The Korean government will provide 38 trillion won (US$29 billion) in financial support, including expanding loan limits and debt guarantees for the Korean secondary battery industry over five years. A separate bill will also be prepared to support the growth of a used battery industry ecosystem.The
The government will scale up the global share of Korean electric vehicle (EV) chargers to 10 percent from the current one percent by 2030. It will also provide support to foster competitive charger manufacturers.The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced its policy directi
The Korean government has decided to lower Korea’s import dependence on 185 key items for semiconductors, secondary batteries, automobiles and shipbuilding to 50% by 2030. As of last year, Korea’s import dependence averaged 70%, with some items exceeding 90%.The Ministry of Trade, Industry and Energ
Medytox announced on Dec. 13 that its subsidiary, NEWMECO, has launched a next-generation botulinum toxin product named NEWLUX. NEWMECO received product approval from the Ministry of Food and Drug Safety in August for NEWLUX, a botulinum toxin formulation that eliminates the use of animal-derived co
Asiana Airlines will weigh passengers on its domestic flights for 10 days from Dec. 12 to 21. According to the airline, this complies with regulations of Ministry of Land, Infrastructure, and Transport and is aimed at ensuring safe operations.At the Departure Gate of Gimpo Airport’s Domestic Termina
K-beauty companies are gaining tremendous popularity in the Japanese market, surpassing beauty powerhouse France. Leveraging cost-effectiveness and product quality, these companies are showcasing their presence across both online and offline markets, offering a range of products from basic skincare
LS Group has signed a memorandum of understanding (MOU) with Saudi Arabia, the world’s leading oil exporter, for business cooperation and market entry.On Dec. 12, LS Group Chairman Koo Ja-eun met with Saudi Arabian Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and CEO of the I
The South Korean massage chair brand Bodyfriend is set to undergo an inspection by the Ministry of Employment and Labor for potential violations of labor laws.According to industry sources, the Ministry has decided to investigate Bodyfriend for possible violations of labor laws through labor inspect
Fundraising in the venture capital (VC) industry has completely frozen due to continued high interest rates. The number of large venture funds valued at more than 100 billion won, a barometer of a booming VC market, has fallen to just five in the first three quarters of this year. The figure was 17
SK bioscience, an innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced that the updated COVID-19 vaccine (NVX-CoV2601) developed by Novavax, a global company advancing protein-based vaccines with its Matrix-M adjuvant, has begun to be supplied
Korea Water Resources Corporation (K-water) is exploring ways to increase water-related cooperation and expand exchanges with Saudi Arabia in response to the climate crisis.Abdulaziz Muhareb Al-Shibani, deputy minister of the Saudi Arabian Ministry of Environment, Water and Agriculture, participated
Poland, on the brink of a regime change for the first time in eight years, faces concerns that defense equipment contracts signed with South Korea could be nullified following the general elections in October.According to Reuters on Dec. 10 (local time), Simon Holownia, a member of the opposition al
LOTTE Fine Chemical recently contracted for 5,000 tons of Vietnamese urea, signaling a shift towards alternatives to Chinese imports amid growing concerns over shortages in supply of diesel exhaust fluid (DEF), essential for diesel vehicles, due to disruptions in Chinese urea imports.On Dec. 6, the
The government is opening up industrial research and development (R&D) to foreign institutions to discover and develop key technologies in areas vulnerable to becoming weak links in South Korea’s flagship industry value chains, such as “technology critical for leapfrogging,” “next-generation growth-
South Korea’s exports rose nearly 8 percent in November, marking the second month of growth after October. According to November import and export trends released by the Ministry of Trade, Industry and Energy (MOTIE) on Dec. 1, exports reached US$55.8 billion last month, up 7.8 percent from the same
Hana Bank announced that on Nov. 29 it hosted a “Global Financial Experience Program” for approximately 110 youths from 34 countries around the world. The program, organized by Hana Bank, was part of the “2023 Overseas Youth Korean Language Education Training” hosted by the Ministry of Education and
The proportion of local land and homes owned by foreigners showed an increase in the first half of this year. Chinese nationals had the highest ownership percentage of homes, while land ownership was predominantly American.According to statistics released by the Ministry of Land, Infrastructure and
Korea Investment Corporation (KIC), the sovereign wealth fund, has exhibited a return rate in the 7% range from January to the end of August this year. It has successfully recovered approximately 40% of losses incurred in the previous year.KIC announced on Nov. 29 that the total asset return rate fo
The government is driving the development of next-generation batteries with significantly improved energy density and safety.On Nov. 29, the Ministry of Trade, Industry, and Energy (MOTIE) announced that the “High-performance Next-Generation Secondary Battery Technology Development Project for Eco-f
The Ministry of Food and Drug Safety announced on Nov. 29 that it will proceed with the revocation of the Good Manufacturing Practice (GMP) certification for large-scale dosage forms of solid oral preparations (tablets and capsules) of HUTECS Korea Pharmaceutical.During an on-site inspection by the