The Korea Customs Service held K-Customs Week 2023 in Seoul on April 26. The heads of the customs authorities of 75 countries attended the three-day conference and adopted a joint statement to work more closely together for digitalization of customs administration, non-tariff trade barrier eliminati
President Yoon Suk-yeol attended a U.S.-South Korea business conference in Washington D.C. on April 25. He was accompanied by Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo and Lotte Group chairman
Kim Han-young, chairman of Korea National Railway, met with El Salvadoran Ambassador to Korea Jaime José López Badia at its headquarters in Daejeon to publicize the technological capabilities of the Korean Railways and discuss railway cooperation between the two countries on April 26.Prior to the vi
The Korea International Trade Association announced on April 25 that South Korea’s decline in exports in the first quarter of this year was caused by a decrease in intermediate goods exports to China, Vietnam, Hong Kong, and Taiwan.According to the association, exports from South Korea decreased 12.
The Ministry of Employment and Labor announced on April 24 that it would introduce a new quota so that shipbuilders can hire 5,000 foreign workers each year until 2025.These days, a worker shortage is becoming chronic in the shipbuilding industry of South Korea. The shortfall was 1,778 workers in th
An increasing number of governments are controlling the supply of EV battery minerals such as lithium and nickel.The examples include Chile. The Chilean government announced on April 20 that its lithium industry would be nationalized. Chile has the largest lithium reserves and is the second-largest
Minister of Trade, Industry and Energy Lee Chang-yang made a remark in a national strategy development meeting to sharpen the Korean secondary battery industry’s competitiveness. At the meeting on April 20, presided over by President Yoon Suk-yeol, Lee laid out a bold and surprising plan, saying tha
SK E&S will join hands with China’s state-run energy company. After liquefied natural gas (LNG), SK E&S is expanding its business areas into hydrogen to tap into the Chinese energy market.SK E&S and CEEHE signed a strategic partnership agreement for hydrogen business at SK E&S’ Chinese office in Bei
Polska Grupa Energetyczna (PGE) CEO Wojciech Dąbrowski attended this year’s International Congress on Advances in Nuclear Power Plants (ICAPP) in Gyeongju on April 24.There, he explained the current status of the project of Korea Hydro & Nuclear Power (KHNP) in Poland since the signing of the letter
The Korea Forest Service announced the signing of a memorandum of understanding (MOU) between Korea Forest Service and the United Nations Environment Program (UNEP) for cooperation in the field of forestry in Nairobi, Kenya, on April 20.The signing ceremony was attended by Park Eun-shik, internation
Korea Hydro & Nuclear Power (KHNP) announced on April 20 that it signed a consortium with Seaborg Technologies and Samsung Heavy Industries to develop and commercialize a floating power generation facility using a compact molten salt reactor (CMSR).The CMSR, being developed by Denmark’s Seaborg, is
The National Assembly Budget Office announced on April 23 that South Koreans’ average annual working hours were 1,915 in 2021, the fourth-longest among the 36 OECD member states excluding Colombia and Türkiye. The top three were Mexico (2,128), Costa Rica (2,073), and Chile (1,916) and the average o
On April 20, a Korean Air passenger plane (KE1118) flying in from Jeju Airport landed at Gimpo Airport at around 8 a.m. on April 19, left a movement area and entered a runway, according to relevant organizations and industry sources.At the same time, an Air Busan flight (BX8027) was in the process o
The South Korean government announced on April 20 that 10.5 trillion won (US$7.91 billion) would be invested in venture firms and startups.“6.1 trillion won [US$4.6 billion] will go to those in the initial stage of growth, 1.9 trillion won [US$1.4 billion] to those in the middle, and 400 billion won
South Korean defense companies are distinguishing themselves in the global market. Their annual exports were around US$3 billion in the 2010s but exceeded US$7.2 billion in 2021 and US$17 billion in 2022. They are aiming at US$20 billion this year.They are exporting more items to more destinations i
President Yoon Suk-yeol mentioned the possibility of sending weapons to Ukraine, and then the prices of defense stocks jumped.For example, the value of stocks of Firstec rose 24.66 percent on April 20, when Hyundai Rotem, Korea Aerospace Industries, LIG Nex1, and Hanwha Systems gained 11.62 percent,
The South Korean government announced on April 20 that 20 trillion won (US$15 billion) would be invested until 2030 so that the world’s first all-solid-state battery commercialization can be achieved by South Korea.According to the government’s plan, LG Energy Solution, Samsung SDI, and SK On will b
Competition is heating up between Daewoo Shipbuilding & Marine Engineering (DSME), which will become an affiliate of Hanwha Group later this month, and HD Hyundai Heavy Industries (HHI).On April 19, DSME submitted a request to the Korean Board of Audit and Inspection to audit whether there was any i
NICE Investors Service said in its recent report that the U.S. Inflation Reduction Act is likely to adversely affect South Korea’s EV industry by requiring more investment in North America. “Competition in the commercial EV market is likely to intensify in the short term, and then price competition
The European Parliament passed the Carbon Border Adjustment Mechanism bill on April 18. The Council of the European Union is likely to give final approval next month to complete the legislation.The bill is to impose additional tariffs on steel, aluminum, fertilizer, electricity, cement, and hydrogen