The KABC Online Second Chance Korea Business Forum
Operating a Foreign Company in Korea in 2023
8.00am – 9.30am Wednesday 5 July 2023 at the Online Seminar Room (Zoom)
Our session held on June 15 began with a review of the economy as we were in the final month of Q2 and could begin to estimate the GDP growth for the quarter and the year. Governor Rhee of BOK gave an excellent summary of the state of the economy in mid-May when he continued to freeze the interest rate at 3.5% while suggesting that overall Korea will grow at 1.4% in 2023 with the full forecast given on May 25th which has some disturbing details and for the first time introduces two scenarios.
Our main discussion for June was to talk about how operating a foreign company in Korea in 2023 is different from the past based on the views of practitioners. I had invited several guests to join in the discussion, Dr Namgong Jun of the Korea Labour Institute who has recently given a good overview of the steps for labour reform which are proposed. Others talked about the issues of dealing with the new Korean government one year into the Yoon presidency and other the contrast between office bound workers and flexible workers who choose whether to work from office or home especially in relation to raising a family. We had an interesting discussion on generation gaps, employing older workers and the challenges of AI in the office place. Other members added their observations on other difficulties or successes of 2023 so we can consider a good housekeeping agenda for foreign companies in Korea.
If you missed the first session and have time please join the second chance version on July 5 on line
Tony Michell Ph.D
Managing Director, KABC Ltd.