The Ministry of SMEs and Startups announced on March 3 that it discussed the establishment of a ministerial-level consultative body with the UAE Ministry of Economy during its attendance at the Investopia global investment event held in Abu Dhabi, UAE, from Feb. 28 to 29 (local time).Investopia is a
The government has come up with a detailed blueprint at the inter-ministerial level, encompassing export targets for key items such as semiconductors, automobiles, and plants, to achieve this year’s export goal of US$700 billion. It includes the largest-ever support measures to accelerate progress,
The Korean government has set the goal of seeing Korean green companies achieve 100 trillion won in overseas exports by 2027. To this end, it plans to proactively discover demand for overseas environmental businesses. In particular, it aims to build a sustainable foundation for an overseas expansion
The Ministry of SMEs and Startups announced it will hold the K-Business Day in the Middle East 2024 export consultation session on Feb. 27 in Riyadh, Saudi Arabia, and on Feb. 29 in Dubai, the UAE, in collaboration with the Korea Federation of Small and Medium Enterprises. This initiative aims to su
The Namdong district of Incheon Metropolitan City houses the Namdong National Industrial Complex, playing a pivotal role in driving the Korean economy. The industrial complex, established in December 1989, is a key metropolitan industrial area with an annual production value of approximately 30 tril
More and more small and medium-sized food manufacturers that produce and supply Coupang’s private label products are succeeding in achieving a “second leap.”Coupang announced on Jan. 31 that three small food manufacturers in explosive growth regions, with sales that have increased from 3 to up to 29
Executives and experts from domestic e-commerce companies such as Coupang are collaborating to develop strategies in response to the aggressive expansion efforts of Chinese e-commerce platforms including AliExpress and Temu.According to industry sources on Feb. 14, the Ministry of Trade, Industry an
HJ Shipbuilding & Construction (HJSC) held a naming ceremony for two 5,500-TEU eco-friendly container ships at Yeongdo Shipyard in Busan on Feb. 6. The ceremony was attended by more than 100 people including clients, classification supervisors, and HJSC employees.The two vessels were named the Zim Y
The Korean steel industry is preparing to file an anti-dumping case against cheap Chinese and Japanese hot-rolled steel products.The Korean steel industry led by POSCO is preparing to file an anti-dumping complaint against Chinese and Japanese steel products, according to sources in the steel indust
Korean companies doing business in China expect the Chinese market to improve in the second half of this year and beyond. In particular, they expect their sales to ascend from 2023.The largest number of the respondents (40 percent) expect an improvement in their business in China after 2024, followe
Samsung Electronics and SK hynix will build the world’s largest and best semiconductor mega cluster in the southern part of Gyeonggi Province with a total investment of 622 trillion won. The Korean government will support this project by creating infrastructure and an investment environment, strengt
Korea Water Resources Corporation (K-water) participated in CES 2024 held in Las Vegas, Nevada, the U.S., from Jan. 9 to 12. It was joined by 19 partner companies, collectively providing opportunities for global market expansion.K-water’s booth attracted numerous global buyers, investors, accelerato
On Jan. 10, the Ministry of SMEs and Startups (MSS) announced the results of its Venture Enterprise Detailed Survey, analyzing the management performance, employment, and research and development (R&D) of venture companies as of the end of 2022.According to the MSS, the average revenue of venture co
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company of HD Hyundai’s shipbuilding division, announced on Jan. 10 that it has secured contracts for 25 vessels with shipowners located in Europe, Oceania, Asia, and the Middle East. The contracts, totaling 2.82 trilli
Despite a record influx of foreign workers, South Korea’s small and medium-sized enterprises (SMEs) are still facing a labor shortage.According to a comprehensive survey on foreign labor employment conducted by the Korea Federation of Small and Medium Business (K-Biz), 29.7% of the 1,200 SMEs employ
The landscape of venture investment, including startups and other unlisted companies, has undergone significant changes after enduring a cold spell lasting more than a year and six months. Instead of Software as a Service (SaaS), the rise of manufacturing industries such as semiconductors has become
The demand for spandex, a functional fiber known for its strength and elasticity and widely used in clothing such as hiking apparel and leggings, is showing signs of recovery. This has led to Hyosung TNC’s spandex facilities operating at over 90% capacity.Industry sources reported on Jan. 2 that the
LS Mtron is expediting its penetration of the U.S. market by securing an agricultural machinery export hub in central Texas in the United States.According to industry sources on Jan. 1, LS Mtron will complete a tractor logistics center and assembly plant in Palestine, Texas, in February. The facilit
The foundry business that produces batteries developed and designed by customers is rising as a hot issue in the battery industry with automakers set to launch a large number of new electric vehicle (EV) models this year.The foundry business generally belongs to the semiconductor industry. In the 19
In 2024, Hyundai Motor Group is focusing its business on transitioning to Purpose-Built Vehicles (PBVs) and Software-Defined Vehicles (SDVs).Hyundai Motor Group’s PBV strategy takes its first step with Kia unveiling its PBV lineup at the Consumer Electronics Show (CES) 2024, after a five-year hiatus