The Korean shipbuilding industry is faltering due to sluggish global shipbuilding orders. Korean shipbuilders are lagging behind their Chinese rivals in landing orders in the second quarter after losing first place to China in the first quarter.Global shipbuilding orders continued to shrink in April
The South Korean government will inject 1.20 trillion won (US$1.02 billion) in medical device research and development (R&D) projects over the next six years.The Ministry of Science and ICT (MSIT) announced on May 12 that a preliminary feasibility study on the government’s medical device R&D project
Ultra-fast 5G services are expected to transform not only the industrial field and everyday life but also the military.Drones have started to make changes in the militay. Recently, LG Uplus has teamed up with the Army 31st Division to demonstrate how drones can be used for coastal search and base ca
Incheon Metropolitan City is aiming to become a hub for “peace and future tourism” by building a tourism belt on the West Sea that is connected to Kaeseong and Haeju of North Korea.Incheon Mayor Park Nam-chun unveiled the city’s ambitious plan at a meeting on the nation's tourism strategy chaire
Ctrip.com International Ltd., the largest online travel service provider in China, has resumed selling South Korean tour packages.Ctrip has recently started selling South Korean tour packages again, according to related industry sources on April 9. It offered 29 travel products as of April 9, includ
Sungjee Construction Co. announced on March 15 that it has signed a memorandum of understanding (MOU) with Indonesian state-owned port company PT. Pelabuhan Indonesia 1 (Persero) for joint development of Tanjung Sauh Container Port.The project calls for building a container port on Batam Island in t
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SK Telecom announced on March 7 that it would transfer its world-class 5G telecommunication technology and know-how in infrastructure management to Guam and Saipan.SK Telecom has agreed to cooperate with IT&E to provide 5G services in Guam and Saipan. IT&E offers telecoms services in Guam and the Co
Jang Jeong-min, governor of Ongjin County, expects easing military tension on the Korean Peninsula will lead to the creation of a peace zone and a joint fishing area of both Koreas in the West Sea in the near future. In addition, he hopes improved relations between the two Koreas will make it more d
LS Cable announced on Feb. 25 that it would supply submarine cables to Brazil for the first time as a Korean company.LS Cable will supply ultra-high voltage submarine cables and underground cables to the island of Santa Catarina, a resort town in southern Brazil by way of an agreement with ISA CTEEP
Daewoo Shipbuilding & Marine Engineering (DSME) is also landing orders for liquefied natural gas (LNG) carriers even amid news reports that Hyundai Heavy Industries is likely to take over DSME. This year, DSME has already received orders for nine vessels including three very large crude oil carriers
The Incheon Metropolitan City is one of the most dynamic cities in Korea. In 2017, its population surpassed 3 million and its gross regional domestic product (GDRP) ranked second among the nation's seven special and metropolitan cities. It beat Busan, the nation's second biggest city with a
The Incheon Free Economic Zone (IFEZ) is the first-ever free economic zone in Korea. Since its inception in 2003, it has been serving as an excellent role model for free ecnomic zones (FEZs) in Korea and other countries. Last year, it accounted for more than 80 percent of foreign direct investment p
Most of foreign companies listed on the domestic stock market over the past three years showed poor performance. All but one fell below their initial public offering (IPO) prices. They suffered a drop of 38 percent from the IPO prices on average.The number of foreign firms listed on the domestic sto
A civic organization has accused Kim Jung-ju, chairman of NXC Corp., the holding company of Nexon Group, of evading taxes.Specwatch Korea, which monitors speculative capital, said in a press conference at the Seoul Central Prosecutor's Office on Feb. 12 that it would file a petition with the pro
Merlin Entertainments, a British company specializing in location-based entertainment, announced on Jan. 7 (local time) that it has entered into a partnership agreement with the Gangwon Provincial Government to build a LEGOLAND Park in South Korea, scheduled to open by 2022.LEGOLAND Korea will be si
The Republic of Korea Army (ROKA) plans to improve the security of military drones by developing a blockchain-based drone control system.In recent years, drones have been increasingly used in the military, which increases potential security problems.The Agency for Defense Development said on Jan. 2
South Korean financial companies’ overseas direct investment topped US$10 billion in less than three quarters this year. This year’s total is estimated at US$15 billion or more.According to the Export-Import Bank of Korea, the overseas direct investment totaled US$3.85 billion in the third quarter a
The LEGOLAND project pushed by the Gangwon provincial government is finally back on track after wasting seven years due to disputes. .The assembly of Gangwon Province approved on Dec. 14 a plan to build a LEGOLAND park in Chuncheon, the capital of the province, by 2021.The plan was passed after a he
The world's first self-driving vehicle test city equipped with 5G network has been completed in Korea.The Ministry of Land, Infrastructure and Transport announced on Dec. 10 that it held a ceremony to mark the completion of "K-City" at the Korea Automobile Testing and Research Institute (KATRI)