President Yoon Suk-yeol has picked up the biotech industry as a future growth driver and is determined to support it. To this end, the government’s budget for biotech R&D for 2024 has been expanded by 12 percent. Starting from 2024, the government will launch large-scale R&D projects to develop vacc
The Korean government sees eye to eye with major Korean semiconductor giants, including Samsung Electronics and SK hynix, regarding developing advanced packaging technology for semiconductors.The Ministry of Trade, Industry and Energy (MOTIE) announced on Aug. 29 that it signed an agreement with sem
The Ministry of Land, Infrastructure, and Transport (MOLIT) announced on Aug. 29 that it will initiate an inspection of the Social Overhead Capital (SOC) projects being undertaken in the Saemangeum region of Jeollabuk-do, or North Jeolla Province. The ministry intends to examine the necessity, feasi
The procurement for the El Dabaa project in Egypt and the tritium removal facility (TRF) project in Romania, which were secured after the inauguration of the Yoon Suk-yeol administration, will begin in October. This will unlock a total of 104 items with a value of 800 billion won (US$603.77 million)
SK telecom is set to develop its proprietary communication security technology, Quantum Security Communication (QSC), as an international standard. It is anticipated that the technology will receive final international standardization approval in as early as two years.On Aug. 29, SK telecom announce
The Korean government is approving the sale of national core technologies to foreign companies, national core technology transfers, or foreign investment in national core technology holding organizations after receiving reports on them. The number of such cases has more than tripled over the last fi
The Ministry of Land, Infrastructure, and Transport (MOLIT) has imposed the maximum 10-month business suspension on GS Engineering & Construction (GS E&C) due to the collapse of an apartment in Incheon’s Geomdan in April. The designer involved in the incident will face either license revocation or a
The Korean government has begun to improve its system to allow more skilled foreign workers to work longer at workplaces in Korea.On Aug. 24, the Ministry of Justice announced a plan to revolutionize work visa regulations in order to drive Korea’s economic growth at the 4th Regulation Innovation Str
K-water has been selected as the implementer for the “Ukraine Uman Smart City Master Plan Establishment Project,” a K-City Network project overseen by the Ministry of Land, Infrastructure, and Transport and the Korea Overseas Infrastructure & Urban Development Corporation, on Aug. 23. This initiativ
SK bioscience, an innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company has entered into a collaboration agreement with Vaxxas, an Australian biotechnology company developing a unique vaccine patch platform technology, to
According to the Ministry of Trade, Industry and Energy on Aug. 23, Korea’s general machinery exports stood at US$25.7 billion in the first half of this year and the export amount represented a year-on-year increase of 1.6 percent. The growth is noticeable compared to a year-on-year decline of more
In the second quarter of this year, Korea’s net external financial assets (external financial assets minus external financial liabilities), which reflects the country’s external solvency, declined amid rising stock markets at home and abroad.However, Korea’s ratio of short-term external debt to tota
The development of next-generation network (6G) commercialization technology and core components, with a budget of 440 billion won, is set to begin in earnest next year. Further, there’s an ambition to demonstrate pre-6G technology by 2026 and secure 30% of the 6G international standard patents, aim
A bad feeling is growing among makers of electric vehicles that previously enjoyed rapid sales growth in the global automobile market. This is because their sales growth is staying on the skids year on year in major markets such as Korea, China, and the United States.According to the Korea Automobil
Shipbuilding exports are taking the lead in Korea’s exports in the first half of the year. During this span, Korea’s exports rose 11.9 percent year on year. The Korean shipbuilding industry secured four years’ worth of work through the end of the first half of this year. This is the largest order ba
As the hydrogen market is expected to expand as an eco-friendly energy industry, major countries are rushing to promote hydrogen utilization promotion policies.On Aug. 22, the Korea International Trade Association (KITA) released a report on policy research to boost the competitiveness of the Korean
The Ministry of SMEs and Startups (MSS) has set detailed requirements for multiple voting rights to a venture startup that allows its founder to retain management control even if the venture startup receives investment from the outside. The ministry announced on Aug. 21 that it has issued a legislat
Seoul Sisters participated in KCON LA 2023 and, at the same time, they are actively targeting the US market. Seoul Sisters, who are targeting the global market starting with Amazon, plan to accelerate their entry into the US mainland by expanding offline channels after KCON LA 2023.Seoul Sisters has
Aiitone, a company that specializes in the defense industry, is enhancing its cooperation with Saudi state-owned military companies.Aiitone, a KOSDAQ-listed company, announced on Aug. 17 that a visiting delegation led by CEO Jin Yeop Lee made a surprise visit to Saudi Arabian Military Industries (re
The Korean government has secured the rights to negotiate a US$1 billion water supply project for an industrial park in Bangladesh.The Korean Ministry of Land, Infrastructure, and Transport and Korea Overseas Infrastructure & Urban Development Corporation (KIND) said on Aug. 21 that Bangladesh grant