Korea’s ICT exports and imports in August amounted to US$20.27 billion and US$11.38 billion, respectively, posting a trade surplus of US$8.89 billion, the Ministry of Science and ICT said on Sept. 14.In August, ICT exports climbed 33.2 percent compared to a year ago. They have been on the rise for 1
SK Materials will enter the silicon anode material business to expand its secondary battery materials business.SK Materials has joined forces with Group 14 Technology of the United States to produce silicon anode materials. Founded in Seattle in 2015, Group 14 Technology is a company with technologi
LG Chem has joined hands with Archer Daniels Midland (ADM), one of the world's four major grain processing companies, to establish a bioplastic joint venture.LG Chem vice chairman Shin Hak-chul exchanged heads of agreement (HOAs) with ADM chairman Juan Luciano at ADM's main office in Chicago
South Korea’s share in the global semiconductor market fell from 23.6 percent in 2018 to 18.4 percent in 2020 and the South Korean government needs to provide more support so that the competitiveness of the industry can be enhanced, an industry leader said on Sept. 14.“The global semiconductor marke
JW Bioscience, a subsidiary of JW Life Science, announced on Sept. 14 that it has signed a non-exclusive technology licensing-out contract on multiple biomarker CFB and CA19-9 with Swedish diagnostic company Immunovia AB.The original patented technology is a diagnostic technology that can detect pan
Major South Korean enterprises are accelerating their U.S.-centered global value chain reorganization with the United States in pursuit of more domestic production in the industries including semiconductor and battery.In the semiconductor sector, the Joe Biden administration is planning to provide U
Hyosung Group announced on Sept. 13 that its chairman Cho Hyun-joon recently visited an ultra-high pressure transformer plant of Hyosung Heavy Industries in Memphis, Tennessee, and a U.S. subsidiary of Hyosung TNS in Dallas, Texas.In early September, Cho visited the ultra-high pressure transformer p
Samsung Electronics and Intel are making large-scale investments in the foundry sector in a bid to challenge the dominance of TSMC.Samsung Electronics is close to finalizing the site selection for its new US$17 billion foundry in the United States. The investment plan was officially unveiled in May.
Hanwha Q CELLS announced on Sept. 9 that it will invest 1.5 trillion won in domestic production and research facilities by 2025. The company plans to invest in line conversion for production of high-power products and research on tandem cells based on perovskite, a next-generation technology.Hanwha
Korean Air announced on Sept. 9 that it has received approval from the Malaysian Aviation Commission for its marriage with Asiana Airlines.The Malaysian Aviation Commission said Korean Air's merger with Asiana Airlines is aimed at saving a "failing firm," and does not violate Malaysia's comp
SK Innovation and Ford are expected to set up a joint venture in Europe. They are already running a battery plant together in the United States, and their second plant is expected to be built at an investment of up to 12 trillion won. Their candidate locations are Hungary, Romania and Poland. The fi
Deputy Secretary of the U.S. Department of Commerce Don Graves remarked at an online seminar on Sept. 8 that South Korea is an important partner in the U.S. alliance in the global semiconductor industry. The seminar was hosted by the Korea International Trade Association and the Center for Strategic
The city of Taylor and Williamson County in Texas, the United States, have approved a plan to provide incentives to Samsung Electronics, including property tax abatement, if the Korean company builds a US$17 billion foundry plant in the city.Leaders of the city and the county held a joint meeting at
AbbVie of the United States has returned the rights concerning a botulinum toxin candidate to Medytox of South Korea, as the contract has expired.Medytox licensed out its technology for liquid botulinum toxin to Allergan of the United States in 2013. Initially, the Korean drugmaker sought to enterin
Taihan Cable & Solution (previously Taihan Electric Wire) announced on Sept. 8 that it has won a 42-billion-won power infrastructure project from a California power company in the United States.The project involves building a 275kV ultra-high-volatage underground power grid in the Los Angeles area t
SK Group unveiled its hydrogen business plan at the inaugural meeting on Sept. 8 of the Korea H2 Business Summit, a consultative body launched by leading Korean conglomerates promoting hydrogen-related private businesses.SK Group plans to invest 18.5 trillion won to build a hydrogen value chain, the
South Korean ship operators are expressing concerns with the United States and China in conflict in the South China Sea.From this month onwards, every ship in the jurisdictional sea area of China must submit its vessel, location and cargo information to the Chinese government. According to experts,
The Institute for International Trade of the Korea International Trade Association said in its report on Sept. 7 that the United States’ and the European Union’s EV battery supply chain reorganization plans can be both a threat and an opportunity for South Korean companies in the industry.According
Daewoong Pharmaceutical announced on Sept. 7 that Neurogastrx, a U.S. sales partner of its gastroesophageal reflux disease (GERD) treatment Fexuprazan, has attracted US$60 million in series B funding.Neurogastrx is a company specializing in digestive disease treatments. In June, Daewoong Pharmaceuti
The Busan Metropolitan Government said that Park Eun-ha, ambassador for international relations of Busan City, took part in a pan-national relay campaign to promote Busan as the venue for World Expo 2030.The “Let’s Get Together for World Expo 2030 in Busan” is a pan-national relay campaign to arouse