Doosan Enerbility announced on April 25 that Romanian President Klaus Iohannis visited the company’s headquarters in Changwon, South Gyeongsang Province on April 24 as Romania is promoting the construction of the world’s first small modular reactor (SMR) power plant at the government level.The visit
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
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
A Canadian trade mission led by Canadian Minister of International Trade Mary Ng visited HD Hyundai and Hanwha Ocean.According to industry sources, the visiting Canadian trade delegation toured HD Hyundai and Hanwha Ocean’s facilities on April 22 at the invitation of the two Korean shipbuilders.Cana
The opposition party’s landslide victory in the 22nd general election is expected to disrupt the Korean government’s planned new trade strategy. A plan to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which requires parliamentary approval, is likely to be pus
On April 18, the KOSPI rebounded by nearly 2 percent, reclaiming the 2,600 level in just one day. The value of the Korean won and government bonds also rose. This was attributed to the somewhat calming effect on the U.S. dollar’s strength thanks to the joint verbal intervention by the finance minist
The collective net worth of Korea’s 50 Richest on the 2024 Forbes list rose slightly to US$115 billion from $106 billion, amid the country’s global chipmaking ambitions. The complete list can be found at www.forbes.com/korea, as well as in the April/May issue of Forbes Asia and the May issue of Forb
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 government plans to expand maritime transport capacity to 140 million tons by 2030. Additionally, it has decided to increase the national shipping fleet to 2 million TEUs.The Ministry of Oceans and Fisheries unveiled the “Plan for Stabilizing Management and Improving Vitality of the Maritime Ind
Hanwha Aerospace rolled out its 10,000th military engine on April 15, achieving a major milestone for its indigenous development and manufacturing of aero engines.A ceremony was held at the Changwon Plant I to commemorate the rollout of the 10,000th aircraft engine, the F404 powering the TA-50 train
As the global semiconductor hegemony intensifies, companies are fiercely competing in investments. Samsung Electronics is expected to announce additional investments locally, following substantial subsidies received by competitors Intel and Taiwan’s TSMC from the U.S. government.Compared to this, do
Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy is embarking on a trip to the United States ahead of the announcement of the nuclear power plant operator selection in the Czech Republic.The U.S. court has dismissed the lawsuit filed by Westinghouse against Korea Hydro & Nuclear
Amid astronomical subsidies being poured into the semiconductor industry by countries like the United States and Japan, the South Korean government has decided to explore domestic investment incentives. There’s speculation that discussions on ‘semiconductor subsidy cash support’ could materialize, g
The Czech Republic has pushed back the deadline for a rebid for the 30 trillion won Dukovany and Temelin Nuclear Power Plant construction project by two weeks at the request of France.CEZ of the Czech Republic announced on April 8 (local time) that it has extended the deadline for submitting revised
During his visit to the United States, Treasury Secretary Janet Yellen met with China’s “second-in-command,” Premier Li Qiang, raising concerns once again over China’s issue of overproduction. Premier Li responded by stating that the low-cost production of solar panels and electric vehicles, which t
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
Gyeongbuk Governor Lee Cheol-woo had an in-depth discussion on various mutual cooperation measures including the Saemaul movement between the two countries with Sri Lankan Prime Minister Dinesh Gunawardena at the Gyeongbuk Provincial Office on April 3.During the visit, which was attended by key gove