Business - The Korea Times

Korea bets swift legislation can head off US tariff hike

The government sees a clear window to avert a potential U.S. tariff increase, Industry Minister Kim Jung-kwan said Monday, adding that he expects the swift passage of a special bill to implement Korea’s investment package for the United States could persuade Washington to defer the hike. The minister stressed that Seoul is prioritizing passage of the special bill, with bipartisan discussions underway and approval targeted for early March, as it views legislative delays as the key obstacle to easing the trade friction. The National Assembly established a special committee to handle legislation for Seoul's investment commitment to the U.S. as part of the trade negotiations last year. “The main cause (of the hike threat) is delays in passing the bill,” Kim said during a press briefing at Government Complex Sejong. “If the special bill passes in March, we believe there is a high possibility that the tariff hike could be postponed or withdrawn, since U.S. President Donald Trump cited that issue as the main reason for the increase.” Last month, Trump announced that he would raise tari

Feb 9, 2026By Lee Gyu-lee

Korea bets swift legislation can head off US tariff hike

Samsung SDI, Korea East-West Power to jointly invest in global ESS projects

Samsung SDI said Monday it has signed a memorandum of understanding with Korea East-West Power, a state-run electric utility, to jointly develop and invest in global energy storage system and renewable energy projects. The two companies agreed to collaborate on new business models, such as renewable energy-linked initiatives and grid stabilization projects. They will also pursue joint management of energy use at Samsung SDI’s Ulsan facility. In addition, the companies plan to steadily expand their joint business opportunities in the global energy market, broaden the scope of collaboration and take a proactive approach to changes in the global supply chain. "Through our collaboration with Korea East-West Power, a leading public power generation company, we expect to strengthen our global competitiveness in the energy storage system and renewable energy sectors," said Kim Heon-joon, head of Samsung SDI Americas. "We will further solidify our position as a leading energy solutions provider." Samsung SDI said the agreement is significant as it brings together a leading Korean battery manufa

Feb 9, 2026By Park Jae-hyuk

Samsung SDI, Korea East-West Power to jointly invest in global ESS projects

Hyundai Glovis expands K-beauty logistics with Kundal deal

Global logistics company Hyundai Glovis has begun shipping Kundal beauty products overseas, bolstering its push to become a trusted logistics partner for K-beauty companies targeting international markets. The Hyundai Motor Group subsidiary said Monday it has signed a third-party logistics service agreement with The Skin Factory, the operator of Kundal. Kundal is a haircare and body-care brand under the Seoul-based beauty firm. Under the agreement, Hyundai Glovis has begun providing end-to-end logistics services for Kundal and other brands under The Skin Factory, including inventory stocking, storage, packaging and shipping. The company said it has leased an automated logistics center in the Seoul metropolitan area to serve as a hub for the comprehensive logistics operation. Hyundai Glovis declined to disclose the exact location of the logistics center, citing confidentiality terms in its agreement with The Skin Factory. Equipped with automated guided vehicles and other unmanned systems, the center can respond quickly to surging volumes of small-quantity shipment orders — a characteris

Feb 9, 2026By Ko Dong-hwan

Hyundai Glovis expands K-beauty logistics with Kundal deal

Korea seeks wider halal recognition to tap Muslim markets

The government will begin diplomatic efforts to further expand Korea’s network of partner countries under mutual recognition agreements (MRAs) for halal certification, aiming to boost Korean food exports to global Muslim markets, according to the agriculture minister on Monday. Minister of Agriculture, Food and Rural Affairs Song Mi-ryung said in Sejong that the government will focus on expanding the agreements to support domestic private halal certification agencies. The more agreements Korea has with halal certifying authorities in other countries, the more Muslim markets Korean food producers can access directly, without having to request inspections by foreign authorities for halal labeling approval. Halal certification requires producers to comply with Islamic dietary regulations throughout the entire process, from ingredient preparation to manufacturing, storage and logistics. Private halal certification agencies in Korea with global mutual recognition agreement networks can evaluate Korean food products and approve them as halal on behalf of foreign halal authorities. “The mo

Feb 9, 2026By Ko Dong-hwan

Korea seeks wider halal recognition to tap Muslim markets

Hanwha Group showcases AI-powered defense solutions at Saudi arms exhibition

Hanwha Group's defense units have showcased a wide array of weapon systems spanning land, sea and air domains at a major arms exhibition in Saudi Arabia, the Korean conglomerate said Monday. The group's three affiliates — Hanwha Aerospace, Hanwha Systems and Hanwha Ocean — have set up a 677 square-meter joint booth at the World Defense Show (WDS) 2026 currently under way in Riyadh until Thursday (local time), the group said in a release. Hanwha Aerospace showcased an artificial intelligence (AI)-enabled laser-guided precision weapon (L-PGW) capable of autonomously detecting and striking targets. It also displayed a K9A1 self-propelled howitzer tailored for Saudi Arabia, equipped with a 1,000-horsepower diesel engine produced by STX Engine, as well as its Tigon armored vehicle optimized for desert operations. Hanwha Systems unveiled its multi mission radar (MMR), designed to respond more precisely to increasingly complex low-altitude threats, including drones, manned and unmanned aircraft. It also displayed its air defense lineup, including the Block-I laser-based air defense weapon. H

Feb 9, 2026By Yonhap

Hanwha Group showcases AI-powered defense solutions at Saudi arms exhibition

Korean defense firms eye Middle East market with arms fair showcase

Korean defense firms showcased an array of their arms products at the World Defense Show in Saudi Arabia as they seek to make inroads into the Middle East market, officials said Monday. Nearly 40 defense companies from Korea are taking part in this year's biennial exhibition, one of the biggest arms trade fairs in the region, that runs through Thursday. Among participants are major firms, such as Hanwha Aerospace, LIG Nex 1 and Korea Aerospace Industries (KAI), as well as smaller firms that have installed booths at a joint national section organized by the Defense Acquisition Program Administration. The companies promoted their key weapons systems, such as Hanwha's K9A1 self-propelled howitzer, LIG Nex 1's multi-layered air defense missile system and KAI's KF-21 homegrown fighter jets under development. A KAI official told Korean reporters that the KF-21 is easily adaptable and can advance into a fifth-generation model. Defense Minister Ahn Gyu-back, who visited the trade fair, underscored the importance of the KF-21 project and urged efforts to successfully manufacture, operationalize an

Feb 9, 2026By Yonhap

Korean defense firms eye Middle East market with arms fair showcase

Winter Olympics become hot market for Korean firms

The Milan Cortina Winter Olympic Games have become a sizzling market for Korean food, liquor and electronic firms targeting global athletes and sports fans. In Italy and Korea, companies have promoted slogans cheering on Korean national athletes and are participating in the global sporting event to promote their brands and raise sales. The epicenter of these efforts in Milan is Korea House. Several companies have set up booths inside the venue to offer refreshments to 2,900 athletes from around the world, along with other international guests. The house has been set up inside Villa Necchi Campiglio, a historic museum built in 1935. CJ CheilJedang has opened its booth on an outdoor tennis court at the villa, where it is promoting its signature food brand Bibigo. Bibigo Zone, designed to look like a Korean convenience store, runs until Feb. 22. It is offering dumplings, chicken, tteokbokki (rice cakes simmered with spicy red pepper paste) and kimchi. People who follow the brand’s official Instagram account can receive two different packages of Bibigo stir-fried noodles at the booth. Euro

Feb 8, 2026By Ko Dong-hwan

Winter Olympics become hot market for Korean firms

Buchang Bakery's walnut cakes win over G-Dragon fans

Walnut cake brand Buchang Bakery, which drew the attention of international guests during last year's Asia Pacific Economic Cooperation (APEC) meetings in Gyeongju, North Gyeongsang Province, is now satisfying the appetites of global fans of G-Dragon. Fresh Gourmet, the Seoul-based operator of the brand, has collaborated with the K-pop star’s charity foundation JUSPEACE to provide the brand’s new walnut cakes. The partnership attracted fans who crowded the artist’s events at KSPO Dome at Olympic Park in Seoul’s Songpa District from Friday to Sunday. Fresh Gourmet President Lee Kyung-won said Sunday he donated 12,000 individually packaged cakes to the foundation. The special cakes, made with a chestnut filling, were made by the company specifically for the fan meetings and offered as giveaways for the fans. “We’ve donated the cakes as a preview before their official market launch here. Since we’ve collaborated with JUSPEACE, we decided to allow G-Dragon’s fans to taste our new creation first,” Lee said. “We’re currently discussing with JUSPEACE how to launch and prom

Feb 8, 2026By Ko Dong-hwan

Buchang Bakery's walnut cakes win over G-Dragon fans

Samsung chairman joins world leaders at 2026 Winter Olympics gala

Samsung Electronics Executive Chairman Lee Jae-yong is leveraging the 2026 Milan Cortina Winter Olympics as a stage to strengthen his global network with world leaders. Lee joined the International Olympic Committee (IOC) gala dinner on Thursday (local time) to mark the opening of the Games, representing Samsung Electronics as the only Korean company in the committee’s top-tier sponsor program. The event gathered world leaders, including Italian President Sergio Mattarella, U.S. Vice President JD Vance, King Willem-Alexander of the Netherlands and Polish President Karol Nawrocki, along with top executives from global firms, including TCL Chairman Li Dongsheng. An industry insider said the IOC gala dinner goes beyond a social gathering, serving as a venue for back-channel diplomacy where global political and business issues are discussed in private. “Lee’s attendance underscores Samsung’s global leadership and Korea’s growing influence in sports diplomacy,” the official said. This is not Lee’s first entry into Olympic diplomacy. He has also previously been involved at the Par

Feb 8, 2026By Lee Gyu-lee

Samsung chairman joins world leaders at 2026 Winter Olympics gala

Olive Better offers more approachable, fun take on ‘wellness’

“Wellness” is one of those buzzwords that often leaves people slightly puzzled — widely used but loosely defined. Olive Better appears to address that uncertainty directly. The new wellness-focused retail concept, located in Seoul’s bustling Gwanghwamun area, is drawing visitors in and showing them that what the fancy term promises can, in fact, be simple — and even fun — to follow. Olive Better is a spin-off venture by CJ Olive Young, Korea’s largest beauty and health products retailer, which has grown into a popular stop for tourists seeking K-beauty. With this new concept, the CJ Group subsidiary has deliberately dialed down its emphasis on beauty. In its place is a focus on how to invite wellness into everyday life at home. The two-story shop, located next to Gwanghwamun Square, is surrounded by office buildings. On weekdays, the streets are packed with office workers; on weekends, tourists and leisure seekers flood the area. Olive Better chose this location — busy throughout the entire week — to promote wellness living to a broad spectrum of consumers. Inside the c

Feb 7, 2026By Ko Dong-hwan

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