Globalization is localization

Two challenges confront virtually every Korean company, large or small: global expansion and technological or artificial intelligence (AI) development. Setting the latter aside, and assuming that most enterprises harbor at least some overseas ambitions, the reality is stark — Korean companies have historically struggled to globalize effectively. According to a survey by the Ministry of SMEs and Startups, only 21.1 percent of Korean startups engaged in exports have established a physical presence overseas, highlighting how limited true operational expansion remains. By comparison, more than 50 percent of venture-backed U.S. startups with meaningful foreign revenue have at least one overseas office within five years of founding, typically in Europe or Asia. Among Korean small and medium-sized businesses (SMEs) that do export, only 15 percent participate in global value chains, as opposed to 30 to 40 percent of SMEs in advanced economies. In fact, only 13 percent of Korean firms overall have foreign subsidiaries, compared with over 30 percent of U.S. firms. Korea ranks below the OECD av

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