LG CNS has established a joint venture with the MDITC of Uzbekistan in charge of developing and implementing information technology policies in an effort to spur its business in major Uzbek IT markets such as e-government systems and solar power generation. On Sept. 16, LG CNS announced that the com
Hyundai Engineering (President Kim Wi-chul) has reconfirmed its position as the nation’s best engineering company this year once again. The company announced on Aug. 4 that it has ranked 26th in the Top 225 International Design Firms rankings published by U.S.-based construction and engineering maga
KT&G (President Min Young-min) sets out on volunteer activities abroad by dispatching local volunteers comprised of university students.Of 40 volunteers dispatched by KT&G, 20 are from KT&G Welfare Foundation, 10 are students of the Police University, and 10 were recruited through an open recruitmen
KT said on July 6 that it had started construction of a solar power system for 44 villages in Quang Binh Province, Vietnam.Sponsored by the Korean government’s Economic Development Cooperation Fund, the project was launched six months after the Quang Binh Province’s People Committee had selected KT
Lotte Chemical Corp. plans to set up a shale gas-based ethane cracker plant in the U.S. It is a large overseas chemical plant business with investment approaching 3 trillion won (US$2.72 billion).Lotte Chemical and Axiall Corp. of the U.S. have finalized their joint venture arrangements to construct
A Lotte Hotel will exist on the main street of Manhattan in New York City. The Lotte Group announced on May 31 that it had signed a contract to purchase the New York Palace Hotel in Manhattan for US$805 million (900 billion won). Hotel Lotte Co., Ltd. will establish a new company that will acquire a
Korean companies are expected to have more chances to take part in large-scale infrastructure development projects in Uzbekistan in which US$55 billion (61 trillion won) will be invested over the next five years.President Park Geun-hye and her Uzbek counterpart, Islam Karimov, held a summit at Cheo
South Korea's KT concluded the Advanced Electricity Metering development project with Uzbekenergo, Uzbekistan’s power authority, the value of which is about US$1.1 billion, KT said on May 11.The Asian Development Bank supported the project, which will install smart meters, capable of remote mete
The Korean Wave, the global popularity of Korean pop culture, induced 12.6 trillion won (US$11.7 billion) of 2014’s national production, according to the Korea Trade-investment Agency (KOTRA) and Korea Foundation for International Culture Exchange (KOFICE).The production inducement effect of the Kor
South Korea plans new Free Trade Agreements (FTAs) with countries in the Middle East, Central Asia, and Africa, the Ministry of Trade, Industry & Energy (MOTIE) of South Korea said on April 30.The Ministry said that it plans new FTAs targeting the consumer markets of those regions, which have recent
Woori Bank (President Lee Kwang-goo) has signed a Business Cooperation Agreement (BCA) with Standard Bank of South Africa for the first time in the domestic industry. It will operate a “Korean Desk” in the local bank's headquarters by the first half of this year.The Korean Desk is being set up f
Domestic petrochemical companies, which depend on oil as a traditional energy resource, are expanding their non-oil based chemical businesses. Petrochemical companies have built additional non-oil based chemical plants, including natural gas, shale gas, and condensate and liquefied petroleum gas (LP
Hyundai Engineering is expected to exceed US$40 billion (43.66 trillion won) in cumulative overseas order value by the end of this year.Starting its overseas expansion in 1974, Hyundai Engineering’s cumulative amount of overseas orders amounted to only US$800.12 million (8.73 trillion won) for 36 ye
GM Korea announced on March 8 that they awarded the Supplier of the Year prize to 78 companies in Detroit on March 5 (local time). The winners included 28 Korean auto parts suppliers such as Keyyang Precision, Yeonghwa Metal, Autogen, and Wooshin Systems. The Supplier of the Year awards ceremony mar
Korea Exchange (KRX) Chairman Choi Kyung-soo attended the launching ceremony to modernize the Azerbaijan Securities Market, which was held in Baku, Azerbaijan, on Feb. 25. Azerbaijan, one of the major oil producing countries, is the region that can serve as a bridgehead to Eastern Europe. Therefore,
Hyundai Engineering signed a contract to take on the Kandym Gas Plant project in Uzbekistan worth US$2.66 billion (2.9 trillion won).The project is to build an 8.1 billion square meter facility for processing natural gas from the Kandym gas field, which is about 520km southwest from Tashkent, the ca
The Korea Gas Corporation (KOGAS) is planning to make profits abroad by exporting its technologies of gas pipelines and production facilities that the company has developed for the past 30 years.On Feb. 1, KOGAS announced that it was reviewing the possibility to construct pipelines across Mozambique
The Korea Exchange (KRX) was released from the public institution list on Jan. 29, so it is now free from direct government control, including budget compilations and audits from the Board of Audit and Inspection of Korea. With its first taste of freedom, the KRX is planning to generate 300 billion
Donga ST is strengthening its global marketing in order to expand the overseas sales of Bacchus.Its overseas sales this year have increased by 13 percent compared to last year. Last year, the sales of Bacchus were estimated at nearly 37 billion won (US$34.19 million), a 21 percent increase from 3.05
The Korea Gas Corporation (KOGAS), Korea National Oil Corporation (KNOC), Korea Resources Corporation (KRC), Korea Electric Power Corporation (KEPCO), and its subsidiary power generation companies have invested a total of 57.3 trillion won (US$51.8 billion) in overseas resource development projects