KOTRA

Korean beauty, fashion in high demand on Amazon   South Korean beauty sellers on Amazon have seen their sales surge by over 90 percent year-on-year, reflecting a growing wave of demand for K-fashion and beauty products, particularly from independent brands.   Amazon Global Selling Korea Head Hannah Shin highlighted the importance of global expansion for the survival of Korea’s retail industry.   Amazon identified three factors driving the K-beauty phenomenon: independent brands, skincare, and innovation.   Many independent brands partner with manufacturers such as Kolmar Korea and Cosmax to produce affordable, high-quality products. Platforms like Amazon have widened consumer options, enabling smaller brands to thrive.   The global popularity of Korean films and dramas has also boosted interest in Korean celebrities’ skincare routines, fueling demand for products such as lotions, serums, sunscreens, and cleansing oils.   They also cited examples of innovation in the beauty industry, such as color-changing hydrogel masks and advanced toner pads that double as facial masks, which have helped expand market opportunities. Source : https://lnkd.in/gQTS-nq6

S. Korean companies to showcase AI-powered technologies at CES 2025   Major South Korean companies are gearing up to showcase future technologies powered by artificial intelligence at CES 2025, the world's largest consumer electronics and IT trade show set to take place next month.   CES 2025 is set to take place at the Las Vegas Convention Center from Jan. 7-10 under the theme "Dive In."   Samsung Electronics Co. plans to set up the largest exhibition booth at the upcoming CES to present its vision for AI-applied home appliance technologies, according to its officials.   SK Group said it will open a booth to showcase AI strategies of its major affiliates, SK hynix Inc. and SK Telecom Co., centered on AI chips and AI data centers.   LG Electronics Inc. will hold a world premiere event on Jan. 6, one day before the start of CES, to unveil its AI strategy, according to company officials.   Hyundai Mobis Co., an auto parts-making affiliate of South Korean auto giant Hyundai Motor Group, also plans to join the upcoming CES to showcase its cutting-edge technologies, including its holographic wind shield display and human-centric interior lighting system.   Meanwhile, South Korean companies are set to receive a large number of innovation awards at the upcoming CES. In an initial list 129 South Korean firms were named among the 292 award recipients at the annual international tech event. Source : https://lnkd.in/gHbJgxS6

'Squid Game' Season 2 earns Golden Globe nomination before release Netflix's "Squid Game" Season 2 has been nominated for best drama at the 82nd Golden Globe Awards, making history as one of the few shows to secure a nomination prior to its release.   According to the list of nominees announced, the Korean survival thriller set for release Dec. 26 was nominated for the Best Television Series - Drama category.   U.S. media outlets, including The Hollywood Reporter and Deadline, noted the rarity of a prereleased series receiving a nomination.   The unusual move was made possible because Netflix submitted the series early to the Golden Globe jury. Under the awards' rules, entries must air within the calendar year and be submitted to organizers by Nov. 4. The decision to release "Squid Game" Season 2 during the holiday season marks a break from traditional practices.   Most U.S. broadcasters avoid debuting new content at the end of the year, but Netflix's timing allowed the series to qualify for this year's competition.   The first season of the Korean thriller made waves at the 79th Golden Globes in 2022, earning three nominations: best TV drama, best actor for Lee Jung-jae. The 82nd Golden Globe Awards will take place Jan. 5. source : https://lnkd.in/g4ANWgEQ

S. Korea expects to create 59 tln won in economic effect via zero carbon energy sources by 2033 South Korea expects to achieve an economic effect worth 59 trillion won (US$42 billion) by beefing up the country's "zero carbon energy ecosystem" by 2033. The Ministry of Trade, Industry and Energy has announced the 5th Energy Technology Plan, which presented its energy technology vision and R&D investment strategy for the next 10 years through 2033. Under the plan, the government will focus on increasing the use of nuclear power, hydrogen and renewable energy sources, such as solar power and wind power, to help achieve net zero carbon emissions in the long term, the ministry said in a statement. The ministry also said securing technological competitiveness will be essential to expanding the use of zero carbon energy sources. The ministry projected the country's energy self-sufficiency rate will rise to 90 percent during the 10-year period from the current 80.6 percent. source : https://lnkd.in/gPGmfY3f

Over 40% of Korean startups embrace AI at work More than 40 percent of startup employees, founders, and investors have integrated artificial intelligence (AI) technology into their work, according to a recent survey by Startup Alliance Korea. The survey revealed that 41.6 percent of startup founders and 48.5 percent of startup employees have adopted AI in their roles. Startup investors showed the highest adoption rate at 57.5 percent, while 40 percent of corporate employees reported using AI in their work. The findings were presented on Thursday at the Startup Trend Report 2024 press conference, hosted by Startup Alliance Korea in Gangnam, Seoul. The 2024 survey included 1,050 respondents, comprising 250 startup founders, 200 startup investors, 200 startup employees, 200 corporate employees, and 200 job seekers. Souce : https://lnkd.in/gANaZJPG

Korean jang-making culture set for UNESCO heritage status   The traditional South Korean culture of making fermented pastes and sauces, such as soy sauce (ganjang), soybean paste (doenjang), and chili paste (gochujang), has received a strong recommendation for inclusion on UNESCO’s Intangible Cultural Heritage list.   According to UNESCO’s recent announcement on its website, the evaluation body of the Intangible Heritage Committee has reviewed Korea’s submission for jang making culture and issued an inscription recommended decision. Given that reversals of these recommendations are rare, experts believe that official inscription is likely. If officially inscribed, jang making culture will become Korea’s 23rd entry on UNESCO’s Intangible Cultural Heritage list. The fermented jang pastes are not only essential to Korean cuisine but are also celebrated for their health benefits due to the natural fermentation process. Korea’s UNESCO heritage entries began with Jongmyo Jerye and Jongmyo Jeryeak in 2001, with the most recent being Korean Talchum in 2022. Source : https://lnkd.in/gEJ6kXbk

Korean jang-making culture set for UNESCO heritage status   The traditional South Korean culture of making fermented pastes and sauces, such as soy sauce (ganjang), soybean paste (doenjang), and chili paste (gochujang), has received a strong recommendation for inclusion on UNESCO’s Intangible Cultural Heritage list. According to UNESCO’s recent announcement on its website, the evaluation body of the Intangible Heritage Committee has reviewed Korea’s submission for jang making culture and issued an inscription recommended decision. Given that reversals of these recommendations are rare, experts believe that official inscription is likely. If officially inscribed, jang making culture will become Korea’s 23rd entry on UNESCO’s Intangible Cultural Heritage list.   The fermented jang pastes are not only essential to Korean cuisine but are also celebrated for their health benefits due to the natural fermentation process.   Korea’s UNESCO heritage entries began with Jongmyo Jerye and Jongmyo Jeryeak in 2001, with the most recent being Korean Talchum in 2022. Source : https://lnkd.in/gEJ6kXbk

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Korea’s pet insurance market grows as pet ownership rises South Korea’s pet insurance market is growing rapidly as the number of people raising pets increases. The number of pet insurance policies held by the country’s 10 major non-life insurers was 144,884 as of the end of September 2024. The number of pet insurance policies was only 7,005 in 2018, but surged to 24,199 in 2019, 35,415 in 2020, 51,727 in 2021, and 71,896 in 2022. The increase in the number of policies held is attributed to the rise in new contracts. The number of new pet insurance contracts in the first nine months of this year was 63,113, surpass The number of new pet insurance contracts in the first nine months of this year was 63,113, surpass According to the Ministry of Agriculture, Food, and Rural Affairs, there were 6.74 million pet-owning households in Korea last year, accounting for 28.2 percent of all households. Source : https://lnkd.in/gphcFptZ

 Korea begins fifth round of free trade talks with Malays The industry ministry said Tuesday that it has launched the fifth round of negotiations with Malaysia for a bilateral free trade agreement as South Korea aims to broaden its trade portfolio. The latest round of negotiations for the FTA began in Seoul for a four-day session, following the resumption of talks in August after a five-year hiatus, according to the Ministry of Trade, Industry and Energy. South Korea already has an FTA with the Association of Southeast Asian Nations, but it is seeking to deepen economic ties with individual members through separate free trade agreements. The ministry said that both countries aim to make progress in negotiations across 13 sectors, including goods, services, investment, economic cooperation and the digital industry. "Based on previous discussions, the two countries plan to accelerate talks in each sector and narrow down differences," it added. Source : https://lnkd.in/gA9D2btb