In 2018 South Korea will host the Winter Olympic Games, the opening ceremony will be on 09th February and the games will close on 25th February. This creates business opportunity.
As with many sporting events of this nature like the Summer Olympics or the World Cup the host experiences a magnified interest in their country. This interest often involves an increase in business and this is where companies can win.
The Korean Wave
Korea has already seen an increase in business areas that are connected to the Korean Wave known as Hallyu. This involves Korean entertainment like pop music also known as K-Pop, TV dramas and movies. The cosmetic industry has also moved into the global market place with great success.
This interest goes the other way though as well with foreign companies setting up successful business in Korea. With the upcoming Winter Olympic Games in 2018 this creates an opportunity for businesses who want to enter the Korean territory.
As with any business decision that involves a new territory it has to be executed well to minimize risk and that means research and often advice. It could mean your product being accepted by the Ministry Of Food And Drug Safety (MFDS) or meeting the standards of the Korean payment gateways so you can sell your product through e-commerce.
Of course every business decision can have its challenges but there are also rewards when these decisions are implemented correctly.
The 2018 Winter Olympic Games is a great business opportunity that businesses should take advantage of. The interest in non-Korean products and services will increase dramatically over the next 12 months so why not be a part of the success. Don’t let your competitors get here first.
World Markets Korea is a Seoul based company founded in 2013 by a New Zealander and a British National who have a combined experience of over 20 years in Korea. The company offers consulting, online marketing, order fulfillment and event management services.