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Local Auto Parts Manufacturers Boosting Foreign Investment

Local Auto Parts Manufacturers Boosting Foreign Investment

SEOUL, Dec. 6 (Korea Bizwire) – Korean auto parts makers are growing more active overseas, backed by factors ranging from personnel costs to the possible global protectionism that may be triggered by U.S. president-elect Donald Trump in line with his election pledges.  Castec Korea, a manufacturer of automobile components that supplies parts to global automakers [...]

Korean Companies Prefer to Keep Manufacturing Abroad

Korean Companies Prefer to Keep Manufacturing Abroad

SEOUL, Sept. 26 (Korea Bizwire) – In contrast to the recent global tendency for enterprises to bring manufacturing back to their native soil, Korean companies seem to be bucking the trend, government data showed Monday. Reshoring is when a company moves manufacturing ventures back to its home country after operating overseas, often in search of [...]

Imports Account for 30 Pct of Manufactured Goods in Korea

Imports Account for 30 Pct of Manufactured Goods in Korea

SEJONG, Sept. 9 (Korea Bizwire) – About 30 percent of manufactured goods consumed by South Koreans in their daily lives were imported from abroad in this year’s second quarter on rising demand for foreign electronic devices and pharmaceuticals, latest data showed Friday.  Out of the total domestic manufacturing supply, including intermediate and consumer goods, foreign-made [...]

S. Korea to Inject 40 Bln Won to Improve Industrial Design Capability by 2020

S. Korea to Inject 40 Bln Won to Improve Industrial Design Capability by 2020

SEJONG, Aug. 29 (Korea Bizwire) – South Korea will invest 40 billion won (US$35.5 million) by 2020 to improve the country’s industrial design capability and develop higher value-added products, the trade ministry here said Monday.  In a design promotion plan unveiled at the 2016 Design Innovation Forum held in Seoul, the Ministry of Trade, Industry [...]

IMF Director Advises Seoul to Deregulate Service Sector

IMF Director Advises Seoul to Deregulate Service Sector

SEOUL, Aug. 12 (Korea Bizwire) – South Korea has to carry out sweeping reform of the service industry as a first step to transform the manufacturing-focused economy into the service sector-led economy, a Korea-born official from the International Monetary Fund (IMF) said Friday.  “The South Korean economy has been steered by the manufacturing industry and [...]

How Should Companies Cope with a Rapidly Changing Business Environment?

How Should Companies Cope with a Rapidly Changing Business Environment?

SEOUL, Aug. 2 (Korea Bizwire) – The Korean economy is changing, with startups meeting both success and failure, and companies that fail to adapt to the new market realities will eventually perish. In a recent survey conducted by the Korea Chamber of Commerce & Industry (KCCI) and 71 regional organizations, 49.9 percent of 2,400 surveyed [...]

Retail Companies Outdo Manufacturers through M&A and Private Brands

Retail Companies Outdo Manufacturers through M&A and Private Brands

SEOUL, June 10 (Korea Bizwire) – Large retail and distribution companies are rapidly expanding their presence in the manufacturing industry through M&A or Private Brands (PB). The rationale behind this phenomenon is that integrated management from planning and manufacturing to distribution of products saves costs and exerts greater influence in the market. Lotte Department Store launched [...]

Hybrid Car Sales Spike in April Amid Growing Interest in Eco Vehicles

Hybrid Car Sales Spike in April Amid Growing Interest in Eco Vehicles

SEOUL, May 11 (Korea Bizwire) – Sales of hybrid cars in South Korea hit an all-time high last month amid growing interest in environmentally friendly vehicles, industry data showed Wednesday.  Sales of hybrid cars here reached 7,454 units last month, breaching the previous monthly record of 5,157 units set in December, according to the data by [...]

Kakao Changes Manufacturing Paradigm

Kakao Changes Manufacturing Paradigm

SEOUL, Feb.16 (Korea Bizwire) – Kakao, the company behind the popular KakaoTalk messaging app, is launching a distribution service in which products are manufactured after having been pre-ordered. The company’s goal is to prevent resources from being wasted, and help boost revenues for manufacturers with good ideas. Kakao announced that it will start a service [...]

CSA Group and Korean Standards Association Sign Standards Distribution Agreement

CSA Group and Korean Standards Association Sign Standards Distribution Agreement

SEOUL, SOUTH KOREA, Jan. 16 (Korea Bizwire) – CSA Group, a leading standards development organization and global provider of product certification and testing services, today announced a distribution agreement with Korean Standards Association (KSA). Under the two-year agreement, KSA will have non-exclusive, worldwide rights to package, distribute and sell CSA Group standards and related publications electronically [...]