FAS/Seoul Monitoring of Media Reporting on Agricultural Issues

Today's Date: Friday,  November 19, 2021

For Coverage: November 8 ~ 17, 2021

 

CJ CheilJedang is Actively Investing in Funds Both Inside and Outside Korea

https://www.mk.co.kr/news/business/view/2021/11/1078171/

Summary: CheilJedang is expanding its strategic investment for future growth.  Until now, investment has been carried out through venture capital, but starting this year they formed a professional organization and started direct investment.  CheilJedang has invested in 10 domestic and foreign startups and alternative protein funds in the U.S. this year.  The global startups they recently invested in include Miyokos Creamery and Plentable, as well as other companies that relate to future alternative food.  CheilJedang plans to use its professional in-house organization to invest in, and continue technology collaboration with, the food and bio sectors.  

 

Homeplus is Having a Kimchi Exhibition to Help Customers

http://www.businesskorea.co.kr/news/articleView.html?idxno=81439

Summary: Although the kimchi-making season began in earnest, the burden on customers increased as cabbage prices rose.  As a result, Homeplus will hold a special 'Delicious Kimchi Show' event across the country from November 18 to 24 to reduce prices.  Food ingredients such as cabbage, radish, and red pepper powder needed for kimchi making (as well as kimchi refrigerators and kimchi containers) were included in the show.  Homeplus will sell the product at a 20% discount in cooperation with the Ministry of Agriculture, Food, and Rural Affairs.

 

As the Kimchi-making Season Approaches, the Ministry of Food and Drug Safety Conducts a Full Inspection of Kimchi Food Ingredients Manufacturers

 https://mdtoday.co.kr/news/view/1065573215292373

Summary: The Ministry of Food and Drug Safety will conduct a full-scale inspection of kimchi food ingredients manufacturers in preparation for the kimchi season.  The Ministry of Food and Drug Safety said that, together with 17 local governments, it would focus on food hygiene management from November 22-26.  This inspection targets 478 businesses, including finished kimchi, pickled cabbage, red pepper powder, and salted seafood.  The main inspection contents are expiration date, compliance with manufacturing and processing, and food hygiene.  In addition, products on the market will be collected and inspected intensively.  

 

Hyundai Green Food has Opened Its Third Texas Roadhouse Store, the No. 1 Steak Restaurant in the U.S.

http://www.newsprime.co.kr/news/article/?no=556174

Summary: Hyundai Green Food opened their third "Texas Roadhouse" store at Hyundai Premium Outlet Gimpo.  Texas Roadhouse is the No. 1 steak restaurant in the United States, serving various meat sizes.  The newly opened Texas Roadhouse Gimpo branch is about 555 cubic meters, the largest among domestic stores.   

 

Hadong-gun in Gyeongsangnam-do has Agreed to Export $5 Million with a U.S. Company

https://www.news1.kr/articles/?4493395

Summary: Hadong-gun announced on November 15 that they signed an agreement to export Hadong agricultural and specialty products to the United States.  As a result, strawberries and Seomjingang rice will be sold through H Mart in the U.S. from November.  Heechang C&T, which is in charge of distribution, owns H Marts in the United States and has 140 billion won in sales every year through exports of frozen food and fresh agricultural products.

 

CJ CheilJedang is the First and Only Korean Food Company Listed on the ‘DJSI, Asia-Pacific Index'

https://newsis.com/view/?id=NISX20211114_0001650407&cID=13001&pID=13000

Summary: CheilJedang has been listed on the Asia-Pacific Index for the seventh consecutive year.  It is the first and only domestic food company to achieve this.  CheilJedang was included in the top 25% of the 609 companies in Asia-Oceania on the sustainability management index evaluation.  It received excellent scores overall on 32 items in three areas, including economy, environment, and society, and 135 detailed task evaluations.  CheilJedang is focusing its capabilities on sustainability, health, and safety.  They established a 'food safety integration system' to improve consumer safety to prevent product quality problems in the supply chain.  In addition, they have made efforts to reduce carbon emissions by reducing 5,577 tons of waste use 1,019 tons of plastic made from recycled materials.

 

K-dumplings Made of Plant-based Meat Successfully Exported to 7 Countries

http://www.bokuennews.com/news/article.html?no=210021

Summary: The Agriculture, Food, and Rural Development Agency announced that it has succeeded in developing vegetable K-dumplings for export using soybean-based vegetable proteins.  As the popularity of Korean culture increases worldwide, demand for Korean food is also increasing.  However, some countries have restricted imports of products containing meat due to various animal infectious diseases.  They developed the dumplings using alternative meat and exported the product to seven countries, including the United States, Singapore, and Australia.  The researchers will continue to launch Korean food products using the technology to develop plant-based alternative meat products.

 

Shortage of Soybeans Expected to Lead to a Shortage of 'Tofu', a Food for the Masses in Korea

https://www.hankyung.com/economy/article/2021111476531
Summary: The Korean government has reduced its direct supply of imported soybeans, causing setbacks in tofu production despite increased demand during the COVID-19 pandemic.  Tofu is a common food in Korea.  There are concerns that there will be a supply shortage of tofu if the situation continues.  According to a tofu manufacturing company, tofu products recently disappeared from the shelves of a supermarket in Gyeonggi Province.  The disappearance was due to tofu manufacturers in that region being unable to supply tofu on time due to a lack of soybeans (the main ingredient in tofu).  A number of tofu manufacturers in Gangwon-do, Chungcheongbuk-do, and Gyeongsangbuk-do closed their business due to a lack of soybeans.  A president of a local tofu manufacturer said that about 20 to 30 companies have shut down or closed their factories recently.

There might be a Shortage of Tofu Due to a Lack of Beans

https://www.hankyung.com/economy/article/2021111476531

Summary: Demand for tofu, a national food, has increased significantly in the wake of COVID-19.  The government has reduced the direct supply of imported soybeans, causing disruptions in tofu production.  Concerns are rising that if this condition persists, there may be a shortage of tofu supply.  According to the tofu manufacturing industry, tofu is recently gone from a display stand at a supermarket in Gyeonggi-do.  This is because local tofu companies could not make tofu.  The number of companies closing in other regions due to a lack of soybeans has increased.  The president of a tofu company said 30 companies nationwide are closed.  As soybeans became scarce some companies tried to make tofu with imported soybean powder.  An official from a tofu company said that if the use older soybeans it will result in lower quality tofu.

 

The Ministry of Agriculture, Food, and Rural Affairs has Established a Smart Farm R&D Big Data Platform

http://www.foodnews.co.kr/news/articleView.html?idxno=94632

Summary: The Ministry of Agriculture, Food and Rural Affairs, and the Agriculture, Food and Rural Affairs Technology Planning and Evaluation Agency have established a 'Smart Farm R&D Big Data Platform' that systematically accumulates, manages, and shares data.  The Ministry of Agriculture collected the R&D data from research institutes that participated in the “Smart Farm Package Innovation Technology Development Project” for analysis and AI learning.  They will disclose the results to the private sector later.  Smart Farm researchers can cooperate more conveniently with stakeholders and share data through this platform.

 

All Manufacturers, such as Bread, Rice Cakes, Instant Food, and Noodles, will be Subject to Administrative Measures If They do Not Obtain HACCP Certification

http://www.foodnews.co.kr/news/articleView.html?idxno=94578

Summary: All companies that manufacture and process foods such as snacks, bread, chocolate, beverages, noodles, and instant food must obtain HACCP certification by the end of this month.  If a business operator produces a product without obtaining a HACCP certification within the deadline, they will be suspended for seven days for the first violation, 15 days for the second violation, and one month for the third violation.  However, the requirement can be suspended for one year to allow time to prepare for compliance with the HACCP criteria.  According to the Ministry of Food and Drug Safety, they will actively support companies to achieve HACCP certification.

 

Ramen Prices Rise the Most in 12 Years.  International Grain Prices are also Expected to Increase in Q4 2021

https://www.hankookilbo.com/News/Read/A2021110716210005773?did=NA

Summary: The ominous increase in international grain prices is continuing.  Following the second half of the year, the price of major imported grains is expected to be on the rise until the first half of next year.  According to the 'International Grain Outlook Report' of the Korea Rural Economic Research Institute dated November 7^th, the Grain Import Price Index (CIF, 2015 = 100) which predicts domestic import prices including freight and insurance premiums, kept increasing in the fourth quarter of this year and is expected to go up in the first quarter of 2022.  This means that the price of major imported grains, such as wheat, soybeans and corn, will keep increasing in the next year too.