Economy
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S. Korea unveils plan to grow pet market to $11.3 bln by 2027
SEOUL -- South Korea's agriculture ministry has revealed its plan to expand the domestic pet industry to 15 trillion won ($11.3 billion) by 2027 from last year's 8 trillion won through various projects such as the development of public pet insurance programs. The country will also nurture related industries such as pet food and grooming. According to data released by the Ministry of Agriculture, Food and Rural Affairs, about one out of four South Koreans raised a pet as of 2022
9 August 2023
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LG Chem partners with Samhwa to manufacture waste plastic-based eco-friendly paint products
SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, has partnered with Samhwa, a major South Korean paint maker, to cooperate in the manufacturing of eco-friendly paint products that use waste plastics as core material. The final product would be used by smartphone companies to finish-coat their mobile devices. When plastic wastes are recycled using a pyrolysis technique that incorporates extreme heat and pressure, the waste material is broken down into crude oil which c
9 August 2023
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S. Korean battery makers seek to acquire battery recycling firms in bid to prevent technology leak
SEOUL -- Major South Korean battery makers including LG Energy Solution and SK Innovation are busy seeking opportunities to acquire battery recycling companies in a bid to prevent technology leaks and illegal distribution of discarded batteries. According to NSE Research, a global market research firm, the global battery recycling market will grow at an annual average growth rate of about 17 percent to reach $42.4 billion in 2030. High-performance batteries that are mainly used in elec
8 August 2023
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S. Korea's cathode exports to US soars 178 percent year-on-year in 2023
SEOUL -- South Korea's cathode material exports to the United States significantly increased to $1.83 billion for the first seven months in 2023, up 177.8 percent from the same period a year ago. Through the battery materials produced in South Korea, domestic companies can receive tax benefits from the U.S. government as the two countries signed a Free Trade Agreement. Along with anodes, cathodes are used to help the conduction of electricity through electrolyte materials. Cathode
7 August 2023
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S. Korea's catering giant Our Home partners with Viet Nam's private school operator to manage canteens
SEOUL -- South Korea's catering giant Our Home will manage school canteens run by FPT Education, a private school operator affiliated with Viet Nam's major IT service firm FPT Corporation. The food company will provide various South Korean food such as Bibimbap, a traditional Korean rice dish with pre-cooked herbs and meat, and Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. Our Home said in a statement that the catering firm partnered wit
7 August 2023
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Convenience store chain GS25 operator to run about 280 stores in Viet Nam by 2023
SEOUL -- The operator of South Korea's convenience store franchise GS25 aims to increase the number of stores in Viet Nam to around 280 by the end of 2023 from the current 221. Along with Vietnamese food, the convenience store franchise operator is currently selling South Korean snacks including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. GS Retail, the operator of GS25, made a foray into the Vietnamese convenience store market in 2018. Ac
4 August 2023
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S. Korea's fried chicken franchise Kyochon opens first store in Taiwan
SEOUL -- The operator of South Korea's popular chicken franchise Kyochon has opened the brand's first store in Taiwan's northern city, New Taipei City, with a population of around 4 million. Along with fried chicken, consumers can enjoy other menu items such as craft beer and fried noodles. The fried chicken brand's operator will open its second store in Taipei in October. The first Kyochon store was launched at a 40 square meter (430 square foot)-wide shopping mall in N
3 August 2023
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Taihan Cable's high-voltage direct current transmission cable receives international certification
SEOUL -- A 525-kilovolt-class high-voltage direct current transmission cable developed by Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, has obtained an international certification from a Dutch testing center. The 525-kilovolt-class is currently the highest voltage among commercialized cables. High-voltage direct current transmission (HVDC) is an advanced electric power technology that converts alternating current (AC) into high-voltage DC. H
2 August 2023
