The government is considering increasing the quota for foreign workers to address the labor shortages plaguing the shipbuilding industry. It has embarked on a comprehensive effort to support shipbuilding companies, including an increase in the refund guarantee (RG) fund to 400 billion won (US$303.15
The South Korean government’s initiative to issue “Samurai Bonds” has been seen as a signal of enhanced economic cooperation between South Korea and Japan. Following the government’s move to issue Samurai Bonds, there is growing interest in whether South Korean companies will also embark on yen-deno
In August, exports outperformed expectations, surpassing seasonal factors such as summer vacations. The year-on-year decline in exports narrowed to single digits, and the decline in semiconductor exports to China also moderated compared to the previous month.According to the Ministry of Trade, Indus
The Ministry of SMEs and Startups (MSS) announced that it held the Fabless Challenge, an event to select and support promising fabless semiconductor companies, at the KBIZ DMC Tower in collaboration with Samsung Electronics, on Aug. 29.The Fabless Challenge has been held since last year to strengthe
SK telecom is set to develop its proprietary communication security technology, Quantum Security Communication (QSC), as an international standard. It is anticipated that the technology will receive final international standardization approval in as early as two years.On Aug. 29, SK telecom announce
The U.S. government is considering extending the waiver on export controls for semiconductor manufacturing equipment applied to South Korean and Taiwanese companies, Japan’s Nikkei newspaper reported on Aug. 23. This waiver is set to expire in October.Quoting multiple industry insiders, Nikkei repor
The Korean government will issue yen-denominated foreign exchange stabilization bonds, also known as samurai bonds, for the first time since the 1998 foreign exchange crisis in Korea. Private investors, including major Japanese banks, are being targeted. They are expected to help Korean companies to
China has launched counterattacks against U.S. economic restrictions on the Chinese market. The counterattacks include three measures implemented last month and this month.“As the U.S.-China conflict escalates and China announced legislative initiatives and export control measures to secure economic
The difference in interest rates between Korea and the United States, which has reached 2 percentage points for the first time in history, is expected to continue for quite some time. However, the Korean foreign exchange market has been calm, starting at a low point in early trading despite concerns
Companies investing in biopharmaceutical-related technologies and production facilities will now be eligible for a maximum tax deduction of 35 percent.On July 27, the Ministry of Economy and Finance held the 56th session of the Tax System Advancement Review Committee presided over by Deputy Prime Mi
On July 27, SK telecom held the “Global Telco AI Alliance CEO Summit” in the Seoul Walkerhill hotel, attended by key executives from leading global telecommunications companies in Europe, the Middle East, and Asia. SK telecom and other global telecommunications companies have come together as one te
The government has designated seven specialized complexes for the nation’s advanced strategic industries such as semiconductors, secondary batteries, and displays. In addition to this, five specialized complexes for materials, parts and equipment have also been newly designated to focus on five othe
Korean Trade, Industry and Energy Minister Lee Chang-yang asked the government of Turkmenistan, the world’s fourth-largest natural gas producer, to support Korean companies in winning plant projects. The projects are worth US$2.5 billion (about 3.2 trillion won).Turkmenistan’s natural gas reserves a
Daewoo E&C announced on July 17 that the economic delegation from Turkmenistan, including the deputy prime minister, the president of the Foreign Economic Bank, and the chairman of Turkmenhimiya, visited the Daewoo E&C headquarters in Euljiro during their visit to Korea on July 16 for a meeting with
Korea Aerospace Industries (KAI) announced on July 13 that it has commenced the delivery of the export version of FA-50GF to Poland, just ten months after signing the export contract.In September last year, KAI signed a contract to export 48 units of the FA-50. Last month, a delivery ceremony for th
“Huawei is willing to share cutting-edge innovations in the form of patents with the world,” said the company’s Chief Legal Officer, Song Liuping, who added, “These will support the common, sustainable development of industries globally.”His remarks were made at Huawei’s annual flagship event on inn
The exports of automotive lubricants by Korean companies to Russia have surged since Russia’s invasion of Ukraine, raising suspicions that the goods may have been diverted for military use. The Korean companies have strongly denied these suspicions.On July 9 (local time), Britain’s Financial Times (
Korean President Yoon Suk-yeol’s upcoming visit to Poland has raised expectations that Korean companies will be able to gain an edge in the second phase of Poland’s nuclear power plant project if the two countries strengthen cooperation in the field of green energy.After failing to win the first pha
Korea Aerospace Industries (KAI) has made an early delivery of its FA-50GF light attack aircraft for the Polish Air Force. Poland requested the early delivery to showcase the FA-50GF at its Armed Forces Day event scheduled for Aug. 15.According to industry sources on July 10, KAI completed the deliv
NextStar Energy, a joint venture between LG Energy Solution and American-European automaker Stellantis, has finally agreed with the Canadian Government on a battery subsidy of 15 trillion won. The two companies have been at odds over the battery subsidy issue, going as far as threatening to suspend