Industry Minister Ahn Duk-geun called the US “the most important ally and rival” to South Korea on Thursday while introducing the government's key initiatives to bolster US-Korea trade and investment at a conference hosted by the American Chamber of Commerce in Korea. “Korea is establishing a stable investment environment by implementing various regulations, such as the Korea-US Free Trade Agreement, and expanding our global network,” Ahn stated, noting the country&#

Industry Aug. 29, 2024

Posco said Thursday that it has introduced a lightweight steel takeoff and landing pad, specifically designed for vertiports on buildings. This new vertiport landing pad is constructed from a foam deck formed by thinly shaped steel plates, making it over 60 percent lighter than traditional landing pads while still offering superior rigidity, corrosion resistance and usability, according to the company. In June, Posco's landing pad underwent rigorous testing during Lotte E&C's urban

Companies Aug. 29, 2024

Korean Air is significantly increasing its investment in a younger, safer and more passenger-friendly fleet, reflecting the carrier's commitment to enhancing its services and providing travelers a broader range of options. According to recent Transport Ministry data, the average age of Korean Air’s fleet is 11 years and four months, making it the youngest among the top five airlines in the country. This achievement is part of the airline's ongoing strategy to introduce new aircra

Companies Aug. 28, 2024

South Korean discount chain Homeplus said Monday it saw a significant sales increase during it latest promotional event, which featured discounts on meat, vegetables and fruit, targeting peak demand in the summer vacation season. The event, which ran from July 25 to Aug. 11, resulted in growth across both physical stores and online. According to the company, sales at Homeplus' five major branches surged by over 50 percent, with some branches seeing sales increases of up to 90 percent. Meanw

Companies Aug. 26, 2024

The Embassy of Tajikistan in South Korea announced Monday that it hosted a special event dedicated to celebrating Tajikistan Cultural Day, while strengthening cultural exchanges between the two nations. The event also marked the publication of the Korean edition of "Tajiks in the Mirror of History: From Aryans to Samanids," a book authored by Tajikistan President Emomali Rahmon. Rahmon’s book reportedly offers an in-depth exploration of the history and cultural development of the

Industry Aug. 26, 2024

South Korea's subway operators are raising billions of won by selling station co-naming rights to corporations, allowing them to place their names alongside the well-known station names, to make up for substantial operating losses. Seoul Metro, the operator of Subway Line Nos. 1 through 9 within the capital, announced Aug. 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a biddin

Industry Aug. 19, 2024

The average purchase amount per customer at duty-free shops in South Korea has in the first seven months of this year reached the lowest level in five years, largely due to shifting trends among Chinese tourists and losing their appeal to domestic customers, data showed on Sunday. According to data compiled by the Korean Duty-Free Shop Association, total sales of domestic duty-free companies reached 7.39 trillion won ($5.45 billion) in the first half of the year, up 13.6 percent from 6.5 trillio

Industry Aug. 18, 2024

South Korea has seen a rise in food exports to India in recent years, capitalizing on the growing popularity of Korean culture and foods, which also aligns with the efforts of Korean food companies to expand their presence there, drawn to the country's large population and growth in income levels. According to data compiled by the Korea Agro-Fisheries & Food Trade Corp., or aT, Korean food exports to India -- including agricultural produce, food additives, convenience foods, and both al

Industry Aug. 14, 2024

Protesters affected by the liquidity crisis at e-commerce platforms Tmon and WeMakePrice gather in front of Tmon’s headquarters in southern Seoul on Tuesday, holding black umbrellas with protest slogans. The demonstrators, including sellers and buyers who have not received payments or refunds from the cash-strapped Korean affiliates of Singapore's Qoo10 platform, argue that the government's emergency measures to address the issue are insufficient. For the sellers alone, the delay

Industry Aug. 13, 2024

South Korean food giant CJ CheilJedang said Monday that its Bibigo booth, set up at the Korea House during the Paris Olympics, lured both Korean food enthusiasts and potential business partners during the 18-day run. The Bibigo products showcased at the booth included a range of Korean dishes and snacks, such as tteokbokki, "jumukbap" (stuffed rice balls), corn dogs, and mandu. The company also offered on-site cooking classes for making "gimbap," or seaweed rice rolls, which

Companies Aug. 12, 2024

South Korean food giant Ottogi said Friday it will change its English name to Otoki to make the brand more recognizable to international consumers. "We decided to pursue this rebranding to clarify the company's identity for global consumers while introducing a modernized symbol that feels more approachable. This will resolve confusion surrounding the pronunciation of our English name," said a company official. As a part of the rebranding initiative, its mascot received a face-lift

Companies Aug. 9, 2024

Korea Ginseng Corp., the leading manufacturer of ginseng products in the country, said Tuesday it has signed agreements with Japanese retail giants Welcia and Aeon Mall to introduce its red ginseng brand, JungKwanJang, in their stores. This initiative aims to enhance the presence of JungKwanJang in the Japanese market by entering the largest drugstore chain and the leading comprehensive shopping mall company, the firm said. Welcia is the largest drugstore chain in Japan, boasting over 2,000 offl

Companies Aug. 6, 2024

South Korean e-commerce giant Coupang announced Tuesday that it has started offering products from the global premium skincare brand SK-II through Rocket Luxury, the company's one-day delivery service dedicated to premium beauty products. “We are excited to offer a greater variety of luxury skincare brands popular with customers through the inclusion of SK-II,” a Coupang official said. “We will continue to introduce global premium brands that meet the needs of our customer

Companies Aug. 6, 2024

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-

Industry Aug. 4, 2024

Food items made with locally sourced ingredients have emerged among food companies in Korea. This approach, which aligns with those companies’ corporate social responsibility efforts, supports economic growth in rural areas and offers unique experiences for consumers, collectively known as "loconomy." On July 11, McDonald’s Korea launched the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin, both using peppers produced in Jinju, South Gyeongsang Provinc

weekender Aug. 3, 2024