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<p>According to a statement by the <strong>Ministry of Land, Infrastructure and Transport (MOLIT), </strong>the 32nd ITS World Congress in 2026 will be attended by around 60,000 participants from 100 countries, is expected to boost the local economy by $287 million, and generate 2,033 jobs.</p>
<p><strong>MOLIT Minister Park Sang-woo </strong>expressed his full support: “The 2026 Gangneung ITS World Congress, held under the theme of ‘Beyond Mobility, Connected World’, will be a place to experience new ITS solutions, visit diverse project sites, and enjoy Korea’s traditional and modern culture as well as the city’s charms.”</p>
<p> </p>
<p><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R4/Gangneung_poster.jpg" alt="" /></p>
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<p>According to the minister, MOLIT and Gangneung will spare no effort in making the ITS World Congress a success as it will highlight the city as a global tourism destination based on its advanced transport system, which will thrust Korea’s ITS industry as a global player.</p>
<p>As of December, MOLIT and the municipal governments of Gangneung and Gangwon have spent $25 million over the past two years to improve the city’s overall transport system and infrastructure.</p>
<p>MOLIT noted that other government officials and business leaders are fully supportive of the improvements to the city’s transport infrastructure, such as the Ministry of Foreign Affairs, Korea Expressway Corp., ITS Korea, Hyundai Motor, SK, KT, and LG.</p>
<p>Held every year, the ITS World Congress is the largest international exhibition and academic conference in the transport community. Seoul and Busan hosted the event in 1998 and 2010 respectively.</p>
<p>"Gangneung has the capability of holding large global events, a strength highlighted by its rich tourism resources. The event will elevate the standing not only of the city but also of the country on the global stage,” said the minister, who stresses that the city has a seamless global logistics and transport network and will be a go-to city for the global MICE (meetings, incentives, conferences, and exhibitions) sector.</p>
<p>The ministry adds that the event will serve as a platform for international partnerships in advanced transport and give South Korea a valuable opportunity to promote its world-class ITS technologies, while helping more South Korean companies to venture overseas. </p>
<p>For more information, visit <strong><em><a href="https://intl.its.go.kr/26ITSWC/en" target="_blank" rel="noopener">https://intl.its.go.kr/26ITSWC/en</a>.</em></strong> </p>',
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<p>Famous for its exotic landscapes and breathtaking natural wonders, Jeju has become a popular destination for travelers seeking a tranquil escape. Named a UNESCO Global Geopark in 2010 and included in the New 7 Wonders of Nature in 2011, Jeju attracts around 13 million domestic tourists and 1.7 million foreign visitors per year, according to Research Gate, or 53% of all international visitors to Korea in 2022.</p>
<p>Under her leadership, Kim has elevated the hospitality experience in Jeju.</p>
<p>“Our goal was to create a small hotel with character. We put a lot of effort into the design: all rooms are equipped with jacuzzis, hardwood floors, and 100% wool carpets. We built GoldOne as if we were going to host our closest friends and family,” Kim told GMI POST.</p>
<p>Kim was committed to blending modern luxury with Jeju’s rich culture by using locally sourced materials and artworks in the interiors.</p>
<p>“From GoldOne Hotel's perspective, we aren’t going to be like those big hotels with 400-plus rooms. Alternatively, we strive to maintain our position as a hotel that serves a niche market. Quality service is very important for us, not quantity. Our growth strategy is about prioritizing high-standard service and understanding the needs of our guests,” she added.</p>
<p>Although GoldOne Hotel & Suites aspires to expand and “go international,” the CEO stressed that she is determined to maintain the hotel’s “personable and approachable” brand of service.</p>
<p>To enhance the experience of its guests, the hotel offers curated excursions, dining outlets that showcase local flavors, and an infinity pool inspired by Jeju's natural resources.</p>
<p>"We want our guests to not only see Jeju but to feel it, taste it, and recharge in its unique energy,” Kim said.</p>
<p>Under her leadership, GoldOne Hotel has earned praise from prestigious publications, including Luxury Retreats Quarterly, which cited its commitment to sustainable practices and community engagement.</p>',
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'description' => 'South Korea's fishery industry, the 12th largest in the world production-wise, has maximized its profitability thanks to the government's grassroots support and export-focused policies, which is boosted further by the size and efficiency of its shipping industry.',
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'content' => '<p>With total production rising 2.9 percent to 3.82 million metric tons from 2020 to 2021, according to data from the Foreign Agricultural Service of the U.S. Department of Agriculture, South Korea’s fishery industry, the 12th largest in the world production-wise, has maximized its profitability thanks to the government’s grassroots support and export-focused policies, which is boosted further by the size and efficiency of its shipping industry.</p>
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<p>With one of the world's largest merchant fleets, South Korea accounts for around 10% of global maritime trade, according to Logistics Asia. Through Busan, the fifth-busiest port in the world, the country exports seafood across all continents.</p>
<p>“Since taking office as <strong>Minister of Oceans and Fisheries</strong> in May, I have worked hard to expand exports in the marine and fisheries sectors. As a result, Korea achieved record-breaking exports in both shipping and seafood last year. Additionally, we focused on improving living conditions and residential environments in both the coastal and island regions, which were often overlooked in previous policy initiatives,” said <strong>Minister Seung-Hwan Cho.</strong></p>
<p>With an extensive coastline and a deeply rooted fishing tradition, the country harvests a wide array of marine delicacies. Because of their freshness and quality, South Korean seafood has become an important export product that has found its way to dining tables and restaurants across the globe, including the United States.</p>
<p>South Korea and the United States cooperate closely in a wide range of activities, like fisheries as well as research and development. The partnership in the maritime industry has boosted seafood exports and improved the delivery of goods and services between the two countries.</p>
<p>“The United States is a steadfast ally and long-time friend of Korea, and we continue to build on those close ties in various areas that include national defense, diplomacy, and industry. Among these, shipping and logistics stand out as critical aspects of infrastructure that support bilateral trade and cooperation between the two nations,” Cho said.</p>
<p>“The ministry has also been strengthening cooperation with the U.S. across a diverse range of areas, including decarbonization, digitalization, automation, and investments for port infrastructure in the maritime sector,” the minister added.</p>',
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'section_summary' => 'South Korea's fishery industry, the 12th largest in the world production-wise, has maximized its profitability thanks to the government's grassroots support and export-focused policies, which is boosted further by the size and efficiency of its shipping industry.',
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'id' => '545546',
'title' => 'How ModernTec is pioneering electric mobility in Korea and beyond',
'description_old' => null,
'description' => 'In the fast-evolving electric vehicle sector, ModernTec Corp. Ltd. has nurtured a strong reputation as an innovator. In a span of just over 10 years, the South Korean company has gone from makers of EV chargers to EV makers.
So, how did ModernTec come to dominate South Korea's $267-million EV market?',
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'url' => 'how-moderntec-is-pioneering-electric-mobility-in-korea-and-beyond',
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'content' => '<p>In the fast-evolving electric vehicle sector, ModernTec Corp. Ltd. has nurtured a strong reputation as an innovator. In a span of just over 10 years, the South Korean company has gone from makers of EV chargers to EV makers.<img src="https://www.gmipost.com/img/uploads/FA-WK11-SOKOR-ModernTec.jpg" alt="" /></p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/FA-WK11-SOKOR-ModernTec.jpg" alt="" />
<figcaption class="image-caption">ModernTec has become a leader in South Korea's electric vehicle market in just over 10 years.</figcaption>
</figure>
<p>As of 2022, more than 1,220 electronic buses were playing the roads of South Korea, where 80% of EV buses were made by ModernTec, the country’s largest manufacturer of EVs in the country.</p>
<p>So, how did ModernTec come to dominate South Korea’s $267-million EV market?</p>
<p><strong>The power of know-how</strong></p>
<p>The company's founders were visionaries, having recognized the potential of electric mobility long before it became a global trend. Their expertise in battery technology, vehicle design, and electric propulsion systems positioned them as frontrunners in the race to electrify transportation.</p>
<p>ModernTec's dedication to research and development also paid off handsomely. Their EV buses are renowned for their efficiency, reliability, and eco-friendliness.</p>
<p>“We had a big tie-up with the Korean government in 2017 to provide the EV chargers for the public transportation systems. In 2022, we launched some beautiful models of robots, which will charge EVs directly. Now, we have five international patents and 15 domestic patents related to EV technology,” said <strong>ModernTec CEO Seong-Doo Kim</strong>.</p>
<p><strong>The open sharing of knowledge </strong></p>
<p>ModernTec has also stood out for its commitment to sharing knowledge with the global market, partly in recognition of the urgent need to combat climate change and promote sustainable transportation. This openness has yielded partnerships with companies and governments around the globe. By exporting its technology and expertise, the company has accelerated the adoption of EVs in various countries across Europe and Asia.</p>
<p>“The reasons behind our success is because of a few factors, firstly our know-how of the technology. We know it deeply. Secondly, we understand the technology from the customer's point of view. We don't make the things that we can make. We make the things that our customer needs,” said <strong>R&D Department Global Coordinator and Deputy Dr. Harsh Tiwari</strong>.</p>
<p>As the world strives to build a more sustainable future, ModernTec stands out as one of the leaders who can teach other players how to help create a greener, cleaner, and more electrified world for future generations.</p>',
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'publication_date' => '2023-09-28',
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So, how did ModernTec come to dominate South Korea's $267-million EV market?',
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'id' => '545544',
'title' => 'Invest Korea: Is this Asian tiger economy still a safe bet?',
'description_old' => null,
'description' => 'South Korea continues to see a rise in foreign direct investments. According to the Ministry of Trade, Industry and Energy, net FDI increased by $11.5 million in the second quarter of 2023. ',
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'image' => null,
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'url' => 'invest-korea-is-this-asian-tiger-economy-still-a-safe-bet',
'tags' => 'South Korea, Economy, Investment',
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'content' => '<p>South Korea continues to see a rise in foreign direct investments. According to the Ministry of Trade, Industry and Energy, net FDI increased by $11.5 million in the second quarter of 2023.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-10-SOKOR-Invest-Korea-2.jpg" alt="" />
<figcaption class="image-caption">Invest Korea Commissioner Tae Hyung Kim</figcaption>
</figure>
<p>“Our job is to deliver accurate information at the right time. We help investors take advantage of what's on the table and use the information to their maximum advantage so we can build trust. Our goal is to work together from start to finish,” <strong>Invest KOREA (IK) Commissioner Tae Hyung Kim</strong> told GMI POST.</p>
<p>A part of the Korea Trade-Investment Promotion Agency (KOTRA), IK is the national agency in charge of bringing in foreign capital. It provides comprehensive support at all stages, including feasibility studies, investment execution (i.e. the establishment of the investing entity, and legal consultation), to grievance resolution.</p>
<p>Among IK’s key strengths is its extensive global network. It has 36 overseas offices, all of which are staffed by KOTRA employees, public officials dispatched from related government ministries and agencies, and private sector experts. This diverse and highly skilled team is well-equipped to provide tailored support and guidance to foreign investors, ensuring their successful entry and growth in the Korean market.</p>
<p>On South Korea's relationship with the United States, the largest contributor of FDI in the country, Kim said IK has built a strong and reliable relationship with the United States for more than eight decades.</p>
<p>As the United States pivots back to Asia-Pacific, according to Kim, IK has stepped up its efforts to publicize fresh investment opportunities in South Korea and drive the economic partnership forward.</p>
<p>"Korea offers world-class digital infrastructure for foreign direct investment. Subsidy programs and tax incentives cater to the expectations of investors in advanced sectors. What makes Korea distinct, however, is our highly educated talent. Korea has the highest proportion of young talent with high school diplomas and bachelor's degrees among OECD (members),” Kim said.</p>',
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'id' => '545541',
'title' => 'Busan, South Korea: How one city is raising the stakes in the tourism race',
'description_old' => null,
'description' => 'Located at South Korea's southern tip, Busan is blessed with a sub-tropical climate, which has made the country's second-largest city a popular year-round destination for millions of local tourists. Apart from its beaches that get packed during the summer, the port city offers other attractions and events, like the Busan International Film Festival, the largest in Asia. ',
'credit_id' => '48',
'image' => null,
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'url' => 'busan-south-korea-how-one-city-is-raising-the-stakes-in-the-tourism-race',
'tags' => 'South Korea, Busan, Tourism',
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'content' => '<p>Located at South Korea’s southern tip, Busan is blessed with a sub-tropical climate, which has made the country’s second-largest city a popular year-round destination for millions of local tourists. Apart from its beaches that get packed during the summer, the port city offers other attractions and events, like the Busan International Film Festival, the largest in Asia.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-9-SOKOR-Busan-Tourism.jpg" alt="" />
<figcaption class="image-caption">Busan Tourism Organization CEO and President Jung-Sil Lee</figcaption>
</figure>
<p>Having attracted 3.2 million international tourists in 2022, according to figures from Visit Korea, Seoul remains the country’s largest tourism revenue generator. While Busan has seen more tourist arrivals, the <strong>Busan Tourism Organization</strong> has stepped up efforts to promote the city’s hidden gems to the world.</p>
<p>“With the alleviation of coronavirus cases, the number of foreign tourists visiting Busan has increased rapidly. By June 2023, the number went up by nearly 500% compared to the same period last year. It is expected that more than 1.8 million people will visit Busan by the end of this year,” said <strong>BTO CEO and President Jung-Sil Lee</strong>.</p>
<p>The organization wants to highlight the city’s historical, cultural and natural attractions, like its Buddhist temples, as well as its food markets.</p>
<p>“BTO’s short-term priorities include making Busan a global “work-cation” city and a tourism city that offers tourists a full experience. We are focusing on promoting and developing content such as gastronomic tourism, night tourism, and marine leisure sports by utilizing Busan's beautiful beaches and coasts, historical heritage, delicious food and seafood, cityscapes and night views, and cultural and artistic events. Through these efforts, we are seeking to generate fresh and enriching experiences for visitors,” Lee said.</p>
<p>Busan is no longer a hidden treasure waiting to be discovered. Thanks to the Busan Tourism Organization's dedication and the increasing interest of travelers, this coastal gem has risen to prominence on the global tourism stage.</p>',
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'id' => '545537',
'title' => 'South Korea sets new guidelines for reusable containers',
'description_old' => null,
'description' => 'In line with South Korea's commitment to promoting eco-friendly practices and ensuring the safety of its citizens, the government announced new comprehensive hygiene standards for the production, handling, and cleaning of reusable containers.
',
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'image' => null,
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'url' => 'south-korea-sets-new-guidelines-for-reusable-containers',
'tags' => 'South Korea, Environment, Reusable Containers, Food Safety ',
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'content' => '<p>On July 31, 2023, the Ministry of Environment, led by <strong>Han Wha-jin</strong>, and the Ministry of Food and Drug Safety, under the guidance of <strong>Yu-Kyoung Oh</strong>, jointly announced new comprehensive hygiene standards for the production, handling, and cleaning of reusable containers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-8-SOKOR-Reusable-Containers.jpg" alt="" />
<figcaption class="image-caption">South Korean Minister of Environment Han Wha-jin (Ministry of Environment)</figcaption>
</figure>
<p>According to the Ministry of Environment, this collaborative effort reflects South Korea's commitment to promoting eco-friendly practices and ensuring the safety of its citizens.</p>
<p>Reusable containers have gained popularity as a sustainable alternative to single-use plastic products in South Korea. A report from Aju Korea Daily said that about 54 million reusable containers per month were used for food delivery in Seoul in 2021. However, the Ministry of Food and Drug Safety said concerns over cleanliness and hygiene deterred some people from adopting these environmentally friendly options.</p>
<p>The new guidelines contain directives on container specifications and approved cleaning agents to conform with existing laws, like the Promotion of Circular Economy and Society Act and the Food Sanitation Act.</p>
<p>They also provide instructions on the establishment of cleaning facilities, cleaning methods, and hygiene management protocols, which are intended for companies engaged in the rental of reusable containers, like coffee shops and restaurants.</p>
<p>Also, the guidelines recommend procedures for cleaning containers, criteria for their disposal, and expedited testing methods for microorganisms and residual detergents. Comprehensive guidance is also extended to consumers. Information regarding damage compensation and related matters is also provided.</p>
<p>The guidelines include a comprehensive list of preparatory tasks that local governments must consider when formulating, executing and managing projects involving multi-use facilities, like movie theaters, sports stadiums, and local festival venues.</p>
<p>The Ministry of Environment envisions that the establishment of these washing and hygiene standards, coupled with execution guidelines tailored to specific types of reusable containers, will guarantee the future hygiene and safety of such containers. Moreover, these guidelines are expected to foster optimal business models that enhance project efficiency.</p>
<p>The full guidelines can be obtained from the Ministry of Environment's website at <em><strong><a href="http://www.me.go.kr">www.me.go.kr</a></strong></em>.</p>',
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'id' => '545528',
'title' => 'Samsung SRA: A decade of global asset management success',
'description_old' => null,
'description' => 'Looking after assets worth more than $12.2 billion, Samsung SRA is one of Korea's largest real estate asset managers and a leader in the global financial landscape. It offers a wide range of services, including advisory and corporate real estate management across various sectors and geographical locations, including the United States. ',
'credit_id' => '48',
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'url' => 'samsung-sra-a-decade-of-global-asset-management-success',
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'content' => '<p>Looking after assets worth more than $12.2 billion, <strong>Samsung SRA</strong> is one of Korea’s largest real estate asset managers and a leader in the global financial landscape. It offers a wide range of services, including advisory and corporate real estate management across various sectors and geographical locations, including the United States.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-5-SOKOR-Samsung-SRA-Chung-Kim.jpg" alt="" />
<figcaption class="image-caption">Samsung SRA CEO Chung Keun Kim</figcaption>
</figure>
<p>Committed to providing customer value and delivering profits for its partners, Samsung SRA has garnered the trust of its clients worldwide. Since its inception in 2012, the Seoul-based company has built a portfolio of 54 real estate assets in the United States.</p>
<p>Samsung SRA attributes its success to a research-driven decision-making process involving its clients. The collaborative approach has allowed the company to identify lucrative investment opportunities around the world, navigate market volatility, and deliver positive returns, particularly in South Korea.</p>
<p>“Our successful growth is driven by the trust we’ve earned from our clients, investors and the partners behind us,” <strong>Samsung SRA CEO Chung Keun Kim</strong> said.</p>
<p>By customizing solutions that meet each client's financial goals and risk tolerance, the company has nurtured deep trust and long partnerships. Its dedication to delivering success has yielded customer loyalty.</p>
<p>“When it comes to making decisions and running this fund, we collaborate with our partners. We have respect for them and they respect us also because of our reliable track in both asset acquisition and management,” Kim said.</p>
<p>Samsung SRA's growth over the past decade is a clear testament to its commitment to research, client-focused approach, and adaptability.</p>',
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'Articles' => array(
'id' => '545515',
'title' => 'From ODM to Neogen: Outin Futures connects with customers',
'description_old' => null,
'description' => 'South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027. ',
'credit_id' => '48',
'image' => null,
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'url' => 'from-odm-to-neogen-outin-futures-connects-with-customers',
'tags' => 'South Korea, Cosmetics',
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'content' => '<p>South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027.</p>
<p>One standout success story within the industry is Outin Futures. Founded in 2000, the company began as a research and development partner and an original design manufacturer (ODM) for other beauty and wellness companies before launching its house brand, Neogen, in 2008.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-5-SOKOR-Neogen.jpg" alt="" />
<figcaption class="image-caption">Neogen has carved its niche in the global cosmetics market by developing innovative products.</figcaption>
</figure>
<p>This initial phase allowed <strong>Outin Futures</strong> to gain valuable insights into the cosmetics market, understand consumer preferences, and fine-tune its manufacturing processes.</p>
<p>“Outin Futures is targeting a wide range of export markets, including the United States, Japan, Russia and Indonesia, and conducts sales through various platforms. In 2023, the company is making efforts to solidify its brand vision and continuously expand its product portfolio in the global market,” <strong>Outin Futures Vice President and Chief Marketing Officer Janet Kim</strong> said.</p>
<p>In developing its Neogen brand, Outin Futures increased spending on research and combined the latest biotechnology with knowledge of natural ingredients to create products that pushed the boundaries of skincare innovation. The combination of traditional Korean skincare and the latest scientific innovation generated a faithful following across the globe.</p>
<p>Marketing has played a vital role in Neogen's growth. Recognizing the effectiveness of a good story, the company shares testimonials from customers and experiences from social media influencers. Going beyond selling its products, Neogen also wants to promote the brand's values, the science behind its formulations, and the transformational experiences of its customers. The marketing approach has created a deep emotional connection with its consumers and strong brand loyalty.</p>
<p>“Neogen has made significant progress in the U.S. market, with sales occurring through various channels, such as Home Shopping Network HSN, the giant chain COSTCO, Amazon US, as well as the K-beauty ambassador Soko Glam. As a cosmetics manufacturer, our goal is to expand exports based on excellent cosmetics development capabilities to achieve continuous global growth,” Kim said.</p>',
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'section_summary' => 'South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027. ',
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'title' => 'AMCHAM Korea's efforts to promote diversity and inclusion',
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'description' => 'In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table, the American Chamber of Commerce in Korea (AMCHAM Korea) has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.',
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'content' => '<p>In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table,<strong> the American Chamber of Commerce in Korea (AMCHAM Korea)</strong> has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-4-SOKOR-AMCHAM-James_Kim.jpg" alt="" />
<figcaption class="image-caption">AMCHAM Korea Chairman and CEO James Kim</figcaption>
</figure>
<p>“We are working with businesses and communities in building a more inclusive economy by promoting women’s economic empowerment in Korea. Although the country has come a long way in terms of addressing gender inequality, Korea is still ranked very low amongst the OECD countries when it comes to the wage gap between women and men,” said <strong>AMCHAM Korea Chairman and CEO James Kim.</strong></p>
<p>Kim said AMCHAM Korea understands that empowering women and providing them with equal opportunities is not just a matter of social justice, but also benefits a company's performance. Through its advocacy efforts, networking events and mentorship programs, AMCHAM Korea encourages more women to take on leadership roles within SMEs and large corporations alike.</p>
<p>“I'm very proud to say that AMCHAM Korea has nine women on its board of governors. Six years ago, we only had one. So this year, we broke our record and we're going to continue to do that. At AMCHAM, we're showing leadership with real execution as opposed to just talking about it,” Kim said.</p>
<p>By ensuring diversity within its executive leadership team, AMCHAM Korea is leading by example and showing firsthand that a diverse leadership team helps shape an organization's culture and drive it toward greater success.</p>
<p>Kim also highlighted that at the heart of AMCHAM’s initiatives lies the American Business Center (ABC), a pioneering market development program that organizes workshops, seminars, and mentorship programs, and facilitates knowledge-sharing between South Korean SMEs and American companies.</p>
<p>“The American Business Center is fully operational. We have signed very exciting agreements with various organizations in the U.S. From leaders in the private sector to mayors, they all want to do business with Korea via AMCHAM Korea’s American Business Center. We also have a bunch of our big member companies, who are already here in Korea, committing to help these leaders enter the Korean market. AMCHAM Korea acts as the glue that makes this happen,” said Kim.</p>
<p>The AMCHAM Korea chief executive said the ABC aims to foster more collaborations between Korean and American businesses and promote diversity by encouraging SMEs to recruit and retain a diverse talent pool.</p>',
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'id' => '545509',
'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'url' => 'reigniting-the-spark-how-managers-can-reenergize-their-teams-with-low-morale',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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'title' => 'How to increase productivity: Samsung's 'One Friday Off' policy',
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'description' => 'Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years. To prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy. ',
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'content' => '<p>Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years, according to a global study by independent think tank Future Forum.</p>
<p>And while the same study shows that 70% of professionals feel that employers aren’t doing enough to prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy.</p>
<p>Implemented last June 24, Samsung’s policy allows its non-factory, full-time employees in South Korea to take one Friday off every month. Some Samsung employees have started calling the management-mandated holiday "Family Day," while others are calling it "Development Day”.</p>
<p>Beyond encouraging a healthy work-life balance among its employees, Samsung also hopes the new policy will boost its employer brand and recruitment. In an interview with local media, Samsung Electronics Chairman Lee Jae-yong said, "Through this policy, we hope to bring in good talent and create a flexible work culture for the company so that we can easily adapt to changes."</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-SOKOR-Samsung-One-Friday-Off-policy.jpg" alt="" /></p>
<p><strong>A step in the right direction: longer working hours do not necessarily equate to higher productivity</strong></p>
<p>A study from Stanford University found that productivity per hour declines sharply when a person works more than 50 hours a week. After 55 hours, productivity drops so much that putting in more hours would be pointless.</p>
<p>By giving its employees an additional day off each month, Samsung demonstrates a deep understanding of the importance of rest to promote productivity, boost innovation, and cultivate a happier and more fulfilled workforce.</p>
<p>With its 'One Friday Off' policy, Samsung is the latest advocate to introduce a four-day work in South Korea. Fellow chip maker SK Hynix also started offering employees a Friday off once a month provided they average 40 hours a week. Meanwhile, CJ ENM, one of South Korea’s largest content companies, gives its workers every other Friday off.</p>
<p>Other companies would do well to learn from these South Korean companies’ progressive actions regarding the value of downtime.</p>',
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'title' => '3 things business decision-makers need to know before investing in South Korea',
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'description' => 'Why invest in South Korea? The East Asian nation is one of the world's fastest-growing economies. If you're considering investing in South Korea, here are three things you should know before diving in. ',
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'content' => '<p>Why invest in South Korea? The East Asian nation is one of the world’s fastest-growing economies. Since 1961, the country’s gross domestic product (GDP) has grown an average of 7.1% every year. As of March 2023, foreign direct investments (FDI) increased by $2.6 billion.</p>
<p>If you’re considering investing in South Korea, here are three things you should know before diving in. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-SOKOR-Investing%20in%20South%20Korea.jpg" alt="" /></p>
<p> </p>
<p><strong>South Korea is a leading global destination for industrial sectors</strong></p>
<p>As the world’s 10th-largest economy, the South Korean market is robust and dynamic, mostly driven by the technology, automotive, and manufacturing industries. As of 2021, South Korea’s manufacturing sector accounted for 28% of the country’s GDP. The average contribution of manufacturing in 157 countries is 12.32%.</p>
<p>Aside from being the world's largest producer of semiconductors, South Korea’s main industries include textile, steel, car manufacturing, shipbuilding and electronics.</p>
<p><strong>Korean business culture is steeped in Confucianism</strong></p>
<p>Developing strong relationships and understanding the local business culture is critical when investing in South Korea. Korean business culture emphasizes hierarchy, respect for authority, and personal connections.</p>
<p>Being punctual and engaging in “small talk” before getting to business is generally expected. And while most business decision-makers prefer to shake hands when meeting for the first time, others still bow. If this happens, you are expected to do the same, starting with the most senior executive in the room and bowing as deeply as he does.</p>
<p>Establishing trust and long-term relationships with local partners or potential clients can greatly enhance your chances of success. Moreover, having a reliable local contact who understands the Korean market can help overcome language barriers and cultural differences, which will facilitate smoother transactions.</p>
<p><strong>South Korea has friendly regulations and legal solutions for foreign investors</strong></p>
<p><strong> </strong>In the 2023 Index of Economic Freedom released by World Heritage, South Korea ranked 15th out of 176 countries. The index grades a country’s respect for property rights, financial soundness, and judicial efficiency. To attract more business from overseas, the country passed in 1998 the Foreign Investment Promotion Act (FIPA), which was followed up by other laws that further protected foreign investments.</p>
<p>Additionally, various state-mandated incentives and support including professional and legal advice are available for qualified potential investors.</p>
<p>Investing in South Korea offers lucrative opportunities for international investors. However, success in the Korean market requires careful consideration of the economic landscape, a clear understanding of the business culture, and a firm grasp of the regulatory environment.</p>
<p>Visit <a href="https://www.investkorea.org/" target="_blank" rel="noopener">https://www.investkorea.org/</a> for more information.</p>',
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'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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<p>According to a statement by the <strong>Ministry of Land, Infrastructure and Transport (MOLIT), </strong>the 32nd ITS World Congress in 2026 will be attended by around 60,000 participants from 100 countries, is expected to boost the local economy by $287 million, and generate 2,033 jobs.</p>
<p><strong>MOLIT Minister Park Sang-woo </strong>expressed his full support: “The 2026 Gangneung ITS World Congress, held under the theme of ‘Beyond Mobility, Connected World’, will be a place to experience new ITS solutions, visit diverse project sites, and enjoy Korea’s traditional and modern culture as well as the city’s charms.”</p>
<p> </p>
<p><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R4/Gangneung_poster.jpg" alt="" /></p>
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<p>According to the minister, MOLIT and Gangneung will spare no effort in making the ITS World Congress a success as it will highlight the city as a global tourism destination based on its advanced transport system, which will thrust Korea’s ITS industry as a global player.</p>
<p>As of December, MOLIT and the municipal governments of Gangneung and Gangwon have spent $25 million over the past two years to improve the city’s overall transport system and infrastructure.</p>
<p>MOLIT noted that other government officials and business leaders are fully supportive of the improvements to the city’s transport infrastructure, such as the Ministry of Foreign Affairs, Korea Expressway Corp., ITS Korea, Hyundai Motor, SK, KT, and LG.</p>
<p>Held every year, the ITS World Congress is the largest international exhibition and academic conference in the transport community. Seoul and Busan hosted the event in 1998 and 2010 respectively.</p>
<p>"Gangneung has the capability of holding large global events, a strength highlighted by its rich tourism resources. The event will elevate the standing not only of the city but also of the country on the global stage,” said the minister, who stresses that the city has a seamless global logistics and transport network and will be a go-to city for the global MICE (meetings, incentives, conferences, and exhibitions) sector.</p>
<p>The ministry adds that the event will serve as a platform for international partnerships in advanced transport and give South Korea a valuable opportunity to promote its world-class ITS technologies, while helping more South Korean companies to venture overseas. </p>
<p>For more information, visit <strong><em><a href="https://intl.its.go.kr/26ITSWC/en" target="_blank" rel="noopener">https://intl.its.go.kr/26ITSWC/en</a>.</em></strong> </p>',
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<p>Famous for its exotic landscapes and breathtaking natural wonders, Jeju has become a popular destination for travelers seeking a tranquil escape. Named a UNESCO Global Geopark in 2010 and included in the New 7 Wonders of Nature in 2011, Jeju attracts around 13 million domestic tourists and 1.7 million foreign visitors per year, according to Research Gate, or 53% of all international visitors to Korea in 2022.</p>
<p>Under her leadership, Kim has elevated the hospitality experience in Jeju.</p>
<p>“Our goal was to create a small hotel with character. We put a lot of effort into the design: all rooms are equipped with jacuzzis, hardwood floors, and 100% wool carpets. We built GoldOne as if we were going to host our closest friends and family,” Kim told GMI POST.</p>
<p>Kim was committed to blending modern luxury with Jeju’s rich culture by using locally sourced materials and artworks in the interiors.</p>
<p>“From GoldOne Hotel's perspective, we aren’t going to be like those big hotels with 400-plus rooms. Alternatively, we strive to maintain our position as a hotel that serves a niche market. Quality service is very important for us, not quantity. Our growth strategy is about prioritizing high-standard service and understanding the needs of our guests,” she added.</p>
<p>Although GoldOne Hotel & Suites aspires to expand and “go international,” the CEO stressed that she is determined to maintain the hotel’s “personable and approachable” brand of service.</p>
<p>To enhance the experience of its guests, the hotel offers curated excursions, dining outlets that showcase local flavors, and an infinity pool inspired by Jeju's natural resources.</p>
<p>"We want our guests to not only see Jeju but to feel it, taste it, and recharge in its unique energy,” Kim said.</p>
<p>Under her leadership, GoldOne Hotel has earned praise from prestigious publications, including Luxury Retreats Quarterly, which cited its commitment to sustainable practices and community engagement.</p>',
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<figcaption class="image-caption">South Korea's Minister of Oceans and Fisheries Minister Seung-Hwan Cho</figcaption>
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<p>With one of the world's largest merchant fleets, South Korea accounts for around 10% of global maritime trade, according to Logistics Asia. Through Busan, the fifth-busiest port in the world, the country exports seafood across all continents.</p>
<p>“Since taking office as <strong>Minister of Oceans and Fisheries</strong> in May, I have worked hard to expand exports in the marine and fisheries sectors. As a result, Korea achieved record-breaking exports in both shipping and seafood last year. Additionally, we focused on improving living conditions and residential environments in both the coastal and island regions, which were often overlooked in previous policy initiatives,” said <strong>Minister Seung-Hwan Cho.</strong></p>
<p>With an extensive coastline and a deeply rooted fishing tradition, the country harvests a wide array of marine delicacies. Because of their freshness and quality, South Korean seafood has become an important export product that has found its way to dining tables and restaurants across the globe, including the United States.</p>
<p>South Korea and the United States cooperate closely in a wide range of activities, like fisheries as well as research and development. The partnership in the maritime industry has boosted seafood exports and improved the delivery of goods and services between the two countries.</p>
<p>“The United States is a steadfast ally and long-time friend of Korea, and we continue to build on those close ties in various areas that include national defense, diplomacy, and industry. Among these, shipping and logistics stand out as critical aspects of infrastructure that support bilateral trade and cooperation between the two nations,” Cho said.</p>
<p>“The ministry has also been strengthening cooperation with the U.S. across a diverse range of areas, including decarbonization, digitalization, automation, and investments for port infrastructure in the maritime sector,” the minister added.</p>',
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'title' => 'How ModernTec is pioneering electric mobility in Korea and beyond',
'description_old' => null,
'description' => 'In the fast-evolving electric vehicle sector, ModernTec Corp. Ltd. has nurtured a strong reputation as an innovator. In a span of just over 10 years, the South Korean company has gone from makers of EV chargers to EV makers.
So, how did ModernTec come to dominate South Korea's $267-million EV market?',
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'url' => 'how-moderntec-is-pioneering-electric-mobility-in-korea-and-beyond',
'tags' => 'South Korea, Electric Vehicles, E-buses',
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'content' => '<p>In the fast-evolving electric vehicle sector, ModernTec Corp. Ltd. has nurtured a strong reputation as an innovator. In a span of just over 10 years, the South Korean company has gone from makers of EV chargers to EV makers.<img src="https://www.gmipost.com/img/uploads/FA-WK11-SOKOR-ModernTec.jpg" alt="" /></p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/FA-WK11-SOKOR-ModernTec.jpg" alt="" />
<figcaption class="image-caption">ModernTec has become a leader in South Korea's electric vehicle market in just over 10 years.</figcaption>
</figure>
<p>As of 2022, more than 1,220 electronic buses were playing the roads of South Korea, where 80% of EV buses were made by ModernTec, the country’s largest manufacturer of EVs in the country.</p>
<p>So, how did ModernTec come to dominate South Korea’s $267-million EV market?</p>
<p><strong>The power of know-how</strong></p>
<p>The company's founders were visionaries, having recognized the potential of electric mobility long before it became a global trend. Their expertise in battery technology, vehicle design, and electric propulsion systems positioned them as frontrunners in the race to electrify transportation.</p>
<p>ModernTec's dedication to research and development also paid off handsomely. Their EV buses are renowned for their efficiency, reliability, and eco-friendliness.</p>
<p>“We had a big tie-up with the Korean government in 2017 to provide the EV chargers for the public transportation systems. In 2022, we launched some beautiful models of robots, which will charge EVs directly. Now, we have five international patents and 15 domestic patents related to EV technology,” said <strong>ModernTec CEO Seong-Doo Kim</strong>.</p>
<p><strong>The open sharing of knowledge </strong></p>
<p>ModernTec has also stood out for its commitment to sharing knowledge with the global market, partly in recognition of the urgent need to combat climate change and promote sustainable transportation. This openness has yielded partnerships with companies and governments around the globe. By exporting its technology and expertise, the company has accelerated the adoption of EVs in various countries across Europe and Asia.</p>
<p>“The reasons behind our success is because of a few factors, firstly our know-how of the technology. We know it deeply. Secondly, we understand the technology from the customer's point of view. We don't make the things that we can make. We make the things that our customer needs,” said <strong>R&D Department Global Coordinator and Deputy Dr. Harsh Tiwari</strong>.</p>
<p>As the world strives to build a more sustainable future, ModernTec stands out as one of the leaders who can teach other players how to help create a greener, cleaner, and more electrified world for future generations.</p>',
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'publication_date' => '2023-09-28',
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So, how did ModernTec come to dominate South Korea's $267-million EV market?',
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'id' => '545544',
'title' => 'Invest Korea: Is this Asian tiger economy still a safe bet?',
'description_old' => null,
'description' => 'South Korea continues to see a rise in foreign direct investments. According to the Ministry of Trade, Industry and Energy, net FDI increased by $11.5 million in the second quarter of 2023. ',
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'url' => 'invest-korea-is-this-asian-tiger-economy-still-a-safe-bet',
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'content' => '<p>South Korea continues to see a rise in foreign direct investments. According to the Ministry of Trade, Industry and Energy, net FDI increased by $11.5 million in the second quarter of 2023.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-10-SOKOR-Invest-Korea-2.jpg" alt="" />
<figcaption class="image-caption">Invest Korea Commissioner Tae Hyung Kim</figcaption>
</figure>
<p>“Our job is to deliver accurate information at the right time. We help investors take advantage of what's on the table and use the information to their maximum advantage so we can build trust. Our goal is to work together from start to finish,” <strong>Invest KOREA (IK) Commissioner Tae Hyung Kim</strong> told GMI POST.</p>
<p>A part of the Korea Trade-Investment Promotion Agency (KOTRA), IK is the national agency in charge of bringing in foreign capital. It provides comprehensive support at all stages, including feasibility studies, investment execution (i.e. the establishment of the investing entity, and legal consultation), to grievance resolution.</p>
<p>Among IK’s key strengths is its extensive global network. It has 36 overseas offices, all of which are staffed by KOTRA employees, public officials dispatched from related government ministries and agencies, and private sector experts. This diverse and highly skilled team is well-equipped to provide tailored support and guidance to foreign investors, ensuring their successful entry and growth in the Korean market.</p>
<p>On South Korea's relationship with the United States, the largest contributor of FDI in the country, Kim said IK has built a strong and reliable relationship with the United States for more than eight decades.</p>
<p>As the United States pivots back to Asia-Pacific, according to Kim, IK has stepped up its efforts to publicize fresh investment opportunities in South Korea and drive the economic partnership forward.</p>
<p>"Korea offers world-class digital infrastructure for foreign direct investment. Subsidy programs and tax incentives cater to the expectations of investors in advanced sectors. What makes Korea distinct, however, is our highly educated talent. Korea has the highest proportion of young talent with high school diplomas and bachelor's degrees among OECD (members),” Kim said.</p>',
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'id' => '545541',
'title' => 'Busan, South Korea: How one city is raising the stakes in the tourism race',
'description_old' => null,
'description' => 'Located at South Korea's southern tip, Busan is blessed with a sub-tropical climate, which has made the country's second-largest city a popular year-round destination for millions of local tourists. Apart from its beaches that get packed during the summer, the port city offers other attractions and events, like the Busan International Film Festival, the largest in Asia. ',
'credit_id' => '48',
'image' => null,
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'url' => 'busan-south-korea-how-one-city-is-raising-the-stakes-in-the-tourism-race',
'tags' => 'South Korea, Busan, Tourism',
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'content' => '<p>Located at South Korea’s southern tip, Busan is blessed with a sub-tropical climate, which has made the country’s second-largest city a popular year-round destination for millions of local tourists. Apart from its beaches that get packed during the summer, the port city offers other attractions and events, like the Busan International Film Festival, the largest in Asia.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-9-SOKOR-Busan-Tourism.jpg" alt="" />
<figcaption class="image-caption">Busan Tourism Organization CEO and President Jung-Sil Lee</figcaption>
</figure>
<p>Having attracted 3.2 million international tourists in 2022, according to figures from Visit Korea, Seoul remains the country’s largest tourism revenue generator. While Busan has seen more tourist arrivals, the <strong>Busan Tourism Organization</strong> has stepped up efforts to promote the city’s hidden gems to the world.</p>
<p>“With the alleviation of coronavirus cases, the number of foreign tourists visiting Busan has increased rapidly. By June 2023, the number went up by nearly 500% compared to the same period last year. It is expected that more than 1.8 million people will visit Busan by the end of this year,” said <strong>BTO CEO and President Jung-Sil Lee</strong>.</p>
<p>The organization wants to highlight the city’s historical, cultural and natural attractions, like its Buddhist temples, as well as its food markets.</p>
<p>“BTO’s short-term priorities include making Busan a global “work-cation” city and a tourism city that offers tourists a full experience. We are focusing on promoting and developing content such as gastronomic tourism, night tourism, and marine leisure sports by utilizing Busan's beautiful beaches and coasts, historical heritage, delicious food and seafood, cityscapes and night views, and cultural and artistic events. Through these efforts, we are seeking to generate fresh and enriching experiences for visitors,” Lee said.</p>
<p>Busan is no longer a hidden treasure waiting to be discovered. Thanks to the Busan Tourism Organization's dedication and the increasing interest of travelers, this coastal gem has risen to prominence on the global tourism stage.</p>',
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'id' => '545537',
'title' => 'South Korea sets new guidelines for reusable containers',
'description_old' => null,
'description' => 'In line with South Korea's commitment to promoting eco-friendly practices and ensuring the safety of its citizens, the government announced new comprehensive hygiene standards for the production, handling, and cleaning of reusable containers.
',
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'url' => 'south-korea-sets-new-guidelines-for-reusable-containers',
'tags' => 'South Korea, Environment, Reusable Containers, Food Safety ',
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'content' => '<p>On July 31, 2023, the Ministry of Environment, led by <strong>Han Wha-jin</strong>, and the Ministry of Food and Drug Safety, under the guidance of <strong>Yu-Kyoung Oh</strong>, jointly announced new comprehensive hygiene standards for the production, handling, and cleaning of reusable containers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-8-SOKOR-Reusable-Containers.jpg" alt="" />
<figcaption class="image-caption">South Korean Minister of Environment Han Wha-jin (Ministry of Environment)</figcaption>
</figure>
<p>According to the Ministry of Environment, this collaborative effort reflects South Korea's commitment to promoting eco-friendly practices and ensuring the safety of its citizens.</p>
<p>Reusable containers have gained popularity as a sustainable alternative to single-use plastic products in South Korea. A report from Aju Korea Daily said that about 54 million reusable containers per month were used for food delivery in Seoul in 2021. However, the Ministry of Food and Drug Safety said concerns over cleanliness and hygiene deterred some people from adopting these environmentally friendly options.</p>
<p>The new guidelines contain directives on container specifications and approved cleaning agents to conform with existing laws, like the Promotion of Circular Economy and Society Act and the Food Sanitation Act.</p>
<p>They also provide instructions on the establishment of cleaning facilities, cleaning methods, and hygiene management protocols, which are intended for companies engaged in the rental of reusable containers, like coffee shops and restaurants.</p>
<p>Also, the guidelines recommend procedures for cleaning containers, criteria for their disposal, and expedited testing methods for microorganisms and residual detergents. Comprehensive guidance is also extended to consumers. Information regarding damage compensation and related matters is also provided.</p>
<p>The guidelines include a comprehensive list of preparatory tasks that local governments must consider when formulating, executing and managing projects involving multi-use facilities, like movie theaters, sports stadiums, and local festival venues.</p>
<p>The Ministry of Environment envisions that the establishment of these washing and hygiene standards, coupled with execution guidelines tailored to specific types of reusable containers, will guarantee the future hygiene and safety of such containers. Moreover, these guidelines are expected to foster optimal business models that enhance project efficiency.</p>
<p>The full guidelines can be obtained from the Ministry of Environment's website at <em><strong><a href="http://www.me.go.kr">www.me.go.kr</a></strong></em>.</p>',
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'id' => '545528',
'title' => 'Samsung SRA: A decade of global asset management success',
'description_old' => null,
'description' => 'Looking after assets worth more than $12.2 billion, Samsung SRA is one of Korea's largest real estate asset managers and a leader in the global financial landscape. It offers a wide range of services, including advisory and corporate real estate management across various sectors and geographical locations, including the United States. ',
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'url' => 'samsung-sra-a-decade-of-global-asset-management-success',
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'content' => '<p>Looking after assets worth more than $12.2 billion, <strong>Samsung SRA</strong> is one of Korea’s largest real estate asset managers and a leader in the global financial landscape. It offers a wide range of services, including advisory and corporate real estate management across various sectors and geographical locations, including the United States.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-5-SOKOR-Samsung-SRA-Chung-Kim.jpg" alt="" />
<figcaption class="image-caption">Samsung SRA CEO Chung Keun Kim</figcaption>
</figure>
<p>Committed to providing customer value and delivering profits for its partners, Samsung SRA has garnered the trust of its clients worldwide. Since its inception in 2012, the Seoul-based company has built a portfolio of 54 real estate assets in the United States.</p>
<p>Samsung SRA attributes its success to a research-driven decision-making process involving its clients. The collaborative approach has allowed the company to identify lucrative investment opportunities around the world, navigate market volatility, and deliver positive returns, particularly in South Korea.</p>
<p>“Our successful growth is driven by the trust we’ve earned from our clients, investors and the partners behind us,” <strong>Samsung SRA CEO Chung Keun Kim</strong> said.</p>
<p>By customizing solutions that meet each client's financial goals and risk tolerance, the company has nurtured deep trust and long partnerships. Its dedication to delivering success has yielded customer loyalty.</p>
<p>“When it comes to making decisions and running this fund, we collaborate with our partners. We have respect for them and they respect us also because of our reliable track in both asset acquisition and management,” Kim said.</p>
<p>Samsung SRA's growth over the past decade is a clear testament to its commitment to research, client-focused approach, and adaptability.</p>',
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'publication_date' => '2023-08-24',
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'id' => '545515',
'title' => 'From ODM to Neogen: Outin Futures connects with customers',
'description_old' => null,
'description' => 'South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027. ',
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'image' => null,
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'url' => 'from-odm-to-neogen-outin-futures-connects-with-customers',
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'content' => '<p>South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027.</p>
<p>One standout success story within the industry is Outin Futures. Founded in 2000, the company began as a research and development partner and an original design manufacturer (ODM) for other beauty and wellness companies before launching its house brand, Neogen, in 2008.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-5-SOKOR-Neogen.jpg" alt="" />
<figcaption class="image-caption">Neogen has carved its niche in the global cosmetics market by developing innovative products.</figcaption>
</figure>
<p>This initial phase allowed <strong>Outin Futures</strong> to gain valuable insights into the cosmetics market, understand consumer preferences, and fine-tune its manufacturing processes.</p>
<p>“Outin Futures is targeting a wide range of export markets, including the United States, Japan, Russia and Indonesia, and conducts sales through various platforms. In 2023, the company is making efforts to solidify its brand vision and continuously expand its product portfolio in the global market,” <strong>Outin Futures Vice President and Chief Marketing Officer Janet Kim</strong> said.</p>
<p>In developing its Neogen brand, Outin Futures increased spending on research and combined the latest biotechnology with knowledge of natural ingredients to create products that pushed the boundaries of skincare innovation. The combination of traditional Korean skincare and the latest scientific innovation generated a faithful following across the globe.</p>
<p>Marketing has played a vital role in Neogen's growth. Recognizing the effectiveness of a good story, the company shares testimonials from customers and experiences from social media influencers. Going beyond selling its products, Neogen also wants to promote the brand's values, the science behind its formulations, and the transformational experiences of its customers. The marketing approach has created a deep emotional connection with its consumers and strong brand loyalty.</p>
<p>“Neogen has made significant progress in the U.S. market, with sales occurring through various channels, such as Home Shopping Network HSN, the giant chain COSTCO, Amazon US, as well as the K-beauty ambassador Soko Glam. As a cosmetics manufacturer, our goal is to expand exports based on excellent cosmetics development capabilities to achieve continuous global growth,” Kim said.</p>',
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'id' => '545513',
'title' => 'AMCHAM Korea's efforts to promote diversity and inclusion',
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'description' => 'In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table, the American Chamber of Commerce in Korea (AMCHAM Korea) has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.',
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'url' => 'amcham-koreas-efforts-to-promote-diversity-and-inclusion',
'tags' => 'South Korea, US, Workplace Diversity, Gender Equality',
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'content' => '<p>In today's globalized business landscape, diversity and inclusion have emerged as critical factors that drive success and innovation. Recognizing the immense value that diverse perspectives and experiences bring to the table,<strong> the American Chamber of Commerce in Korea (AMCHAM Korea)</strong> has taken significant strides in promoting diversity in the workplace, specifically by supporting small and mid-sized enterprises (SMEs) and empowering women to take up leadership roles.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-4-SOKOR-AMCHAM-James_Kim.jpg" alt="" />
<figcaption class="image-caption">AMCHAM Korea Chairman and CEO James Kim</figcaption>
</figure>
<p>“We are working with businesses and communities in building a more inclusive economy by promoting women’s economic empowerment in Korea. Although the country has come a long way in terms of addressing gender inequality, Korea is still ranked very low amongst the OECD countries when it comes to the wage gap between women and men,” said <strong>AMCHAM Korea Chairman and CEO James Kim.</strong></p>
<p>Kim said AMCHAM Korea understands that empowering women and providing them with equal opportunities is not just a matter of social justice, but also benefits a company's performance. Through its advocacy efforts, networking events and mentorship programs, AMCHAM Korea encourages more women to take on leadership roles within SMEs and large corporations alike.</p>
<p>“I'm very proud to say that AMCHAM Korea has nine women on its board of governors. Six years ago, we only had one. So this year, we broke our record and we're going to continue to do that. At AMCHAM, we're showing leadership with real execution as opposed to just talking about it,” Kim said.</p>
<p>By ensuring diversity within its executive leadership team, AMCHAM Korea is leading by example and showing firsthand that a diverse leadership team helps shape an organization's culture and drive it toward greater success.</p>
<p>Kim also highlighted that at the heart of AMCHAM’s initiatives lies the American Business Center (ABC), a pioneering market development program that organizes workshops, seminars, and mentorship programs, and facilitates knowledge-sharing between South Korean SMEs and American companies.</p>
<p>“The American Business Center is fully operational. We have signed very exciting agreements with various organizations in the U.S. From leaders in the private sector to mayors, they all want to do business with Korea via AMCHAM Korea’s American Business Center. We also have a bunch of our big member companies, who are already here in Korea, committing to help these leaders enter the Korean market. AMCHAM Korea acts as the glue that makes this happen,” said Kim.</p>
<p>The AMCHAM Korea chief executive said the ABC aims to foster more collaborations between Korean and American businesses and promote diversity by encouraging SMEs to recruit and retain a diverse talent pool.</p>',
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'id' => '545509',
'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'url' => 'reigniting-the-spark-how-managers-can-reenergize-their-teams-with-low-morale',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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'description' => 'Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years. To prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy. ',
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'content' => '<p>Burnout from work-related stress is at an all-time high with more than 40% of full-time, desk-based workers having experienced it at least once in the past two years, according to a global study by independent think tank Future Forum.</p>
<p>And while the same study shows that 70% of professionals feel that employers aren’t doing enough to prevent burnout, Samsung Electronics differentiates itself by taking a bold step towards prioritizing the well-being of its employees through its innovative 'One Friday Off' policy.</p>
<p>Implemented last June 24, Samsung’s policy allows its non-factory, full-time employees in South Korea to take one Friday off every month. Some Samsung employees have started calling the management-mandated holiday "Family Day," while others are calling it "Development Day”.</p>
<p>Beyond encouraging a healthy work-life balance among its employees, Samsung also hopes the new policy will boost its employer brand and recruitment. In an interview with local media, Samsung Electronics Chairman Lee Jae-yong said, "Through this policy, we hope to bring in good talent and create a flexible work culture for the company so that we can easily adapt to changes."</p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK-2-SOKOR-Samsung-One-Friday-Off-policy.jpg" alt="" /></p>
<p><strong>A step in the right direction: longer working hours do not necessarily equate to higher productivity</strong></p>
<p>A study from Stanford University found that productivity per hour declines sharply when a person works more than 50 hours a week. After 55 hours, productivity drops so much that putting in more hours would be pointless.</p>
<p>By giving its employees an additional day off each month, Samsung demonstrates a deep understanding of the importance of rest to promote productivity, boost innovation, and cultivate a happier and more fulfilled workforce.</p>
<p>With its 'One Friday Off' policy, Samsung is the latest advocate to introduce a four-day work in South Korea. Fellow chip maker SK Hynix also started offering employees a Friday off once a month provided they average 40 hours a week. Meanwhile, CJ ENM, one of South Korea’s largest content companies, gives its workers every other Friday off.</p>
<p>Other companies would do well to learn from these South Korean companies’ progressive actions regarding the value of downtime.</p>',
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'title' => '3 things business decision-makers need to know before investing in South Korea',
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'description' => 'Why invest in South Korea? The East Asian nation is one of the world's fastest-growing economies. If you're considering investing in South Korea, here are three things you should know before diving in. ',
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'content' => '<p>Why invest in South Korea? The East Asian nation is one of the world’s fastest-growing economies. Since 1961, the country’s gross domestic product (GDP) has grown an average of 7.1% every year. As of March 2023, foreign direct investments (FDI) increased by $2.6 billion.</p>
<p>If you’re considering investing in South Korea, here are three things you should know before diving in. </p>
<p> </p>
<p><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%201-SOKOR-Investing%20in%20South%20Korea.jpg" alt="" /></p>
<p> </p>
<p><strong>South Korea is a leading global destination for industrial sectors</strong></p>
<p>As the world’s 10th-largest economy, the South Korean market is robust and dynamic, mostly driven by the technology, automotive, and manufacturing industries. As of 2021, South Korea’s manufacturing sector accounted for 28% of the country’s GDP. The average contribution of manufacturing in 157 countries is 12.32%.</p>
<p>Aside from being the world's largest producer of semiconductors, South Korea’s main industries include textile, steel, car manufacturing, shipbuilding and electronics.</p>
<p><strong>Korean business culture is steeped in Confucianism</strong></p>
<p>Developing strong relationships and understanding the local business culture is critical when investing in South Korea. Korean business culture emphasizes hierarchy, respect for authority, and personal connections.</p>
<p>Being punctual and engaging in “small talk” before getting to business is generally expected. And while most business decision-makers prefer to shake hands when meeting for the first time, others still bow. If this happens, you are expected to do the same, starting with the most senior executive in the room and bowing as deeply as he does.</p>
<p>Establishing trust and long-term relationships with local partners or potential clients can greatly enhance your chances of success. Moreover, having a reliable local contact who understands the Korean market can help overcome language barriers and cultural differences, which will facilitate smoother transactions.</p>
<p><strong>South Korea has friendly regulations and legal solutions for foreign investors</strong></p>
<p><strong> </strong>In the 2023 Index of Economic Freedom released by World Heritage, South Korea ranked 15th out of 176 countries. The index grades a country’s respect for property rights, financial soundness, and judicial efficiency. To attract more business from overseas, the country passed in 1998 the Foreign Investment Promotion Act (FIPA), which was followed up by other laws that further protected foreign investments.</p>
<p>Additionally, various state-mandated incentives and support including professional and legal advice are available for qualified potential investors.</p>
<p>Investing in South Korea offers lucrative opportunities for international investors. However, success in the Korean market requires careful consideration of the economic landscape, a clear understanding of the business culture, and a firm grasp of the regulatory environment.</p>
<p>Visit <a href="https://www.investkorea.org/" target="_blank" rel="noopener">https://www.investkorea.org/</a> for more information.</p>',
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'title' => 'Reigniting the spark: How managers can reenergize their teams with low morale',
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'description' => 'According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.
Here are six strategies to reignite your team's motivation.',
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'content' => '<p>Maintaining a high level of morale within a team is vital for boosting productivity, fostering creativity, and ensuring overall job satisfaction. However, there are instances when morale can take a dip, resulting in a decline in performance and enthusiasm.</p>
<p>Low employee morale poses a significant challenge for managers and business owners.</p>
<p>According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled absenteeism, which costs roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees.</p>
<p>Conversely, high morale has the opposite effect. The same study revealed that engaged employees can boost profitability by up to 21%, while absenteeism can decrease by as much as 41% and turnover by 59%.</p>
<p>Here are six strategies to reignite your team’s motivation:</p>
<p><strong><img class="align-center" src="https://www.gmipost.com/img/uploads/Non-Report/Newsletters%202023/2023-R3/EDC-NL-R3-WK%203-SOKOR-Boosting-Morale.jpg" alt="" /></strong></p>
<p><strong>Promote open and regular communication</strong></p>
<p>Creating regular and inclusive communication systems can increase productivity by 25%, according to US-based business solutions provider ExpertMarket. While it may sound common knowledge, only a few practice it.</p>
<p>In ContactMonkey’s Global State of Internal Communications 2022 report, a global survey of more than 2,000 communication and HR leaders, 87% of respondents acknowledged that effective and regular internal team communication was “a key driver of employee productivity,” with only 27% saying they set up consistent feedback mechanisms with employees.</p>
<p>By creating a safe and supportive environment wherein team members can express their ideas and concerns freely, managers increase productivity within the company and promote a healthy work culture wherein every member of the team feels listened to.<strong> </strong></p>
<p><strong>Lead by example</strong></p>
<p>Managers who demonstrate passion, resilience, and a positive attitude inspire their teams. Be an exemplar of the behavior and work ethic you expect from your team members.</p>
<p>FedEx Founder and CEO Frederick W. Smith is a known proponent of leadership by example and the concept of a “boundary-less organization,” which encourages leaders to entertain all ideas and suggestions from anyone within the company.</p>
<p>“Leaders get out in front and stay there by raising the standards by which they judge themselves and by which they are willing to be judged,” said Smith.</p>
<p><strong>Set realistic goals and celebrate milestones</strong></p>
<p>Break down larger objectives into smaller, achievable goals. When the team sees progress and celebrates milestones, it creates a sense of accomplishment and renewed focus.</p>
<p>The goal-setting theory of management psychologists Edwin A. Locke and Gary P. Latham underscores the correlation between high performance and specific goals. They said that organizations can enhance their success by implementing precise and measurable objectives for employees.</p>
<p>Moreover, when employee performance is assessed in light of these goals and is coupled with feedback on their outcomes, it fosters a sense of acknowledgment and dedication among the workforce.</p>
<p><strong>Promote skill development</strong></p>
<p>Invest in your team's professional growth by offering opportunities for learning and development. Provide training, workshops, or mentoring programs that align with their career aspirations.</p>
<p>According to a training firm ACI Learning, investing in employee skills development programs helps with both team engagement and retention. In its study, 87% of millennials and 69% of non-millennials said they would stay with their current employers instead of accepting a new position as long as they are presented with growth opportunities.</p>
<p><strong>Encourage work-life balance </strong></p>
<p>In a work-life balance survey conducted by Deloitte US, 77% of the 1,000 respondents revealed having encountered burnout in their present employment, at least once while half of the respondents said they experienced work-related burnout multiple times.</p>
<p>The results of the survey highlight the need for managers and team leaders to be proactive in addressing work-related stress and promoting a healthier work environment. This can include promoting breaks, flexible working hours, and time off.</p>
<p>By valuing your team’s well-being, you demonstrate that their mental and physical health is important, leading to higher job satisfaction and improved morale.</p>
<p><strong>Offer innovative benefits</strong></p>
<p>In South Korea, companies are becoming more creative when it comes to giving employees various benefits.</p>
<p>For example, game developer Pearl Abyss provides its employees with house cleaning services and pet insurance policies. Employees with pets can receive insurance benefits for up to three pets for their medical services. They can also apply for monthly house cleaning services.</p>
<p>Yanolja, a travel and booking app, gives its employees a daily allowance of 10,000 Korean won (around $9) for food delivery.</p>',
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Here are six strategies to reignite your team's motivation.',
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Reigniting the spark: How managers can reenergize their teams with low morale
According to a study conducted in the U.K. by the Gallup Organization, low employee morale has a direct correlation with increased unscheduled abse...
