Today's Date:      Tuesday, April 03, 2012

1. MARKETING ISSUES

Nara Cellar Lowers Price of American Wine by 5 to 15 Percent [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/04/03/0325000000AKR20120403051700003.HTML

Summary: Nara Cellar, a leading importer of California wine, announced on April 2 that it had reduced price of the 120 American wines that I imports by 5 to 15 percent.

Lotte Super Opens a Meat Processing Center [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/04/03/0325000000AKR20120403032600003.HTML

Summary: Lotte Super announced that it had opened a temperature controlled meat processing center within its distribution warehouse in Yongin, Gyunggi-do on April 2.  The center has 6 processing lines, which can handle cutting, sorting and packaging of various meat products.

“SPC will Have 3,000 Bakery Stores in Foreign Markets by 2020”, Chairman Heo [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2012032951071&sid=0001&nid=000&type=

Summary: SPC Group, the leading bakery store chain in Korea, opened its 100^th store in foreign market in Hochimin city, Vietnam on March 29.  Y.I. Heo, chairman, mentioned in the opening speech that SPC plans to have a total of 3,000 bakery shops in the foreign market by 2020.  SPC’s existing 100 stores are 80 in China, 19 in the U.S. and 1 in Vietnam.

2. OTHER MISCELLANEOUS ISSUES

ROK Agriculture Minister: Food Exports To Reach $30 Billion by 2020[English, MGF] 

http://www.koreaherald.com/business/Detail.jsp?newsMLId=20120401000277

Summary: Despite the expected blow to Korea's agricultural industry in the wake of its free trade pacts with the United States and the European Union, the nation's food exports will top $30 billion by 2020, according to Agriculture Minister Seo Gyu-yong.  "I am confident that the country can make it onto the top 10 largest food exporter list within the next decade. Free trade agreements pose challenges to the sector, but new markets are also opening up for us with the deals," Seo said. The ministry's export target for this year is $10 billion.

Five Northern Pacific Countries to Gather in Jeju Island and Discuss Ways to Conserve Salmon [Korean, OSY]

Summary: The U.S., Russia, Canada, Japan, and South Korea met in Jeju island, Korea on March 27 through 29 and discussed ways to conserve fishery resources, including salmon.