Welcome to the AKBC e-newsletter

The Australia-Korea Business Council has commenced a monthly e-newsletter that will be sent straight to your inbox. These newsletters will provide you with the latest Australia-Korea related news and events.  

News

AKBC Joint Meeting Dates Announced - 17 + 18 October 2016 (Seoul)

The AKBC and KABC will hold the Annual Joint Meeting in Seoul on the 17th and 18th of October in Seoul. Please save the date. More details to follow.

South Korea election results

Last Wednesday, Korea held its general election and the ruling Saenuri party failed to win a majority in the legislature. The Saenuri party won 122 seats, the Minjoo Party of Korea won 123 seats and the new opposition People's Party took 38.

Varying predictions on Korea's economic growth 

Finance Minister Yoo Il-ho said it would be possible to reach the government-set growth target of 3.1 percent this year despite some economic institutions revising down their growth outlook for Korea's economy. 

Korea dominates the Bloomberg Innovation Index

The 2016 Bloomberg Innovation Index, which scores economies using factors including research and development spending and concentration of high-tech public companies, ranked Korea as the most innovate economy in the world. 

Australia's craft beers attract Koreans

At the "Australian Craft Beer Masterclass" at the JW Marriott Seoul Hotel on April 7, organised by Austrade, representatives from Australian craft beer producers Australia Beer Co. and Moo Brew showcased beers from three major breweries. 

Source: Korea Times

Korean pop culture continues to sweep across the region

A new South Korean soap opera featuring a military romance between a soldier and surgeon is sweeping across Asia, highlighting the growing popularity of Korean pop culture and its commercial potential in the region. Korean companies, on the back of the country’s growing soft power, are now increasingly focusing on areas that have been boosted by Hallyu.

Export Council of Australia releases its Demystifying Korea report 

The report includes:

• An overview of professional, financial, education and other service sector opportunity in Korea;
• An overview of Korea’s services sector, as well as some of the challenges to be aware of in being a foreign service provider in the market;
• Commentary from the field and advice on both challenges and opportunities in the market from businesses operating there. 

Report can be downloaded for $33.00 (incl GST)

Korean business culture lesson #1

What is nunchi (눈치) ?

The literal translation is eye measure. It refers to a concept in Korean culture used to describe your awareness of the situation, other people’s mood and emotion and your ability to act accordingly. Given the hierarchical nature of Korean society and the fact that it is a high context culture, a common example where people lack nunchi is when they don’t understand their place in the hierarchy, don’t show adequate respect to seniors or behave in accordance with expected norms. For example, in Korea ‘yes’ may not always mean yes, and nunchi is used to determine the true meaning. Subtle clues will be provided in body language to signal what the person is thinking.

Upcoming events

Korea Week Festival in Melbourne 

April 27 - April 30

This is a multicultural event showcasing Korean culture and food including a Melbourne K-POP World Festival competition, Hanbok (Korean traditional costume) Fashion show, taekwondo demonstration, Korean Hair styling and make up show, Hanji (Korean handmade paper) and art exhibitions and, education, tourism information stalls and much more!

Infrastructure Investor Australia Forum

The inaugural Australia Forum will gather the key infrastructure players to discuss the best approaches to acquiring, managing, and exiting infrastructure assets, and opportunities for private funding in global markets.

Special rate for AKBC members - save 15% off the current rate. Reply to this email to receive the code. 

Agri Investor Australia Forum

Join domestic and offshore institutions, family offices, fund managers and regulators to explore the trends shaping investment and value creation across the agriculture cycle in Australia and beyond.

Special rate for AKBC members - save 15% off the current rate. Reply to this email to receive the code. 

Past events

Breakfast Briefing by Senior Trade Commissioner Brett Cooper

Senior Trade Commissioner Brett Cooper spoke to AKBC members and special guests in Sydney last Friday to talk about the emerging trends in the Australia Korea trade and investment relationship. Thank you very much to Brett Cooper for sharing his insights and EY for hosting the event. 

John Wotton's Thank You dinner

Australia-Korea Business Council members attended an exclusive dinner on April 5 2016 in Sydney to honour John Wotton's dedication to AKBC over the past 15 years.