Doosan Enerbility is participating in Saudi Arabia's largest combined cycle power plant project.The company announced on March 11 that it has signed a contract with SEPCO-3 to supply equipment for the Taiba 1 Integrated Cycle Power Plant and Qasim 1 Combined Cycle Power Plant in Saudi Arabia. With t
Korean defense companies are set to continue their growth trajectory this year by securing additional orders from various countries around the world. Building on last year’s momentum, which saw an expansion in both the range of export destinations and weapon systems, these companies are aiming for q
Leading defense industry companies in South Korea, including Hanwha Aerospace, Korea Aerospace Industries (KAI), LIG Nex1, Hyundai Rotem, and Hanwha Ocean, have hit “contract jackpots” in countries like Poland and Australia, marking a significant shift for South Korea from a defense equipment import
Daewoong Pharmaceutical announced on Dec. 1 that it has signed a contract to export Enavogliflozin, a SGLT-2 inhibitor, to a total of six countries in Russia and the Commonwealth of Independent States (CIS) region in association with the Russian pharmaceutical company JSC Pharmasyntez. The contract,
Among foreign health insurance dependents, Chinese nationals spent the largest amount of healthcare funds of Korea’s universal health care program in 2022. The amount of healthcare funds spent for Chinese national dependents totaled 1.95 million won (US$1,467) for each one of them, and the contribut
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho met with Uzbekistan’s Deputy Prime Minister for Economic Affairs to finalize a plan to enable Korean companies to receive an unpaid amount for the Surgil Project after six years.According to the Korean Ministry of Trade, Indust
The Korean Ministry of Employment and Labor has decided to increase the number of foreign workers in Korea to 110,000 in 2023, up from 50,000 to 60,000 a year for the past five years. This is the largest number since the introduction of the Employment Permit System for foreign workers in Korea.The E
Doosan Enerbility has succeeded in winning consecutive orders from the Central Asian LNG-fired power generation market.Doosan Enerbility announced on March 22 that it received a notice to proceed (NTP) from Harbin Electric International (HEI), a Chinese EPC company, to supply equipment and materials
Hyundai Engineering has built a community center in Ahangaran, a city in Uzbekistan, and donated it to the local community, the company announced on Dec. 26.The company held a ceremony to mark the donation of the community center, which was built on the premise of a sports school in Ahangaran. The e
Daewoo Engineering and Construction (E&C) is promoting the construction of a phosphate fertilizer plant and a urea/ammonia fertilizer plant in Turkmenistan, a Central Asian country lying between Uzbekistan and Iran. The company announced on Nov. 29 that it has signed a memorandum of understanding (M
The Korea Forest Service held an international meeting for cooperation with Central Asia in Almaty, Kazakhstan. The meeting took place from Oct. 27 to 29 and was attended by five Central Asian delegations and those from international organizations.The delegations were sent by Kazakhstan, Kyrgyzstan,
Daewoo E&C is seeking to enter the Uzbekistan construction market with strong support from its parent, Jungheung Group.The group's vice chairman Jung Won-ju visited Uzbekistan with Daewoo E&C officials to explore new business opportunities and exchange opinions with key Uzbek government official
The authors are analysts of Shinhan Investment Corp. They can be reached at idh@shinhan.com and jiunmyoung@shinhan.com, respectively. -- Ed. Takeaways from DX Korea 2022Defense Expo Korea (DX Korea) is a platform for land forces equipment exhibition. This year marks the fifth biennial event since it
Hyundai Motor Manufacturing Rus (HMMR), Hyundai Motor Co.'s wholly-owned subsidiary in Russia, sold only one car in the Russian market in June. This is because its plant was shut down due to the Ukraine-Russia war.HMMR sold a total of 862 vehicles in June, according to data released by Hyundai M
POSCO International is seeking to transform itself from a trading company to an integrated company that is engaged in investing as well as trading.The company's president Joo Si-bo said at the 2030 Growth Strategy Workshop held in Gonjiam on July 12, “The era of general trading companies engaged
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW62,500 We maintain BUY but lower our TP by 5.3% to KRW62,500 for Hyundai E&C to reflect changes to risk-free rate (0.75%→1.29%) and 12m fwd BVPS (KRW65,205→KRW69,
POSCO International will create a cotton cluster in Uzbekistan 120 times the size of Yeouido in Seoul.The company's president Joo Si-bo signed a business agreement on the cotton cluster with Governor Khayrullo Bozarov of Fergana Region at its Songdo headquarters in Incheon.Uzbekistan is one of t
Hyundai Engineering has completed the construction of a US$2.62 billion gas-to-liquid (GTL) plant in Uzbekistan.The company announced on Dec. 28 that it held a ceremony to mark the completion of Uzbekistan GTL with the attendance of Uzbek President Shavkat Mirziyoyev, Uzbek Prime Minister Abdulla Ar
The Export-Import Bank of Korea (Korea Eximbank) announced on Dec. 19 that it has agreed to strengthen economic cooperation between Korea and Uzbekistan through the Economic Development Cooperation Promotion (EDPF). Uzbekistan is a key partner of the Korean government for its new northern policies.B
The Ministry of Employment and Labor announced on Nov. 1 that its limitation on the entry of foreign workers would be gradually relaxed as the global COVID-19 vaccination rate is rising.Specifically, foreign workers who have been vaccinated or tested negative now can enter from any country and the d