According to the Liberty Times on June 9th, many well-known Korean giants, including Lotte, Amorepacific Group, Samsung Display, and LG Electronics are withdrawing from Communist China.
South Korean retail giant Lotte Group is closing its headquarters in Communist China and turning to other Asian markets, according to people familiar with the matter, and the plan is now in its final phase.
The Seoul-based cosmetics maker, Amorepacific Group, has closed over 1,000 local stores, the report said. Two other well-known South Korean electronics brands, Samsung Display and LG Electronics, have also closed some of their factories in Communist China.
In this regard, Scott Kim, who was the former director of the Shanghai and Beijing offices of KOTRA (Korea Trade-Investment Promotion Agency), said that the CCP’s “Zero-COVID“ Policy has taken too much of a toll, and the continuous and massive city lockdown measures are driving away Korean companies, many of which have no choice but to leave.
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