Business/Government Editors

The need for Korean firms to acknowledge, and achieve, higher standards is the focus of a new report released by the Korean Chamber of Commerce and Industry in the USA, Inc. (KOCHAM) and the Federation of Korean Industries New York office (FKI). This survey was prepared by KWR International, Inc.(KWR) and measures the opinions and perceptions of targeted U.S. opinion leaders working in the U.S., Asia and Europe as well as several English-speaking foreigners working for western firms. Individuals representing business, government, academia, non-profit and financial institutions and the media were included.

"This survey identified many changes in the perceptions of U.S. opinion leaders since KOCHAM/FKI released its first opinion leader survey in early 1997," stated KOCHAM President Young Man Kim. "While favorably crediting Korea's remarkably rapid recovery from the 1997 financial crisis, U.S. opinion leaders now judge Korean businesses with higher standards than in the past. They stress that Korea is no longer a developing country, and that Korean companies need to adopt a higher benchmark if they are to maintain their long-term competitiveness. As one senior editor of a national business magazine commented, 'the problem is my expectations are very high when it comes to Korea ... if the country hadn't been such a great performer in the past, I would not expect such great things.'"

"Respondents clearly believed that Korea and Korean firms possess the underlying strengths required to succeed in the global economy", noted Keith W. Rabin, President of KWR. "However, many emphasized the need for Korean firms to strengthen their focus on developing the brands, intellectual property, service-orientation and flexible business structures and alliances demanded in a more mature, information-intensive economy.

A summary of KOCHAM/FKI's U.S. Opinion Leader Study can be obtained at: http://www.kocham.org/english/act1.htm. For additional information, or to obtain a Korean language summary of this report, please contact the representative indicated below.