South Korea

Southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea is the location of South Korea, which is about as big as Indiana with four seasons as the United States. It has high-context culture and collectivist business culture with the population of about 47 million, half of which believe in Christianity and the other in Buddhism and 3% Confucians. Its economic growth over the past 30 years has been spectacular since the end …

…aspects of initiating a joint venture in South Korea. On the one hand, the large South Korean conglomerate, chaebols, still exercise considerable influence over the South Korean government and financial institutions. On the other hand, the South Korean government's attempt at a policy shift toward the support of small and medium-sized businesses means that the participation of chaebols in a joint venture could create additional obstacles in terms of obtaining necessary approvals and local financing.