While South Korea was one of the early epicentres of COVID-19 community spread, the number of deaths resulting from infection is remarkably low, seemingly through a stringent testing policy that many other countries are hoping to emulate.
Although the country ended its social distancing campaign and implemented an “Everyday Life Quarantine” scheme on 6 May, a new outbreak on 10 May centered around several Seoul nightclubs and bars prompted officials to strengthen social distancing rules that were eased. Museums, parks and art galleries will all be closed again, while companies were urged to re-introduce flexible working, among other measures.
Many large Korean corporations have sizeable cash reserves and are good at getting products to market. This often pairs well with the creativity of small New Zealand companies - so now may well be an opportune time to look into, or expand to, Korea.
Challenges with export logistics are likely to be first and foremost. However, demonstrating strong communication utilising e-channel technology, together with a definitive commitment to the market in the long term, will stand you in good stead.
According to reports from the New Zealand Ministry for Foreign Affairs and Trade (MFAT), the New Zealand brand appears to be benefiting from New Zealand’s successful response to COVID-19, creating a good impression with many Korean stakeholders.