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 government plans to accelerate the expansion of K-food exports. It aims to achieve exports of US$13.5 billion this year and has set a target of US$23 billion by 2027.On Feb. 20, the Ministry of Agriculture, Food and Rural Affairs announced the “K-Food+ Export Innovation Strategy” to nurture K-fo
AI MedTech specialist Waycen (CEO Kim Kyungnam) announced on the 14th that they have signed a strategic sales agreement with Hamza Batterjee President & CEO MegaMind the largest healthcare specialized company in the Middle East located in Saudi Arabia, for its medical AI solutions and healthcare pro
South Korea’s exports to China are expected to surge in 2024 due to a recovery of the IT market in China. However, South Korea is unlikely to record a large trade balance surplus as in the past due to an increase in imports of Chinese batteries and the declining competitiveness of Korean products.“I
This year it is projected that the annual overseas construction contract orders for South Korean companies will reach US$40 billion. It is expected that the contract amount will expand compared to previous years through projects such as nuclear power plants, renewable energy, and investment developm
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
More and more small and medium-sized food manufacturers that produce and supply Coupang’s private label products are succeeding in achieving a “second leap.”Coupang announced on Jan. 31 that three small food manufacturers in explosive growth regions, with sales that have increased from 3 to up to 29
Korean forklifts set a new export record last year, benefiting from the increased demand for factory expansions in North America due to supply chain restructuring.According to the Customs Service’s export and import trade statistics on Feb. 14, Korea exported forklifts (forklift trucks and industria
HD Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding holding company of HD Hyundai, recently announced that it has signed a memorandum of understanding with Woodside Energy, Australia’s largest energy company; Hyundai Glovis; and Mitsui O.S.K. Lines (MOL), a Japanese global shipping c
The Korea Development Institute (KDI) has maintained its economic growth forecast for South Korea at 2.2 percent for this year. However, it has slightly lowered its forecast for private consumption, citing prolonged high interest rates as a contributing factor.According to the “Economic Outlook” rel
On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung
The author is an analyst for NH Investment & Securities. He can be reached at jaekwang.rhee@nhqv.com -- Ed.Both 4Q23 and 2023 earnings reached historic highs. This year, earnings should remain steady, with share price momentum being driven by an uptick in overseas orders. KAI is targeting 2024 aircr
Hyundai Motor and Kia Corp. are looking to ramp up their market shares by introducing more than five new electric vehicle models this year. The electric vehicle market, which grew rapidly, has slowed down somewhat, but the two automakers are expediting their electrification transition with the new m
Korea’s four major oil refiners are posting a gradual drop in their exports to China. They are diversifying their export destinations to Australia, Japan, and other countries to fill the void. China used to be Korea’s top petroleum product export market.According to the Korea National Petroleum Asso
South Korea’s aircraft exports exceeded US$1 billion for the first time in history last year. The successful export of FA-50 fighter jets to Poland is considered to have contributed significantly to this achievement.According to the Korea International Trade Association on Feb. 10, South Korea’s air
Pharmaceutical companies are expanding their presence into Southeast Asia, particularly Indonesia and Vietnam. There is a high preference for Korean products and a high growth potential in these markets, leading to strong optimism about the possibility of expansion. Among these countries, Indonesia
The CEO Candidate Recommendation Committee of POSCO Holdings finally chose former POSCO President Jang In-hwa, a long-time POSCO insider, with rich experience in the steel business.POSCO Holdings held an extraordinary board meeting on Feb. 8 and resolved to select former POSCO President Jang In-hwa
Hyundai Glovis has secured four of the world’s largest pure car and truck carriers (PCTCs). They are expected to help alleviate a shortage of vessels for the Korean automobile industry.Hyundai Glovis announced on Feb. 6 that it signed a memorandum of understanding (MOU) with Korea Ocean Business Cor
The Korea Development Institute (KDI) recently evaluated the state of the South Korean economy, noting a recovery in exports but a slowdown in domestic consumption. This marks the third consecutive month that the KDI has assessed a “slowdown in domestic consumption.”On Feb. 7, the KDI assessed the e
Korea’s current account surplus reached US$35.5 billion in 2023. This was mainly because the volume of goods exports reaching a yearly high at the end of 2023.The current account surplus stood at US$7.41 billion in December, according to a December 2023 provisional balance of payments data released