SEOUL, Jan. 17 (Korea Bizwire) — Companies from South Korea and the United Arab Emirates have signed 23 memorandums of understanding (MOUs) and a contract, worth US$6.1 billion combined, enhancing bilateral cooperation on energy, defense and new industry sectors such as hydrogen and bio, Seoul’s industry ministry said Tuesday. The signing ceremony was held Monday [...]
SEOUL, Jan. 16 (Korea Bizwire) — A growing number of Koreans are eating meals at home instead of going out due to the pandemic and restaurant price increases brought on by inflation. As a result, demand for miniature-sized vegetables is rising. Discount retailer Emart Inc. reported that last year’s sales of raon paprikas, which come [...]
SEOUL, Jan. 13 (Korea Bizwire) — Liquor companies in South Korea are releasing eco-friendly, limited editions of alcoholic beverages ahead of the Lunar New Year. A-Young Fortune Brands Co. released the All PaperBox gift set on Thursday with packaging made entirely of paper. Liquor gift sets normally include plastic material or plastic airbags to protect [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s meal kit market still remains active unlike expectations that it would contract after the lifting of social distancing rules, as ready-to-eat meal products are still popular as an alternative to dining out amid a period of prolonged inflation. E-Mart24 Inc., the convenience store arm of South Korean [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Korea is expected to become the largest export market for U.S. beef for the second straight year as the nation’s imports of American beef increased last year, data showed Tuesday. According to the data compiled by the U.S. Department of Agriculture and the U.S. Meat Export Federation, the [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korea will double the annual budget for overseas development grants in the agricultural sector to 500 billion won (US$401.4 million) by 2027, the agriculture ministry said Tuesday. The government approved the plan to raise the yearly budget for official development assistance (ODA) grants, which was 246.7 billion won [...]
SEOUL, Jan. 10 (Korea Bizwire) — Overseas construction orders clinched by South Korean builders topped the US$30 billion mark for the third straight year in 2022 as the global economy slowly recovered from the fallout of the pandemic, data showed Tuesday. Local builders secured a combined $31 billion worth of construction orders last year, up [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korean shipbuilders saw their global market share edge up in 2022 from a year earlier despite decreased new orders, industry data showed Tuesday. Local shipyards clinched a combined 16.27 million compensated gross tons (CGTs) in new orders last year, or 38 percent of the global total of 42.78 [...]
SEOUL, Jan. 10 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Tuesday it has raised US$2 billion by selling debts overseas, its largest-ever overseas debt sale. The three-tranche debt comprises three-year bonds worth $700 million, five-year bonds worth $1 billion and 10-year debts valued at $300 million, according to the steelmaker. POSCO’s bond sale [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korean instant noodle maker Nongshim Co. is exploring ways to attract young consumers who are reducing their consumption of instant noodles, or “ramyeon” in Korean. The company opened a Shin Ramyun cafeteria popup store in the hip district of Seongsudong in eastern Seoul on Monday. It brought the [...]