L’Oréal Korea announced the 2023 winners of ‘L’Oréal Big Bang Open Innovation’ and held an award ceremony on November 8, at the global startup festival 'COMEUP 2023' hosted by the Ministry of SMEs and Startups and organized by the Korea Startup Forum.L’Oréal Big Bang Open Innovation is the first reg
South Korea has been removed from the U.S. currency manipulator watchlist for the first time. This move comes with recognition of the transparency in South Korea’s foreign exchange policies and marks a significant step towards stability in the value of the South Korean won, providing some relief for
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Justice (MOJ) announced on Nov. 7 that a total of 14,359 production workers were injected into the Korean shipbuilding industry through the first three quarters of this year. The workers included Korean workers, foreign specializ
The Korea Electric Vehicle Charging Service (KEVCS), operator of the domestic electric vehicle charging service Happecharger, has recently announced a complete ban on charging Tesla vehicles at its charging stations.In September, KEVCS posted a notice on the Happecharger website under the title “Not
The Ministry of SMEs and Startups led by Minister Young Lee and the Saudi Small and Medium Enterprises Authority headed by Sami bin Ibrahim Alhussaini announced that they held bilateral talks in Seoul on Nov. 7 to discuss the establishment of the Korea-Saudi SMEs and Startups Cooperation road map.Th
Following the discovery of insects in Harim’s raw chicken products, the Ministry of Food and Drug Safety (MFDS) has begun an on-site investigation into the matter.The MFDS announced that it would conduct an on-site inspection to ensure the implementation of preventive measures submitted by Harim on
La French Tech is thrilled to announce the grand celebration of its 10th anniversary during the Tech4Good Tour 2023. The event will take place on Monday, November 6th, from 9:30 AM to 5:00 PM at the Novotel Ambassador Hotel Dongdaemun, a day filled with innovation, networking, and inspiring presenta
Seven Korean companies, including LG Electronics, Lotte Chemical and Samsung Fire & Marine, have joined RE100 this year, bringing the total number of Korean companies to 34, according to the U.K.-based Climactic Group on Nov. 3.This means that Korea has the fourth-most number of companies after the
In October, Korea’s exports turned positive for the first time in 13 months, and the nation’s trade balance has been positive for five consecutive months since June. It was the first time in 20 months since February 2022 that exports rebounded and the nation posted a trade surplus at the same time.A
According to data obtained from the Financial Supervisory Service by Rep. Seo Beom-soo, a member of the National Assembly’s Land, Infrastructure, and Transport Committee, on Nov. 1, the outstanding balance of housing mortgage loans for foreigners, offered by the four major commercial banks -- KB Koo
The persistent manpower shortage in South Korea’s shipbuilding industry is gradually being addressed, leading to an acceleration in ship construction. Compared to last year, about 36% more ships are being built monthly. The increase is attributed to the government’s easing of domestic employment con
Representatives from the Incheon Free Economic Zone (IFEZ) and Yonsei University’s K-NIBRT initiative discussed collaborative strategies with a delegation from Ireland’s Department of Business, Enterprise, and Employment in Songdo International City.The Incheon Free Economic Zone (IFEZ) and Yonsei U
Voice of America (VOA) on Oct. 31 reported that another large ship has been spotted at the Najin Port of North Korea, which the United States had identified as a site for weapons trade between North Korea and Russia. VOA said, “Activities such as ship arrivals, departures, and container loading at t
Industrial production, consumption, and investment increased altogether in Korea in October. It was the first time in four months since May that all three indicators of industrial activities were positive. A strong recovery in the semiconductor industry drove the growth of Korea’s overall industrial
South Korea has set an ambitious goal to rise alongside the United States and China as one of the top three powerhouses in the global energy storage system (ESS) industry by 2036. The nation plans to capture 35% of the rapidly growing global ESS market, aiming to revitalize its currently stagnant do
The number of fatalities at the construction sites of the top 100 construction companies was recorded as twenty in the third quarter of this year.On Oct. 30, the Ministry of Land, Infrastructure, and Transport revealed that the number of fatalities at the sites of the top 100 construction companies
POSCO Engineering & Construction (POSCO E&C) has been mandated to pay substantial compensation for its recognized responsibility in substandard highway construction in Vietnam. According to Vietnamese local media, VN Express, on Oct. 28, the Hanoi People’s Court has ordered POSCO E&C to compensate 7
Global startup event Come Up 2023, hosted by the Ministry of SMEs and Startups and managed by the Korea Startup Forum (KSF), will be held for three days from Nov. 8 at Dongdaemun Design Plaza (DDP) in Seoul.Minister Lee Young emphasized that this event aims to globalize and serve as a growth platfor
The Ministry of SMEs and Startups (Minister LEE Young, hereinafter referred to as MSS) and the Korea Startup Forum (KSF, Chairman PARK Jae-wook, CEO of SOCAR) held a press briefing on COMEUP 2023 at Dreamplus in Gangnam-gu, Seoul on October 30.COMEUP is an annual event aimed at showcasing South Kore
Starting next year, foreign residents in South Korea seeking eligibility for health insurance as dependent beneficiaries must have a minimum of 6 months of residency.According to the Ministry of Health and Welfare and the National Health Insurance Service on Oct. 26, an amendment to the Health Insur