South Korea has emerged as one of the most influential economies in Asia, and there is always new and exciting business news emerging from its dynamic corporate world. As an entrepreneur or business enthusiast, keeping up with the latest developments can be critical, and staying ahead of the curve can make all the difference. That’s why we’ve curated this list of the top 5 Korea business news articles that you absolutely need to read.
1. South Korea Unveils Ambitious Plan to Boost E-commerce
In 2020, South Korea revealed an ambitious plan to bolster its e-commerce industry, which entails investing over $6 billion USD into the sector. This plan is expected to position South Korea as a leader in advanced and integrated e-commerce, potentially increasing its global market share and paving the way for a more connected domestic market. This news is a must-read for business owners seeking new opportunities to expand their e-commerce operations into Korea.
2. Hyundai Set to Launch Ioniq 5, Electric Crossover SUV
Hyundai’s latest venture, the Ioniq 5, is eagerly anticipated as its first e-vehicle made on an EV-specific platform. This Korean automaker has released images of the Ioniq 5, which is raised on wheels measuring 20 inches and is built in a futuristic, angular design. This SUV should appeal to green-conscious drivers globally, demonstrating Korea’s position as a country that is playing a considerable role in shaping the electric car industry.
3. SK Group and Microsoft form Joint Venture to Develop AI-Driven Solutions
SK Group and Microsoft announced a partnership that will see the creation of an AI-specific joint venture that will develop AI-driven solutions for business challenges. As Korea aims to compete with other tech giants, this partnership signals a crucial effort in developing new technologies and cultivating new talent in AI. The joint venture boasts a $1.1 billion USD fund, which will fund future R&D and bring more AI-driven solutions to the market.
4. Samsung Only Non-Chinese Company in Top 10 Smartphone Sales
Korean giant Samsung maintained its fifth-place position on the 2020 Q3 smartphone market tally. It released eight new models at the August 2020 Unpacked event, its latest phone being a foldable phone, the Galaxy Z Fold 2. Samsung is renowned for producing high-quality devices, and despite competition from tech giants such as Apple, it continues to steadily expand its customer base.
5. South Korea Government and Private Sector Join Hands to Boost Green Energy
The South Korea Government’s push to accelerate collaborations between government and private sectors in fostering green hydrogen is the latest sign that the country is on track to achieve net-zero carbon emissions. This renewable energy approach echoes similar efforts in Japan, Denmark, and Germany. The South Korean government will invest over $13 billion USD over the next five years in boosting green energy. The move towards renewable energy comes as corporations globally begin to embrace ESG principles.
In conclusion, as South Korea continues to power ahead as a leading economy in the Asia Pacific region, business enthusiasts, entrepreneurs and investors alike need to closely monitor developments in this space. From electric vehicles and AI-driven solutions to green energy and e-commerce, South Korea remains at the forefront of numerous industries, offering plenty of exciting opportunities for both local and foreign investors.
