Ssangyong Engineering & Construction has landed an underground highway construction project worth US$750 million (850 billion won) from Singapore.The Korea-based global builder announced on Dec. 26 that it has been chosen to build the N102 and N111 sections of the North South Corridor (NSC) promoted
Paraxylene (PX) is buttressing South Korean chemical companies facing difficulties amid the ongoing global economic recession and oil price fluctuations. Their PX exports are estimated to total an all-time high of US$7.8 billion this year.According to the Korea Petrochemical Industry Association, Ko
The competitiveness of the South Korean labor market declined for the past 10 years unlike those of the rest of the labor markets of the seven “20-50 club” countries.On December 19, the Korea Economic Research Institute announced based on the Global Competitiveness Report of the World Economic Forum
Jivaka Care, a Korean startup that provides healthcare information and booking services for overseas patients, has attracted investments totaling 600 million won (US$540,000).The company announced on Dec. 12 that it has received seed round investments from Springcamp, a venture capital subsidiary of
Global leading companies are expanding investment in the Songdo Bio Cluster in Incheon to supply their products to South Korean biotech firms. They are flocking to Songdo as it is the manufacturing base of Samsung BioLogics Co. and Celltrion Inc., which have already grown into global biotech compani
“Innovative New Zealand -- A Country-Sized Incubator” was this year’s theme for the Kiwi Chamber’s year-end networking function held at the Grand Hyatt Hotel Seoul on Nov. 28. The annual event demonstrated Korea and New Zealand’s strong bilateral relationship – an inspiring story of two small countr
South Korea’s exports are continuing to grow this month, led by automobiles and petroleum products. Yet semiconductor export growth is slowing down. The outlook is not rosy for the semiconductor sector as chip prices are falling and China is poised to boost its semiconductor production.According to
Adaption of regulations and business models are just some of the changes needed to keep aligned with the growing shared economy, experts at “The Future of the Sharing Economy -- and How Korea Can Benefit from it” conference claim.The conference, hosted by Agoda Outside at The Plaza Hotel in Seoul, b
Jeju Air, a low-cost carrier (LCC) operated by Korea's Aekyung Group, will introduce up to 50 new B737 MAX aircraft, Boeing’s latest model.The budget carrier said in a public disclosure on Nov. 20 that it has placed a firm order for 40 B737 MAX 8 aircraft plus 10 options.The acquisition cost of
On Nov. 15, the curtain was raised to signal the start of the G-Star 2018 at the BEXCO in Woo-dong of Busan. The game jubilee, which will run until Nov. 18, is participated by more than 700 game companies from 36 countries. This year's edition of the annual event is largest ever with 2,966 booth
A plan to finalize negotiations on the Regional Comprehensive Economic Partnership (RCEP) within this year has foundered. Instead, the countries adopted a joint communique calling for the final resolution of the deal next year. The RCEP is a large-scale free trade agreement (FTA) involving 16 countr
Lee Seon-kwon, head of the North Korean Committee for the Peaceful Reunification, put pressure on South Korean entrepreneurs to promise investment in North Korea during the inter-Korean summit held in Pyongyang in September.Lee said at a luncheon in Pyongyang, “How can you sit back and enjoy the Nae
Korea Water Resources Corp. (K-Water) will set up a team for development of the Vietnamese water management market with Korean small and medium-sized enterprises (SMEs) and participate in Viet Water 2018 to be held in Ho Chi Minh City, the capital of Vietnam, from Nov. 7-9.The Viet Water 2018 is Vie
Hyundai Motor Co. and its affiliate Kia Motors Corp., the two biggest carmakers in South Korea, announced on Nov. 7 that they have decided to invest US$250 million (284 billion won) to buy stakes in Southeast Asian ride-hailing firm Grab Inc.Including the upfront investment of US$25 million (28.4 bi
The Kolon Group is preparing for the era of group management by a fourth-generation member from its founder’s family.Recently, Kolon Global and real estate-sharing service company Libeto Inc. have decided to establish Libeto Pte. Ltd. in Singapore. Kolon Global will hold a 65.2% stake in Libeto Pte.
Former Israeli Prime Minister Ehud Olmert, who is credited with turning Israel into a startup powerhouse, attended the Israel Day Event of the Asia Blockchain & Fintech (ABF) in Seoul on October 29. In the event, Olmert stressed that Israel will go ahead with collaboration with Korea and increase it
South Korean oil refiners are expected to surpass the US$40 billion (45.7 trillion won) mark in oil product exports this year but their market outlook is not so rosy. This is because the refining margin, which is the difference in value between the products produced by a refinery and the crude oil u
Only two Korean companies made it to the world's top 100 fintech companies. The small number of Korean companies in the list is attributed to the slow pace of the Korean government's push for deregulation.One of the two companies is VivaRepublica, which developed the simple money transfer ap
Lotte Confectionery has acquired a bread-making company in Myanmar to accelerate penetration of the Southeast Asian market.The company announced on October 23 that it has acquired a 80% stake in L&M Mayson Company Limited for 76.9 billion won (US$69 million).Established in 1996, L&M Mayson is runnin
Establishing a bread factory in France has been a dream for Heo Young-in, chairman of the SPC Group who is also known as Korea's "Baker King." The dream is about to be realized as the group will build a bread factory in Normandy. When completed, it will serve as a bridge to future economic coope