To enter a culturally challenging market such as South Korea, local expertise and industry knowledge are both crucial. ContextVision has worked closely with Business Sweden’s office in Seoul, and South Korea is now one of their top export markets.
With more than 30 years’ industry experience, ContextVision is the undisputed leader in the medical imaging technology segment. Most of ContextVision’s customers are medical equipment manufacturers who produce advanced imaging equipment for procedures such as ultrasound, mammography, magnetic resonance imaging (MRI) and digital X-ray.
South Korea is currently home to five to ten of ContextVision’s customers. Stellan Heyerdahl, Director for OEM Sales in Asia, maintains that unlike China and Japan, South Korea has tended to be overlooked as an export market for Swedish companies.You need to understand the Korean market dynamics to succeed here. Having a local resource helps bridge the cultural gap.
"You need to understand the Korean market dynamics to succeed here, and this is why Business Sweden’s local presence and expertise has been absolutely invaluable to us", says Heyerdahl.
Business Sweden’s senior project manager in Seoul, Bong-Soon Park, dedicates approximately one week per month to handle the day-to-day interactions with these customers. She also facilitates ContextVision’s trips and activities in South Korea and face-to-face meetings.
“In a country where personal relationships, hierarchy and local networks are of such huge importance, it can sometimes be difficult for a foreign company to navigate the complex company structures and get access to the right decision-makers. I believe Business Sweden’s official status and existing network helps customers like ContextVision get past the first obstacles to a new customer,” says Park.
“There have been occasions when having this local resource has really helped us bridge the gap,” continues Heyerdahl. “The fast pace in South Korean industries puts new requirements on ContextVision, and Mrs. Park really supports us to meet those high customer expectations. She has made a great difference to our business, both thanks to her extensive local industry knowledge and immense professionalism,” Heyerdahl concludes.
ContextVision has also worked with Business Sweden in China, Russia, India and the USA, and currently rents an office space from Business Sweden in Beijing.
Note: This report was compiled before Russia’s invasion of Ukraine in February 2022 which has dramatically changed the security policy situation and business conditions in the region. For updated information, please contact us at Exportregler.
Founded in 1983 and headquartered in Stockholm, ContextVision is a medical technology company that specializes in image analysis and artificial intelligence. It is the global market leader in developing imaging technology for procedures such as ultrasound, digital X-ray, interventional radiology, mammography, magnetic resonance imaging, and digital pathology.
Listed on the Oslo Stock Exchange, ContextVision is represented globally with offices and partners in Asia, Europe and North America.