Economy

• 
  EU loosens regulation over exports of S. Korean instant noodles SEOUL -- The European Union has decided to loosen regulations over imported instant noodle products, including South Korean instant noodles called "Ramyeon," by simplifying the safety verification process. Previously, the EU requested test papers that certify imported instant noodles do not contain residues of ethylene oxide and its metabolite 2-chloroethanol which could be found in soup powders of some products. Ethylene oxide (EO) is widely used as a fumigating agent fo 2023-05-24
• 
  Domestic OTT service operator Wavve recapitalizes to accelerate global business operation SEOUL -- In a bid to find a solution to expand the company's business operations to overseas countries, South Korea's domestic over-the-top service Wavve has attracted an investment of about 25 billion won ($19 million) from SK Square's American subsidiary through recapitalization. According to South Korea's fair trade watchdog, the domestic over-the-top (OTT) service market, estimated to stand at $1.9 billion in 2022, was led by Netflix, the world's largest OTT 2023-05-23
• 
  Samsung Electro-Mechanics suffers inventory accumulation despite production cut SEOUL -- Sales data showed that Samsung Electro-Mechanics, the electrical component maker in South Korea, was stricken by inventory accumulation despite the fact that the company made a bold decision in late 2022 to cut production. Samsung Electro-Mechanics mainly focuses on multilayer ceramic capacitors (MLCCs), printed circuit boards, and camera modules. The company is one of the top players in the global electric component market. The electric component maker's products are 2023-05-23
• 
  Kolon Industries to develop food waste-based degradable plastic material technology SEOUL -- Kolon Industries, a chemical and textile manufacturing company affiliated with South Korea's Kolon Group, will work with Paques Biomaterials, a Netherlands-based eco-friendly material startup, for the development of technology to mass produce food waste-based degradable plastic materials called "polyhydroxyalkanoates." Kolon Industries aims to secure resources and technology to produce eco-friendly materials in South Korea. Polyhydroxyalkanoates (PHAs) are pr 2023-05-23
• 
  HD Hyundai Energy Solutions wins solar power module contract in Central African market SEOUL -- For the first time, HD Hyundai Energy Solutions, the solar power wing of South Korea's Hyundai shipbuilding group, has won a solar power module supply contract in the Central African market. The company will provide 500-watt high-performance solar power modules to Portuguese infrastructure builder MCA for the construction of local power plants. According to the International Energy Agency, Africa has the world's largest solar energy resources of up to 60 percent bu 2023-05-22
• 
  CJ Cheiljedang beefs up food business in U.S. by establishing world's biggest frozen pizza factory SEOUL -- CJ Cheiljedang, South Korea's major food company under CJ Group, has beefed up its food business in the United States by building the world's largest frozen pizza manufacturing facility. The food company targets the North, Central, and South American markets with frozen Pizza, frozen dumplings, and other Korean menus. In a bid to attract customers in the American market, CJ Cheiljedang acquired Schwan's Company, a frozen food manufacturer headquartered in Minne 2023-05-22
• 
  ​S. Korean power supplier to establish $451 mln solar power generation facility in Oman SEOUL -- Korea Western Power, a power supplier in South Korea, will build a 600 billion won ($451 million) solar power generation facility in Oman. Through the facility, the Middle Eastern country can produce about 500 megawatt hours of electricity. Korea Western Power signed an agreement with Oman Power and Water Procurement Company (OPWP) to start the construction in November 2023 in Oman's northeastern region called "Manah." The South Korean company will be in charg 2023-05-19
• 
  ​LG Energy Solution forges partnership with Australia's lithium mine operator SEOUL -- In a bid to diversify and expand lithium supply channels, South Korea's battery maker LG Energy Solution has forged a partnership with Australia's Green Technology Metals, a lithium mine operator. Global battery makers are in a race to acquire as many stable supply channels for lithium and other rare metals that are required for the production of batteries. China controls about 70 percent of the global lithium production. China, Australia, and Chile are the world&# 2023-05-19
• 
  LG Chem to provide reverse osmosis membranes for desalination project in Israel SEOUL -- LG Water Solutions, the water treatment wing of South Korea's LG Chem, was selected to supply some 30,000 reverse osmosis membranes for a global desalination project in the Israeli city of Ashdod. Using LG Chem's membranes, the project operators in Israel can annually desalinate 100 million tons of seawater that can be consumed by about 1.1 million people. Reverse osmosis (RO) is used to remove salt and other substances from water through a semi-permeable membrane. 2023-05-18
• 
  ​Kakao's mobility service wing push to release van-hailing service in Jeju Island SEOUL -- Kakao Mobility, the mobility service wing of South Korea's web service giant Kakao, is pushing to release its van-hailing service in the southernmost resort island of Jeju. The island with an iconic dormant volcanic mountain was visited by some 14 million tourists in 2022. Jeju with a population of about 700,000 is one of the popular tourist spots frequently visited by South Korean and Chinese tourists. While tourists participating in package tour programs travel aro 2023-05-18
• 
  Doosan to enter commercial hydrogen vehicle market with fuel cell technology SEOUL -- South Korea's Doosan Group will enter the commercial hydrogen fuel cell vehicle market using its hydrogen power drive system in a bid to create a new growth engine for the future clean energy era. The global hydrogen fuel cell-related market is growing consistently to reach $2 trillion by 2050 and South Korean technology companies are investing a total of more than 50 trillion won. Doosan Group founded Doosan Fuel Cell specializing in hydrogen fuel cell-based systems a 2023-05-17
• 
  S. Korea's TV home shopping industry struggles to capture customers SEOUL -- Due to fewer people watching TV, South Korea's TV home shopping industry is struggling to capture more customers. Major home shopping show operators experienced a sharp decrease in operating profit. South Korea's TV home shopping market which stood at 5.56 trillion won ($4.16 billion) in 2019 saw a slight increase of 5.9 percent to reach 5.89 trillion won in 2020 when people stayed at home and watched TV to avoid being infected by COVID-19. However, the market siz 2023-05-16
• 
  Kia to build EV facility plant in Mexico's industrial state of Nuevo Leon SEOUL -- Kia, an affiliate of South Korea's Hyundai auto group, would build a factory with electric vehicle production facilities in Mexico's northeastern industrial state of Nuevo Leon. Without disclosing specific information, Nuevo Leon governor Samuel García Sepúlveda said about $1 billion would be injected for the establishment of the plant designed to produce two different vehicle models. The deal can help the South Korean carmaker to overcome a U.S. Inflatio 2023-05-16
• 
  CJ Cheiljedang to release spicy rice cake menu Tteokbokki in North America and Europe SEOUL -- Targeting global consumers in North America, Europe, and Asia, CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will release Korean street food products including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. The street food menus will be included in Bibigo, a Korean cuisine brand that achieved 11.1 trillion won (8.3 billion) in sales in 2022. CJ Cheiljedang is the first South Kore 2023-05-15
• 
  ​S. Korean battery makers could face supply shortage in copper in 10 yrs: industry SEOUL -- South Korean battery makers could face a supply shortage in copper, the main material for copper foil and other key components of secondary batteries, while they focus on acquiring a stable supply line of lithium, which is also a key material for lithium-ion batteries used for electric vehicles, industry officials said. According to data released by London Metal Exchange (LME), the price of copper reached $8,263 per ton on May 15. Global investment management firm Goldman 2023-05-15
• 
  ​S. Korea's state power company to establish submarine high voltage power 'expressway' to connect cities SEOUL -- South Korea's state power company has revealed a 15-year project to establish a power "expressway" underwater using submarine high voltage direct current cables to draw excess electricity from southern areas to the capital city of Seoul and its satellite cities. Currently, Seoul and its surrounding cities have the highest population density of 2,195 people per square kilometer, which is about five times larger than that of the southern port city of Busan, w 2023-05-15
• 
  Pulmuone's Asian noodle products gain explosive popularity in US market SEOUL -- Seoul-based food company Pulmuone has recorded $72.2 million in sales of Asian noodles in 2022, up 65 percent from a year ago. Targeting American consumers, the food company has showcased various refrigerated noodle products including ramen with pork and broth, and Japchae, a Korean stir-fried noodle dish with beef and various vegetables. According to data released by market research firm Research and Markets, the instant noodles market in the U.S. was estimated to be $1 b 2023-05-15
• 
  ​Probiotic brand Duolac makes foray into pet market SEOUL -- Targeting South Korea's growing pet market, the lactic acid bacteria brand of Cell Biotech, a Seoul-based probiotic company, made a foray into the pet nutrition market by releasing a pet lactic acid bacteria product. The chewable supplement product can help animals improve internal microbial conditions as the majority of immune cells live in their intestines. Data released by South Korea's agriculture ministry showed that about one out of four South Koreans raise 2023-05-12
• 
  Foreign brands target S. Korea's $104.8 bln restaurant market SEOUL -- Foreign restaurant brands including American fast food casual restaurant chain Five Guys and American fried wings franchise Wingstop have chosen to make a foray into South Korea with a 139.6 trillion won ($104.8 billion) restaurant market. There are many foreign brands like McDonald's, Burger King, Papa Jones, and KFC that are favored by picky South Korean customers but the majority of the market is shared by domestic restaurant chains and individual restaurant operato 2023-05-12
• 
  ​Jipyeong Brewery builds Korean rice beer factory with automated brewing facilities SEOUL -- Jipyeong Brewery, a South Korean brewery that produces Korean rice beer Makgeolli, has completed the construction of a factory with automated Makgeolli brewing facilities in the central city of Cheonan. The factory of about 9,900 square meters, which is about the size of 1.3 soccer fields, would be used to produce sterilized Makgeolli targeting global markets including the United States, Europe, and Southeast Asia. Makgeolli, also known as Korean rice wine or Korean rice b 2023-05-11