The Ministry of Land, Infrastructure & Transport holds a public hearing on drone industry development on July 19 with the Korea Transport Institute and the Korea Aerospace Research Institute.According to the ministry’s plan to that end, approximately one trillion won (US$900 million) is invested for
According to the Ministry of Employment and Labor on July 18, the ministry launched an investigation into a controversy surrounding the use of violent language against his chauffeurs by Lee Jang-han, chairman of Chong Kun Dang Pharmaceuticals.The Ministry of Employment and Labor plans to focus on a
Kolon Life Science is striving to penetrate the U.S. market with its gene therapy product Invossa. The company is currently preparing a clinical trial so that its cartilage regeneration effect can be acknowledged by the U.S. FDA.The upcoming trial focuses on knee cartilage regeneration and the subje
According to the Korea Shipowners’ Mutual Protection & Indemnity Association (Korea P&I Club), the South Korean marine insurance market is currently US$150 million to US$170 million in size and the share of the IG Club, a global group of hull insurers, is as high as 80% in the market with the Korea
According to industry sources and the Ministry of Commerce, Industry and Commerce on July 17, the Directorate General Of Anti-Dumping and Allied Duties (DGAD) under the Ministry of Commerce and Industry of India made the final anti-dumping judgment on styrene-butadiene rubber (SBR) from Korea, the E
U.S. Grains Council (USGC) Chairman Chip Councell said in a recent interview that South Korea is a reliable partner for the agricultural industry of the United States and the KORUS FTA has been reciprocal for American farmers and agricultural enterprises since its beginning.His remark is the first r
The US government officially began to demand negotiations on amending the Korea-US Free Trade Agreement (FTA) with Korea.The US Trade Representative (USTR) informed the South Korean government on that, under the direction of President Donald Trump, the US requested a special joint committee to be he
Korea's Ministry of Food and Drug Safety approved the sale of gene therapy product “Invossa” to treat degenerative knee arthritis of Kolon Life Science’s development on July 12. This marks the first approval of the sale of a gene therapy drug in Korea and the 29th approval of the sale of a new Korea
Paycock, a member company of the K-ICT Born2Global Center, a major Korean government agency under the Ministry of Science, ICT and Future Planning (MSIP), announced July 12 that it has signed a memorandum of understanding (MOU) with Russia’s IT firm AEB IT and will enter the Russian financial market
ICT exports recorded double-digit growth for the seventh consecutive month thanks to US$8 billion, a record high in semiconductor exports. ICT exports in the first half of this year posted a record high of US$90.87 billion as well.The Ministry of Commerce, Industry and Energy said on July 12 that in
The suspension of the construction of Shin-Kori 5 and 6, which is the core of the Moon Jae-in government's policy for a nuclear phase-out, came under controversy once again. Less than two weeks have passed since the new administration came up with a roadmap to decide whether or not the government wi
“Anxiety over certification” is spreading throughout the imported car industry in Korea. The Volkswagen's diesel gate toughened the certification of diesel vehicles. This time, imported car companies are having trouble launching eco-friendly cars.Import car companies have not focused on launching di
The Hyundai Avante and Ioniq compacts and the Kia Niro crossover have been recently ordered to recall from the Korean government due to defects of electric power steering motor connector manufactured and supplied by LG Innotek, a components subsidiary of LG Group.The problem is Chinese industrial tr
LS Industrial Systems Co. (LSIS), a South Korean manufacturer of electric and automation equipment, is rapidly strengthening its new renewable energy business by generating electricity from solar panels and selling stored power.The company will target domestic and global markets through its self-dev
The Ministry of Trade, Industry & Energy of South Korea announced on July 5 that the total exports from the country’s eight major new industry sectors including electric vehicle and robot reached US$31.47 billion in the first half of this year, equivalent to 11.3% of the total exports from the count
The Visit Korea Year Committee announced on July 4 that the committee held a press conference to introduce major activities and projects linked to the “2016 - 2018 Visit Korea Year” campaign and the “2018 Pyeongchang Winter Olympic and Paralympic Games” to journalists from five Asian countries at th
The Ministry of Trade, Industry & Energy of South Korea said on July 5 that a free trade agreement (FTA) between Japan and the EU is likely to have a significant impact on South Korean companies in the automobile and auto parts industries.The FTA is likely to be signed in the near future, and then t
Foreign direct investment (FDI) in South Korea decreased for the first time in two years in the first half of this year due to reasons such as uncertainties rooted in Brexit and the interest rate hike by the Fed and the domestic political instability that followed the impeachment of former President
Doublestar, which is seeking to acquire Kumho Tire, hasn’t submitted an application for its defense business acquisition approval to the Ministry of Trade, Industry and Energy (MOTIE) as of July 2. The Chinese company had planned to apply for approval of the acquisition of Kumho Tire’s defense busin
The Korea Rail Network Authority (KRNA) has established a foothold to win the Jakarta Light Rail Transit (LRT) Stage 2 and 3 construction projects in Indonesia.The state-run company announced on July 3 that it has sent its LRT technical experts to the Jakarta's Ministry of Transportation in order to