U.S. National Security Advisor Jake Sullivan remarked on Dec. 12 that the United States and South Korea had constructive talks on the impact of the Inflation Reduction Act on South Korean electric vehicle (EV) manufacturers.According to him, the two governments will deal with the matter in the long
A South Korean consortium is expected to invest US$130 million in X-Energy, an American private nuclear reactor and fuel design engineering company.The consortium is expected to include Doosan Enerbility and DL E&C and its equity ratio is estimated to be 5 percent. PEF Whale Investment is planning t
The Bank of Korea announced on Dec. 9 that South Korea recorded a current account surplus of US$880 million in October. Although it showed a surplus for the second consecutive month, the surplus dropped US$7.13 billion compared to October 2021.This is because imports increased unlike exports. On a c
The striking cargo transport workers of the Korean Confederation of Trade Unions voted to end their strike and return to work on Dec. 9. It has been 16 days since the workers started their collective action on Nov. 24.According to the cargo transport workers' union, 3,575 members of the union pa
The South Korean government issued on Dec. 8 work resumption orders to the cargo transport workers in the steel and petrochemical sectors, who were on strike for 15 days.According to the government, delayed petrochemical shipments attributable to the strike increased to 1.3 trillion won on Dec. 7 an
Prime Minister Han Deok-soo said on Dec. 8 that the government will issue work resumption orders to the striking cargo transport workers in the petrochemical and steel sectors on the day.Presiding over a temporary cabinet meeting, Han said, "Today, the second return-to-work order will be issued to c
South Korean Trade Minister Ahn Duk-geun remarked on Dec. 6 that the United States is likely to treat South Korea and the European Union the same way with regard to the Inflation Reduction Act. He is currently staying in Washington, D.C. to discuss the impact of the act on South Korean electric vehi
The first batch of K2 tanks and K9 howitzers exported from South Korea has arrived in Poland. The Polish government held a ceremony to mark the arroval of the weapons at the Port of Gdynia in Poland on Dec. 6, in the presence of officials from the Polish and Korean government and related companies.
Korea Water Resources Corp. (K-Water) announced on Dec. 7 that it has signed a technical cooperation agreement with the Liverpool City Region Combined Authority (LCRCA) to help it build a tidal power station on the River Mersey.The agreement was signed at the City Hall of the Liverpool Government in
The general strike of cargo transport workers of the Korean Confederation of Trade Unions is continuing for two weeks, and yet more and more of the workers are returning to work.The cement shipments dropped to 10 percent of the normal level immediately after the strike started. However, the ratio re
South Korea’s credit default swap (CDS) premium is stabilizing after the recent surge. Experts, however, point out that it is too early to be optimistic with the KRW-USD exchange rate still fluctuating and South Korea still recording a trade deficit.On Dec. 1, the CDS premium of its five-year Foreig
The Korea Chamber of Commerce and Industry hosted the South Korea-Vietnam Business Forum in Seoul on Dec. 6. The two countries, which established diplomatic relations 30 years ago, are planning to further cooperate in digital economy and green energy as well as manufacturing. Next year, their bilate
Hanwha Aerospace has successfully delivered a batch of 24 K9 self-propelled howitzers to the Polish Armed Forces, meeting the requirements of the Polish deterrence capability.Upon arrival on Dec. 5, the 155mm/52-calibre howitzers, called “K9PL,” were unloaded from a cargo ship at the Port of Gdynia
The United States and the European Union are accelerating the introduction of carbon border taxes. This is a concern on the part of South Korean industries, in that the cause of carbon neutrality is leading to another trade barrier.Carbon border taxes in the European Union are likely to be implement
The Korean Confederation of Trade Unions stages nationwide general strikes on Dec. 6 in order to support cargo transport workers’ strike. Some major members of the confederation, however, do not join the strikes.For example, only some union heads join the strikes from Daewoo Shipbuilding & Marine En
The Bank of Korea announced on Dec. 5 that South Korea’s foreign exchange reserves increased US$2.09 billion to US$416.1 billion last month. The reserves increased for the first time since July.Last month, the Fed signaled a slower pace of interest rate hikes and the value of the U.S. dollar fell in
The Korea Atomic Energy Research Institute (KAERI) announced on Dec. 5 that it recently signed a memorandum of understanding with the Polish Institute of Atomic Energy.According to the MOU, KAERI will supply its nuclear fuel to Poland’s MARIA research reactor in 2024. The nuclear fuel is based on KA
South Korea is expected to become the world's sixth-largest trading nation this year, the highest ranking in its history. “We will mobilize all our export support capabilities to become one of the top five export powerhouses by 2026,” President Yoon Suk-yeol said in a congratulatory speech durin
The Ministry of Land, Infrastructure and Transport announced on Dec. 2 that the Paraguayan upper house passed a special bill on Dec. 1 regarding a light rail transit (LRT) project in Asunción.The passage of the bill means that South Korea has won the project. According to the bill, the project will
The Korea International Trade Association (KITA) announced on Dec. 4 that South Korea’s exports are expected to reach an all-time high of US$690 billion this year. The previous high is US$644.4 billion, which was recorded last year. The monthly exports have topped US$50 billion for 20 months in a ro