Korean Companies Struggle To Globalize Beyond Exports

Sung Lee argues that Korean companies struggle to globalize beyond exporting goods, citing a Ministry of SMEs and Startups survey showing only 21.1% of exporting startups have overseas physical presences and only 13% of firms have foreign subsidiaries. He attributes the gap to weak localization—limited local hiring, leadership and investment—and urges firms to empower local leadership and pursue services, IP and partnerships to capture long-term value.