overseas Archives | Be Korea-savvy
Overseas Resources Projects to Undergo Heavier Scrutiny

Overseas Resources Projects to Undergo Heavier Scrutiny

SEOUL, Oct. 2 (Korea Bizwire) — Overseas resource development projects exceeding 100 billion won (US$89.96 million) will be put through rigorous pre-assessment, a step meant to avoid indiscriminate investment and financial losses, officials said Tuesday. Bills approved by the Cabinet stipulate that such high-cost projects by the Korea National Oil Corp. (KNOC), in which state [...]

Lotte Duty Free Bolsters Overseas Biz amid Fierce Competition at Home

Lotte Duty Free Bolsters Overseas Biz amid Fierce Competition at Home

SEOUL, Jul. 11 (Korea Bizwire) — South Korea’s No. 1 duty-free shop Lotte Duty Free is ramping up efforts to expand its presence in the global market in the face of fierce competition at home, industry sources said Wednesday. The duty-free chain, operated by Hotel Lotte Co., opened a new airport outlet in Nha Trang, [...]

Companies Cash In on Success of BTS

Companies Cash In on Success of BTS

SEOUL, May 30 (Korea Bizwire) — BTS has developed into a worldwide sensation after topping the Billboard 200 Chart, and companies are rushing in to take full commercial advantage of the Korean boyband’s success. International fans of BTS have been visiting domestic online shopping platforms while concerts showcasing the K-pop stars have been selling out [...]

Survey Shows Profitability of S. Korean Food Service Firms Abroad Fell Last Year

Survey Shows Profitability of S. Korean Food Service Firms Abroad Fell Last Year

SEOUL, May 30 (Korea Bizwire) — The number of South Korean food service firms in foreign countries rose 2.7 percent in 2017 from a year earlier, but their profitability deteriorated sharply due mainly to stiffer competition, a survey showed Wednesday. The survey released by the Korea Foodservice Industry Research Institute showed that 193 South Korean [...]

Households’ Overseas Spending Tops 8 Tln Won in Q3

Households’ Overseas Spending Tops 8 Tln Won in Q3

SEOUL, Dec. 6 (Korea Bizwire) – South Korean households’ overseas spending rose 16.8 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Tuesday.  South Korean households spent 8.21 trillion won (US$7 billion) overseas in the July-September period, compared with 7.03 trillion won in the [...]

Finance Minister Vows to Help Companies Enter Untapped Overseas Markets

Finance Minister Vows to Help Companies Enter Untapped Overseas Markets

SEOUL/SEJONG, Jan. 28 (Korea Bizwire) – South Korea’s finance minister said Thursday that the government will make determined efforts to help companies make headway into untapped overseas markets like Iran, and revive exports as Asia’s fourth largest economy strives keep alive its economic momentum in the coming months. “We are facing challenges as uncertainties are [...]