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
The National Institute of Technology and Evaluation (NITE) under the Ministry of Trade, Industry and Energy (MOTIE) announced on July 2 that it will hold “Korea-China-Japan Governments Standards Cooperation Conference” and “Northeast Asia Standards Cooperation Form” at Lotte City Hotel in Jeju from
Exports to the US totaled $34.056 billion in the first half of this year, down 0.9 percent from a year earlier. On the other hand, US exports to Korea grew 22.1% to US$25.891 billion, according to the Ministry of Commerce, Industry and Energy.In the first half of the year, Korea’s exports to the US
Hyosung announced on July 2 that it participated in the Textiles India 2017 at the request of India’s Ministry of Textiles. The Textiles India is an international textile tradeshow held in India for the first time this year, hosted by India’s Ministry of Textiles. Hyosung decided to join the event a
Thanks to strong shipments of semiconductors and shipbuilding, exports recorded double-digit growth for the sixth consecutive month. Analysts say that exports are out of the woods and in a full recovery stage. The government has become optimistic that Korea will recover to US$1 trillion in trade in
On June 29, the Ministry of Science, ICT & Future Planning decided to increase the national R&D project budget for next year to 14.592 trillion won (US$13.1 billion), which is equivalent to 101.3% of this year’s budget for the same purpose.1.8 trillion won, up 15.6% from a year earlier, is slated to
As annual exports of Korean health care and cosmetics goods surpassed the US$10 billion (11.45 trillion won) mark for the first time in 2016, the balance of trade has turned into a surplus. In particular, exports of cosmetics products surged more than 40 percent on-year.According to a report titled
The trading volume at the direct exchange market for won and yuan, which opened in Shanghai, China, showed a whopping 35.8 percent decrease in three months.The trading volume at the direct exchange market for won and yuan, which opened in Shanghai, China, showed a whopping 35.8 percent decrease in t
The European Union imposed on Google an anti-trust fine of 2.42 billion euros (approximately 3 trillion won), the largest one of its kind ever, on June 27, Under the circumstances, the Korea Fair Trade Commission (KFTC) and the National Tax Service (NTS) of Korea are expected to follow suit with reg
Hallyu, or the Korean wave, is sweeping the global cosmetics market. As the K-Beauty trend in China is now expanding to Europe such as Italy and France, the home of cosmetics, South Korea’s cosmetics industry posted a trade surplus of over three trillion won last year.According to the Ministry of Fo
CJ CheilJedang announced on June 26 that it announced its study results on the clinical efficacy of lactobacillus CJLP-133 took out from kimchi on children with atopic dermatitis at the European Academy of Allergy and Clinical Immunology (EAACI) Congress 2017 held in Helsinki, Finland, on the 20th.T
The Ministry of Strategy & Finance of South Korea announced on June 26 that it is not going to raise the tax on diesel fuel in the tax law amendment scheduled to be released late next month.The issue was examined for the past one year by the government in an effort for particulate matter reduction.D
The Ministry of Land, Infrastructure and Transport (MOLIT) said on June 25 that it will announce its plan to recruit a management company for “Global Infra Venture Fund” and accept application starting from June 26.Global Infra Venture Fund helps domestic companies to push into the global constructi
The Korean government is looking to raise its tax on diesel fuel for particulate matter reduction. Specifically, what it is planning to do is raise the price of diesel fuel, which is currently around 85% of the price of gasoline, to at least 90%.Those opposed to the plan are claiming that it will po
LG Display laid the groundwork for creating a new display market by developing a 77-inch transparent flexible organic light emitting diode (OLED) display for the first time in the world. This display is expected to be commercialized for the products that can be promoted in the 4th industry, includin
SNUver, South Korea’s first autonomous car developed by Seoul National University’s Intelligent Vehicle IT Research Center, holds its first test drive on the roads in Yeouido, Seoul, on June 22Seoul National University’s Intelligent Vehicle IT Research Center announced that its self-developed autono
According to industry sources and Taiwanese media reports on June 20, Taiwan’s Science and Technology Minister Chen Liang-gee attended a Phison Electronics’ new semiconductor production facility groundbreaking ceremony held in Miaoli County in Taiwan on the 16th and said, “The Taiwanese government w