their niche, and become the preferred choice for customers, clients, or followers. They become the go-to company, service, expert, or influencer.
Crucially, a first mover gains a competitive advantage by being the first to bring a new product or service to the market and establish strong brand recognition and customer loyalty.
Over the past few years, South Korean companies, from startups to conglomerates, have aspired to be game changers, often to break out of their secure and well-earned niches.
In the rapidly evolving global automotive industry, Hyundai Motor Group has emerged as a luminary, breaking away from its traditional role as a fast follower to become a trailblazing innovator.
In 1974 Hyundai tapped Giorgetto Giugiaro to design the Pony.
This transformation, marked by a bold pivot towards electric vehicles (EVs), autonomous driving technologies, and a wider range of mobility solutions, has positioned the South Korean giant at the forefront of an industry facing unprecedented disruption.
“Hyundai has made significant strides in elevating its design language, moving from functional and conservative aesthetics to bold, distinctive, and forward-thinking designs.”
The evolution of design by Hyundai has been a key factor in its transformation from a fast follower to an industry innovator as it has steadily reason through the ranks of the global automotive industry.
Over the past decade, Hyundai has made significant strides in elevating its design language, moving from functional and conservative aesthetics to bold, distinctive, and forward-thinking designs.
Hyundai initiated this shift by introducing the ‘Fluidic Sculpture‘ design philosophy in the late 2000s, which brought more dynamic and expressive forms to Hyundai vehicles. Originally conceived in 2007 by M.K. Chung and Oh Suk Geun, Fluidic Sculpture was a much-needed design platform that brought consistency among the brand’s models.
The company further refined its approach with “Fluidic Sculpture 2.0” and later, the “Sensuous Sportiness” design identity, which emphasizes harmonious proportions, dynamic silhouettes, and unique details that set Hyundai vehicles apart in the market.
Hyundai’s design evolution has not been limited to just the exterior of its vehicles. The company has also made significant advancements in interior design, focusing on creating spaces that are not only aesthetically pleasing but also highly functional and technologically advanced.
This holistic approach to design has been particularly evident in Hyundai’s electric vehicle lineup, such as the IONIQ series, where the absence of traditional powertrain components has allowed for more innovative and spacious interior layouts.
By integrating cutting-edge technologies seamlessly into their designs, Hyundai has managed to create vehicles that are both visually striking and highly intuitive to use, further solidifying its position as a design leader in the automotive industry.
Furthermore, Hyundai has revamped its overall design capabilities. The new division will spearhead the Group’s efforts to design all-electric vehicles and future mobility solutions, including purpose-built vehicles (PBVs), robotics, and advanced air mobility (AAM).
Leading Innovation
At the core of Hyundai’s success is a strategic metamorphosis. The Group has redefined its brand identity by venturing beyond traditional automotive manufacturing.
Its investments in Boston Dynamics robotics, Supernal urban air mobility, and Motional autonomous driving demonstrate a commitment to leading innovation across multiple technological frontiers. This approach challenges conventional industry paradigms and positions Hyundai at the forefront of future mobility solutions.
Generally, a fast follower closely watches and tracks a brand leader and then quickly emulates. This eliminates many risks. Significantly, fast followers benefit from substantial economic savings that game changers and the first movers must invest in new technologies, such as development costs and investments running into the billions.
“At the core of Hyundai’s success is a strategic metamorphosis. The Group has redefined its brand identity by venturing beyond traditional automotive manufacturing.”
On a more practical level, fast followers wait for a concept to be proven and issues to be worked out. Then, they can spare their customers from recalls, downtime, and inconvenience.
We also see Hyundai as a significant first mover. In highly competitive industries like automotive, the first mover brand leader holds a significant advantage and will be seen by customers as offering something new and exciting. This advantage can translate into new vehicle sales, which are the drivers for any OEM, as we have seen with Tesla.
While some manufacturers are content with a fast-follower approach, others are recognizing the potential benefits of being first movers in key technological areas. Companies that take the lead in these areas can potentially shape industry standards, capture early market share, and establish strong brand associations with innovation.
In the less occupied field of game changers, Hyundai looks to command a market-leading position as a first mover. One of the ways they are doing this is by implementing changes faster through a ‘Software-defined Everything’ (SDx) strategy, which involves redefining vehicles, fleets, and transportation systems with software and AI. The plan is to incorporate software development methods into the vehicle development process and mobility at a time when the industry is being disrupted.
This strategic shift has the potential to redefine how we interact with vehicles and reshape the entire mobility ecosystem.
As Hyundai continues to push the boundaries of innovation, the world watches with anticipation to see how this vision will unfold.
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.
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.
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?
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.
Cover Image
Many of the photos were published for the 1st time.
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…
For over 20+ years, I have presented Korea 101 programs to more than 10,000 participants across the globe. Korea 101: The Book shares insights and experiences with my ‘boots on the ground’ in the classroom, boardroom, and, more recently, remotely.”
Building on the past, this revised edition, too, looks at the transition to Smart Mobility and the corresponding workplace overhaul to become an agile global player.
The Impeachment of South Korean President Yoon Suk-yeol and the International Business Implications
By Don Southerton
The National Assembly (Parliament) has passed a motion to impeach President Yoon Suk-yeol for issuing a short-lived martial law on December 3rd. The motion suspends Yoon’s role as South Korea’s president.
Prime Minister Han Deok-soo will step in as acting president to lead the nation until Yoon returns to office or until a new president is elected.
The Constitutional Court has six months to review the impeachment motion. If the court upholds the motion, a new presidential election will be held within two months of the court’s decision.
I assume he will be impeached, as most feel the reasons President Yoon’s grounds for martial law were political rather than his reason to “investigate election fraud manipulated by North Korea.”
His motives stem more from frustration with advancing the administration’s agenda and his desire to prevent the opposing party from meeting.
My takeaway is that South Korea’s democracy is vibrant after decades of authoritarianism. Politicians embrace free speech and confrontation, and massive public rallies are typical. What is apparent is that Korean democracy remains strong and resilient.
Concerns about potential trade restrictions regarding the impeachment’s international impact on business have been raised.
Although the incumbent Trump administration has not explicitly mentioned tariffs on South Korea, there is potential for tariffs on Korean-made goods and services.
More to the point, during the previous Trump administration, in which President Trump met with the former Korean president and engaged in ongoing negotiations, we saw exemptions for Korean products subject to punitive tariffs.
The status of the South Korean leadership in limbo could pose a challenge until the Korean presidency is resolved.
That said, in my opinion, President-elect Trump seems to have greater concerns about U.S. military troops in South Korea than about any bold mention of trade restrictions—unlike with the EU, China, Mexico, and Canada.
About Don
Don Southerton has a long history of offering Korea-facing market entry, strategy, and consulting services to businesses around the globe.
On business issues, Southerton has contributed to CNBC, The Economist, Automotive News, the BBC, CNN Fortune, Korea Times, Yonhap, tbs eFM, Wall Street Journal, Branding in Asia, and Forbes.
Southerton is the author of more than a dozen books, including, most recently, Korea 101: The Book (2023) and Hyundai Way: Hyundai Speed (Third Edition, 2023).
https://www.bridgingculture.com
https://www.bridgingculture.com
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