Business - The Korea Times

Chinese tech giants aggressively expand presence in Korea

Chinese tech giants are quickly expanding their presence in Korea by opening retail stores or making investments, exploiting their strong capital and cost effectiveness to put the country’s industrial sovereignty to the test. During a press conference Wednesday, home appliance giant Xiaomi said it will open its first Korean retail store in Seoul on Saturday, signaling an aggressive sales push across smartphones, smart bands, TVs and a range of other tech products. “Korea holds a strategic significance in Xiaomi’s retail strategies,” Andrew Li, general manager of the East Asia Region for the Xiaomi International Business Department, said during the event. “Our core vision is to build an ecosystem comprising human, car and home, and we believe the store we are opening will serve as a crucial channel to realize that vision.” Nestled in Seoul’s landmark IFC Mall in Yeouido, the store will be an integrated sales and service store, where customers can purchase products and access repair and maintenance service at the same location. At the store, the company will offer the Xiaomi

Jun 25, 2025By Nam Hyun-woo

Chinese tech giants aggressively expand presence in Korea

HiteJinro rides wave of anticipation for ‘Squid Game’ Season 3

HiteJinro is riding the wave of the Korean Netflix hit series “Squid Game,” days before its new season premieres, leading fans to crowd the major Korean liquor company’s booth at a recent fan event in New York, the company said Wednesday. At the "Squid Game" Season 3 New York fan event held at Domino Park on Friday (local time), visitors lined up at HiteJinro’s booth to sample six varieties of Jinro spirits and cocktails. The company also offered soju-and-beer shots and a special "Squid Game" edition of its signature soju. Jinro was the only liquor brand that participated in the global event. With 1,000 selected fans, the event invited the series’ production crew, including the director and starring actors, and hosted meetings with the fans. Fans also played the survival game portrayed in the series’ previous seasons during the event. Limited soju glasses made in collaboration with "Squid Game" and other gift kits inspired by the series also drew interest from the visitors, according to the company. Social network influencers who joined the event livestreamed the event on so

Jun 25, 2025By Ko Dong-hwan

HiteJinro rides wave of anticipation for ‘Squid Game’ Season 3

PHOTO Presenting scholarships

SK Group Chairman Chey Tae-won, front row center, poses with recipients of a Korea Foundation of Advanced Studies scholarship program for students studying overseas during a ceremony at SK Group’s office in Jongno District, Seoul, Tuesday. SK Group said Wednesday that Chey, the chairman of the foundation, presented the scholarship to 26 students. Courtesy of SK Group

Jun 25, 2025By Nam Hyun-woo

Aramco Korea brings reusable trays to Gocheok Sky Dome

Aramco Asia Korea, a wholly owned subsidiary of Aramco, announced Wednesday the expansion of its Multi-use Plastic Food Tray Program to Gocheok Sky Dome, following its successful 2024 launch at Jamsil Baseball Stadium. The program — designed to reduce single-use plastic waste and promote responsible consumption — has been developed in close collaboration with the Seoul Metropolitan Government, Seoul Association of Self-Sufficiency Promotion Centers (SASPC), the Doosan Bears, LG Sports, the Kiwoom Heroes and Amoje Food. In its inaugural year, the program distributed 100,000 reusable food trays, helping to reduce plastic waste at Jamsil Baseball Stadium. Each tray is collected and hygienically washed and sterilized at certified facilities before being reused throughout the baseball season. The initiative helps reduce landfill waste and improve trash sorting and disposal practices in the stadium. Buoyed by the program’s initial results and the public’s enthusiastic reception of it, Aramco Korea is scaling up its efforts in 2025 with the distribution of approximately 150,000 reusabl

Jun 25, 2025By Park Jae-hyuk

Aramco Korea brings reusable trays to Gocheok Sky Dome

KDDX project faces reset under defense minister nominee

The process of selecting a shipbuilder to lead the Korean Next-Generation Destroyer (KDDX) project is likely to return to square one, as President Lee Jae Myung has nominated Rep. Ahn Gyu-back of the ruling Democratic Party of Korea (DPK) as the administration's first defense minister. As a result, HD Hyundai Heavy Industries (HHI) and Hanwha Ocean are expected to continue their fierce competition for the 7.8 trillion won ($5.7 billion) project, which aims to construct the Republic of Korea Navy's six next-generation destroyers by 2030. Ahn, a five-term lawmaker poised to become Korea's first defense chief in 64 years without a military career, has strongly opposed the Defense Acquisition Program Administration's (DAPA) attempt to sign a sole-source contract with HD HHI. Given the customary practice of awarding a sole-source contract to the company that drafted the basic design, the state-run arms procurement agency sought to task the shipbuilder with drafting a detailed design of the KDDX-class destroyers and constructing the first ship. However, in April, Ahn argued that the selection

Jun 25, 2025By Park Jae-hyuk

KDDX project faces reset under defense minister nominee

Emart24 opens 100th premium convenience store in Malaysia

Retail giant Emart’s convenience store brand Emart24 has reached a milestone with the opening of its 100th store in Malaysia, demonstrating the success of its localization strategy in the Muslim-majority market since its debut in 2021. The newly opened Emart24 is located in the commercial district of Kota Damansara, about 15 kilometers west of Kuala Lumpur. It opened Wednesday. Emart24 said it tailored its strategy to Malaysia’s predominantly hot and humid climate, as well as the local popularity of Korean food and entertainment content. The newest store, spanning 175 square meters, features 32 indoor seats, allowing customers to enjoy their purchases comfortably without stepping outside. The store has also collaborated with Pinkfong, a Korean animation company that owns the intellectual property of YouTube sensation Baby Shark (related videos have seen accumulated 150 billion views), to introduce meals and snacks packaged with the character design. The collaboration, commemorating the 100th store, was launched across the entire Emart24 chain in Malaysia. The company is currently ope

Jun 25, 2025By Ko Dong-hwan

Emart24 opens 100th premium convenience store in Malaysia

LG Energy Solution continues with social contribution for sustainable future

LG Energy Solution (LGES) said Wednesday it has carried out a broad range of social contribution activities centered on three key pillars: emotional recovery through sharing, providing opportunities for self-reliance and environmental restoration. Last year, the battery maker spent 998 million won ($736,000) on social contribution, a sharp increase from 825 million won the previous year. Its employees volunteered a total of 5,883 hours and collectively donated 67 million won. One of the most notable initiatives is the in-house volunteer group Hamsoli, launched four years ago. Its members participate in volunteer activities once or twice a month for local communities. Last year, they served free meals to senior citizens, maintained the Seoul National Cemetery, painted murals in underdeveloped areas and offered one-day classes for people with disabilities. Employees also nurtured seeds at home for 100 days and sent them to Noeul Park in Seoul’s Mapo District to help restore the park’s forests. Some employees planted trees with their families last June. "I am happy to have contributed to

Jun 25, 2025

LG Energy Solution continues with social contribution for sustainable future

Korean carmakers under increasing pressure to hike prices amid Middle East unrest

The escalating military conflict in the Middle East may force local carmakers to increase their vehicle prices, as soaring oil prices will result in higher vehicle production and transportation costs, according to data and experts. West Texas Intermediate (WTI) crude oil was traded at around $65 per barrel on June 10, shortly before the armed conflict between Iran and Israel began, but it has since risen to $73 as of Monday amid growing geopolitical risk in the region. The war between the two countries reached a deeper phase after the United States joined the regional conflict by bombing Iran’s nuclear facilities. Soaring oil prices come as a major risk to the Korean economy in particular, as the country relies heavily on imports of crude oil from the Middle East. Korea sources more than 70 percent of crude oil from the region. Major export-driven manufacturing players, such as carmakers, will be hit hardest by the latest geopolitical uncertainty, as they will have to increase spending on overall production and face supply chain issues due to soaring oil prices. Experts argued that auto

Jun 25, 2025By Lee Min-hyung

Korean carmakers under increasing pressure to hike prices amid Middle East unrest

Korea, US expected to generate mutually satisfactory trade outcome: president

Korea and the United States will be able to achieve a “mutually satisfactory outcome” in their ongoing trade negotiations by expanding their bilateral alliance into diverse industrial areas, President Lee Jae Myung said in remarks delivered during the Korea Times-AMCHAM Forum, Tuesday. “Korea and the U.S. are allies who face the critical task of deepening exchanges, cooperation and solidarity between the two countries amid rapidly evolving global dynamics, including challenges in the energy sector and international trade,” Lee said in his congratulatory remarks for the forum read by Lee Min-joo, presidential secretary for public relations. His remarks came at a critical juncture when global supply chains are undergoing rapid changes following the January inauguration of U.S. President Donald Trump, whose trade protectionism has significantly impacted international economic relations. Under the theme of “Strategic Proposals for Korea-U.S. Partnership,” the English newspaper co-hosted the event with the American Chamber of Commerce in Korea (AMCHAM) to help the two nations fin

Jun 24, 2025By Lee Min-hyung

Korea, US expected to generate mutually satisfactory trade outcome: president

Deadline for trade talks likely to be extended, ex-Trump aide says

A former top White House official under the first Donald Trump administration has expressed optimism that Korea and the United States will agree to extend the July 8 deadline for trade talks — the day the pause on U.S. "reciprocal" tariffs ends. Such an outlook comes as Korea's top negotiator met his U.S. counterparts this week to seek exemption of Korean products from U.S. reciprocal and item-specific tariffs. "On the deadline, I think you're absolutely right to think that an extension is possible," former White House Chief of Staff Mick Mulvaney said Tuesday during a forum co-hosted by The Korea Times and the American Chamber of Commerce in Korea (AMCHAM). He said Korea's effort "does count," citing Trade Minister Yeo Han-koo's weeklong visit to Washington to meet U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and several other U.S. government officials. "Trump is not looking to penalize anybody," Mulvaney said. "I would expect that deadline to be extended on a country by country basis, but all of the countries that engage in conversations would get an ex

Jun 24, 2025By Park Jae-hyuk

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