Korean SMEs to showcase products at Atlanta business convention SEOUL, February 06 (AJP) - The Korea Federation of Small and Medium Business (KBIZ) will sponsor 30 small and mid-sized enterprises to exhibit their products at the 23rd World Korean Business Convention, set to take place in Atlanta, Georgia, from April 17 to 20. The annual convention, which will be held at the Gas South Convention Center, serves as a global networking platform designed to connect Korean businesses with international buyers and expand their presence in overseas markets. Companies selected for the program will receive full financial support for exhibition booths, shipping expenses, and interpretation services. KBIZ has prioritized businesses in key consumer sectors, including beauty products, food, construction materials, medical devices, and pharmaceuticals. The event will feature product showcases, government-to-government (G2G) and business-to-government (B2G) forums, as well as startup competitions. “Globalization is not an option but a necessity for SMEs,” said Choo Moon-gap, head of economic policy at KBIZ. “The convention presents a valuable opportunity for small businesses to develop export markets by leveraging the network of Korean business leaders worldwide.” Applications for participation are open through Feb. 17 and can be submitted via the event's official website. 2025-02-06 15:07:06

LG to develop AI-based protein structure prediction tool SEOUL, February 06 (AJP) - LG AI Research signed a joint research agreement with Professor Baek Min-kyung of Seoul National University to develop next-generation protein structure prediction AI technology, the company said Thursday at LG Science Park in Seoul. The collaboration aims to tackle the challenge of predicting multi-state protein structures that exist in various states within the human body depending on environmental and chemical changes. Professor Baek previously worked with 2024 Nobel Chemistry Prize winner David Baker. "While AI is an important tool in protein structure prediction, it has limitations in fully understanding the principles," said Professor Baek. "Through this joint research with LG AI Research, we aim to advance to a new stage of protein structure prediction that leads to verification and experimentation." The research is expected to accelerate LG's ongoing collaboration with The Jackson Laboratory (JAX) on developing AI technology for diagnosing and treating Alzheimer's disease and cancer. The company plans to complete the development of multi-state protein structure prediction AI within this year. The partnership aligns with LG's focus on AI and biotechnology as future growth engines, as highlighted in CEO Koo Kwang-mo's New Year address emphasizing the development of innovative treatments for intractable diseases. 2025-02-06 14:43:38

Samyang Foods posts record profit on global 'Buldak' sales SEOUL, February 06 (AJP) - Samyang Foods reported a 133 percent surge in operating profit to 344.2 billion won ($258.2 million) for 2024, driven by strong overseas sales of its "Buldak" spicy instant noodles, the company said Thursday. Annual revenue rose 45 percent to 1.73 trillion won, while net profit increased 115 percent to 272.3 billion won. The company's operating profit exceeded 300 billion won for the first time, boosted by higher-margin overseas sales. The export ratio increased from 68 percent in 2023 to 77 percent by the third quarter of 2024, primarily due to growing demand in the United States and Europe. The company plans to expand production capacity with its second Miryang factory scheduled to begin operations in June. The company's operating profit margin improved from 12 percent in 2023 to 20 percent in 2024, marking eight consecutive years of growth since Buldak products entered global markets in 2016. However, potential U.S. tariff increases under the Trump administration could affect Korean food exports, including Samyang's Buldak products, in the company's largest overseas market. 2025-02-06 14:38:41

L&F considers US production of key battery material SEOUL, February 06 (AJP) - South Korean manufacturer of battery materials, L&F, is exploring the direct production of lithium iron phosphate (LFP) cathode materials in the United States in the face of potential trade restrictions under the Donald Trump administration. L&F officials said the company is pursuing a dual approach to its LFP business, considering both domestic production in South Korea and establishing manufacturing in the U.S. The company plans to unveil detailed business plans in the second quarter. The company anticipates that high-nickel cathode materials will constitute roughly 75 percent of its sales by 2027, with LFP products comprising the remaining 25 percent. Mass production of LFP materials is slated to begin in 2026, targeting markets outside of countries. “Despite significant policy uncertainties and volatility in the electric vehicle industry, our high-nickel products are expected to achieve record-high quarterly shipments,” said Ryu Seung-heon, L&F’s chief financial officer. 2025-02-06 10:39:41