The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Justice (MOJ) announced on Nov. 7 that a total of 14,359 production workers were injected into the Korean shipbuilding industry through the first three quarters of this year. The workers included Korean workers, foreign specializ
The Korean defense industry is growing rapidly as the world recognizes the excellence of Korean-made weapons. At the center of the Korean Defense Industry gripping the global arms market is the Korea Defense Industry Association (KDIA).Founded in 1976, the KDIA is a specialized defense industry orga
Seven Korean companies, including LG Electronics, Lotte Chemical and Samsung Fire & Marine, have joined RE100 this year, bringing the total number of Korean companies to 34, according to the U.K.-based Climactic Group on Nov. 3.This means that Korea has the fourth-most number of companies after the
KG Mobility is set to build a battery pack manufacturing plant in South Korea, leveraging the technology of BYD, China’s largest electric vehicle manufacturer.On Nov. 1, KG Mobility announced that it had signed a “Battery Pack Factory Construction and Hybrid System Joint Development Agreement” at th
The proportion of so-called “zombie companies” unable to cover interest costs with their operating profit has reached its highest level since 2009, standing at 42.3 percent last year. Due to the global economic slowdown and the impact of high interest rates, corporate underperformance persisted in t
HD Korea Shipbuilding & Offshore Engineering (KSOE) said that it is considering securing overseas shipyards to reduce costs and procure abundant human resources.“We need to think about how to maintain our market share and run our business in the long term,” Park Seung-yong, chief operating officer (
An ironic situation unfolds as foreign investors are rapidly withdrawing their investments from the domestic stock market, while the foreign ownership percentage of the total market capitalization on the KOSPI hits a 20-month high.According to the Korea Exchange on Oct. 22, the foreign ownership rat
As of the end of the first half of this year, there were approximately 86 domestic corporate venture capital firms (CVC) established and held by companies to invest in alignment with their business strategies. CVC’s share of the total venture investment amount stands at 22%, and the government has a
On Oct. 19, the Korean Chamber of Commerce and Industry (KCCI) announced the results of a survey titled “2023 Startup Challenges and Policy Issues” conducted among 259 domestic startups, providing insights into their current obstacles and policy recommendations.The survey revealed that four out of 1
President Yoon Suk-yeol will visit Saudi Arabia and Qatar on a four-day, six-night state visit starting on Oct. 21. This will mark the first time a Korean head of state has paid a state visit to Saudi Arabia and Qatar.President Yoon will arrive in Riyadh, the capital of Saudi Arabia, on Oct. 21 (loc
Korea Aerospace Industries (KAI) and Hyundai Rotem announced on Oct. 19 that they have signed a memorandum of understanding (MOU) for future space sector cooperation at Seoul International Aerospace & Defense Exhibition (Seoul ADEX 2023) on Oct. 18.KAI has earmarked its space mobility venture as one
Hanwha Ocean unveiled its latest combat vessel, a domestically produced medium-sized 3,000-ton submarine, and a future unmanned command and control ship at Seoul International Aerospace & Defense Exhibition (ADEX) 2023, which runs until Oct. 20, as announced on Oct. 19.The showcased KSS-III Batch-II
The Korea International Trade Association (KITA) announced on Oct. 16 that it held a Rebuild Ukraine Business Dialogue in Warsaw, Poland, in collaboration with the Ukrainian Chamber of Commerce and Industry and the Korea-Ukraine New Building Association (KUNBA).The event was held to discuss ways to
Korea Shipbuilding & Offshore Engineering announced on Oct. 16 that it has decided to equip two 45,000㎥ medium-sized LPG carriers, which the Belgian shipping company Exmar had ordered in March, with ammonia dual-fuel engines.The ammonia-propelled LPG carriers, with dimensions of 190 m in length, 30.
Korea and Saudi Arabia have agreed to expand cooperation in the biotech, gaming, and automotive sectors while implementing existing economic cooperation tasks in infrastructure.The Ministry of Trade, Industry and Energy (MOTIE) announced the agreement at the Four Seasons Hotel in Seoul, during the f
Korea Hydro & Nuclear Power (KHNP) inked a consortium agreement on Oct. 12 with Romania’s nuclear agency, SNN, based in Bucharest, along with Canada’s Candu Energy and Italy’s Ansaldo Nucleare, to collaboratively undertake the equipment improvement project for Romania’s Cernavoda Unit 1.The project,
Small and medium-sized enterprises (SMEs) exporting their products to Taiwan via Coupang have surpassed 12,000. Among the products sold in Taiwan, 70% are from Korean SMEs, indicating a potential increase in export volume through SMEs in the future.On Oct. 11, Coupang announced that as of the end of
Expectations are rising that South Korean electric mobility companies might counteract the rapid market penetration of cheaper Chinese alternatives by next year. Particularly, South Korean SMEs, medium-sized businesses, and startups are strategizing to differentiate themselves from Chinese products
As the sole operator of nuclear power plants in the country, Korea Hydro & Nuclear Power (KHNP) has turned its attention towards revitalizing nuclear small and medium-sized enterprises which have been struggling with a shortage of projects. The initiative begins with the Shin Hanul Nuclear Power Pla
Claims have emerged that Google Korea’s revenue for the previous year is up to 30 times higher than what was disclosed in its audit report. Taking into account the omitted revenue in the audit report, it is suggested that the corporate tax owed to the South Korean government by Google Korea could be