AI startup Upstage establishes new branch in Silicon Valley to target N. American market

SEOUL -- South Korean artificial intelligence technology developer Upstage has opened its new branch in Silicon Valley to expand its presence in North America. The new branch called "Upstage AI" will showcase its large language model-based solution "Solar" at the GPU Technology Conference, a global AI event held by Nvidia. Solar is a deep-learning-based AI platform with content understanding and generation capabilities. The solution achieved the top position on

March 18, 2024

K-beauty company targets Indonesian food market with Halal-certified supplements

SEOUL -- COSMAX NBT, the health supplement original design manufacturer wing of South Korea's beauty product maker COSMAX, is targeting the Indonesian functional food market with Halal-certified products. Indonesia with a population of 278.7 million has the world's biggest Halal market that is growing at an average annual growth rate of 6.7 percent to stand at $258 billion by 2030, according to global market analyst firm Inkwood Research. In 2019, Shinsegae Food, a subs

March 15, 2024

KIMCHEERS opens offline premium kimchi store targeting savvy domestic and foreign consumers

SEOUL -- KIMCHEERS, an innovative kimchi maker, has opened its first premium offline store to attract young consumers and foreign tourists with creatively designed bottles containing kimchi that retains the authentic flavors of traditional Korean pickled vegetables, reminiscent of recipes passed down by seasoned kimchi masters. Kimchi, a traditional Korean side dish, is typically crafted by fermenting cabbage or radish with a blend of red chili powder, garlic, and ginger. Its glob

March 13, 2024

Lotte's logistics wing to demonstrate autonomous trucks and delivery robots

SEOUL -- To accelerate the commercialization of fully-autonomous parcel delivery systems, the logistics wing of South Korea's confectionary giant Lotte Corporation, and Robotis, a robotics company based in Seoul, will jointly roll out the second stage of a government-led autonomous logistics system demonstration project. South Korea boasts over 1,500 logistics centers, facilitating ultra-fast parcel delivery networks with an average delivery period of just a few days. However,

March 8, 2024

CJ Cheiljedang attracts S. Korean customers with heat-and-eat products via Aliexpress

SEOUL -- CJ Cheiljedang, South Korea's iconic food company well-known for its heat-and-eat cooked rice products and frozen Korean-style dumplings, has made a foray into Chinese ecommerce platform Aliexpress. The online shopping mall operated by China's ecommerce platform Alibaba Group has become one of South Korea's favorite online shopping services thanks to its wide range of affordable products shipped directly from Chinese sellers to South Korean customers. Aliexp

March 8, 2024

Convenience store chain CU operator makes foray into Kazakhstan

SEOUL -- BGF Retail, the operator of South Korea's major convenience store franchise CU, has opened its first store in Kazakhstan. The store is in Almaty, the Central Asian country's heart of trade with a population of some 2.1 million. BGF Retail aims to run more than 500 stores across the country by 2029. BGF Retail announced that the first store was launched through a master franchise arrangement with CU Central Asia, the convenience store operator affiliated with Kazak

March 7, 2024

CMG Pharmaceutical to make foray into Vietnamese cosmetics market

SEOUL -- Targeting young Vietnamese consumers, South Korea's CMG Pharmaceutical is set to make a foray into the Vietnamese cosmetics market. The pharmaceutical firm, specializing in skincare products, will collaborate with An Thinh Phat, a Vietnamese distributor of healthcare products, to provide new beauty items starting in May 2024. Demand for South Korean cosmetics products is rapidly growing in Viet Nam. According to data released by the Korea Cosmetics Association, export

March 7, 2024

LS Cable signs preferred bidder contract for Taiwan's offshore windfarm project

SEOUL -- LS Cable & Systems, a major power cable manufacturer in South Korea, has entered into a contract to become the preferred bidder for an offshore wind farm project in Taiwan. The company will collaborate with its Danish and Taiwanese counterparts to supply underwater power cables. The South Korean power cable company announced that it has signed a preferred bidder agreement with Denmark's constructor CIP and Taiwan's offshore wind farm operator Fengmiao to suppl

March 7, 2024

Samsung regains top position in Southeast Asia's smartphone market

SEOUL -- Samsung Electronics has regained its position as the top player in Southeast Asia's smartphone market, thanks to increased consumer attention towards the company's artificial intelligence-based smartphone features. Boosted by sales of affordable phones, Chinese electronics maker Transsion overtook Samsung to become the leader in late 2023. The South Korean tech giant, renowned for its hi-tech smartphones, is primarily targeting Southeast Asian consumers with its p

March 7, 2024

Top trade negotiator will head to Washington for talks

SEOUL -- South Korea's trade chief, Jeong In-kyo, plans to visit Washington, D.C. next week for discussions with Katherine Tai, the U.S. trade representative. Jeong, who leads the trade department at the Ministry of Trade, Industry and Energy, will use the visit to address various trade concerns between the two countries, including the implementation of their existing free trade agreement (FTA). With the U.S. presidential election looming in November, Jeong plans

March 6, 2024