South Korea:
The Korean Government has set a goal of achieving Korean content exports worth US$25 billion and attracting 30 million foreign tourists by 2027. To support this goal, it plans to allocate 1 trillion won in financing policies. in 2024 and expand the benefits of duty-free shops to expedite value-added tax refunds to foreign tourists after making purchases. The Ministry of Culture, Sports and Tourism presented this plan during a meeting chaired by Vice Prime Minister and Minister of Economy and Finance, Choo Kyung-ho, with the aim of increasing exports of Korean content through a strategic focus on genres such as games, videos and webtoons, with an annual growth target of 12.3%, and providing greater support to small and medium-sized businesses, especially in the games industry, with the delivery of service vouchers to more companies next year.
Central America:
It stands out as an attractive and varied tourist region, offering unique experiences that range from cultural to adventurous and gastronomic. The Visit Centroamérica application provides detailed information about the region's tourist destinations, including landscapes, flora and fauna, and archaeological sites. With the Central American Tourism Agency (CATA) in Madrid, Spain, member countries have successfully implemented multiple destination offerings, taking advantage of the benefits of regional integration to attract tourists and improve employment figures, the economy and conservation. enviroment. CATA plays a crucial role in the global promotion of Central America as a multi-destination tourism destination, driving tourism growth through innovative campaigns that highlight the diversity and competitiveness of the region.
Contribute to sustainability:
South Korea has seen notable growth in its tourism industry, supported by quality infrastructure and a focus on sustainable tourism as part of its economic development strategy. Although the pandemic has had a significant economic impact on the country, the Korean New Deal policy has been implemented to address the social repercussions and position Korea as a leader in green growth and economic digitalization through the Green New Deal and the Digital New Deal. . In parallel, the country has launched its own Green New Deal, with significant investments in renewable energy and green infrastructure, highlighting its leadership in technological innovation and its commitment to green and sustainable recovery internationally.
Tourist events and festivities that can be strategic platforms to connect with business partners.
The South Korean government has implemented policies and programs to promote sustainable tourism, such as promoting lesser-known destinations to equitably distribute the tourism burden and reduce environmental impact. Additionally, the country hosts sustainable tourism events, such as the Seoul Lantern Festival and the Gyeongju Cherry Blossom Festival, which respect traditional culture and promote environmental conservation. South Korean companies are also collaborating, adopting sustainable practices such as green technologies and conservation projects.
In-Cosmetics Korea 2024, scheduled for July 24-26, is a key event in the personal care industry, organized by In-Cosmetics Group to drive innovation and collaboration in the sector. South Korea, renowned for its outstanding beauty industry, is proud to host again, demonstrating its leadership in innovation. The event goes beyond a trade show, offering conferences, educational sessions and networking opportunities to drive professional and business growth.
In-Cosmetics Korea highlights the latest innovations in personal care ingredients and technologies, promoting the development of cutting-edge products. The Korean personal care industry stands out for its quality, innovation and effectiveness, reflecting the country's commitment to excellence. In-Cosmetics Korea 2024 underlines South Korea's crucial role in the global personal care industry and its leadership in the global market, backed by a rigorous development process and a commitment to excellence.
Common challenges that companies face in international trade
Companies in South Korea and Central America face various challenges in international trade. Among these challenges are tariff and non-tariff barriers, such as high tariffs, import quotas and phytosanitary regulations, which make it difficult to access new markets and increase export and import costs. Additionally, cultural and linguistic differences between the two regions can pose challenges in business relationships, requiring a deep understanding of local cultural norms and languages. Efficient logistics and transportation are essential, however, underdeveloped transportation infrastructure and complex customs procedures can hinder trade. Finally, intense global competition implies the need to differentiate in terms of quality, innovation and customer service to stand out in an increasingly saturated market.
South Korea:
Digital Marketplace: South Korea stands out as a highly competitive market in eCommerce, with consumers preferring marketplaces such as 11Street and Gmarket, which has led the country to be the seventh largest eCommerce market globally and the third largest in Asia -Peaceful. ECommerce sites like Coupang have seen significant growth, offering attractive discounts, varied payment methods and fast delivery service, with same-day shipping options, and high-quality customer service that exceeds consumer expectations. compared to physical retailers.
Digital transformation: South Korea's digital strategy seeks to drive the fourth industrial revolution, focusing on the development of industries related to data, artificial intelligence and contactless technologies. This is being done through the Digital New Deal, which allocates considerable funds to accelerate the transition to a digital economy, integrating key elements such as data, networks and artificial intelligence.
A strong commitment to innovation and technological change in 2021: Korea leads the mass adoption of 5G technology, integrating public policies to improve health, education and quality of life. The widespread use of digital technologies, key to controlling the pandemic, includes innovations such as artificial intelligence for rapid testing and patient mobility. The current policy focuses on innovation programs for SMEs, closing the digital divide and an ambitious post-pandemic plan, the Korean New Deal. This agreement seeks to transform the economy through the digitalization of industries and infrastructure, generating quality jobs and strengthening resilience. Training in digital and climate change areas is prioritized, with the goal of turning Korea into a world leader in production and exports.
Central America:
Digital transformation: Guatemala offers a favorable environment for business expansion with an average economic growth of 3.5% and various strategic advantages, such as income diversification and access to new markets. However, global expansion faces challenges such as cultural adaptation and regulatory compliance, for which clear strategies are recommended, such as cultural training programs and technological tools for remote talent management. In the Guatemalan context, international expansion is relevant due to constantly opening market opportunities, but requires an informed and proactive approach to ensure business success both in Guatemala and abroad.
Effective solutions:
Participating in trade agreements and strategic alliances facilitates access to new markets by reducing trade barriers. Training staff in cultural and linguistic aspects, improving infrastructure and technology in the supply chain, and prioritizing innovation are key actions to strengthen business relationships. These strategies not only reduce logistics costs, but also allow us to differentiate ourselves in the global market.
Marketing in South Korea:
Marketing in South Korea stands out for its innovation, combining advanced technology with creative strategies, driven by a fast and technological lifestyle. The advanced educational system and entertainment culture are taken advantage of, with K-Pop as a relevant example. This allows us to offer unique experiences to consumers through effective advertising campaigns, even in situations such as the COVID-19 pandemic, where e-commerce and digital marketing are used to meet the needs of a quarantined society.
Practical tips and resources to overcome obstacles and achieve success.
South Korea: Offers opportunities in sectors such as IT, telecommunications and electronics, but navigating its business environment requires understanding its regulations and working practices. Although ranked high in ease of doing business, it is crucial to comply with local labor laws to avoid problems. Despite the challenges, the country has talent in areas such as artificial intelligence and big data, but global companies must offer attractive incentives to attract and retain talent in a competitive market. With the growing acceptance of flexible work arrangements, adapting to this trend and consulting with experts is essential to implement appropriate and compliant work policies.
Central America:
Guatemala offers a favorable environment for business development, with an average economic growth of 3.5% and resources such as qualified labor and competitive costs. It seeks to become a focal point for the expansion of various markets, considering aspects such as the target market and regulation. Global expansion can enhance growth and stability, taking advantage of strategic advantages such as income diversification and access to new markets. However, it faces challenges such as cultural adaptation and regulatory compliance, which require clear strategies to ensure success. Taking advantage of the opportunities in the Guatemalan market, such as sustained economic growth and digitalization, is crucial for effective international expansion.
Use Support Resources:
Companies face various challenges in their quest to achieve excellence in quality management, from resistance to change to a shortage of adequate resources, which can hinder efforts to continually improve processes and ensure customer satisfaction. Identifying these obstacles and developing effective strategies to overcome them is critical to maintaining momentum toward continuous improvement in the quality department. This involves clearly communicating the need for and benefits of change toward continuous improvement, actively engaging employees in the change process, and fostering a culture of collaboration and empowerment in the workplace.
To maintain continuous improvement in quality, it is crucial to establish clear and measurable goals aligned with the company's vision, promote a culture of learning and feedback that values experimentation and innovation, and invest in the development and training of employees. employees so they can lead and participate in continuous improvement initiatives effectively. These actions help maintain the team's commitment to continuous improvement over the long term and strengthen their ability to contribute to the company's success in this area.
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