Korean food giant CJ CheilJedang's Bibigo brand has set a target of 35 billion won ($26 million) in domestic sales this year for its K-street food products, after observing considerable sales momentum in the market in 2023, according to the firm on Tuesday. Among Bibigo's K-street food offerings, its bungeoppang products, or fish-shaped waffles, achieved monthly domestic sales of 1 billion won for both November and December. Launched in August, the bungeoppang series currently boasts r

South Korea posted a new record high in food exports last year, driven by the steadily increasing global interest in Korean culture and strategic initiatives by food companies who have rigorously promoted their products overseas. The total export value of agricultural and food products reached $9 billion by the end of the third week of December, according to the Ministry of Agriculture, Food and Rural Affairs. This marks a 3 percent increase compared to the same period in 2022, setting a new all

The 2023 Korea Food Security Symposium is taking place Friday at the Korea Agro-Fisheries & Food Trade Corp. Center in Seoul, gathering field experts, scholars and public officials to discuss the topic of the country's food security, particularly in the age of climate crisis. "The rapidly intensifying climate crisis and persistent conflicts pose ongoing threats to the global food supply and demand network," said Kim Chun-jin, CEO of the Korea Agro-Fisheries & Food Trade Co

The Korea Airports Corp. said Thursday it aims at reversing into the black next year by attracting 90 million passengers and logging 1 trillion won ($766.7 million) in revenue. Seven airports across the nation, including Gimpo, Gimhae, Jeju, Cheongju, Daegu, Muan and Yangyang, are anticipated to surpass their pre-pandemic records in number of passengers by next year, riding the wave of increasing demand for inbound tourism. With the anticipated full recovery of international passengers in 2024,

From oversupply of logistics hubs to international giants’ entry, South Korea’s booming e-commerce industry is being reshaped by multiple challenges and changes. According to Colliers Korea's December report, 114 logistics centers occupying over 10,000 square meters were registered this year, marking the highest figure since 2017. The rise was fueled by the heightened demand for logistics centers that surfaced three years ago during the peak of the pandemic. The Greater Seoul ar

The Incheon International Airport Corporation has unveiled its vision for the upcoming year, aiming to further digitalize the airport's systems and services for the convenience of passengers. "We have designated 2024 as Incheon Airport's year of digital transformation," Incheon International Airport Corp. CEO Lee Hag-jae said during a press conference held at the airport, on Wednesday. "Our objective is to integrate cutting-edge technology into airport services at both t

Shinsegae Duty Free, Korea's leading duty-free brand, said Tuesday it has joined hands with Hong Kong airline Cathay Pacific to establish a membership mileage partnership program. This marks the first time for a domestic duty-free company to enter into a marketing agreement with a global air carrier. The strategic move is aimed at drawing in more individual tourists to duty-free shops, responding to the changing trend of those visiting Korea. Whereas previously there were more tourists from

The South Korean construction sector is anticipated to maintain its streak of surpassing $30 billion in overseas orders for the fourth consecutive year, approaching the government's target of reaching this year's $35 billion goal. The total overseas orders that Korean builders have received as of Dec. 15 this year amounted to $29.25 billion, according to the Ministry of Land, Infrastructure and Transport on Monday. The figure is a 7.2 percent increase from the $27.29 billion tallied in

진행자: 김혜연, Naomi Ng 기사요약: 내년부터 모바일 여권 앱 하나로 서울 여행하는 외국인 관광객, 신분확인부터 교통카드, 면세 쇼핑 등 해결 가능 City of Seoul's app adds payment, tax refund service [1] The Seoul Metropolitan Government announced on Monday the expansion of services on the city’s travel app, TripPass, to allow international tourists to easily access various services, such as personal identification and mobile payments. - expansion 확대, 확장 [2] With TripPass, tourists can issue mobile passports for use in stores that require ide

CJ Foodville, the operator of bakery chain Tous Les Jours and a subsidiary of South Korean food giant CJ Group, said Thursday it has secured funding worth 70 billion won ($54 million) from Seoul-based Arges Private Equity. With the new investment, Arges has become the second largest shareholder of CJ Foodville with a 12.3 percent stake. The funding comes three months after the private equity firm was chosen as the preferred bidder to acquire 1.29 million new shares of CJ Foodville in August. CJ

진행자: 김혜연, Naomi Ng Questions raised over Uniqlo’s hefty dividend payouts 기사요약: 2년 연속 연간 순이익보다 많은 고배당 단행한 유니클로 [1] South Korean operator of the Japanese fashion giant Uniqlo, FRL Korea, has announced substantial dividends for the second consecutive year, with dividends surpassing the company's net profit for the 2022 fiscal year by 52.8 billion won ($40 million). - dividends 배당금 - net profit 순이익 - fiscal year 회계 연도 [2] According to the Financial Supervisory Service's report Mon

In a surprising but pleasant twist to the global wave of Korean cultural influence, the Netherlands has emerged as a formidable player in its love for Korean instant noodles, kimchi and K-food overall. According to customs data, the Netherlands imported $48.64 million of ramen from Korea in the January-November period this year, becoming the fourth-largest importer in the category, following China, the US and Japan. In a separate report, the country also ranked third in kimchi imports, total

South Korean operator of the Japanese fashion giant Uniqlo, FRL Korea, has announced substantial dividends for the second consecutive year, with dividends surpassing the company's net profit for the 2022 fiscal year by 52.8 billion won ($40 million). According to the Financial Supervisory Service's report Monday, FRL Korea distributed 180 billion won in dividends for the 2022 fiscal year. In the 2021 fiscal year, the company allocated 140 billion won in dividends, exceeding its net pro

Lotte Group's year-end reshuffle announced on Wednesday signals a focus on new growth opportunities, placing the third-generation scion at the forefront. The conglomerate, ranked as the country's sixth-largest, has initiated this year's executive reform as it grapples with declining performance in its major subsidiaries. During an annual board meeting, a panel of 38 affiliates appointed 14 new chief executive officers. Among them, Shin Yoo-yeol, the 37-year-old eldest son of Lotte

AliExpress, an online direct purchase platform owned by Chinese e-commerce giant Alibaba Group, has revealed plans to invest 10 billion won ($7.6 million) in South Korea over the next three years to extensively regulate counterfeit goods sold on the platform, according to the firm on Wednesday. The announcement comes amid ongoing consumer complaints about counterfeit goods purchased through the platform since its official debut in Korea in 2018. "We feel an increased sense of responsibility

Daewoo Engineering & Construction Chairman Jung Won-ju has recently engaged with industry leaders and officials in Indonesia to broaden the scope of the company's global construction projects, focusing on the extensive development of the Southeast Asian country's new capital that is expected to be inaugurated as early as August next year. Indonesia is actively preparing to relocate its capital from Jakarta to Nusantara, a purpose-built city in the East Kalimantan area. The planned

Song Mi-ryung, former deputy director of the Korea Rural Economic Institute, has been nominated as the new minister of agriculture, food and rural affairs, the presidential office said Monday. Born in 1967, Song studied political science at Ewha Womans University. She earned her master’s degree in urban design and planning and her doctorate in public administration at Seoul National University. Having started her professional career at the KREI in 1997, she has devoted almost 30 years to t

Passenger traffic at Incheon Airport has breached 90 percent of pre-pandemic levels as of November, according to the airport on Sunday. The number of international passengers via the airport was 5.35 million in November, equivalent to 91 percent of the monthly average of 5.88 million in 2019. The overall passenger counts from January to November this year amounted to 50.51 million, reflecting a recovery to 78 percent of the 2019 level. Travelers to popular destinations, including Japan, the US

In the journey to establishing Samyang Roundsquare's global presence with its ramyeon products, CEO Kim Jung-soo has played a pivotal role. Taking on the position of CEO in September, Kim has been a key figure in the family-owned Samyang Group's leadership since 2017, being the daughter-in-law of Samyang Foods' founder, Chun Joong-yoon. Kim envisions the global market growth not merely as a culinary delight but as a cultural phenomenon extending beyond food. For example, the "

South Korean food giant Samyang Roundsquare, under the leadership of CEO Kim Jung-soo, has been avidly pursuing its global market strategy, particularly focusing on key regions such as China and the US. With China contributing to 35 percent of overseas sales, the company is intensifying efforts to expand to the US, Europe and Southeast Asia, identified as the next growth drivers. During China's Singles Day shopping festival from late October to November, Samyang Roundsquare reached record s