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KT&G set up its office in Taiwan, and it was revealed that this move is part of the company’s plan to become the fourth largest tobacco maker in four years. Korea Tobacco & Ginseng Corporation reported its annual sales of more than $4 billion, so it may achieve its goal in its targeted year of 2025.
The plans for Taiwan
As per The Korea Times, KT&G picked Taiwan as the location for its new office as the country has been one of its biggest markets. Since the company began importing its tobacco products to the region in 2002, its business permanently flourished especially when it introduced premium quality brands including Time, Esse, and Bohem.
It was added that in 2020 alone, KT&G was able to sell over 771 million packs of cigarettes in Taiwan. This number shows an increase of more than 2,200% compared to its record in 2002.
The tobacco company will improve its competitiveness and lay down the groundwork for its long-term business in Taiwan. This will be set up through the firm’s KT&G Taiwan Corporation.
"We will set up a team to bolster marketing and sales activities while working on new brands that fulfill consumers' needs," Kim Nami, the company’s chief, said on Monday, March 29. She added that the Taiwanese market is starting to recover from the effects of COVID-19, and from their perspective, this is a good indication of business growth in the coming years.
KT&G competed with major global cigarette brands such as British American Tobacco, Japan’s JTI, and Philip Morris. The stiff competition pushed the company to further improve its brand and products and was able to become one of the world’s best.
Company’s CEO’s extended term
Now, KT&G’s main aim is to be the world's No. 4 tobacco producer in four years under the leadership of Baek Bok In. Under his wing, the company started exporting to over 23 countries last year amid the pandemic. In total, it is selling tobacco products to 103 countries, including Russia, the U.S., Turkey, and more.
Korea Joongang Daily reported that CEO Baek’s term had been extended to three years after the voting of the shareholders on March 19. He became KT&G’s chief in the last quarter of 2015, but he has been working for the firm since 1993.
