Nojeok Hill: My View from the Top

I Was Quoted in The Korea Times about Investors in Korea

Here's an article from the December 20, 2010 issue of the Korea Times:

Chinese investor pulls out due to tension

By Cathy Rose A. Garcia  Some prospective foreign investors are increasingly becoming concerned about the escalating tension on the Korean Peninsula, with one Chinese investor already postponing plans to invest in a major property development project in Incheon. The brouhaha over South Korean military’s live-fire artillery exercise Monday further increased the tension between the two Koreas. Last month North Korea opened fire on Yeonpyeong Island, killing four people ― two South Korean marines and two civilians.  Joseph Chiang, president of Lippo Incheon Development, said the situation between South and North Korea has affected the company’s marketing efforts for Midan City, a leisure and tourism-oriented project on Yeongjong Island.  `` (The situation) does affect our marketing efforts. One large investor in China made up their mind to invest, but due to this situation, they had to postpone action till further developments,’’ Chiang told The Korea Times.  Several Chinese investors had earlier expressed interest in investing in Midan City, which is part of the Incheon Free Economic Zone. The project is envisioned as an ``all-in-one-city’’ with shopping malls, resort hotels, medical facilities, a golf village and entertainment facilities. It seems the extensive international news coverage on North Korea’s shelling of Yeonpyeong Island last month has made a dent in South Korea’s image. Steven S. Bammel, president of Korea Consulting & Translation Service, said the situation between the two Koreas is certainly affecting the nerves of foreign investors in South Korea.  ``There’s no doubt that foreign investors looking at Korea hesitate when they see the situation. With so many other less risky but attractive investment destinations elsewhere in East Asia, Korea loses out. For example, after the Cheonan (navy boat sinking) incident in the spring, I had a client cancel a trip to Korea and other clients have asked me nervously what’s going on,’’ Bammel told The Korea Times.  However, for many expatriate businessmen already living in Seoul, the current tension on the Korean Peninsula may not make much of an impact in their daily lives and future business plans.  Bammel, who also runs the website KoreaBusinessCentral.com (KBC), said there has been surprisingly little concern shown by KBC members in the North Korean situation.  ``I’d say the average member is thinking more about day-to-day business and life than about war; this mirrors the views in Korean society at large. I’ve been posting to a discussion on the 60th anniversary of the Korean War for several months now but it gets far fewer comments than a discussion about the challenges of foreigners working in Korean companies,’’ Bammel said.  A European businessman, who declined to be identified, admitted that his business partners from abroad have called to check on the current situation. ``I assured him it was business as usual, but it’s difficult to say what North Korea will do,’’ the businessman said. The timing of South Korea’s live-fire artillery exercise coincides with the start of the annual Christmas holidays for many expatriates in Seoul. This means foreign officials at the various chambers of commerce have left or are planning to leave for abroad this week. The Korea Times tried to contact officials at the American Chamber of Commerce in Korea, European Union Chamber of Commerce in Korea and Australian Chamber of Commerce in Korea, but was told that they were out of the country.

cathy@koreatimes.co.kr

Link to original article.

 

The Final Version of My Masters Thesis

I finally finished the final version of my masters thesis. The topic is a little academic, but I'm posting it here for the record. Not that I expect a lot of general interest in this, but feel free to download the PDF and share your thoughts. Note that the thesis is written in Korean and there is no English version other than the Abstract on the second-to-last page.

Download 2010 Masters Thesis Draft, FINAL

Introduction of ESL Teacher to Reputable Institute Chain That is Growing FAST! (Korea)

I was invited to the Gunpo Global Education Center of PowerStudy last week to serve as an English contest judge in my capacity as a GyeongGi Province Foreign Direct Investment Advisor. It was the first time I've ever done something quite like that and listening to 38 kids give speeches did take a long time. Still, it was nice to support the event and to visit the beautiful campus there in Sanbon right next to Suri Mountain, which is only about 20 minutes from our place in Ansan.

Anyway, the PowerStudy chain of institutes is growing extremely rapidly, based on a business model that uses the existing infrastructure provided by non-profit organizations to provide affordable English training to area children. With 2,500 students at the Gunpo Center alone, they are aiming for tens of thousands of students across Korea within the next two years.

As part of this growth, PowerStudy is hiring lots of foreign teachers and when I was contacted by an American in Korea who's been having trouble finding a proper job, I sent him to my contact at Gunpo. Thanks to my introduction, my American associate got a prompt reply and is working through the application process.

(Photo: Sokcho city, taken from the overlooking hills on the way to Sorak Mountain a few days ago.)

Double Introductions from Client to Client and Client to Colleague (China, Korea and USA)

A client of mine in the education field is looking to increase his organizations Korean clientele. I introduced him to a colleague who is well-suited to work as his Korean agent. His organization also graduates students who go on to top universities around the world and I connected him with another client of mine, a well-reputed private university in the US.

(Moving-in day at Dongsuh Core, where I have an office. The desks being unloaded from the truck were moved into a new computer institute opening on the 3rd floor.)

Introduction of Asia-Based Location of UK Company to Potential Korean Representative

A client of mine is trying to recover their presence in the Korean market for gradeschool students studying in an English-language international school environment in Asia. It's an interesting value-proposition and I was able to introduce them to a Korean colleague (and fellow member at KoreaBusinessCentral.com) with excellent connections and background in the Korean English market.

[Photo at a bridge in the Korean countryside somewhere in Cheollabuk province. Exact location is unknown to me.]

Introduction to Japanese Translator (USA)

A US associate of mine asked me if I could help her Japanese client with Japanese>English translation of academic papers. Of course, since we specialize in Korean, I could not handle the work myself. But I referred her to an associate in the American Translators Association who does handle this kind of work.
[Photo at Homeplus in Ansan on a recent Sunday evening. Must be nice to have so many customers!]

 

Article About Korea Business Central in The Korea Times

Here's an article from the August 13, 2010 issue of the Korea Times:

Website offers info on Korean businesses

Steve Bammel By Cathy Rose A. Garcia  Trying to find information about doing business in Korea just became a bit easier, thanks to the Korea Business Central website.  The website (www.koreabusinesscentral.com) is a source of information about how one can do business in Korea and build a network of contacts.  Steven S. Bammel founded the website in September 2009, with a long-time colleague Don Southerton, with the goal of creating a community for non-Koreans who are doing business in Korea and Koreans doing business with non-Koreans.  ``This is a place where they can get information about how to be successful in Korean business. Being successful means understanding the Korean mindset in business,’’ he said in an interview with The Korea Times in downtown Seoul. The website offers interviews, podcast discussions and reports on the ins and outs of doing business in Korea.  Several prominent business experts and figures have been featured as part of the Korea Business Interview Series. Amy Jackson, president of the American Chamber of Commerce in Korea, talked about the efforts made to promote American business interests in Korea. Tom Coyner, president of Soft Landing Consulting, discussed marketing strategies for the Korean consumer, while international branding expert Martin Roll spoke about how Korean companies can better promote their brands overseas.  Another section is the KBC 9.9 podcast, hosted by Daniel Lafontaine and usually joined by four other KBC members to share their thoughts on a particular topic. Korea Economic Slice is a weekly financial report written by independent analyst Robert Eberenz.  ``Creating content serves as an anchor for the community. Every piece of content we have comes with a discussion forum. The discussions take the content and give it a dynamic dimension... Every time we have an interview, you can listen to it and you can also download the transcript,’’ Bammel said.  The discussion forums allow members to talk about various topics, share information, ask questions and post announcements.  While the main focus is business in Korea, Bammel understands that it is also helpful to include non-business-related topics. ``Once, a former American GI, who was in Korea in 1961, contacted me about some 500 photos he had taken during his stay in Korea. He asked me if I could translate some of the Korean signs... So every week from January to May, I uploaded 10 to 20 of his photos. “The idea is that to understand Korean business, it is good to see how far Korea has come over the last 40 to 50 years,’’ he said.  Korea Business Central has been slowly gaining ground, thanks to social networking sites like LinkedIn, Facebook and Twitter. In less than a year, it has attracted over 600 members, but Bammel hopes to hit 1,000 by the end of the year.  The members are a mix of Americans, Koreans and other foreigners living in Korea. ``The most active members are the American English teachers who would like to move into business. Getting a job that does not involve teaching English is the number one priority of the active members... What I would like is to get more companies who want to enter the Korean market and learn about doing business in Korea,’’ he said.  Around 30 to 40 percent of the members are Koreans, but the level of participation is still quite low perhaps due to the language barrier. So Bammel is planning on including more Korean content, including a Korean-language podcast about doing business with foreigners.  ``My goal is not for (Korea Business Central) to be just an expat community, but I’d like it to be a community where expats and Koreans can communicate,’’ he said.

cathy@koreatimes.co.kr

 

Link to original article posting.

Introduction to PR Company (Korea & Singapore)

I was contacted by a consulting firm in Singapore looking for a PR agency in Seoul to help with a road show for a Middle East destination. I discussed this with a colleague (and member at KoreaBusinessCentral.com) and he suggested I forward the inquiry to an associate of his in Hong Kong (also a member at KoreaBusinessCentral.com) who also works in Korea. The Hong Kong company is pursuing the opportunity.

[Photo of Soong Huh campaigning for mayor of Ansan on May 31. Mr. Huh did not win the election.] 

This Client Was Really Pleased with Our Business Interpreting Services

 

Another Business Introduction to Potential Korea Representative for US Investment Firm (US & Korea)

After a previous post, I was contacted by a Korean-American looking to invest in the US retail market. After getting permission from my US contact, I put the two parties in contact for further discussion. It turned out they are both interested in the same types of real estate, too.

[Photo of falling cherry blossoms at Nojeok Hill. (Taken April 24, 2010)]