Korean Companies Find New Opportunities in China's Consumer Market

Once called the factory of the world, China, with a population of 1.3 billion and still growing, has become an attractive consumer market for Korean companies.

[Interview : Hwang Jae-won, Director Korea Trade-Investment Promotion Agency] "Considering the pace of its economic growth and consumer spending, there won't be a more important market for Korea than China is".

It's been a decade since Korean conglomerate CJ Group entered the Chinese market.
The company has launched various businesses, ranging from movie theatres to coffee shops and even restaurants serving the Korean dish bibimbap.

[Reporter : Hwang Sung-hee ssung86@arirang.co.kr] "With what it calls 'Korean Healthy Fresh Kitchen', this franchise bibimbap restaurant has captured the tastebuds of Chinese consumers, and has recorded a 30 percent jump in sales for two consecutive years".

At lunch time, the restaurant, the second branch to open in Beijing, bustles with customers.
The key to its success

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[Interview : Charlie Sohn, Bibigo Marketing Manager CJ China] "We will be opening our fifth branch in Beijing this year. Next year, we will be opening stores in large cities like Shanghai and in smaller cities like Chingdao, and eventually plan to expand the number of our stores to 250".

On the streets of the world's largest auto market roams cars manufactured by Korean automaker Hyundai Motors.
Hyundai's sales in China exceeded 760-thousand units last year, accounting for 18 percent of the company's total profit.
And with China's auto market expected to grow to 30-million by 2020, the Korean auto giant plans to expand its business in the country, which may not be hard to do.

[Interview : Zhang Shaomin, Sales Manager Hyundai Motors] "The demand for Korean cars is growing. Hyundai is a brand known for its excellence in technology, quality and design".

With China's population expected to reach nearly 1.5 billion by 2050, it looks like the race is on for companies to capture what seems to be an ever-growing market, at least for now.
Hwang Sung-hee, Arirang News, Beijing.

Reporter : ssung86@arirang.co.kr