S. Korea to host APEC ministerial meeting on food security
The meeting will take place in Incheon, west of Seoul, on Sunday under the theme "Driving Innovation in Agri-food Systems for Shared Prosperity," according to officials from Seoul's agriculture ministry.
Ministers from the 21 APEC member economies, including the United States, China, Japan, Taiwan, Thailand, Australia and Russia, are expected to attend the upcoming meeting to discuss strategies for enhancing food security in the Asia-Pacific region.
"As concerns over food security are growing amid the climate crisis and global supply chain disruptions, it is especially meaningful for South Korea, a nation at the forefront of agricultural innovation, to engage in discussions on food security cooperation with APEC member economies," Agriculture Minister Song Mi-ryung said in a press release.
"Through this meeting, Seoul will work to further solidify international cooperation in the agricultural sector and actively promote the value and excellence of Korean food and agricultural products," she added.
This year's meeting will also explore ways to harness artificial intelligence technology to drive agricultural innovation and respond to challenges posed by climate change and supply chain instability.
From Wednesday to Saturday, Korea will also host various working-level meetings to discuss APEC's road map for strengthening regional food security by 2030, along with other related issues. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
12 hours ago
- Korea Herald
Celltrion's Q2 net falls 19.3% on provisions
Celltrion, a major South Korean biopharmaceutical company, said Wednesday its second-quarter net profit fell 19.3 percent from a year earlier due to provisions related to ongoing legal disputes. For the three months ended June 30, net profit declined to 63.3 billion won ($45.6 million) from 78.4 billion won in the same period last year, the company said in a regulatory filing. "We set aside provisions in preparation for potential compensation related to ongoing legal disputes. These provisions impacted our quarterly bottom line," a company spokesperson said, without elaborating. Operating profit more than tripled to 242.5 billion won from 72.4 billion won, while sales rose 9.9 percent to 961.5 billion won from 874.7 billion won. The company said increased global sales of its flagship biosimilars, including Remsima SC, Yuflyma and Vegzelma, supported quarterly earnings. These high-margin products accounted for 53 percent of total sales in the second quarter. In the first half of the year, net income surged 73 percent to 171.6 billion won from 99.2 billion won a year earlier. Celltrion expects strong earnings to continue in the second half, as it plans to gradually launch five new biosimilars -- Omlyclo, Avtozma, Eydenzelt, Stoboclo and Osenvelt -- in global markets later this year. The company aims to achieve 5 trillion won in annual sales this year, up 40 percent from a record 3.56 trillion won last year. Celltrion has significantly expanded its global biosimilar portfolio, with the number of approved products rising from six to 11. It plans to commercialize 22 biosimilar products by 2030, when the global market is projected to grow to 261 trillion won from 138 trillion won this year. (Yonhap)
Korea Herald
14 hours ago
- Korea Herald
Too close to Seoul to stand out? Gyeonggi bets on independent travelers to revive tourism
Gyeonggi Province, which surrounds Seoul and is home to over 13 million people, is rolling out a new strategy in hopes of attracting more international tourists. Despite being one of South Korea's most accessible regions from the capital, trouble navigating often keeps foreign visitors away. In an attempt to address the situation, the province announced its '3.3.5.5 Strategy." Despite its size, access to the DMZ, and proximity to Incheon Airport, Gyeonggi Province's share of foreign visitors dropped from 14.9 percent in 2019 to around 10 percent in 2024, according to data from South Korea's Ministry of Culture, Sports and Tourism. Seoul's share has long held at around 80 percent. Meanwhile, the country's tourism landscape has changed. Over 80.5 percent of foreign tourists in 2024 were Free Independent Travelers — those who plan trips on their own rather than booking through a group tour. In 2019, FITs made up 77.1 percent. Gyeonggi now wants to target this growing segment. The strategy sets four measurable goals: Boost international visitor share from 10 to 30 percent. Increase average stays from 2.13 days to 3 days. Raise spending per tourist from 350,000 won to 500,000 won (about $215 to $360). Improve the repeat visitation rate from 34 to 50 percent. Why Gyeonggi gets overlooked The paradox is that Gyeonggi is geographically convenient, but functionally inaccessible. Booking regional buses and trains often requires Korean-language apps or domestic credit cards. Car rentals are available, but GPS systems and maps are primarily designed for local users. Google Maps still lacks turn-by-turn navigation in Korea. Korean apps like Naver Map and Kakao Map support English, Chinese and Japanese, but often fall short for tourists unfamiliar with Korean signage or cultural context. These barriers help explain why South Korea, despite ranking No. 14 overall in the World Economic Forum's 2023 Travel and Tourism Development Index, landed at No. 60 in tourism services and infrastructure. What the province plans to fix To address this, Gyeonggi Provinceworked with national tourism agencies, universities, and research institutes to develop a four-part action plan. It includes: Improved transportation: more shuttle buses, FIT-friendly day tours, a new tourist taxi system, and a dedicated Gyeonggi tourism center in Seoul. Better digital tools: smarter booking platforms and information services for foreign users. Expanded experiences: DMZ tours, regional food programs, and new outdoor and industrial tourism offerings. Targeted marketing: a global tourism brand and campaigns focused on younger travelers. Officials say implementation will begin in 2026, starting with high-impact projects. The province also plans to work with Seoul and Incheon to create a regional tourism network and is pushing the national government to ease lodging and transportation regulations. 'Our goal is to make Gyeonggi Province a place where international visitors can explore freely and comfortably,' said Jang Hyang-jeong, the province's tourism policy director. 'We want them to discover that Korea is more than just Seoul.'
Korea Herald
15 hours ago
- Korea Herald
Hyundai's US tariff headache, explained in 2 minutes
The new 15 percent tariff deal between South Korea and the US is forcing Hyundai Motor Group to fundamentally rethink its strategy in its second-largest market. With the loss of its zero-tariff edge under the South Korea-US free trade agreement, the Korean auto giant is now grappling with tough choices — from adjusting vehicle prices to relocating production of key models from Korea to the US. Tariff impacts New 15% US tariff on Korean car exports replaces previously threatened 25% duty. Hyundai Motor and Kia export 1.5 million vehicles to the US annually — about 25% of total global sales. Estimated 3-4% hit to overall profit margin, prompting strategic overhaul. No room for big price hikes Raising prices by over 3% would be needed to offset losses. But Hyundai risks losing competitiveness if it increases prices more than rivals like Toyota, which has already raised prices by $200–$270. Hyundai's pricing strategy likely to focus on regional customization, option flexibility, including removal of some standard features. Production shift on the table Hyundai is in talks with labor unions to shift production of high-demand models — especially hybrids and SUVs — from Korea to the US. All Hyundai Motor and Kia hybrid models are currently made in Korea despite surging US demand. Labor union hurdle A 1999 labor agreement requires union approval for any overseas production shift. Experts say this will need to be renegotiated due to what's described as a 'life-or-death threat' to Hyundai's export-driven business model. What's at stake Hyundai sold 28,733 hybrid vehicles in the US in July, up 38% year-on-year. Shifting hybrid production could help avoid tariffs and protect market share, but labor resistance could delay plans.
