Journalist

Lee Hugh
  • OPINION: Why FX stability is a must for South Korea
    OPINION: Why FX stability is a must for South Korea South Korea is one of the world’s most open economies, with trade accounting for roughly 75% of GDP, and it depends entirely on imports for energy. In this structure, exchange-rate stability is not merely an economic policy issue but a matter of national resilience. When the won weakens, import prices rise, energy and raw-material costs surge, and pressure mounts on both corporate competitiveness and household finances. The won–dollar exchange rate has recently steadied around 1,440 won, but volatility remains elevated. When the rate surged to 1,480 won not long ago, fears of a renewed foreign-exchange crisis spread quickly among policymakers and the public alike. The government responded by adjusting the pace of the National Pension Service’s overseas investment, managing capital flows and taking steps to stabilize dollar supply and demand. These measures helped restore short-term calm, but they were closer to stopgap interventions than lasting solutions. Over the long term, South Korea’s exchange rate has followed a structurally upward path. The won traded around 200 to the dollar in the 1970s, approached 2,000 during the 1997 foreign-exchange crisis, and climbed to roughly 1,600 during the 2008 global financial crisis. The recent return toward the 1,480 level has revived public anxiety that another crisis could emerge, a reminder that without structural reform, external shocks have a tendency to repeat. Foreign-exchange crises are not unique to South Korea. Argentina is now facing its 10th such crisis, and as of January around 10 countries — including Pakistan, Sri Lanka and Argentina — were receiving bailout support from the International Monetary Fund. Currency instability remains a recurring vulnerability for open economies that lack sufficient buffers. South Korea’s risk of a foreign-exchange crisis can be placed at roughly 30%, which means both the government and the National Assembly must pursue structural measures to stabilize the currency. Foreign-exchange reserves — the country’s last line of defense — should be expanded to at least $930 billion. South Korea currently holds about $430 billion, equivalent to roughly 22% of GDP. Taiwan, by contrast, holds around $600 billion, or about 77% of GDP. Ample reserves were a key reason Taiwan weathered the 1997 Asian financial crisis with relative stability. Currency swap lines with Japan and the United States should also be expanded, as they provide a critical financial backstop that allows rapid access to foreign currency during periods of stress. During the 2008 global financial crisis, the South Korea–U.S. swap line was expanded to $60 billion and the South Korea–Japan swap line to $70 billion, playing a decisive role in stabilizing the exchange rate. International financial markets reward preparation and punish complacency. Fiscal discipline is equally essential. South Korea’s official national debt ratio stands at 52%, but when military and civil-service pensions and public-enterprise debt are included, the effective burden is estimated at around 130%. Even on a central-government bond basis, the ratio is projected to approach 60% by 2029. The International Monetary Fund classifies non-reserve-currency countries as risky once debt exceeds 60% of GDP, underscoring that fiscal soundness is a core condition for exchange-rate stability. Exchange-rate stability is not solely the government’s responsibility. Individuals must also prepare by holding dollar-denominated assets. A portfolio weighted toward high-quality U.S. equities, complemented by exposure to leading South Korean companies, can help hedge against a weaker won and the risk of a foreign-exchange crisis. Exchange-rate stability underpins confidence in South Korea’s economy and its long-term sustainability. Structural preparation, not crisis management, is the only durable defense. * The author is a business administration professor at Sejong University. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-09 07:35:27
  • OPINION: The wons slide is about confidence, not crisis
    OPINION: The won's slide is about confidence, not crisis The won traded around 1,360 per U.S. dollar when the Lee Jae Myung government took office in early June 2025. It weakened into the 1,470s in November and the 1,480s in December. Although it has since eased back to the 1,440s, the exchange rate — along with real estate — has emerged as one of the most visible risk factors confronting the new administration. A high exchange rate itself is not new. The won remained weak throughout the Yoon Suk Yeol government. What requires explanation is why, under the Lee government, the depreciation has been framed as a sudden surge — and why it has reignited fears of a foreign-exchange crisis. Several explanations have been offered: the widening U.S.–South Korea interest-rate gap, money-supply growth linked to expansionary fiscal policy, prolonged export weakness and domestic political instability. Yet most of these factors predate the current administration. The Bank of Korea’s rate cuts and the resulting rate gap began under Yoon, and export weakness has been a persistent issue. Blaming money-supply growth on a government barely six months into office is also a stretch. Some have singled out so-called “Seohak ants” — South Korean retail investors buying overseas stocks — as a culprit. But the KOSPI has surged under the Lee government, weakening the claim that capital flight by retail investors is driving the won lower. That leaves political and economic uncertainty — and declining confidence in policy direction — as the more persuasive explanation. Context matters. South Korea holds net dollar assets of roughly $1.3 trillion, including more than $400 billion in foreign-exchange reserves and over $900 billion in net external dollar assets. These figures include overseas stock holdings by retail investors. This is nowhere near the 1997–98 situation, when dollars were scarce. A foreign-exchange crisis driven by liquidity shortages is, for now, effectively off the table. Nor is there evidence of a fundamental rupture in the won–dollar relationship. The dollar had been strengthening even before the U.S.–South Korea rate gap widened, and it has remained strong against major currencies such as the euro and the yen. Still, the late-2025 jump from the low-to-mid 1,400s into the high 1,400s — flirting with 1,500 — was problematic. It reflected an episode of “overshooting,” in which small changes triggered outsized market reactions. That points to shortcomings in short-term management rather than a structural collapse. Three factors stand out. First are political and economic tensions surrounding the change of government. Some market participants appear to view the new policy direction as weakening fundamentals and have positioned for a softer won. Uneven media coverage of the exchange rate and a rise in domestic dollar-deposit balances suggest a shift in sentiment toward defensive positioning. Second is perceived instability among economic authorities, particularly the so-called F4 — the deputy prime minister and finance minister, the Bank of Korea governor, the Financial Services Commission chairman and the Financial Supervisory Service chief. Doubts persist about both expertise and coordination. Bank of Korea Gov. Rhee Chang-yong is nearing the end of his term, while the other three face criticism for limited experience in international finance. As a result, short-term measures have had limited impact. Controversies over retail investors, the National Pension Service’s hedging practices and pressure on major exporters to sell dollars have done little to stabilize expectations. In currency markets, credibility matters more than reserves: when authorities’ words carry weight, they rarely need to deploy “ammunition.” Third are longer-term structural issues, which call for a broader perspective — including lessons from Japan. Japan once had its own version of retail investors, the so-called “Mrs. Watanabe.” On April 1, 1998, it overhauled its foreign-exchange regime through the Foreign Exchange and Foreign Trade Control Law, sharply liberalizing capital transactions and easing restrictions on overseas investment. Those “Mrs. Watanabe” yen-carry trades did contribute to yen weakness. But Japan also gained something else: as the yen became more internationalized and trading deepened, volatility declined. With yen bonds, spot and futures trading occurring in real time in markets such as New York and London, exchange-rate swings moderated. When carry-trade returns rose, they often helped stabilize the currency rather than destabilize it. In an era of financial globalization, there is no realistic way to block retail investors’ overseas investment. The more constructive approach is to sharply ease — or even abolish — foreign-exchange regulations so retail flows help deepen the market and potentially exert stabilizing effects. That would be a step toward internationalizing the won. South Korea has yet to join the group of 28 countries with fully convertible currencies. Aside from limited liberalization imposed by the International Monetary Fund after the 1998 crisis, its foreign-exchange market has remained largely closed for nearly three decades. The result is a distorted structure, exemplified by the outsized role of the offshore non-deliverable forward market. This also helps explain why South Korea remains excluded from the MSCI developed-market index — a constraint that ultimately undermines ambitions such as “KOSPI 5000.” *The author is a columnist for the Aju Business Daily. About the author: ▷International economics, Seoul National University College of Social Sciences and graduate school ▷Ph.D. in economics, University of Missouri ▷CEO of MaeKyung TV and MaeKyung Publishing; Washington correspondent and editorial writer at Maeil Business Newspaper ▷Visiting professor, Seoul National University Department of Economics ▷CEO, Yeonwoo Consulting * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-09 07:27:54
  • S. Korean startups urged to rethink global scale-up as a process of repetition and trust
    S. Korean startups urged to rethink global scale-up as a process of repetition and trust LAS VEGAS, January 08 (AJP) - “Global-ready is not about translating slides into English,” one Silicon Valley investor said. “It is about proving demand, again and again.” That message shaped discussions on Korean startups’ global expansion at the AJP Global Innovation Growth Summit 2026 (GIGS 2026), held on Jan. 7 (local time) at the Planet Hollywood Hotel in Las Vegas. Investors stressed that success in overseas markets is determined less by technology or vision than by execution, validation, and credibility built over time. The discussion session brought together Silicon Valley investors to explain how global capital evaluates early-stage companies in practice. Tomasz Kolodziejczak, former head of innovation initiatives at Samsung Research, said Korea has no shortage of strong technical talent, but that advantage often weakens outside the domestic market. Global investors, he noted, place greater weight on founders’ execution and decision-making than on sector or technology labels. Business models that work at home frequently need to be abandoned and rebuilt from scratch to fit overseas markets. A sector-level perspective came from healthcare investor Cheryl Campos, former head of the Republic Venture Growth Partnership, who pointed to femtech and silver tech as areas where large populations remain underserved. The challenge, she suggested, is rarely technological. Instead, it lies in weak problem definition and a limited understanding of real customer needs. That focus on fundamentals was reinforced by Mitchell Weinstock, a venture partner at HP Tech Ventures. Being global-ready, he warned, is often misunderstood. Translating pitch materials into English does little on its own. What matters is repeated demand validation, built through sustained customer engagement and constant verification. Investor-founder dynamics also emerged as a key theme. Campos cautioned against approaching venture capital firms from a position of weakness, arguing that startups should present opportunities rather than requests for funding. Overstated market claims or selective disclosure, participants agreed, undermine trust and damage long-term credibility. Across the session, investors consistently framed global expansion not as a single leap driven by ambition, but as a cumulative process shaped by repetition, disciplined execution, and trust earned over time. 2026-01-08 18:45:33
  • Seoul opens climate shelters for rest during extreme weather
    Seoul opens 'climate shelters' for rest during extreme weather SEOUL, January 08 (AJP) - Seoul has rolled out a network of “Climate Companion Shelters” to protect residents from extreme weather, offering rest and evacuation spaces during cold waves and heat waves. The program aims to reduce weather-related health risks by providing easily accessible refuges across the city. The city has established 450 shelters in partnership with the private sector, focusing on facilities commonly used in daily life, including convenience stores, banks and mobile phone retail outlets. The locations include 34 convenience stores, 192 Shinhan Bank branches and 224 KT retail stores. Residents can enter the facilities during normal business hours to warm up or cool down, or to take a short break. Some locations also offer seasonal amenities, such as hand warmers during winter and umbrellas during the rainy summer months. 2026-01-08 17:59:19
  • Busan revives as a global tourist magnet
    Busan revives as a global tourist magnet SEOUL, January 08 (AJP) - Busan, South Korea’s second-largest city after Seoul, is enjoying a tourism revival as its beach-rich coastline draws a record number of foreign visitors and the city rolls out a packed calendar of international events to sustain the momentum. According to the Korea Tourism Organization and Busan metropolitan, 3,349,219 foreign tourists visited Busan in the first 11 months of 2025, surpassing the 3-million mark for the first time. Foreign visitors spent a combined 962.8 billion won (663 million) through non-Korean credit cards, the largest amount recorded outside Seoul. Events power the rebound A fully booked events calendar has played a decisive role in drawing overseas visitors. One highlight—featured by CNN—was the sight of more than 3,000 cyclists riding across the Gwangandaegyo Bridge in 2025. The “Seven Bridge Tour,” held for the first time in September, challenged participants to cross seven ocean bridges, including Gwangandaegyo, Busanhangdaegyo and Eulsukdodaegyo. Early-bird tickets sold out in one minute, while general sales were gone in five. Sixty percent of participants came from outside Busan, and domestic visitors on the event day reached 53,418—up 21.9 percent from the previous year. Tourism spending tied to the event rose by 36 billion won, a 12.3 percent increase year on year. Images of thousands of bicycles racing across Gwangandaegyo were broadcast to 50 countries worldwide by CNN. Another driver was “Festival October,” a mega-festival combining 26 events, including the Busan International Film Festival and the Busan International Rock Festival. During its run from September 21 to 30, the number of foreign visitors rose 25 percent from the previous year. Global conferences add lift Major international conferences have also boosted arrivals and spending. In 2025, Busan hosted 62 large-scale global events, including the fifth Intergovernmental Negotiating Committee meeting on the United Nations Plastics Treaty, which drew about 4,000 participants from 170 countries, and the Our Ocean Conference, attended by roughly 2,300 delegates from more than 100 countries. Looking ahead, the city is scheduled to host several high-profile events in 2026, including the UNESCO World Heritage Committee meeting. Busan aims to attract 5 million foreign tourists and generate 1.5 trillion won in tourism spending by 2028. As of September 2025, cumulative sales of the “Visit Busan Pass” reached 600,000, while Festival October drew 930,000 visitors—up 39.6 percent from the previous year. Lee Jung-sil, president of the Busan Tourism Organization, said the city is focusing on digital transformation to improve the visitor experience. “Through digital transformation, we will provide AI-based hyper-personalized services and continuously inspect systems so that foreign tourists can enjoy traveling in Busan comfortably, including in areas such as information and payment,” Lee said, adding that the goal is to attract 5 million foreign visitors by 2028. Expanding beyond the coast Local politicians also see room for further growth. Jung Sung-kook, a lawmaker from the People Power Party representing a Busan constituency, said infrastructure upgrades will broaden the city’s appeal. “We are promoting the development of Bujeon Station—near the traditional Bujeon Market and Busan Citizens Park—into a multimodal transportation center,” Jung said. “Once established, it will create a transport environment conducive to attracting more tourists, alongside expanded infrastructure such as department stores, cinemas and hotels.” He added that Busan’s only zoo is preparing to reopen. “There are no large zoos in Busan, Ulsan or South Gyeongsang Province, so once Busan’s zoo reopens, it will draw more family-unit foreign tourists,” Jung said. “When people think of Busan, they usually think of the sea,” he added. “Until now, attractions like Gwangalli and Haeundae beaches have been concentrated along the coast. Going forward, Busan’s famous tourist destinations will become geographically broader and more numerous.” 2026-01-08 17:58:44
  • North Koreas Rodong Sinmun becomes accessible in South Korea
    North Korea's Rodong Sinmun becomes accessible in South Korea SEOUL, January 08 (AJP) - Rodong Sinmun, the official newspaper of the Workers' Party of Korea, has been reclassified from "special materials" to "general materials," making it accessible without identity verification or special procedures. The newspaper, classified as subversive publication in 1970, can now be viewed at the National Assembly Library, National Library of Korea, national university libraries, and the Ministry of Unification's North Korean Materials Center. Copying is also freely permitted. 2026-01-08 17:58:08
  • Growing strawberries year-round, even in desert with Koreas smart farming
    Growing strawberries year-round, even in desert with Korea's smart farming SEOUL, January 08 (AJP) - Strawberries are no longer a spring fruit in Korea. They have become seasonless — and in fact, their peak arrives in icy-cold winter. From strawberry cakes to lattes, the fruit dominates winter menus. "Orders are pouring in because it's winter strawberry season. We go through 10 kilograms of strawberries a day," said the owner of a café in downtown Seoul. Winter strawberries grown in greenhouses are known to be especially sweet. From winter staple to export powerhouse Korea-grown strawberries have also gained global popularity. Strawberry exports surpassed the 100-billion-won ($70 million) mark in 2023, becoming the country's top agricultural export item by value. Their appeal lies in freshness and sweetness — the result of advanced breeding technology. Only Korea, Japan and China possess premium strawberry varieties with high sugar content that are widely recognized in global markets. Among them, Korea has secured a competitive edge by developing proprietary varieties such as Seolhyang, Maehyang and Geumsil, establishing what industry officials describe as "sovereignty" in strawberry farming. Since Seolhyang — a low-acid, juicy variety developed by the Nonsan Strawberry Research Institute under the Chungcheongnam-do Agricultural Research and Extension Services — entered the market, Korea's domestic strawberry variety adoption rate has reached 96.3 percent. Between 2005 and 2020, the country saved an estimated 35 billion won in royalty payments by replacing foreign varieties. The strawberry "family" has continued to expand, with Maehyang introduced in 2010, Kingsberry in 2012, Sunnyberry in 2016, Vitaberry in 2017 and Geumsil in 2019. Currently, 18 Korean strawberry varieties are registered with the Rural Development Administration. More than half of Korea's strawberry exports are shipped to Southeast Asian markets such as Hong Kong and Singapore. To maintain freshness, shipments rely on air freight and short-haul routes — a limitation that has capped further export growth. "If they can't go far, why not grow them overseas?" That question has led Korea's strawberry industry toward smart-farm experiments in the Middle East. Smart farms take strawberries to the desert Smart farming offers solutions to those logistical constraints. Water usage is reduced to roughly one-tenth of traditional agriculture, farms can be built in deserts or city centers, and production is shielded from climate volatility. These advantages have drawn strong interest from Middle Eastern countries pursuing food self-sufficiency. Heating is the key challenge for winter farming in temperate climates — while cooling is the main hurdle in desert regions. Artificial intelligence (AI) has reshaped both. "Everything is automated based on environmental conditions that replicate natural growing environments through sensors," said Lee Sang-hun, CEO of Agro Solution Korea. Lee has been running a vertical farm in Abu Dhabi's Al Khatm South district since January 2025. Sensors collect real-time data on temperature, humidity and soil moisture, which AI systems analyze to automatically maintain optimal growing conditions. Early signs of pests and diseases are detected, while LED light spectra are adjusted according to growth stages to boost energy efficiency. Manual monitoring is largely replaced by data. Smart farms precisely control temperature, humidity, CO₂ levels and lighting. Vertical farms, in particular, achieve high productivity in confined spaces using multi-tier shelf structures. In conventional setups, fixed growing beds waste 30 to 40 percent of floor space on permanent walkways. The "Moving Bed" system addresses that inefficiency. Beds glide left and right on floor-mounted rails, remaining tightly packed during normal operation. When workers need access, pathways open only where necessary. "Vertical farms require more than 5 million won per pyeong in upfront investment for a four-tier structure," Lee said. "That's heavy capital, but the Middle East has the financial capacity." Lee added that while talks are underway with the Philippines, Vietnam, Indonesia and Malaysia, large-scale expansion in Southeast Asia is challenging due to high humidity, unstable electricity and limited corporate investment. "The Middle East is more attractive," he said. Growing strawberries in Abu Dhabi Lee's smart farm in Abu Dhabi uses a "Double Bed" system. Unlike conventional single-row planting, two beds are connected to increase planting density and maximize yield per square meter. With this setup, 12,000 strawberry plants can be grown in a 75-pyeong (248-square-meter) facility, producing about one ton of strawberries per month. The potential is significant in a region where food self-sufficiency rates hover around 10 percent. Locally grown strawberries are virtually nonexistent, with imports arriving mainly from Europe and the United States. Long-haul logistics push prices into luxury territory. "In desert climates where temperatures exceed 40 degrees Celsius and annual rainfall falls below 100 millimeters, traditional agriculture is nearly impossible," Lee said. Strawberries reach optimal flavor at sugar levels above 10 Brix, he explained, requiring temperature swings between a maximum of 24 degrees Celsius and a minimum of 10 degrees. "Strawberries are cold-climate plants, so heating isn't necessary," Lee said. "In vertical farms, we mainly focus on cooling. Even in winter, indoor temperatures remain stable — winter is actually ideal." Although desert heat suggests heavy cooling costs, Lee said insulation makes the difference. "We use double-layer sandwich panels to block external heat and maintain internal temperatures. There's minimal heat loss." Electricity costs also favor the Middle East. In the UAE, power for data centers costs about 73 won per kilowatt-hour — less than half Korea's average commercial rate of 172.99 won. Lee's company is also working with the Korea Institute of Energy Research on a proof-of-concept project to capture waste heat from LEDs. Since LEDs emit only 20 percent light and 80 percent heat, recovering that heat could significantly cut cooling demand. Automation and the road ahead Automation is also reducing labor costs. While strawberry harvesting still requires human hands, Lee said progress is being made. "Starting this January at our Iksan farm, robots patrol the facility to identify pest and disease outbreaks and apply treatments only where needed," he said. Full automation of harvesting is expected to take several more years. K-strawberry exports, which approached 100 billion won again in 2024, are projected to expand further. The Ministry of Agriculture, Food and Rural Affairs has set a target of $21 billion in K-food exports by 2030 and identified the Middle East as a key growth market for fresh fruit. The Middle Eastern fruit and vegetable market is expected to grow from $17.9 billion in 2025 to $25.8 billion by 2032 — and Korea's smart-farm technology may offer the blueprint for growing strawberries where none could grow before. 2026-01-08 17:55:42
  • Tax may be one reason Koreans prefer overseas ETFs over home-based ones
    Tax may be one reason Koreans prefer overseas ETFs over home-based ones SEOUL, January 08 (AJP) - Authorities have blamed overseas securities investment for the stubborn weakness of the Korean won and have rolled out incentives to encourage capital to return home. But for many individual investors, tax treatment remains a decisive reason to stick with foreign exchange-traded funds (ETFs). An investor who generates 30 million won ($20,691) in profits from Korea-listed ETFs within a pension account would take home about 19.1 million won after tax. That implies an effective tax rate of roughly 35 percent. By contrast, profits from overseas-listed ETFs are subject to a flat 22 percent capital gains tax on excess earnings, allowing the same investor to retain around 24 million won. The arithmetic alone tilts preferences toward overseas ETFs. How Korea’s ETF tax system works South Korea’s ETF taxation rests on two pillars: dividend income tax and global income tax. Investment profits of up to 20 million won are subject only to dividend income tax. Once gains exceed that threshold, the excess is classified as “other income” and added to earned income, triggering progressive global income tax rates. For higher earners, this can push the marginal tax rate as high as 49.5 percent. As a result, a 30 million won gain can translate into a 35 percent tax burden, significantly eroding net returns. A widening global gap The disparity becomes more pronounced in international comparison. For the same 30 million won gain, investors in Japan or China would retain about 24 million won. In the United States, the most popular destination for Korean investors, long-term capital gains are taxed at 15 percent, leaving investors with more than 25 million won. In Taiwan and Singapore, capital gains from ETFs are largely untaxed beyond transaction fees, allowing investors to keep nearly the full amount. Capital outflows accelerate Against this backdrop, the shift toward foreign securities has intensified. According to a press release from the Bank of Korea last December, South Korean residents invested $99.85 billion in foreign stocks and bonds between January and September last year — more than three times the $29.65 billion foreign investors put into Korean securities over the same period. The ETF market mirrors this trend. Based on data from ETFGI and the Korea Exchange, capital inflows from Korea into overseas ETFs reached an estimated 150–160 trillion won last year, more than double the 77.5 trillion won that flowed into domestically listed ETFs. While Korean ETFs still lead in total assets under management, the gap is narrowing rapidly. “Too much capital from individual investors is flowing overseas,” BOK Governor Rhee Chang-yong said at a press conference following a Monetary Policy Board meeting in November, stressing the need to induce net inflows to help stabilize the exchange rate. Policy friction, structural problem In response, authorities began requiring investors in overseas-listed ETFs to complete a mandatory one-hour educational session starting last December — a move widely interpreted as an attempt to slow capital outflows by raising procedural hurdles. Market participants argue, however, that such measures fail to address the root cause. The Korea Capital Market Institute noted that disparities in ETF taxation and regulation have created structural incentives for high-net-worth investors to favor overseas products. The institute has called for tax neutrality between domestically listed overseas ETFs and overseas-listed ETFs. “We are seeing a phenomenon where Koreans ‘direct-purchase’ Korean ETFs through foreign markets,” said Lim Tae-hyuk, head of ETF management at Samsung Securities. “Eliminating double taxation would bring domestic investors back to the home market.” Kim Jung-hyun, head of ETF business at Shinhan Asset Management, echoed the view, calling for separate taxation of dividend income for domestic ETFs held in individual retirement pensions. “For the long-term growth of Korea’s capital market,” he said, “structural tax reform is no longer optional.” 2026-01-08 17:49:15
  • South Korean street-food chain captivates Singaporean palates with tailored approach
    South Korean street-food chain captivates Singaporean palates with tailored approach SEOUL, January 8 (AJP) - Snack-food chain Ssada Gimbap has achieved 4 billion won ($3 million) in annual sales in Singapore in just three years since making its entry into the Southeast Asian country. According to the affordable street-food chain, the key to its success lies in its deliberate strategy of gradually opening outlets in key locations. Starting with its first outlet in Bukit Timah, home to one of the largest South Korean communities there, in June 2023, the chain gradually opened additional outlets to lay the foundation for promoting the brand through word of mouth among South Korean expats. Its second outlet, opened just a year later, is located at Great World City, a large shopping mall near the posh River Valley area, home to many foreign expatriates and high-income locals. The chain then opened its third outlet in a newly built shopping mall in Lentor, a residential area with a large population, in a bid to attract more customers. QR code-based ordering also enhances convenience for customers while reflecting local dining trends in the tech-savvy country in Asia. Another key driver of sales growth also appears to be its carefully selected menu, which caters to local tastes. Stew made with soft tofu, in particular, has become especially popular among Chinese Singaporean customers, who make up the majority of the population. Its spicy yet rich flavor captivated many local diners, making it one of the brand's signature dishes. A couple of cold noodle dishes, with some variations, have also delighted many locals’ palates due to Singapore's hot and humid climate, as more and more customers want to try them. The popularity of its dishes has also prompted more Singaporeans to travel to Seoul to taste the authentic versions. "The success of Ssada Gimbap in Singapore demonstrates that Korean food has a competitive edge in one of the world's pickiest markets and other foreign countries, if it comes with strategies tailored to local tastes rather than simply serving food," said one market insider. Ssada Gimbap plans to further expand its market presence across Singapore while also exploring other countries like Malaysia. 2026-01-08 17:48:03
  • Shipbuilders lift South Korean stocks as Asian markets trade mixed
    Shipbuilders lift South Korean stocks as Asian markets trade mixed SEOUL, January 08 (AJP) - Asian equities were mixed on Thursday, while South Korean stocks ended marginally higher as a sharp rally in shipbuilding shares offset weakness in technology-heavy stocks. In Seoul, the benchmark KOSPI edged up 0.03 percent to close at 4,552.37, finishing largely flat as gains among shipbuilders countered declines elsewhere. Buying in the sector was driven by rising expectations of large shipbuilding and offshore project orders linked to Canada. The tech-heavy KOSDAQ underperformed, slipping 0.3 percent to 944.06, as investors locked in profits in selected growth and small-cap shares. Shipbuilders led the market higher. Hanwha Ocean jumped 6.6 percent to 129,300 won, emerging as one of the day’s top performers on optimism over potential large-scale contracts. HD Hyundai Heavy Industries climbed 4.9 percent to 584,000 won, while SK Oceanplant gained 5.4 percent to 20,850 won. Samsung Heavy Industries rose 4.1 percent to 26,400 won, and HJ Shipbuilding & Construction added 1.9 percent to 24,750 won, reflecting broad-based strength across the sector. The rally was further supported by fresh order news. HD Hyundai Marine Engine said it had signed a ship engine supply contract with China’s Jiangsu New Yangzi Shipbuilding, according to a regulatory filing. The contract is valued at 24.3 billion won ($18.2 million), equivalent to 7.7 percent of the company’s 2024 consolidated revenue of 315.8 billion won. Outside shipbuilding, entertainment stocks rebounded after recent volatility. Shares of major K-pop agencies rose as investors looked beyond fading expectations for an easing of China’s restrictions on Korean cultural content and refocused on longer-term growth prospects. SM Entertainment gained 1.3 percent to 117,000 won, while YG Entertainment surged 5.1 percent to 67,600 won. JYP Entertainment rose 1.7 percent to 71,200 won, and Hybe added 1.5 percent to 334,000 won, supported by expectations of high-profile artist comebacks slated for 2026. The Korean won weakened slightly amid steady demand for the U.S. dollar, closing at 1,451.59 per dollar as of 4:20 p.m. local time. Elsewhere in Asia, major markets finished little changed. Japan’s Nikkei 225 fell 1.6 percent to 51,117.3, while China’s Shanghai Composite edged down 0.07 percent to 4,083, as investors remained cautious ahead of global economic data and policy signals. 2026-01-08 17:44:58