India has previously been heavily dependent on Russian arms. But now the nation has emerged as a new export destination for the Korean defense industry.According to industry sources on July 4, Hanwha Aerospace plans to participate in the Indian Army’s Future Infantry Combat Vehicle (FICV) Project. T
The amount of foreign direct investment (FDI) declared in Korea in the first half of this year has recorded its highest since statistics started being compiled in 1962. Analysis suggests that Korea has emerged as an alternative investment destination to China due to U.S.-China tensions.The Ministry
It has been 30 years since Korea began hiring foreign workers in earnest with the introduction of the Industrial Trainee System in 1993, which was replaced by the employment permit system in 2004. But chaos is still lingering in the field.According to small and medium-sized enterprises (SMEs) on Jul
A system has been put in place to detect and roll back illegal drones flying around five nuclear power plants in Korea -- Kori, Saeul, Wolseong, Hanul, and Hanbit.Korea’s Nuclear Safety Commission said on July 2 that it completed the introduction of drone detection equipment for the nuclear power pl
The city of Busan announced on the morning of June 27 (local time) that it has signed a friendship and cooperation agreement with the Liverpool City Metro Region, a well-known British port city where the Beatles were born.Busan Mayor Park Heong-joon and Steve Rotheram, the inaugural Metro Mayor of t
The Korean government has requested the United States expand the list of recognized countries for battery minerals in connection with the electric vehicle tax credit in the Inflation Reduction Act. It also asked for clarification on the meaning of “foreign entities of concern (FEOCs)” from which bat
Last month, the scale of South Korea’s exports to China ranked fourth among China’s trading partners. The downturn in exports to China resulted in a two-rank drop within a year.According to an analysis by the Korea Economic Research Institute (KERI) under the Federation of Korean Industries on June
On June 29, South Korea and Japan finalized a US$10 billion currency swap. The renewal of this currency swap deal comes eight years after its suspension in February 2015. This South Korea-Japan swap agreement is not an exchange of South Korean won and Japanese yen, but rather a “dollar swap” that ex
Kim Jin-yong, chief of the Incheon Free Economic Zone Authority (IFEZA), emphasized on June 29 at the annual conference hosted by Urban Land Institute (ULI) Korea, “We will foster the Songdo Bio Cluster into a global bio hub, establishing it as a future growth engine for the Incheon Free Economic Zo
On June 27, Korea Hydro & Nuclear Power (KHNP) signed a 260 billion won (US$197 million) contract with Romania’s SNN to build a tritium removal facility (TRF), marking the second instance of nuclear equipment export under the Yoon Suk-yeol administration. While the country’s nuclear power plant expo
Negotiations are underway to resume currency swaps between Korea and Japan after an eight-year hiatus. A U.S. dollar-denominated swap is on the table. Japan has an indefinite and unlimited full-time swap agreement with the United States. Therefore, some analysts believe that Korea will be able to en
With the enforcement of the European version of the Chips Act, and TSMC and Intel’s large-scale investment lineup continuing, the European Union (EU) has actively wooed domestic semiconductor companies that are hesitant about entering Europe. The focus is now on EU Internal Market Commissioner Thier
As Ukraine's post-war recovery costs are estimated to reach a maximum of 1.4 quadrillion won, South Korea's steel, construction equipment, and energy industries are expected to benefit.On June 21, in a Ukraine Recovery Conference held in London, the U.K., Ukraine's Prime Minister Denys S
Korea Hydro & Nuclear Power (KHNP) has inked a contract worth 260 billion won (US$199 million) to build a tritium removal facility (TRF) at a Romanian nuclear power plant. This is the second nuclear equipment export contract under the Yoon Suk-yeol administration following an order for the Eldaba Nu
Major Korean business leaders, including the heads of the four major Korean conglomerates, are planning a group trip to Poland in July. They are expected to participate in an economic mission to commemorate the 35th anniversary of diplomatic ties between Korea and Poland and take the lead in expandi
Taiwan has proposed forging a Northeast Asian cruise federation to the South Korean government.The Korean Ministry of Oceans and Fisheries held a closed-door meeting in Taiwan last month with the Taiwanese port industry, including Taiwan International Ports Corporation (TIPC) and International Cruis
The Korean semiconductor industry has predicted that it will be difficult for Korea’s semiconductor exports to recover even with the reopening of China. Those in the industry expressed a sense of crisis that Korean chipmakers are losing ground in China due to the advancement of Chinese technology an
Korea’s science and innovation capabilities ranked fifth among member countries of the Organization for Economic Cooperation and Development (OECD) in 2022. This is up by three notches from 2020. Incidentally, Korea ranked higher than Japan.Experts advise that South Korea should sharpen its competit
Hyundai Construction has succeeded in securing a plant construction project in Saudi Arabia worth 6.5 trillion won (US$5.0 billion). It is the seventh overseas contract in its history and the largest project ever secured in Saudi Arabia. This accomplishment is seen as a concrete result of the agreem
Korea Hydro & Nuclear Power (KHNP, President Hwang Ju-ho) signed a memorandum of understanding (MOU) on June 22 with Tran Chi Thanh, president of the Vietnam Atomic Energy Institute (VinAtom) in Hanoi, Vietnam to enhance cooperation in the field of nuclear energy and Small Modular Reactors (SMR).The