KT&G Awarded by the Minister of Trade, Industry, and Energy on the 59th Invention Day
Domestic and International Intellectual Property Applications Up by 51%↑ ·Patents in Major Five Countries Doubled…"Achievements in NGP Technology Innovation"

On the 21st, KT&G (President Kyung-man Bang) received a commendation from the Minister of Trade, Industry, and Energy at the '59th Invention Day Ceremony' hosted by the Korean Intellectual Property Office and organized by the Korea Invention Promotion Association.

Held at the International Conference Hall of the Korea Chamber of Commerce and Industry, this ceremony recognizes individuals and organizations that have contributed to the advancement of national industry through invention. KT&G was acknowledged for its efforts in enhancing competitiveness and driving technological innovation by securing intellectual property (IP) rights both domestically and internationally.

In 2016, KT&G established a dedicated organization for managing intellectual property and, in 2018, implemented a specialized IT system to effectively manage all of the company's intellectual property rights.

As a result, the total number of intellectual property applications by the KT&G group grew from 2,250 in 2021 to 3,392 in 2023, marking an approximate 51% increase in just two years. Additionally, the number of international intellectual property applications rose significantly from 1,744 in 2021 to 2,679 in 2023. The number of patent applications in the five major global jurisdictions (IP5: South Korea, the United States, Europe, Japan, and China) reached 1,079 last year, nearly doubling from 546 in 2021.

Leveraging this competitive edge, KT&G has strengthened its market leadership in South Korea by launching the 'lil' electronic cigarette, which incorporates unique innovative technology. In the first quarter of this year, the company achieved 'triple growth' in the domestic and international NGP (Next Generation Product) stick segment, with increases in quantity, sales revenue, and operating profit compared to the same period last year.

Wang-seop Lim, Head of KT&G's NGP Business Division, stated, "Technological innovation and intellectual property management are key competitive advantages for corporate value growth," adding, "We will continue to drive future growth in the domestic and international NGP business based on our unique innovative technologies and contribute to the development of national industry."

(Photo Description) KT&G received a commendation from the Minister of Trade, Industry, and Energy on the 21st at the '59th Invention Day Ceremony.' The photo shows Wang-seop Lim, Head of KT&G's NGP Business Division (right), posing for a commemorative photo after receiving the award.


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KT&G Corporation published this content on 22 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 08:22:02 UTC.