The Federation of Korean Industries said in its report on Nov. 28 that the government and the private sector need to work more closely together for global supply chain restoration, with value chain uncertainties increasing due to COVID-19 and U.S.-China disputes.“The joint effort has to take the for
Samsung Group has decided to invest 240 trillion won over the three years from 2021, 180 trillion won at home and 60 trillion won overseas. Of the 60 trillion won set aside for overseas, 20 trillion won will be used to build a new foundry in Taylor, Texas of the United States.Samsung plans to invest
Samsung Electronics has decided to build its second U.S. foundry in Taylor, Texas. Related incentives from the federal and state governments are estimated to add up to US$4 billion.For example, the city government decided on Nov. 9 to apply a factory site-related property tax cut of 92.5 percent, 90
LG Energy Solution will invest US$681 million (about 788.1 billion won) in its subsidiary in Michigan of the United States.LG Chem announced on Nov. 26 that its subsidiary LG Energy Solution made the decision at a board meeting on Nov. 25. LG Energy Solution plans to make the investment in installme
Samsung Electronics and SK Hynix ramped up their market shares in the NAND flash market in the third quarter of 2021.Samsung Electronics’ NAND flash sales in the third quarter of 2021 rose 16.5 percent from last quarter to reach US$6.51 billion. Sales growth was driven by increased demand from the s
Deputy Prime Minister Hong Nam-ki announced on Nov. 25 that the South Korean government would come up with a plan within this year regarding inclusion of the South Korean stock market in the MSCI World Index.MSCI indices constitute an important benchmark frequently referred to by major global invest
Standard Chartered Group said in its report on Nov. 25 that South Korea's exports are likely to reach approximately US$1 trillion in 2030.“The global total exports are expected to increase from US$17.4 trillion to US$29.7 trillion from 2020 to 2030,” it said, adding, “In that period, South Korea
SK On, a battery-making subsidiary of SK Innovation, will promote a pre-IPO placement to attract investments worth 3 trillion won.SK On recently selected Deutsche Securities and JP Morgan as advisors to offer shares to private investors before an official listing.“We are considering various strategi
Hanwha Solutions announced on Nov. 24 that it has signed a contract to invest US$100 million in Lancium Technologies in Houston, Texas. Through this investment, Hanwha Solutions will secure a seat on the board of directors of the U.S. startup, which specializes in data center power management.Lanciu
Samsung Electronics vice chairman Lee Jae-yong returned home on Nov. 24 from a business trip to North America for the first time in five years.“I feel under heavy pressure after listening to the voices of our officials in the U.S. and seeing the harsh market realities in person,” Lee said, upon arri
Hyundai Engineering & Construction (Hyundai E&C) has signed a teaming agreement with Holtech International, a diversified energy company in the United States, to develop small modular reactors (SMRs) and promote new businesses together.The two companies agreed to cooperate in all aspects of the SMR
Kolmar Korea has reportedly purchased a 150,000-square-meter plant site in Olyphant, Pennsylvania, for about US$1.5 million.The acquisition of the plant site suggests that the company would expand its investment in the United States.Industry analysts say that Kolmar Korea appears to be changing its
Samsung Electronics announced on Nov. 24 that it would build a new semiconductor manufacturing facility in Taylor, Texas. The estimated US$17 billion investment in the United States is intended to boost production of advanced logic semiconductor solutions that power next-generation innovations and t
The U.S. government is considering imposing countervailing duties on South Korean and Russian oil country tubular goods (OCTG). South Korean steel pipe manufacturers are facing increasing difficulties with a quota already applied to steel exports from South Korea to the United States.The United Stat
Hanryu Bank, a Korean cultural wave platform company, is taking steps to list its stocks on U.S. NASDAQ. The company is the first Korean startup to knock on the door of NASDAQ.Hanryu Bank announced on Nov. 22 that it has recently selected Aegis Capital Corp. as the lead manager of its IPO. The compa
SK Hynix president Lee Seok-hee has dismissed concerns that it may not be able to introduce extreme ultraviolet lithography equipment to its plant in China due to opposition from the United States.“We still have enough time,” Lee said at a meeting with reporters after attending a ceremony for the 14
South Korean electric vehicle battery manufacturers are expanding their supply chains in Europe as well as the United States. This is because the ongoing U.S.-China trade disputes may lead to their production setbacks in the United States.LG Energy Solution, which is running a plant in Poland, is co
South Korean Trade Minister Yeo Han-koo had a meeting with U.S. Trade Representative Katherine Tai in Seoul on Nov. 19 and said on Nov. 22 that they discussed South Korea’s role in the United States’ new economic framework in the Indo-Pacific region.At present, the United States is expanding its coo
The U.S. Meat Export Federation announced on Nov. 22 that South Korea was the largest U.S. beef importer in the first three quarters of this year whereas it was Japan last year.In that period, South Korea’s U.S. beef imports totaled 194,660 tons, up 4 percent from a year ago. It includes 59,101 tons
The author is a freelance journalist and Google News PR specialist. She can be reached at virginia.sagal.media@gmail.com. -- Ed. The South Korean government, led by liberal President Moon Jae-in, announced in July 2021 a new K-Deal that looks to invest more than 160 trillion won ($138 billion) in di