On Dec. 31 last year, Hyundai Motor signed a memorandum of understanding (MOU) with the Saudi Arabian government to expand car production within Saudi Arabia.Industry sources reported on the 17th that Hyundai is set to finalize this agreement with the Saudi government this month, merely nine months
In a recent move, the U.S. designated semiconductor plants of Samsung Electronics and SK hynix in China as “Verified End Users (VEU).” In response, Ahn Deok-geun, the chief trade negotiator of the Ministry of Trade, Industry, and Energy, said, “By mobilizing consultation channels centered on the Pre
Flitto (CEO Simon Lee, KOSDAQ 300080), a global integrated language platform and AI data solution provider, announced on the 16th its participation as an exhibitor at Expand North Star 2023, a highly anticipated expo along with GITEX Global. The AI data company will be joining the expo ecosystem as
HiteJinro, a major player in the liquor sector in South Korea, is gearing up to establish its first overseas factory in Vietnam as it approaches its 100th anniversary next year. This move is a cornerstone of their strategy to globalize the soju business.HiteJinro announced on Oct. 16 that HiteJinro
Korea’s information and communications technology (ICT) exports fell 13.4 percent year on year in September. The decline rate hit the lowest of the year thanks to semiconductor exports, which posted this year’s best performance in September.According to September ICT import and export data from the
The Korea International Trade Association (KITA) announced on Oct. 16 that it held a Rebuild Ukraine Business Dialogue in Warsaw, Poland, in collaboration with the Ukrainian Chamber of Commerce and Industry and the Korea-Ukraine New Building Association (KUNBA).The event was held to discuss ways to
In 2022, the Polish government signed framework agreements to buy a total of US$12.4 billion worth of arms from major Korean defense companies. The weapons included 48 FA-50 light attack aircraft, 1,000 K2 tanks, 648 K9 self-propelled howitzers and 288 Cheonmoo self-propelled multiple launch rocket
The North Gyeongsang Province Government announced on Oct. 15 that a North Gyeongsang Province economic mission to the United States, including Governor Lee Chul-woo, visited the headquarters of Overair, an urban air mobility (UAM) company based in California, on Oct. 13 (local time).The economic de
The author is an analyst for NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.Even taking into account seasonality (3Q), we expect Cosmax to show encouraging non-consolidated sales growth for 3Q23. Noting valuation merit (versus cosmetics ODM peers), we maintain Cosmax as our
Samsung Electronics has decided to transition to a 200-layer NAND process at its NAND flash factory in Xi’an, China. The move to produce 236-layer products, which belong to the 8th generation of NAND, is seen as a strategic step to overcome a decline in performance due to sluggish global NAND demand
Worries have surfaced that South Korea’s steel industry, which relies heavily on blast furnaces, could face significant challenges amid speculation that the United States and the European Union (EU) are discreetly working on standards for an “Eco-friendly Steel Club” that may be advantageous to thei
South Korea has signed a Free Trade Agreement (FTA) with the United Arab Emirates (UAE), marking its first such agreement with a Middle Eastern country and its 24th FTA overall.The Ministry of Trade, Industry and Energy announced that Ahn Deok-geun and Thani bin Ahmed Al Zeyoudi concluded Comprehens
The United States has refrozen Korea’s payment for Iran’s crude oil exports that South Korea transferred to a Qatari bank as part of a prisoner swap deal between the United States and Iran.On Oct. 12 (local time), the U.S. government said that Iran will not be able to get its hands on US$6 billion t
Korea Hydro & Nuclear Power (KHNP) inked a consortium agreement on Oct. 12 with Romania’s nuclear agency, SNN, based in Bucharest, along with Canada’s Candu Energy and Italy’s Ansaldo Nucleare, to collaboratively undertake the equipment improvement project for Romania’s Cernavoda Unit 1.The project,
KT&G is building a new tobacco factory in Kazakhstan with the aim of securing a strategic foothold for exports to Europe, Russia, and Central Asian nations.KT&G announced on Oct. 12 that it held a groundbreaking ceremony for the new factory in Almaty Province, Kazakhstan, on Oct. 11, attended by CEO
The Institute for Economics and Peace (IEP) announced that Iceland was selected as the safest and most peaceful country in the world with a score of 1.124 in the Global Peace Index (GPI), according to the New York Post on Oct. 1.The GPI quantifies peace by aggregating 23 items including social, poli
CJ Logistics is accelerating the development of a state-of-the-art logistics center in the United States.Korea Ocean Business Corporation recently held an investment review committee meeting and decided to invest US$61 million in the form of preferred shares in a special purpose company (SPC) to dev
Small and medium-sized enterprises (SMEs) exporting their products to Taiwan via Coupang have surpassed 12,000. Among the products sold in Taiwan, 70% are from Korean SMEs, indicating a potential increase in export volume through SMEs in the future.On Oct. 11, Coupang announced that as of the end of
Korea’s current account surplus reached US$4.81 billion in August, marking the fourth consecutive month of surplus. Although the goods balance posted the highest surplus in a year and five months, the surplus remained a recessionary one as imports fell more than exports. The Bank of Korea (BOK) fore
Expectations are rising that South Korean electric mobility companies might counteract the rapid market penetration of cheaper Chinese alternatives by next year. Particularly, South Korean SMEs, medium-sized businesses, and startups are strategizing to differentiate themselves from Chinese products