The Lens: Knock-off ramen and soju hit South Korean food industry
Thoughts from last week
Vijay Sathappan Narayanan, 16, Island School
Vijay Sathappan Narayanan attends Island School. Photo: Handout
From K-pop music to K-dramas, South Korea is etched in pop culture history. This can be seen best in the rise of South Korean food products, which in recent months have been accompanied by an increase in knock-off goods, especially in Asia, but even in Africa and Russia.
Such trends impact consumers, local producers and South Korea's international credibility.
Buldak Ramen, a brand of instant noodles produced by Samyang Foods, has been extensively copied by counterfeiters.
Such knock-off goods mimic South Korean and halal logos, which could negatively impact consumers' safety.
Another instance is that of the soju brand Chamisul, which has been replicated in Vietnam and Thailand, with suppliers marking down the product by nearly 30 per cent, thus diverting revenue away from South Korean suppliers.
It is estimated that the South Korean government lost around US$2 billion in tax revenue in 2021 due to such supply shocks, which led to mass lay-offs.
The widespread presence of counterfeiters can tarnish the reputation of South Korean cuisine and the food industry, with perceptions of such products as 'low quality' or having safety issues diminishing consumer trust and affecting suppliers' integrity.
In response, authorities and large players have increased their legal and financial efforts. By partnering with the Korean Food Industry Association, over 190,000 counterfeit food items have been blocked, allowing original suppliers to regain market share.
The South Korean government should consider investing in anti-counterfeit packaging technologies or AI-driven tracking systems while adopting more stringent legal frameworks.
In conclusion, addressing such roadblocks is vital to protect consumers and preserve the food industry's reputation. Through a multidimensional approach of technology, finance, and legal measures, the government can ensure that we all continue to enjoy high-quality Korean food.
Read up on this issue in last week's The Lens
Read and observe
Japan considers ATM limits for those over 75 amid rising financial fraud cases. Photo: Reuters
With more Japanese elderly falling victim to scams, the police are considering limiting how much money this vulnerable group can withdraw or transfer from automatic teller machines (ATMs).
The National Police Agency is considering setting a daily withdrawal or transfer limit of 300,000 yen (HK$16,298 or US$2,101) via ATM for bank accounts belonging to Japanese people aged 75 and older, according to The Mainichi.
If approved, it would mark the first time that such restrictions on ATM usage are mandated in Japan.
While Japanese banks are currently not legally required to set such limits, some have capped daily withdrawal and transfer limits at 500,000 and 1,000,000 yen, respectively, across all users.
The proposed move comes as police data shows almost half of the victims in Japan who lost money to fraud without meeting their scammers in person last year were elderly.
Total losses from the so-called 'special fraud' rose by almost 60 per cent to 72.1 billion yen last year. Around 45 per cent of the 20,951 victims were aged 75 and above.
Some typical fraud methods involve scammers instructing victims to transfer money to designated accounts via ATMs or buy prepaid cards and disclose the relevant codes.
However, banks across Japan are worried about the potential inconvenience faced by users and the impact on their ATM operations from the implementation of the police's proposal, according to Japanese media reports.
'We'll continue to discuss the matter so that the user's convenience can be taken into consideration and the burden on financial institutions can be reduced,' a senior police official said, according to The Japan News.
The Osaka prefecture, which is one of the areas worst hit by such fraud, is already taking drastic action to protect its elderly residents.
Staff writers
Do you believe this strategy would help reduce scams and fraud targeting elderly victims in Japan?
What are some potential consequences or drawbacks of the proposed law? Is it fair that only elderly citizens are subject to these withdrawal limits?
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