Since taking office in early July 2022, Ongjin County Mayor Moon Kyung-bok has been busy listening to the voices of his residents. This has been producing remarkable positive results.In 2023, Ongjin County paved the way for a new leap forward, including finalizing a plan for the construction of Baek
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,
On Feb. 26 (local time), Korea Hydro & Nuclear Power (KHNP) signed a letter of intent (LOI) with Centrus Energy Corp., a U.S. nuclear fuel and services supplier, in Washington, D.C., to pursue stable nuclear fuel supply.The latest LOI builds upon the memorandum of understanding (MOU) signed in April
Samsung Electronics has thrown a decisive move to overturn the market dynamics of High Bandwidth Memory (HBM), a key component of Artificial Intelligence semiconductors, by being the first in the industry to mass-produce the 5th generation HBM, known as “HBM3E” with 12 layers, in the first half of t
Amid growing concerns about expanding trade risks in big election years in 76 countries around the world holding elections, the Korean government has decided to actively manage risk factors through a strategy meeting among industry, academia, and research centers.The Ministry of Trade, Industry and
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
On Feb. 23, KB Kookmin Bank held the grand opening ceremony of KB Prasac Bank in Phnom Penh, the capital city of Cambodia.Approximately 700 individuals attended the event, including the Governor of the National Bank of Cambodia Chea Serey and the Ambassador of Cambodia to Korea Chring Botum Rangsay
Hyundai Engineering & Construction (Hyundai E&C) has been selected as the preferred negotiating partner for a major nuclear power plant project in Bulgaria, marking its return to the overseas market after 15 years.The company announced on Feb. 23 that it has solely passed the pre-qualification asses
HL Group’s HL Mando has officially launched a joint venture with China’s automotive parts company, Tianrun Industry Technology, related to the manufacturing of electric steering for commercial vehicles. The joint venture, Tianrun Mando, will have a total capital investment of 100 million renminbi, w
CJ Logistics announced on Feb. 22 that it has established an integrated logistics center for the globally renowned shoe brand Crocs in Icheon, Gyeonggi Province.Spanning an area of 20,000 square meters, the new facility can handle up to 50,000 boxes per day, doubling the capacity compared to the pre
The government is focusing its policy efforts on “normalizing the nuclear power industry ecosystem.” It has come up with support measures encompassing advancing research and development (R&D), facilitating job opportunities, extending financial aid, and offering tax incentives.On Feb. 22, the govern
Chinese direct purchase shopping app Temu is stirring controversy in South Korea by attracting new members with cash-like credit points and free gifts through fishing-like events. Consumers have criticized Temu’s ambiguous prize events as “consumer deception” and “multi-level personal information sc
The legal battle between the sons of the founder of Hanmi Pharmaceutical -- Lim Jong-yoon and Lim Jong-hoon -- and the OCI Group has intensified. OCI Group holds a significant stake in Hanmi Science, the parent company of Hanmi Pharmaceutical Group. The legal battle remains on the question of integr
The government has extended its support to companies starting businesses overseas, aiming to increase the number of successful Korean startups in the global market. The Ministry of SMEs and Startups announced that amendments to the “Act on Support for Small and Medium Enterprise Establishment” and i
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
The U.S. government has announced a plan to provide over 2 trillion won (US$1.5 billion) in subsidies to the U.S.-based semiconductor company GlobalFoundries. This marks the first large-scale support initiative since the enactment of the CHIPS and Science Act (CSA) in 2022 aimed at building the semi
Samsung Display’s foldable panel has passed the U.S. Department of Defense’s durability standard tests, overcoming extreme temperature changes and shocks among other harsh conditions, to obtain the military specification (Mil-Spec) certification. This marks the first time a foldable panel from Samsu
Hyundai Motor Group which runs Hyundai Motor, Kia Corp. and Genesis sold a total of 7.34 million vehicles globally in 2023, ranking third in sales, according sources in the automobile industry. This marked the second consecutive year that the group has ranked among the big three.Toyota Group, with b
As the global political environment is expected to change due to elections in major countries, Korean industries discussed trade issues such as global policy responses with the Korean government. Companies submitted recommendations to the Korean government on trade issues, including difficulties in