A contract worth US$3.2 billion has been finalized to export the KM-SAM2 (Cheongung) ballistic missile system, also known as the Korean Patriot Missile, to Saudi Arabia.The Korean Ministry of National Defense announced on Feb. 6 (local time) a contract for the export of 10 M-SAM2 batteries signed be
Korean carmakers and car importers are in a flurry of activity as the Korean Ministry of Environment laid out a plan on Feb. 6 to change subsidies for electric vehicles (EVs) in 2024. According to the revised plan, Hyundai and Kia will remain at the same level, while mid-sized Korean-based carmakers
The Ministry of Trade, Industry, and Energy revealed on Jan. 6 that last year a total of 23 cases of overseas leakage of industrial technology, including “national core technologies,” were detected, marking an increase of 3 cases from the previous year. The government designates as national core tec
The Korea Exchange (KRX) announced on Feb. 6 that it will open the “30-Year Treasury Futures Market” from Feb. 19 to promote the advancement of the government bond market and hedge against risks from long-term interest rate fluctuations. This marks the first time in 16 years since the introduction o
On Feb. 6, a joint research team at the Ulsan National Institute of Science and Technology (UNIST), led by Professor Lee Jae-sung, Professor Jang Ji-wook, and Professor Seok Sang-il from the Department of Energy and Chemical Engineering and Professor Lim Han-kwon from the Graduate School of Carbon N
The government has decided to announce measures in February to address the risk of foreign investors’ failure to settle foreign exchange payments as part of the structural improvements in South Korea’s foreign exchange market, which are set to begin in earnest in July.The plan is to manage the risks
The Organization for Economic Cooperation and Development (OECD) has raised its global economic growth forecast for this year, but lowered its economic growth forecast for South Korea. While the organization said that global trade markets such as markets of semiconductors and information technology
Overseas organizations that conduct joint research with Korean institutions will be able to directly participate in Korea’s national R&D projects as lead and joint R&D organizations.To ease the burden of R&D expenses for companies conducting international joint research, international joint R&D expe
The South Korean battery industry, on the brink of achieving an annual export milestone of US$10 billion, has seen a slowdown in its growth momentum. This deceleration is attributed to a reduction in battery demand due to a slowdown in electric vehicle (EV) demand, along with the relocation of produ
The government plans to allocate 910 billion won (US$679.87 million) to a seed fund, intending to establish a 1.7 trillion won venture capital. Notably, the government’s investment is scheduled to be executed entirely within the first quarter, providing a ray of hope for the cash-strapped venture in
The government has announced its plan to expand the global Korean cuisine industry to a scale of 300 trillion won by 2027. The strategy involves increasing the number of overseas Korean restaurants to 15,000 and more than tripling the number of Michelin-starred Korean restaurants compared to the cur
GS E&C’s business license has been suspended for eight months for the collapse of an underground parking lot that occurred in 2023. A lot of attention is now being paid to whether its business operations will be affected by the suspension.According to sources in the construction industry on Feb. 2,
South Korea’s exports posted double-digit growth in January, led by a recovery in semiconductor exports.Korea’s exports totaled US$54.69 billion in January, while Korea’s imports totaled US$54.39 billion, according to the Korean Ministry of Trade, Industry and Energy (MOTIE).Exports increased 18 per
The ruling People Power Party has decided to prioritize the passage of an amendment to the Korea Export-Import Bank Act in a February extraordinary session of the Korean National Assembly in order to secure a second contract worth 30 trillion won for arms exports to Poland.According to sources in th
The pharmaceutical patent disputes between domestic biosimilar companies and original pharmaceutical firms are escalating.According to industry sources on Jan. 31, Samsung Bioepis and Celltrion are embroiled in patent disputes with original pharmaceutical companies.Alexion Pharmaceuticals, a subsidi
The Ministry of Trade, Industry and Energy (MOTIE) has set a target of US$700 billion for South Korea’s exports next year, with a plan to attract US$35 billion in foreign direct investment in Korea and US$150 trillion in private investment.MOTIE Minister Ahn Duk-geun said in a briefing at the Sejong
The Ministry of Land, Infrastructure and Transport of South Korea announced on Jan. 29 that it will start accepting applications from Jan. 30 for this year’s K-City Network Global Collaboration Project. This initiative aims to establish a smart city cooperation network with foreign nations and suppo
The South Korean government is gearing up for the successful launch of its own version of NASA, the Korean Aerospace Administration (KAA), set to open in May. The Ministry of Science and ICT reported on Jan. 29 that it has been engaging with major international space agencies, including the U.S. Nat
Excessive administration of analgesic drugs frequently results in medical accidents. To prevent the occurrence of these accidents, a drug infusion pump featuring a technology for safely detecting medication administration has been developed for the first time in the world.The research team led by Pr
Positive tangible results are being made by the Korean Ministry of Trade, Industry and Energy (MOTIE) and the CF Alliance pursuing a strategy to expand carbon-free power sources in the industrial sector.Major countries such as the United Kingdom, France, the Netherlands, and the United Arab Emirates