On Nov. 27, Incheon Free Economic Zone Authority (IFEZ) announced that a delegation of 11 researchers, including Professor Han Nam-sik, AI Center Director at the Milner Research Institute affiliated with the University of Cambridge, and Senior Researcher Georgia Sakkoziorga visited IFEZ. They toured
Samsung Electronics has confirmed on Nov. 27 that they have completed the trademark registration for the terms “AI Smartphone” and “AI Phone” in connection with the launch of an artificial intelligence (AI) equipped smartphone next year. This registration was finalized on Nov. 24 with the European U
China has overtaken Germany as the top exporter of electric vehicles (EVs) to Korea.Korea’s imports of Chinese EVs totaled US$172 million in October, according to the Korea International Trade Association (KITA). That’s more than double the amount of Korea’s German EV imports (US$70 million). This i
Jusung Engineering, a semiconductor, display, and solar equipment company, has carved a mythical path in the barren land of domestic ventures. This year marks its 30th anniversary. Established in 1993, the company has experienced various challenges but has achieved remarkable growth through continuo
Hanwha Aerospace has announced a groundbreaking 175.9 billion won (US$143.4 million) contract with the U.K.’s BAE Systems for the supply of modular charge systems (MCS) for 155 mm artillery shells used by NATO member countries. The contract was revealed on Nov. 23.The MCS, a cylindrical modular prop
With Chinese authorities set to begin controlling graphite exports, a key raw material for anode materials for batteries, in December, they held an event with Korean companies only to explain how they will enforce their export control policy.This was the first time China, which has played the weapon
With a short-term external debt ratio reaching a historically low level in the third quarter of this year, South Korea’s ability to meet external obligations is demonstrated by an increase of US$21.4 billion in net external financial assets in just one quarter. This is because debts decreased more s
This year marks the first time that the number of countries importing Korean kimchi has surpassed 90. The global popularity of Korean kimchi, often attributed to the Hallyu wave and health trends such as vegetarianism, is leading the way in showcasing K-food on the international stage.According to t
The average wages of employees belonging to the “Big 3” shipyards in South Korea -- HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean -- have increased by approximately 15% in the past year. Particularly noteworthy is Hanwha Ocean, where the average wage surged by around 12 mil
Korea’s real gross domestic product (GDP) is expected to rise by 2.0 percent next year from this year, according to the state-run Korea Institute for Industrial Economics and Trade (KIET) in its 2024 Economic and Industrial Outlook report released on Nov. 20. The relatively conservative forecast is
Hyundai Motor Group’s three car brands -- Hyundai, Kia and Genesis -- sold 173,428 units in the U.K. passenger car market in the first 10 months of this year, up 8.7 percent year on year, according to the Society of Motor Manufacturers and Traders (SMMT) on Nov. 20. Their market share stood at 10.8
The value of the Japanese yen is nearing its lowest point in 33 years, emerging as a hidden challenge for South Korea’s industrial sector. Key industries such as steel, automotive, and electronic components, which directly compete with Japanese counterparts, are facing weakened price competitiveness
The export revenue of ramen, which celebrates its 60th anniversary this year, has surpassed 1 trillion won for the first time in history.According to trade statistics from the Korea Customs Service on Nov. 20, the export revenue of ramen for the first 10 months of this year reached US$785.25 million
Prosecutors have embarked on a search and seizure operation targeting the CEO of Hyundai AutoEver and others.The Fair Trade Investigation Division of the Seoul Central District Prosecutors’ Office announced that they have been conducting search and seizure operations at a total of four locations, in
South Korean conglomerates, including Samsung and LG, are set to unveil new home appliances, mobile technologies, and mobility (automotive) solutions at CES 2024, the world’s largest electronics trade show held in the United States, embarking on extensive promotional activities.According to industry
As a result of President Yoon Suk-yeol’s visit to the United States for the Asia-Pacific Economic Cooperation (APEC) summit, four American companies, including General Motors (GM) and DuPont, have decided to invest a total of US$1.16 billion in South Korea.The Ministry of Trade, Industry, and Energy
Kolmar Korea Holdings has been recognized as a leading company in sustainable management in South Korea for the second consecutive year, owing to its achievements in environmental, social, and governance (ESG) management.The company announced on Nov. 16 that it was appointed to the 2024 Lead Group d
Contrary to the prevailing pessimism earlier this year, foreign media analysis suggests that the South Korean economy is exhibiting an encouraging trend.In his column on Nov. 15 (local time), Bloomberg opinion columnist Daniel Moss assessed the South Korean economy stating, “Critical exports are in
SK Geo Centric breaks ground on the world’s first integrated waste plastic recycling complex in Ulsan, opening a new chapter for South Korea’s circular economy. This world’s first factory is expected to enhance South Korea’s capabilities in tackling domestic environmental issues related to plastics
Korean researchers have developed a world-class ruthenium (Ru) catalyst for ammonia decomposition that will accelerate production of clean hydrogen by extracting hydrogen from ammonia, the key to the hydrogen economy quickly and in large quantities. Above all, the world does not have a commercial pr