Economy
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Daesang starts mass production of low-calorie alternative sweetener product
SEOUL -- South Korea's major food manufacturing group Daesang has started the mass production of allulose, a low-calorie alternate sugar product, in a bid to target the domestic sweet alternative market valued at 330 billion won ($257.6 million) in 2020. The growth of the South Korean alternate sugar product market gained traction over the last five years, especially during the COVID-19 pandemic, when people's awareness of wellness and eating healthy food had increased. One b
24 July 2023
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CGBIO acquires medical aesthetics product company targeting domestic plastic surgery market
SEOUL -- CGBIO, a total healthcare provider in South Korea, has acquired DNC AESTHETICS, a medical aesthetics product maker, to target the domestic plastic surgery market that was valued at $1.95 billion in 2021 with products that are used at plastic and cosmetics surgery hospitals. South Korea has a plastic and cosmetics surgery market that is growing at an average annual growth rate of 13.2 percent, according to Expert Market Research, a global market research firm. For the last deca
24 July 2023
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Online fashion platform Musinsa attracts $157.8 mln through Series C funding led by KKR
SEOUL -- Musinsa, a popular South Korean online fashion platform, has attracted more than 200 billion won ($157.8 million) through Series C round funding led by American investment company Kohlberg Kravis Roberts & Co. with participation from Wellington Management, an American private independent investment management firm. Musinsa made a foray into South Korea's fashion industry in 2003 as a small online fashion community. The startup company opened an online shopping mall i
20 July 2023
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S. Korea to inject $22.7 mln for establishment of 'digitally-collaborative' factories
SEOUL -- As part of the country's big push towards the acceleration of the digital transformation of industries, South Korea will inject 28.8 billion won ($22.7 million) to build six "digitally-collaborative" factories in manufacturing sectors such as shipbuilding, carmaking, and machinery by 2025. The smart factories will connect a factory to various bodies including their clients and management to set up a two-way communication system that will optimize the operation and re
20 July 2023
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S. Korea sets minimum wage for 2024 at 9,860 won per hour
SEOUL -- Through 15 sessions of negotiation meetings, South Korea's Minimum Wage Council finally decided to set the minimum wage for next year at 9,860 won ($7.8) per hour, and the minimum monthly wage at 2,060,740 won, up 2.5 percent from 2023's minimum wage of 9,620 won per hour and 2,010,580 won per month. Through the meetings, labor demanded that the minimum wage should be set above 10,000 won while management claimed that the increase should be frozen or minimized to help
19 July 2023
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SK Signet to supply more than 1,000 ultra-fast EV chargers to US EV charging network operator
SEOUL -- SK Signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, has secured an order to provide more than 1,000 electric vehicle chargers with a capacity of more than 400 kilowatts to Francis Energy, an Oklahoma-based EV charger operator. Through the contract, the South Korean EV charger maker will receive subsidies from the United States government pushing for the national electric vehicle infrastructure (NEVI) project. The U.S. go
17 July 2023
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Samsung shipyard wins $3.1 bln contract to build 16 methanol-powered container ships
SEOUL -- Samsung Heavy Industries has won a contract worth about four trillion won ($3.1 billion) from an Asia-based client to build 16 methanol-powered container cargo ships. The vessels will be delivered to the client by the end of 2027. Unlike natural gas which requires high pressure and cryogenic temperatures, methanol is easy to store and transport even at room temperature and general atmospheric pressure. It is relatively less expensive to build an initial infrastructure. Methano
17 July 2023
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S. Korea's labor and management to try reaching agreement on minimum wage for 2024
SEOUL -- South Korea's Minimum Wage Council consisting of government, labor, and management representatives will engage in a plenary meeting to reach an agreement on the minimum wage for 2024. During the 12th plenary meeting on the 11th, labor and management presented the third and fourth revised proposals consecutively. The labor sector demanded 11,540 won ($9.05) through the third revised proposal, while the management sector demanded 9,720 won. Subsequently, they proposed 11,140
13 July 2023
