It should surprise nobody to find more and more investment is being made by western businesses in the South Korean economy. If you are planning on expanding into South Korean, then you must understand some of the key rules of etiquette that govern much of the business interactions that take place there. This is particularly essential for anybody travelling there on business, as it could be the difference between a warm welcome and a hostile reception for you and your company.

This guide will give you the major things to remember when you do business in Seoul, Busan, Incheon or any other major Korean business centre.

Confucian concepts of etiquette

Though it might sound strange to foreign ears, Confucius is a major influence on how Koreans do business. Central to his theories was the hierarchy of age, and the importance of authority and education. This means any business relationship will be founded upon a respect that always goes upwards to the eldest, the best educated and the most authoritative member of the party. A Korean business person will want to know many facts about you that you might think entirely superfluous to your ability to get the job done, such as your marital status, age and educational grades. For them, however, this information is crucial, as it will dictate how they should treat you.

Close relationships are important

Koreans don't like to do business with strangers. Until they really feel as if they know you, they will not be comfortable sharing important company data or introducing you to their circle of contacts. This can be frustrating for somebody who comes from a faster moving, more results-driven business environment, but it is the way things are. Expect plenty of non-business related small talk before anybody will get down to the nitty-gritty with you. You have to have the patience, respect and charm to build long lasting connections if you want to get ahead.

Bonding outside of the boardroom

The best way to get to know the people that you wish to do business with is to socialise, away from the office. Drinking and eating are a big part of how South Korean business flows, though don't expect to talk shop at the dinner table. These informal occasions are ways for the different parties to get to know one another personally not to hash out contracts and deals.

Meeting times

Unlike many other Asian cultures, the South Koreans put an onus on punctuality in business. This does not mean being early, however. Rather, it means arriving precisely on time or just a few minutes before a meeting. Arrive very early and the person you are meeting may feel you are putting pressure on their schedule. Arrive late and you will have offended their sense of respect and hierarchy. Business cards might be somewhat out of fashion in some western countries, but they are a big part of how the Korean business person gets to know the person they are meeting, so make sure you have a good one and it gives plenty of information about your position and title. You might even consider adding some Korean text.

The Bow and the Handshake

If you meet somebody who is your senior, it is customary for you to initiate the bow. Bend from your waist at about a 40 degree angle. They will respond with a smaller bow. When shaking hands, it is considered respectful to do so with both hands, not just one.

Are you looking to expand your business connections to India or are you planning on travelling there for work? Then you should make sure you understand the environment you are about to enter. Indian business is fast moving and, though at first it may seem quite westernised, there are very important differences to which you need to pay attention. Here are some of the basics. 

Things take time

India, like France, is one of those places where people like to take their time. Don't assume, just because things take a day or a week in London, New York or Hong Kong, that the same things will take the same time here. Business moves slower in India, so be patient.

Be prepared to travel

Business in India is not really confined to a single city. Though Deli and Mumbai are probably the biggest business centres, if you truly want to conquer the Indian market, you will need to spread out. From Deli airport you can be just about anywhere in two hours and that is really key: the Indian business person travels.

Be more flexible than 9-5

In India people might say they work 9-5 but, in truth, things are a bit more fluid than that. People like to take long meetings over breakfast so, in reality, things rarely get going until about 10.30am or 11am. This also means, of course, that things frequently run on late in the evening.

In fact, be flexible full stop

Last minute changes are part and parcel of Indian business. If a meeting is scheduled for 12pm, it might well not actually kick off until close to 1 or it might even be chopped at the last minute and rescheduled for tomorrow. This goes for lunches, dinners and any other kind of appointment you could make.

Check any important date against the religious holidays

Given its incredible cultural diversity, it should come as no surprise that India has a very large number of religious holidays on its calendar, most of which are widely observed by state and local government. So, if you are scheduling a very important date, ensure you are not doing so on a sacred day that might sink the whole enterprise.

Get used to a different type of formality

One of the key culture shocks western business people encounter when they come to India to work is how both a very high and very low level of formality is expected to be upheld simultaneously. On one hand, politeness is premium and most Indian business people prefer not to be referred to informally until they know and trust you well. However, if somebody's phone goes off during a meeting or private conversation, nobody bats an eyelid if they answer it right in front of whoever is speaking. You simply need to get used to it.

Inter-gender handshakes don't really happen

It is still very rare for a man and woman to shake hands in India. If you are male and are introduced to a woman, wait to see if she extends her hand before shaking. Otherwise, you are better off keeping your distance to avoid a faux pas.

One of the most powerful batteries that charges the Japanese economy is its automotive industry. Not only is Japanese car manufacturing an integral cog in its home country, however. It is also one of the most prominent industries on the planet. Though it might not be quite at the height of its 1990s heyday, when Japan overtook the US as the world's largest car manufacturing nations, it remains an extraordinarily large market, now sitting in third position behind China and the States, in those rankings.

Here, we look at three of the main players in this consistently booming industry.

Mazda

Based in the Hiroshima Prefecture, Mazda has been in business since the 1920s. Though it was originally established to manufacture machine tools, it switched in the early 30s to vehicles. In the 1960s Mazda concentrated its manufacturing efforts on the development of the Wankei rotary engine, as it felt this would mark it out from the rest of the companies in this oversubscribed industry. This, alongside key partnerships with German company NSU and Italian company Fiat and superb automobiles such as the Mazda Cosmo Sport and Mazda RX-7, saw it quickly become one of the world's best known brands.

Today, Mazda remains amongst the elite car manufacturers worldwide and is a giant of Japanese industry, with a net income of 60 billion yen and an operating income of 23.8 billion yen. In fact, it is the 15th biggest automaker in the world. In 2007, it produced about 1.3 million vehicles globally, most of which were made in Japan.

Honda

For years, Honda's name has been synonymous worldwide with high quality vehicles, most particularly motorbikes. In fact, since the late 50s, it has been the largest bike manufacturer on the planet. It also tops the charts for the production of internal combustion engines, with 14 million produced every year. The second largest of all Japanese automotive companies, it has its home in Tokyo, where it is chaired by Fumihiko Ike and run by President Takanobu Ito.

Honda's proclivity for coming first can be seen in action throughout its history. For example, it was the first Japanese company to release a dedicated luxury brand, when it put the Acura line into production back in 1986. Since that time, Acura cars have established themselves as being amongst the world's best high performance vehicles. With a net income of 574 billion yen and an operating income of 750 billion yen, Honda is still quite clearly an industry colossus.

Mitsubishi

The 16th biggest automaker worldwide by production, Mitsubishi has been headquartered in Tokyo since the early 70s. It specialises in both luxury cars and commercial vehicles, and has a 99 billion yen net income and a workforce of 30,777. Its major players are chairman Takashi Nishioka and president Osamu Masuko. Though it suffered somewhat during the last decade thanks to a 22 billion yen operating loss that lead it to end its European production, it remains one of the world's most recognisable brands, due in some small part to its heavy presence in motorsport.

Given that it is the ninth largest economy in the world, it is unsurprising to find an increasingly large number of western companies and market players looking to get involved in Indian business. The first step in this process is to understand how the country's economy works. This article can help as here we list the top 6 most important industries in India. If you want to start investing in the Indian market, consider the following information.

6. Transportation

Large and expanding, India's transportation sector hugely important to its overall GDP, contributing 8.5% overall. The country houses one of the world's largest railways, with 17 million passengers riding it every single day, while 12 majors ports and 125 airports reflect just how essential this market is for making the country tick.

5. Information Technology

Between the IT services sector and the sector of processes outsourced from other businesses, IT makes up a huge chunk of the business done in India. In fact, so important is it, that it currently contributes 64% of all the GDP made in the country's entire services sector and 9% of the national GDP. Also, IT exports account for 25% of all national exports. For those interested in getting involved, the main hub for IT is Bangalore, which has been dubbed the Indian Silicon Valley.

4. Banks and insurance

India's financial markets are also massively influential, with insurance and banking currently make up 10% of India's GDP. The sector is made up of long established private, public and foreign owned banks, insurance providers and unorganised lenders.

3. Real estate

Not only does Indian real estate make up about 13% of its country's economy, it is one of the fastest emerging markets on the planet. This means, if you are looking to invest in the Indian market, real estate is probably where you will look. It's doesn't take a rocket scientist to figure out why this industry is booming. The nation's massive population, most of whom now live in urban areas, have recently seen a huge boost in their incomes and, so, more and more housing is an obvious outcome.

2. Agriculture

Traditionally, agriculture is the bedrock of the Indian economy and, today, it remains a huge percentage of it. As the world's second largest producer of farmed goods, plus a powerful hub for fishing and forestry, it is little wonder India still puts so much focus on agriculture. It contributes 15.7% of the national GDP and has been aided by the recent Green Revolution in the country, though in recent years its share has been dropping.

1. Retail and trade

Nowadays, India's most important industry is retail. With a 23% contribution to the Gross Domestic Product of the nation, Indian retail is one of the globe's leading retail sectors and its fastest growing. It includes everything from the handcart vendors in the nation's smallest markets to the massive superstores in its busiest city centres. The government has responded by investing more and more in retail, which looks likely to ensure it remains the country's most important industry for many years to come.