The Ministry of Trade, Industry and Energy (MOTIE) has announced that the second round of negotiations for the South Korea-European Union (EU) Digital Trade Agreement will take place in Seoul from Feb. 20 to 22.The South Korea-EU Digital Trade Agreement is being pursued to foster a trustworthy, open
The government plans to accelerate the expansion of K-food exports. It aims to achieve exports of US$13.5 billion this year and has set a target of US$23 billion by 2027.On Feb. 20, the Ministry of Agriculture, Food and Rural Affairs announced the “K-Food+ Export Innovation Strategy” to nurture K-fo
The Bank of China has lost its lawsuit against South Korea’s tax authorities to cancel a 35.8 billion won (US$26.8 million) corporate tax penalty in a Supreme Court ruling in South Korea. The Supreme Court has confirmed the original ruling that the plaintiffs lost the case against the Jongno Tax Off
In relation to the crash of the Marineon (MUH-1) utility helicopter in 2018, which resulted in the death of five individuals, Korea Aerospace Industries Ltd. (KAI) has been ordered by the court to compensate the state over 1.4 billion won. This first-instance verdict came after the state filed a law
SK hynix President and CEO Kwak Noh-jung stated that the company is carefully considering the selection of a site for an advanced packaging facility in the United States, targeting all states.On Feb. 19, CEO Kwak made these remarks during a meeting with the press following the regular meeting of the
Netflix, a dominant player in the online video streaming service (OTT) industry, is persisting in its non-response to government pressure to lower subscription fees, raising concerns about increasing burdens on domestic OTT companies. Experts argue that to improve equity between domestic and interna
This year it is projected that the annual overseas construction contract orders for South Korean companies will reach US$40 billion. It is expected that the contract amount will expand compared to previous years through projects such as nuclear power plants, renewable energy, and investment developm
In South Korea, Apple has recorded its highest-ever market share. According to market research firm Counterpoint Research, last year, Apple exceeded a 25% market share in the domestic smartphone market for the first time, having increased its market share by 1 percentage point annually since 2020 an
LS Eco Advanced Materials, a subsidiary of LS Cable & System, announced that it has signed a memorandum of understanding (MOU) with the German-based Vacuumschmelze, the largest permanent magnet manufacturer in Europe, to establish a joint venture corporation.The two companies plan to establish the j
On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung
A high-efficiency circular vibration/polarization ultrasonic conversion technology capable of detecting cracks, which can occur in various directions within a structure, has been developed for the first time in the world.For the first time in the world, the joint research team led by Senior Research
APR, scheduled for a listing by the end of this month, held a press briefing on Feb. 13 to disclose its future business vision and strategy post-IPO.At the event, APR CEO Kim Byung-hoon expressed his ambition to grow APR into the world’s leading beauty tech company, spearheaded by Medicube. He belie
The European Union (EU)’s decision to approve a Korean Airlines-Asiana Airlines merger is fast approaching, drawing more attention from the airline industry. While many experts believe that approval will be given with some conditions, a formal outcome has not come out, keeping both airlines on edge.
Civic groups in Pohang, North Gyeongsang Province, collectively known as the “POSCO Citizens’ Response Committee,” held an urgent executive committee meeting on Feb. 12 to formally oppose the nomination of former POSCO President Jang In-hwa as the CEO candidate for POSCO Holdings.The Citizens’ Commi
Kolon Life Science filed a lawsuit against the Korean Ministry of Food and Drug Safety (MFDS), claiming that the revocation of the license for its osteoarthritis gene therapy Invossa-K Inj. was invalid but lost the appeal.On Feb. 7, the Seoul High Court ruled in favor of the plaintiff in the appeal
SK Earthon is securing investment funds for future growth engines by selling its stake in Peru LNG Company, LLC.On Feb. 7, the company signed a stake transfer agreement with MidOcean Energy to sell 20 percent of its stake in Peru LNG for US$256.5 million.Peru LNG is a company that owns a liquefied n
Samsung has not officially responded to the news that prosecutors are appealing the court’s decision to acquit Samsung Electronics Chairman Lee Jae-yong. However, there’s an atmosphere of tension as the reality of him not yet being free from legal risks looms.The Seoul Central District Prosecutors’
Partnerships are on the uptick between North America’s No. 1 automaker General Motors (GM) and Korean companies. They started with electric vehicle batteries and are now expanding to battery materials and electronics and semiconductors.GM Chairwoman Mary Barra, who made her first visit to Korea on F
LG Chem has signed a massive cathode material supply contract worth 25 trillion won with General Motors (GM). With the U.S. Tennessee cathode material plant at its core, LG Chem plans to strengthen its cooperation in the North American market alongside GM.LG Chem announced on Feb. 7 that it had sign