Today's Date: Thursday, May 24, 2012

1. ECONOMIC ISSUES

Koreans rely heavily on imported food [English, HYD]

http://www.koreatimes.co.kr/www/news/nation/2012/05/117_111129.html

Summary: Koreans like to eat imported food. They depend on it for their everyday meals more than other nationals, a government study showed Wednesday. Each Korean consumed 468 kilograms of imported food in 2010. This is 1.3 times higher than the Japanese and this preference has been increasing annually, according to the Ministry of Environment. The ministry conducted research on four countries including the United Kingdom and France. The yearly consumption of foreign products in Britain recorded 411 kg while in France it was 403 kg. Nine categories of imported products were deemed essential for daily nutrition: grains, meat, fish, vegetables, fruit, cooking oil, sugar and drinking water.

2. MARKETING ISSUES

Ceiling of ‘Traditional Liquor’ Sales on the Internet to be Increased from 50 to 100 Bottles Per Day … Use of Saccharine to be Allowed on More Products … Gov’t Announces Lists of Deregulation Goals [Korean, OSY]

http://news.donga.com/Economy/3/01/20120523/46473883/1

Summary: Ministry of Finance and Planning announced 25 deregulation goals on May 23, which includes increase of ceiling of ‘traditional liquor’ sales on the internet from the current 50 to 100 bottles per adult per day.  The Ministry has selected the 25 deregulation goals out of over 300 proposals submitted by the industry organizations earlier this year.  The deregulation goals also include allowing Saccharine, artificial sweetener in more food and nutritional products considering the increased market demand for low calorie products.

Korea Seeks to Achieve Self-sufficiency for Strawberry Planting Seeds [Korean, OSY]

http://economy.donga.com/ViewHeadline/3/0113/20120523/46447564/4

Summary: According to the National Seed Institute, Korean origin seeds accounted for 68 percent of the total strawberry plantings in Korea last year, which was a big increase from 9 percent in 2005.  Korean government has been putting an emphasis to achieve higher self-sufficiency rate for planting seeds.  Overall self-sufficiency rate for flower & fruit planting seeds currently remains very low, 12 percent.  Korean farmers rely heavily on imported seeds from Japan.

The Blue House to Make a Decision on ‘Internet Sales of Imported Wine’ [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2012052203751&sid=01176001&nid=&type=

Summary: Fair Trade Committee has proposed that sales of imported wine on the internet should be allowed to drop the retail price.  The proposal is scheduled to be reviewed by the Blue House on May 23.  National Tax Service (NTS) has been opposing to the proposal with a claim that internet sales would easily allow people under legal drinking age to purchase wine.  Another argument by NTS is the proposal is not fair to other liquor products such as whiskey and local fruit wine.

3. OTHER MISCELLANEOUS ISSUES

Coca-Cola Introduces Environment-Friendly Plastic Bottles Made from Sugar Beet [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20120523/46447364/1

Summary: Coca-Cola reported that it would start using in Korea environment-friendly plastic bottles made partly from plant ingredient (sugar beet).  Coca-cola said introduction of the bottle last year has so far reduced carbon dioxide emission by 65,025 tons.