SBF leads innovation workshop in South Korea for Singapore companies

BUSINESS leaders from Singapore are in South Korea this week to learn about innovation, in an Overseas Market Workshop organised by the Singapore Business Federation (SBF) and supported by Enterprise Singapore (EnterpriseSG).

The delegation comprises 20 senior business representatives from 16 small and medium-sized enterprises. The trip, which will last from May 15 to 19, includes visits to major South Korean companies, such as Web portal company Naver and mobile operator SK Telecom.

Noting South Korea’s track record in innovation and robust startup ecosystem, SBF’s executive director of Global Division 2 Annie Wang said: “It is timely for Singapore companies to learn from leading Korean companies, establish firm partnerships and bring their innovation efforts to the next stage of growth.”

The workshop also includes networking sessions with member companies from Daedeok Innopolis Venture Association.

The workshop kicked off on May 15 with the hybrid-format Welcome to Korea Business Seminar, attended by both in-person participants in Seoul, and other interested companies virtually.

At the event, Wang noted that the South Korean market is an important one for Singapore companies. In an SBF survey, 23 per cent of respondents with an overseas presence were already doing business there, with another 16 per cent planning to do so in the near future.

The seminar included presentations on key opportunities in South Korea, as well as challenges that Singapore companies may face as foreign businesses there.

Tan Wei Ye, EnterpriseSG’s regional director for Korea, shared about “pain points”, such as clashes in business culture, language barriers, difficulties in hiring and firing staff, and tough competition.

But he noted that EnterpriseSG provides support for local companies entering South Korea, including advice on the market and business environment; networking; referral to in-market partners; basic non-commercial advocacy; and sharing relevant information.

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Since the GlobalConnect@SBF programme began in November 2019, SBF has provided 159 advisories on expanding into South Korea, and facilitated five projects where companies successfully ventured into the country.

Eungyu Park, commercial partnership director of corporate innovation firm Rainmaking, highlighted areas where Singapore companies can find opportunities. These are based on the top five “problem statements” for South Korean corporates: increasing logistics efficiency; promoting smart mobility; improving e-commerce services; improving food nutrition; and increasing operational efficiency.

The 16 participating companies span a wide range of sectors, including manufacturing, construction, logistics, education, as well as information and communications.

Richard Tan, director of translation services provider Eureka Translations, said his company joined the workshop to familiarise themselves with the country’s way of life, in order to succeed there.

Since the company set up its first overseas branch in Seoul last year, it has secured several projects with South Korean entities with the support of SBF and EnterpriseSG, he added.

Another company on the trip is BIPO, a provider of payroll and people solutions. Mok Kai Lynn, corporate and global relations director of BIPO, said the trip allows them to “experience the dynamism of Korea from the ground” and “develop sector-specific business opportunities and strategies”.