The Korean government will launch a major support program to support the Korean shipbuilding industry. It will provide 180 billion won (US$135 million) in support for the development of core technologies for future ships in 2023 alone and will also expand refund guarantees (RGs) to help Korean shipb
The U.S. government, which has restricted the export of advanced semiconductor production equipment to China, is reportedly considering applying relaxed standards only to South Korean companies running factories in China.The U.S. Department of Commerce is in talks with the South Korean government to
Ahead of the start of a mandatory environmental, social, and governance (ESG) disclosure system in Korea, the Korean business community has called for a slowdown in the pace of the introduction of the system. They argue that if the mandatory ESG disclosure system scheduled for 2025 is pushed forward
The Korean government will launch an international standardization project with major conglomerates such as Samsung Electronics, SK, and Hyundai Motor to establish a system for Carbon Free 100 (CF100). CF100, which requires all electricity to be supplied by carbon-free energy sources including nucle
“The Korean Ministry of Trade, Industry and Energy is mediating between Korea Hydro & Nuclear Power [KHNP], the Korea Electric Power Corporation [KEPCO], and Westinghouse while responding to a legal dispute,” Korean Minister of Trade, Industry and Energy Lee Chang-yang said on May 9, referring to th
On the one-year anniversary of President Yoon Suk-yeol’s inauguration, management and labor are sharply divided in their evaluations of President Yoon’s labor policies.The Korea Enterprises Federation (KEF), which represents the interests of employers, released the results of a public opinion survey
The collapse of an underground parking lot at a new apartment building that GS Engineering & Construction(GS E&C) is building in Incheon on April 29 was found to be caused by using fewer materials than required by the design.No one was killed due to the accident but the accident brought down 970-squ
With the restoration of shuttle diplomacy, Korea and Japan will jointly respond to trade issues such as the U.S. Inflation Reduction Act (IRA) and the European Union’s Carbon Border Adjustment Mechanism (CBAM).Following a visit to Korea by Japanese Prime Minister Fumio Kishida, the two nations’ disc
While competitors such as China are increasing their share of global new industry exports, Korea is lagging behind, seeing its gaps with its competitors widen, according to a new report by the Korea International Trade Association (KITA).The KITA’s International Trade Research Institute published th
On May 3, the Federation of Korean Industries (FKI) released a report suggesting that South Korea and the United States should strengthen cooperation in the nuclear power export market dominated by Russia and China, including building a supply chain together.According to the report titled “Korea-U.S
South Korea has a number of globally competitive weapons besides the KF-21 Fighter Jet according to sources in the defense industry. In particular, the KF-21 is said to outperform the North Korean Air Force’s flagship fighter jet, the MIG 29, and is comparable to Europe’s next-generation fighter, th
Daewoong Pharmaceutical announced that it signed an agreement to license its autoimmune disease drug candidate DWP213388 to Vitalli Bio, a subsidiary of Aditum Bio, a U.S. biotech investment company, at the Korea-U.S. Digital and Bio-health Business Forum held in Boston, the United States, on April
The Incheon Metropolitan Government will conduct a full inspection of all GS Engineering & Construction(GS E&C) worksites in Incheon. This is a follow-up to the collapse of the roof slab of an underground parking lot at an apartment construction site in Geomdan New City in Incheon on April 29.Incheo
Korean Minister of Economy and Finance Chu Kyung-ho held a bilateral meeting with Japanese Finance Minister Shunichi Suzuki following a meeting of finance ministers and central bank governors from Korea, China, and Japan. This was the first bilateral meeting between the finance ministers of Korea an
“Cooperation between South Korea, China, and Japan can be the engine of a rapid and sustainable recovery of the global economy,” said Chu Kyung-ho, deputy prime minister and minister of strategy and finance of South Korea. He spoke at a meeting of finance ministers and central bank governors from So
Hyundai Motor outperformed the other three major Korean companies -- Samsung Electronics, SK Hynix and LG Electronics -- in the United States in 2022.The Korea CXO Institute, which specializes in analyzing companies, released the results of a survey on the performances of the U.S. subsidiaries of th
President Yoon Suk-yeol, who is on a state visit to the United States, worked to convince Tesla CEO Elon Musk to build a factory in South Korea on April 26 (local time).The Korean government clarified its position that it will consider giving Tesla cash support of up to 50 percent of its investment
South Korean President Yoon Suk-yeol and U.S. President Joe Biden said they will continue consultations to ease concerns about discrimination against South Korean companies in subsidies and trade secret leaks under the U.S. Inflation Reduction Act (IRA) and the CHIPS Act. However, they only confirme
Korea Hydro & Nuclear Power (KHNP) will seek to stabilize the supply chain of uranium, a key fuel for nuclear power plants (NPPs), with the United States. In particular, it will build a supply chain for high-assay low-enriched uranium (HALEU) which holds the key to the commercialization of small mod
Korea Trade Insurance Corporation (K-SURE) announced today (Nov. 26) that it signed a memorandum of understanding with the World Bank’s Multilateral Investment Guarantee Agency (MIGA) in Washington, D.C., for financial support cooperation.The agreement is part of the Korea-US High-Tech Industry Clea