The recent redundancy law which has been reformed is evidence of the Korean democracy moving towards reform and enhancing the flexibility of the labor market. The reforms came as a compromise between job security and international competitiveness. Korea has experienced high levels of debt, and the country is very aware of its economic problems. The economy is highly dependent on semi-conductor prices and the steel industry. Problems regarding customs clearance have been more prominent in the last 6-9 months than in the previous two years but these should be reduced over time.
Opportunities lie in a variety of sectors, including infrastructure, energy, and telecommunications.
Business Culture Seniority is very important to Korean business people in terms of position in organizations. Personal and business lives are often blurred as it is necessary to get to know a possible partner on a private level before business can be done. Negotiating is aggressive. Be aware of the sensitivity towards Japan. Be aware of the opportunities that exist for business, such as the Gold Key service run by the Department of Commerce and the US Export Assistance Centers, and the American Chambers of Commerce overseas.