Top Business News Headlines in Korea for 2021
Korea, the land of the morning calm, continues to make waves in the global business arena with its innovative technology and dynamic workforce. As we near the end of the first quarter of 2021, let’s take a look at some of the top business news headlines in Korea.
1. Samsung unveils its flagship Galaxy S21 series
Samsung, the South Korean tech giant, unveiled its highly anticipated Galaxy S21 series at its virtual Unpacked event in January 2021. The latest lineup includes three models – S21, S21 Plus, and S21 Ultra – all equipped with state-of-the-art features such as 5G capability and an improved camera system. As always, Samsung aims to cement its position as a market leader in the smartphone industry.
2. K-pop sensation BTS becomes Hyundai’s global brand ambassador
BTS, the world-famous K-pop group, was announced as the global brand ambassador for Hyundai Motor in January 2021. The collaboration reflects Hyundai’s aim to appeal to younger audiences globally and leverage BTS’s massive fan base to promote their cars. This move is expected to boost Hyundai’s brand perception and sales globally, especially in the US and Europe.
3. LG to exit the smartphone market
After years of struggling to gain a foothold in the fiercely competitive smartphone market, LG Electronics, another South Korean tech powerhouse, announced in April 2021 that it would exit the industry by the end of July 2021. Instead, it would focus on growing its other key business units such as electric vehicle components, home appliances, and smart homes.
4. Coupang’s successful IPO
Coupang, South Korea’s largest e-commerce company, went public in March 2021 with a whopping $63 billion valuation, the largest US IPO by an Asian company since Alibaba’s in 2014. This successful IPO has established Coupang as one of the most valuable companies in Korea and has reinforced the trend of Korean firms seeking US listings.
5. SK Telecom launches world’s first 5G roaming service
SK Telecom, Korea’s largest mobile carrier, launched the world’s first 5G roaming service in seven countries around the world, including the US and Japan. This is expected to pioneer a shift in the global telecommunications industry and establish the country’s leadership in the 5G sector.
In conclusion, Korea’s fast-paced business environment continues to generate exciting news headlines and innovations in 2021. From tech giants launching state-of-the-art gadgets to K-pop groups promoting cars, Korea’s diverse industries never fail to captivate its global audience. As the country continues to foster a business-friendly environment, we can expect to hear more exciting news from Korea in the future.
