KT&G is building a new tobacco factory in Kazakhstan with the aim of securing a strategic foothold for exports to Europe, Russia, and Central Asian nations.KT&G announced on Oct. 12 that it held a groundbreaking ceremony for the new factory in Almaty Province, Kazakhstan, on Oct. 11, attended by CEO
On Sept. 25, Daewon Pharmaceutical announced that its 12th domestic new drug, a non-steroidal anti-inflammatory drug (NSAID) named Pelubi CR Tablet, will enter the Indonesian market.Daewon Pharmaceutical has signed an exclusive export supply contract for the finished product of Pelubi CR Tablet with
Korea Institute of Energy Technology (KENTECH) signed a business agreement with Kazakhstan’s Nazarbayev University on Sept. 14 to foster global talent in the energy sector. This collaboration seeks to enhance inter-university exchanges in energy and research by fostering faculty and student exchange
Samsung Pay has started to make a foray into the Central Asian market, starting with Kazakhstan, the center of Eurasian logistics networks. Samsung Pay is now available in 26 countries around the world.Samsung Pay began service in Kazakhstan on March 5 after six weeks of testing, Samsung Electronics
SK Engineering & Construction (SK E&C) announced on Feb. 13 that it signed a financial agreement on financing the Almaty Circular Road Project in Kazakhstan with a creditors group consisting of multilateral development banks (MDBs), including the European Bank for Reconstruction and Development (EBR
Samsung Heavy Industries has reached about 90 percent of its annual order target by signing a contract to build LNG carriers for US$1.5 billion.Samsung Heavy Industries announced on Nov. 25 that it has signed a conditional contract with a Eurasian ship owner. The contract will run until September 20
South Korea and Russia have agreed to work together to conclude a free trade agreement in the service and investment sectors next year, raise a joint fund of US$1 billion for investment in Russia’s original technologies, and combine the technologies with South Korea’s commercial technologies for mat
The Ministry of Trade, Industry and Energy announced on Aug. 29 that 29 countries are currently implementing 200 import regulations on South Korean products in the form of anti-dumping duties and safeguard measures.The ministry also said that investigations have been terminated without follow-up mea
South Korean Trade Minister Yoo Myung-hee and Russian Economic Development Minister Maxim Oreshkin initiated the two sides’ FTA negotiations in service and investment in Moscow on June 20 (local time). The two countries agreed to initiate the negotiations at the South Korea-Russia summit in June las
The Eurasian Economic Union (EAEU), which consists of five nations including Russia, announced on June 10 (local time) that it will impose a one-year safeguard measure on imported hot rolled steel sheets. The automobile steel sheet, which is one of Korea's major export items, has been excluded f
KT announced on September 21 that it signed a contract with the Uzbekistan power authority to supply a smart meter and operation system, which is worth 30 billion won (US$ 25 million). In the next two years, KT plans to install a smart meter system capable of bi-directional communication with 360,00
On September 11, KT signed a business agreement with Ascend Care for digital healthcare business in Russia. Ascend Care is a digital healthcare company covering Russia and European countries.According to the agreement, the two companies are going to start joint business in the Russian digital health
Import restrictions targeting South Korean products are on the increase across the world. According to the Korea International Trade Association (KITA) on September 5, a total of 195 import restrictions and related investigations were underway in 25 countries (including groups of countries) as of th
Hyundai Glovis announced on August 14 that the company would operate a regular express freight train connecting the western and eastern ends of Russia for the first time as a Korean company.Hyundai Glovis has decided to run a block train on the Trans-Siberian Railway (TSR), which is about 10,000 km
South Korea and the United States are expected to sign the revised KORUS FTA in September this year. The Ministry of Trade, Industry & Energy said on July 2 that negotiations for each item have been completed following the two countries’ agreement on principles in March.The ministry said that the ne
The Inter-Korean summit, which started with North Korean leader Kim Jong-un crossing the militarized zone (DMZ) line in Panmunjom and shaking hands with South Korean President Moon Jae-in at 9:29 a.m. on April 27, was a big global event enough to attract attention from all over the world. The two le
Kim Gwan-yong, Governor of Gyeongsangbukdo (North Gyeongsang Province), set a record as he was elected as head of a local government for the sixth time through a popular vote. Kim served as head of a local government for 24 years as he was elected as Gumi mayor three times and as governor of Gyeongs
The New Northern Policy driven by the Moon Jae-in administration has been designed to promote cooperations primarily with Russia, which have been frequently halted whenever North and South Korea relations are strained, through the economy. South Korea seeks to extend its economic territory through t
Park Yong-man, chairman of the Korea Chamber of Commerce and Industry (KCCI), proposed the signing of a free trade agreement (FTA) with the Eurasian Economic Union (EAEU)“If South Korea and the EAEU sign an FTA, it will help promote trade between South Korea and China which is faltering and diversif
The South Korean government established the Presidential Northern Economic Cooperation Committee for more economic cooperation with such countries as Russia.On August 21, the South Korea government held a cabinet meeting and adopted a Presidential decree on the establishment and management of the co