Hanwha Aerospace has signed an additional executive contract with Polish Armaments Agency for supplying 72 more Chunmoo Multiple Rocket Launcher Systems (MRLS), preceded by the framework contract and first executive contract, both signed in 2022.Worth around 2.27 trillion KRW (1.6 B USD), the contra
Doosan Enerbility will carry out a modernization project to improve the performances of old power plants and build environmental facilities in Kazakhstan.Doosan Enerbility announced on April 24 that it has signed a memorandum of understanding (MOU) with the Ministry of Energy of Kazakhstan and KEPCO
With Canadian Export Promotion, International Trade and Economic Development Minister Mary Ng leading a large-scale trade mission to Korea, high-level business leaders from both countries have come together to call for expanding cooperation in not only traditional industries such as energy but in cu
The Federation of Korean Industries (FKI) will hold a seminar on “Global Economic Turbulence: Prospects and Implications for the World and Korean Economy” from 09:30 on Tuesday, April 30 at the FKI Tower Conference Center in Yeouido.The seminar is being held to assess the global economic impact of r
The 21st Huawei Analyst Summit (HAS) kicked off in Shenzhen. Themed "Thrive with Intelligence", the event brought together more than 500 analysts, think tank researchers, and other guests from around the world to explore what's coming next in the age of intelligence, where the ICT industry is headin
The finance ministers of South Korea and Japan jointly announced that they could take appropriate measures to address recent volatility in the foreign exchange markets, signaling a readiness for “verbal intervention.” It appears that South Korea and Japan are joining hands to engage in a “currency w
Finance ministers of Korea, the United States, and Japan will meet for the first time ever in Washington, D.C., the United States on April 17.The Ministry of Strategy and Finance announced on April 16 that Deputy Prime Minister and Minister of Finance Choi Sang-mok will leave for the United States t
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) escalated tensions in February by adding an additional six Chinese companies to its blacklist, following the earlier inclusion of eight companies. With these new additions, the Biden administration has now blacklisted a total of
Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok has highlighted the need for a new growth model as South Korea transitions from a beneficiary of China’s growth to a competitor, according to a report by the Financial Times (FT) on April 8.In a recent interview with FT, Deputy
The government plans to invest 500 billion won over the next five years in five additional specialized complexes for materials, parts, and equipment, aiming to develop them into core bases for the supply chain. Space, aerospace, defense, and hydrogen are newly added as strategic technology sectors,
Hyosung, the leading company in the global spandex market, is accelerating its pace in fostering future businesses by making substantial investments in eco-friendly bio-material ventures.Hyosung TNC announced on April 3 that it received investment approval from the government of Ba Ria-Vung Tau Prov
Controversy over AliExpress’ and Temu’s harmful content for teenagers has not subsided.Despite constant criticism from Korean consumer organizations, the two Chinese e-commerce giants’ measures have been insufficient, and responses came late from the Korean government.According to a recent report, a
The Korea National Railway announced that it has successfully hosted the “Korea-Vietnam High-speed Railway Technology Exchange” on March 19, with the visit of the Vietnam Ministry of Transport Technical Survey Team to its Daejeon headquarters.The Korea-Vietnam High-Speed Railway Technology Exchange
The relationship between South Korea and Russia is reaching a desperate situation while the two countries celebrate the 34th anniversary of diplomatic relations this year.Earlier this year, an unusual incident occurred when a South Korean missionary, who was engaged in aid and missionary activities
Chinese online shopping platforms AliExpress, Temu, Shine and other overseas business operators over a certain size will be required to have representatives in Korea. This new policy is aimed at making them responsible for consumer protection.Unlike AliExpress, which currently has a legal entity in
It has been revealed that the hourly wages of domestic helpers in South Korea are more than four times higher than in neighboring countries such as Hong Kong and Taiwan. In an effort to alleviate the burden of caregiving services, which is considered one of the causes of low birth rates, the Bank of
The Ministry of Science and ICT announced that it participated in the ministerial session held at the Mobile World Congress (MWC) 2024, the world’s largest mobile exhibition in Barcelona, Spain, on Feb. 27. During the event, it introduced the South Korean government’s policies regarding the safe uti
The Monetary Policy Board of the Bank of Korea (BOK) has decided to maintain the key interest rate at the existing level of 3.50 percent. Despite the domestic inflation rate falling to the 2 percent range, it is deemed difficult to consider it as having reached a stable level, especially considering
Executives and experts from domestic e-commerce companies such as Coupang are collaborating to develop strategies in response to the aggressive expansion efforts of Chinese e-commerce platforms including AliExpress and Temu.According to industry sources on Feb. 14, the Ministry of Trade, Industry an
The South Korean government has approved new projects worth 13.8 trillion won (US$11.5 billion) under the Economic Development Cooperation Fund (EDCF) to be implemented by 2026, with 6.5 trillion won to be disbursed. Established in 1987, the EDCF is a fund for concessional loans aimed at supporting