As of April this year, South Korea has emerged as one of the top three external importers of the European Union (EU). Excluding European countries, South Korea has secured the third position in this ranking, following China and the United States. This marks the first time that South Korea has surpas
On Sept. 14, the Ministry of Trade, Industry, and Energy announced that last month’s exports in the Information and Communication Technology (ICT) sector amounted to US$160.5 billion, with imports reaching US$110.7 billion. This led to a provisional trade surplus of US$49.8 billion.The decline in th
In response to the rapidly evolving landscape of the logistics sector, characterized by an increase in the value addition of logistics, the integration of advanced systems, and the proliferation of borderless e-commerce, Incheon International Airport is steadfast in its commitment to enhancing logis
The Yongin Semiconductor Cluster is facing difficulties in securing stable power supply. The industrial area will include the world’s largest advanced semiconductor production facility and more than 200 fabless, materials, parts and equipment companies.The Ministry of Trade, Industry and Energy (MOT
The Chinese steel industry is ramping up its exports of steel products to international markets as it strives to overcome domestic market challenges, including a slowdown in the real estate sector.According to the Korea Iron & Steel Association on Sept. 12, China’s steel product exports for the firs
The Ministry of Economy and Finance (MOEF) is hosting the Korea-Africa Economic Cooperation Ministerial Meeting for the first time in five years. Following the minister-level meeting, a joint declaration will also be announced.The MOEF has announced that the 7th Korea-Africa Economic Cooperation Min
South Korean defense firms holding approximately 70 trillion won in order backlogs are actively moving forward with facility investments.According to industry sources on Sept. 12, Korea Aerospace Industries (KAI) plans to invest 1.408 trillion won (US$1.062 billion) in facility establishment and pur
Six out of 10 Koreans have a favorable view of large corporations, according to a survey. The number one expected role of large companies is to create jobs among those surveyed.According to the results of a survey of 1,005 people aged 18 and over on the perception of large companies’ contributions t
Answering AI startup, 42Maru, announced its participation in Global Mobile Vision 2023 (GMV 2023) to be held at the Grand Hyatt Seoul from Sept. 12 to 13.Celebrating its 16th year, GMV 2023 is an ICT-focused export consultation event hosted by KOTRA in collaboration with institutions such as Naver C
AiiTONE pushed forward the establishment of the branch in Korea with the UAE Royal Family. It is the first time to build the Royal Family Office in overseas countries.Bruce Jeong, the chairman of Middle Investment said at a press meeting held at Josun Palace Gangnam-gu, Seoul on the afternoon of the
'H2 MEET 2023', the world's largest hydrogen industry exhibition, will host its largest-ever event at KINTEX 1 in Goyang, Gyeonggi Province for 3 days from Wednesday, September 13 to Friday, September 15.This exhibition is hosted by the H2 MEET Organizing Committee (Chaired by Nam-hoon Kang, Chairma
Amid the global restructuring of the semiconductor supply chain, Samsung Electronics and SK hynix are likely to be the most affected by decisions related to U.S. licenses.On Sept. 11, the Korea Institute for International Economic Policy (KIEP) reported in its Global Semiconductor Supply Chain Restr
KT&G recently held an agreement ceremony to receive investment support from the Ministry of Investment for the construction of a new factory in East Java province, positioning it as an export hub in Indonesia.On Sept. 6, at the headquarters of the Ministry of Investment in Jakarta, Baek Bok-in, the
Hanwha Aerospace is set to showcase its extensive range of defence technologies at DSEI 2023 to be held from 12nd-15th September at ExCel, London.Hanwha Aerospace will unveil its K9A2 Self-Propelled Howitzer (SPH) platform fitted with the Composite Rubber Track (CRT) developed by Soucy Defense, a ke
Despite the 3Q off-season, Cosmax is forecast to log solid sales thanks to the popularity of K-beauty and robust exports. Although we maintain a conservative stance regarding the recovery of the Chinese cosmetics market, we favorably note both a rapid improvement in US profitability and strong growt
As the power struggle between the U.S. and China continues, recent moves by Middle Eastern countries, long-standing allies and the largest weapon importers from the U.S., are noteworthy.According to industry sources and foreign media on Sept. 9, Saudi Arabia, Qatar, Kuwait, and the United Arab Emira
Three defense units of the Hanwha Group (Hanwha Aerospace, Hanwha Ocean, and Hanwha Systems) participated in MSPO 2023, Europe’s premier defense exhibition held in Kielce, Poland, from Sept. 5 to 8 (local time), laying the groundwork for expansion in the European market.On Sept. 5, during MSPO, Hanw
As tensions intensify between the U.S. and China over smartphones equipped with Huawei’s self-developed 5G chips, uncertainty surrounding the Chinese plants of Samsung Electronics and SK hynix is expected to deepen.According to industry sources and foreign media on Sept. 10, after Huawei unveiled tw
The Born2Global Center, which supports Information and Communication Technology (ICT) startups in their overseas ventures, is set for a new beginning as a foundation a decade after its establishment.The Ministry of Science and ICT (hereafter referred to as MSIT) announced that the K-ICT Born2Global
The U.S.-China semiconductor battle has escalated into a “mineral war.” China, possessing core materials for semiconductors and electric vehicle batteries, is playing its mineral export restriction card in response to U.S. controls on semiconductor technology. Concerns over China’s weaponization of