Global Companies in Korea — 2026-09-22
The first official project under the US-Korea investment program has been locked in, while global retail and tech players face a new phase in the Korean market. Today's key developments include signals regarding the sovereign wealth fund from the new head of the Ministry of Economy and Finance, along with controversies surrounding BYD's upcoming launch in Korea.
Top developments
South Korea Confirms Texas Encinal Combined-Cycle Gas Turbine Plant as First $350B US Investment Project
Minister of Trade, Industry and Energy Kim Jung-kwan revealed the government's US investment plans at the National Assembly, officially announcing the construction of the Texas Encinal combined-cycle gas turbine plant ($22.3 billion scale) as the first target of the $350 billion strategic investment. Implementation plans for two additional projects are also reportedly in the works. This is a major adjustment that could lead to expanded opportunities for foreign companies to cooperate and participate in consortia regarding the Korean market.
BYD Faces Controversy Over Older Models Planned for Korea Launch
As Chinese electric vehicle brand BYD's entry into the domestic market takes shape, controversies over "clearing out old inventory" have emerged. Critics point out that while China and Europe are being supplied with new 800V models, Korea is set to receive older models with a 240-mile (200km) shorter driving range. Concerns regarding differences in core performance rather than just price have become a major issue.
New Head of Ministry of Economy and Finance Signals Acceleration of Sovereign Wealth Fund (KIC Account)
On his first day in office, the new head of the Ministry of Economy and Finance announced plans to push forward with a strategic investment account (to be established within KIC) that directly makes equity investments in strategic industries such as AI, semiconductors, and data centers. The initial capital scale is envisioned at over 20 trillion won (approx. $14.4 billion). This is drawing attention as it could increase the targets of cooperation for foreign investment companies.
Deals, expansion & investment
Daegu Shinsegae Opens Specialized Hall Featuring 34 Overseas Designer Brands
Shinsegae Department Store announced on the 20th that it opened a specialized overseas designer hall on the 4th floor (approx. 4,959㎡) of Daegu Shinsegae on the 18th. A total of 34 brands have moved in, including 6 overseas brands making their debut in the local commercial district, such as Maison Margiela, Sacai, and Jacquemus.
Hyundai Department Store Plans to Expand Overseas Complex Stores to 10 by 2030
Hyundai Department Store announced plans to open a standalone permanent K-fashion and apparel store in Tokyo and expand its overseas complex brand stores to 10 by 2030. The strategy aims to build a global retailing platform to expand channels for Korean brands.
Regulation & market context
President Lee Jae-myung: "Even Foreign Investors Will Not Be Protected for Investments Violating Korean Law"
On the 13th, President Lee Jae-myung stated via X (formerly Twitter) that even foreign investors will not be protected if their investments violate South Korea's laws. The policy is to respond firmly to unjust claims, which is interpreted as a practical operational signal to foreign investors.
On the radar
- Seoul Fashion Week Record Order Trends — Updates regarding the movement of global retail and distribution circles to directly discover K-fashion brands
- Consumer response and subsequent controversy developments following the public unveiling of BYD's domestic launch
- Timing for the release of additional detailed plans following the sovereign wealth fund rising issue by the new head of the Ministry of Economy and Finance
- KOTRA's "2026 K-BIO Global Innovation LinX" cooperation demand and news regarding US entry support linkage
By the numbers
- $22.3 billion — The target scale of the officially announced Texas Encinal combined-cycle gas turbine plant construction
- $350 billion — The first project confirmed under South Korea's US investment commitment scale
- 20 trillion won — The initial capital scale of the strategic investment account to be established within KIC
- 34 — The number of brands that have moved into the Daegu Shinsegae overseas designer specialized hall
- 10 — The number of overseas complex stores Hyundai Department Store plans to expand by 2030
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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