Different cultures have different expectations about how international business meeting should be conducted and how agreements should be negotiated and how contracts should be approved. These differences can complicate matters when deciding how to network and connected with business executives in other countries.
In this article, we consider typical formalities involved international business meetings and establishing business relationships in Egypt and South Korea.
Establishing Business in Egypt
Depending on the scope and size of business dealings, doing business in Egypt often requires that outside companies first establish a relationship within the Egyptian government. Developing a relationship with Egyptian officials usually entails an official introduction from a U.S. government official, references and proof of financial stability. For instance, if a technology manufacturer in Texas sought business opportunities in Egypt, and the company had no previous work experience, the business would need reference letters and recommendations from a state senator and U.S. Envoy to Egypt. A U.S. envoy is a government contact that helps American businesses generate commerce in foreign countries. These preliminary steps, and hiring a skilled 24 Hour translation services company, are the basic requirements that Egyptians would require for doing business in their country.
Aside from legal and professional exchanges, the formation of a social relationship is also important. Usually, meetings are called that involves key negotiators as well as any personnel who will be staffing the local office. While other staffers may have an insignificant role in the actual negotiation, they can still influence the perception that Egyptian contacts have of your business.
Establishing Business in South Korea
When looking to establish international business meetings to build business in South Korea, a foreign business usually requires an introduction by a highly respected Korean. South Korean society has a clearly defined social structure where members of one class work together. Consequently, in higher social ranks, business leaders know other members of the top echelon.
For many foreign firms, introduction made by a well-respected government officials can produce many opportunities. This is particularly true in South Korea, where the government has a certain degree of influence over domestic businesses. Other sources of introductions include banks and trading companies.
When given an opportunity to make an introduction, it is critical to provide information about your own connections, education, and essential profile information. This information should be exchanged prior to your meeting to give others an opportunity to learn more about you and ask questions.