Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Korean companies extend helping hand to Ukraine
By Park Jae-hyuk
Samsung, SK, Kakao and many other Korean companies have joined the international community's donation drive to support Ukraine as it fights back against invading Russian forces, according to industry officials, Sunday.
Among supporting Korean companies, Samsung Electronics made the biggest donation, as the tech giant decided to send $6 million, including home appliances worth $1 million, to the Ukrainian Red Cross and other international organizations to help the country's refugees.
Its employees also plan to collect donations for Ukraine, according to the company.
Samsung Electronics announced the decision last Saturday, two days after SK Group became Korea's first conglomerate to donate cash for Ukraine.
SK Group held an emergency meeting of its social value committee last Thursday to order SK ie technology's Polish subsidiary to donate $1 million to UNICEF Poland, for the benefit of Ukrainian children who fled to Poland.
“In accordance with SK's philosophy of pursuing social value, we decided immediately to help children suffering from the war and offer humanitarian assistance,” SK SUPEX Council's Social Value Committee President Lee Hyung-hee said.
Seen is a screenshot from a campaign on the Kakao Together website encouraging people to make donations to support Ukraine. Screenshot from Kakao Together website
By Park Jae-hyuk
Kakao decided last Friday to donate 3 million units of its own cryptocurrency, KLAY, which are worth around 4.2 billion won ($3.5 million), to UNICEF, so that the international organization can buy food, milk, first-aid kits, water purification tablets and soap for refugee children.
The tech firm has also been conducting a campaign on its website since last Wednesday, for Korean citizens to donate their own money to Ukraine or write comments supporting the country. Kakao said each comment on the website will lead the company to donate 1,000 won for Ukraine.
Starting from Monday, Kakao's e-commerce platform will enable the purchase of sweatshirts and smartphone cases designed with the colors of the Ukrainian flag, and donate the entire earnings to Ukrainian children.
“We decided to make meaningful donations for Ukrainians whose lives and safety have come under threat,” Kakao CEO nominee Namkoong Whon said.
Among smaller Korean companies, Medytox donated 100 million won to the Ukrainian Embassy in Korea last Friday. The botulinum toxin maker also decided to exempt its Ukrainian partner, Emet, from paying 200 million won for medical supplies sent from Korea by plane.
Pearl Abyss announced last Friday that the local video game developer would donate 100 million won to Doctors without Borders, a non-governmental medical organization, to support provision of treatment for injured people in Ukraine and those who have fled to neighboring countries.
From the financial sector, KTB Financial Group's six affiliates donated 130 million won to the UNHCR Representation in Korea last Friday to help Ukrainian refugees and Ukrainian residents in Korea. The group said its employees also participated voluntarily in the donation drive.
Dunamu promised that its users will receive refunds on any commissions taken from Bitcoin and Ethereum transactions made to the Ukrainian government's digital wallet, if they make the remittance before March 20. The Upbit cryptocurrency exchange operator also plans to issue non-fungible tokens to verify donations.