South Korea has signed a Free Trade Agreement (FTA) with the United Arab Emirates (UAE), marking its first such agreement with a Middle Eastern country and its 24th FTA overall.The Ministry of Trade, Industry and Energy announced that Ahn Deok-geun and Thani bin Ahmed Al Zeyoudi concluded Comprehens
The author is an analyst for NH Investment & Securities. She can be reached at yd.yoon@nhqv.com -- Ed.We draw attention to NHN KCP’s ongoing top-line growth in defiance of difficult conditions. Despite slow growth in online payment volume, the firm’s ability to secure merchants stands out. The final
LG Display and LG Chem have successfully localized the production of core materials for Organic Light Emitting Diodes (OLED), which were previously entirely imported.According to LG Display on Sept. 9, both companies have independently developed the OLED core material “p-dopant,” which was previousl
South Korea has seen a surge in the import of cost-effective Chinese-made Lithium Iron Phosphate (LFP) batteries. This trend is primarily due to the aggressive pricing strategy of Tesla, the world’s leading electric car manufacturer that uses LFPs, steering the electric car market towards a price-ce
The number of electric vehicle recalls surged more than 14 times in the last three years, according to data from. The most recalled manufacturer was BMW (three models), while the most recalled model was Tesla’s Model 3.According to data on electric vehicle recalls which the Korea Transportation Safe
Tesla’s Model Y, a five-seat midsize electric sport utility vehicle (SUV), was the top-selling imported vehicle in Korea in September. Purchases of the model swelled as it was loaded with Chinese-made lithium iron phosphate (LFP) batteries which helped lower its retail price, analysts say.According
Over the past five years, the automotive company that received the highest amount of fines and penalties in South Korea was Mercedes-Benz Korea, the leading player in the imported car industry. The company had a cumulative amount of approximately 28 billion won.According to data obtained by Park San
As the global energy market is rapidly changing, South Korea, the world’s third-largest importer of liquefied natural gas (LNG) after Japan and China, is also closely monitoring the situation.According to the Korea Customs Service on Sept. 3, South Korea’s cumulative LNG import volume and import val
Three out of every 10 imported sport utility vehicles (SUVs) sold in the first half of 2023 were high-priced cars worth more than 100 million won.A total of 28,005 imported SUVs costing more than 100 million won were sold in Korea from January to August this year, up 15.9 percent from 24,156 units i
The government has initiated the process of revamping the current vehicle tax, which is currently based on engine displacement, to consider factors such as vehicle price. If the criteria for vehicle taxation changes, it is anticipated that imported cars will face a significant increase in tax burden
Korea’s auto exports set a new monthly record in August, marking the 14th consecutive month of double-digit growth since July last year, bringing this year’s cumulative auto exports to US$46.45 billion at the end of August.According to the Ministry of Trade, Industry and Energy (MOTIE) on Sept. 19,
As of April this year, South Korea has emerged as one of the top three external importers of the European Union (EU). Excluding European countries, South Korea has secured the third position in this ranking, following China and the United States. This marks the first time that South Korea has surpas
While the U.S. protects its domestic industries through the Inflation Reduction Act (IRA) and the European Union (EU) is investigating potential market distortions caused by subsidies provided to Chinese electric vehicle (EV) companies, the South Korean government is seemingly more complacent, opera
The Korea Atomic Energy Research Institute (KAERI) announced on Sept. 14 that it has developed a process to mass-produce bentonite, a high-quality material used to dispose of spent nuclear fuel. “If this material is supplied domestically through a localized process, it will save the Korean economy a
Hanwha Aerospace is expediting the development of core materials for aviation engines. The company plans to localize manned and unmanned combat aircraft engines. These engines are hard for Korean companies to import and constraints hamper transfers of technologies for these engines to Korean compani
Korea has more than 40,000 imported cars worth more than 200 million won registered as company vehicles. Among them, nearly 8,000 were to the tune of over 300 million won per car. On the other hand, the number of imported cars under 50 million won has descended.The nation had 40,483 imported cars wo
The large-scale imports of Chinese-made vehicles and batteries is expected to have a significant impact on the domestic car market and parts industry in Korea. The increase in Chinese imports can be attributed to competitive pricing, driven in part by rising raw material costs.Experts argue that whi
As the power struggle between the U.S. and China continues, recent moves by Middle Eastern countries, long-standing allies and the largest weapon importers from the U.S., are noteworthy.According to industry sources and foreign media on Sept. 9, Saudi Arabia, Qatar, Kuwait, and the United Arab Emira
Despite the slowing growth of the domestic electric vehicle market, sales of imported brands have increased.According to the new registration statistics from the Korea Imported Car Association (KAIDA) on Sept. 10, the number of imported electric vehicles sold in the domestic market from January to A
SK bioscience, an innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced that Ana Brnabić, Prime Minister of the Republic of Serbia (Serbia) has visited the SK bioscience headquarters and signed a memorandum of understanding (MOU) with the compa