Economy
-
S. Korean President Yoon to visit Indonesia for ASEAN summit meetings
SEOUL -- South Korean President Yoon Suk-yeol will embark on a six-day journey to Indonesia to attend the ASEAN summit meetings and visit India for a summit meeting with Indian Prime Minister Narendra Modi. Indonesian President Joko Widodo invited President Yoon to attend a summit meeting. President Yoon will attend a set of meetings including South Korea-ASEAN summit meetings and the South Korea-China-Japan trilateral summit meeting as well as a gala luncheon session hosted by the Ind
5 September 2023
-
LG Magna e-Powertrain to construct EV parts plant in Hungary by 2025
SEOUL -- LG Magna e-Powertrain, a joint venture between Canada's mobility technology company Magna International and South Korea's LG Electronics, will build a plant in Europe to produce electric vehicle components such as electric motors. The company's first European factory will be built in Hungary's industrial city "Miskolc" by 2025. The EV parts plant will be set up in Miskolc in northwestern Hungary, LG Magna e-Powertrain, said on September 4. The 26,000-s
4 September 2023
-
S. Korea and French company L'Oreal kick-start incubation program for 'beauty tech' startups
SEOUL -- South Korea and French personal care company L'Oreal have kick-started an incubation program for South Korean startups that specialize in "beauty tech" products. The project is part of a partnership between South Korea's startup industry and the French beauty product company that was forged in June 2023. Beauty tech refers to skin care technology that incorporates artificial intelligence-based devices and solutions that analyze and provide appropriate care
4 September 2023
-
SK ecoplant joins project to build wind power facilities in Canada
SEOUL -- A consortium that involves SK ecoplant, an environmental and energy solution provider affiliated with South Korea's SK Group, has secured a 1,077.91 square-kilometer-wide land in eastern Canada to build wind power facilities. Along with Canadian renewable energy provider World Energy GH2, SK ecoplant aims to generate carbon-free green hydrogen by breaking down water with electricity produced by wind generators and deliver it to other continents including Europe after convertin
4 September 2023
-
S. Korea to inject $109 mln to boost seafood industry amid fears of radioactive waters from Japan
SEOUL -- South Korea will inject a total of 144 billion won ($104 million) in a bid to stimulate the consumption of seafood after the industry was frozen due to Japan discharging contaminated water including radioactive materials such as tritium from the Fukushima nuclear power plant, the world's worst nuclear disaster site since the Chernobyl nuclear disaster in 1996, into the Pacific Ocean. Despite South Korea's seafood market entering one of its busiest seasons at the end of
1 September 2023
-
Exports of S. Korean instant noodles Ramyeon surpass $520 mln in 2023
SEOUL -- Exports of South Korean instant noodles known as Ramyeon soared 17.7 percent year-on-year to a record high of $522 million during the first seven months of 2023, state data showed. The instant noodles, featured in many South Korean movies including the Oscar-winning film "Parasite" and live streaming content, have created a global phenomenon, with consumers uploading themselves eating hot noodles onto YouTube. According to data provided by the Korea Agro-Fisheries &a
1 September 2023
-
Annual sales of Pulmuone's alternative meat brand reach $32.4 mln
SEOUL -- "Vegetable Earth Diet," an alternative meat brand by South Korea's food company Pulmuone, has recorded about 43 billion won ($32.4 million) in sales only a year after its release in August 2022. The vegan meat brand contains food items made with plant-based ingredients such as alternative meat and tofu noodles. Pulmuone said in a statement that the company gained around 43 billion won through the Vegetable Earth Diet brand. The brand also includes an alternative
29 August 2023
-
S. Korean food industry likely to be affected by increased milk prices
SEOUL -- Seoul Milk, one of South Korea's major dairy product makers, has announced that the company will increase the price of its white milk product by three percent due to increased prices of crude milk, or raw milk produced by cows. Milk prices are affected by various economic variables such as prices of fuel, stock feed, animal medicine, and human labor. According to the consumer price trends released by the national statistics information service, the consumer price index for
29 August 2023
