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
The Korean Ministry of Trade, Industry and Energy (MOTIE) announced that Trade Minister Cheong In-kyo held the 8th Multilateral Trade Strategy Meeting with the MOTIE and related ministries on Jan. 29.In preparation for the 13th Ministerial Conference (MC-13) of the World Trade Organization (WTO) to
The Ministry of SMEs and Startups (MSS) is actively moving forward with the designation of new global innovation districts this year. Simultaneously, it is focusing its efforts on strengthening global collaboration programs to foster the venture ecosystem. The ministry plans to strengthen support fo
Doosan Enerbility is advancing its efforts to supply carbon-neutral power generation technologies, including Carbon Capture, Utilization, and Storage (CCUS) and ammonia co-firing, renewables, and hydrogen to Thailand. On Jan. 29, the company announced the signing of a memorandum of understanding (MO
Korean defense companies are set to continue their growth trajectory this year by securing additional orders from various countries around the world. Building on last year’s momentum, which saw an expansion in both the range of export destinations and weapon systems, these companies are aiming for q
The Ministry of Trade, Industry, and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) announced on Jan. 28 that they have published the “JP Morgan Healthcare Conference Weekly Expedition Report” as part of their “Overseas Exhibition Information Provision” series.The 42nd JP Mor
The Ministry of Trade, Industry and Energy (MOTIE) announced that the amendment to the “Act on Trade Adjustment Assistance” passed through the National Assembly plenary session on Jan. 25.As part of the measures to strengthen the manufacturing sector in response to the implementation of Free Trade A
Kang Stem Biotech announced on Jan. 24 that it received final approval from the Japanese Ministry of Health, Labour and Welfare on Jan. 23 for its application for recognition of the manufacture of specific cell processed products.Through this approval, the company will receive adipose tissue from pa
The Ministry of Trade, Industry, and Energy (MOTIE) has announced plans to achieve a US$700 billion export target this year. To attain this goal, the ministry will tailor export strategies per market by dividing them into key, strategic and emerging categories such as the United States, China, the E
The first round of official negotiations to improve the Korea-U.K. Free Trade Agreement (FTA) are being held in Seoul.The Korean Ministry of Trade, Industry and Energy (MOTIE) announced on Jan. 23 that more than 50 delegates from both countries are participating in the negotiations, led by Ahn Chang
The Ministry of Trade, Industry and Energy plans to inject 100 billion won into companies in advanced strategic industries and key supply chain sectors that are returning (U-turn) to Korea this year. This marks a 75% increase from the previous year. The corporate tax reduction period will be extende
3D Factory, a South Korean global platform dedicated to the development of the metaverse, announced on Jan. 22 that it has been selected as the advertising planner and executor for the entire Taif region of Saudi Arabia. This public project was commissioned by the Ministry of Municipal and Affairs a
The government is set to implement a comprehensive plan for “smart cities” incorporating new technologies. The primary focus is accelerating the entry into foreign markets through the restructuring of the “K-City Network” project. This initiative aims to strengthen the global competitiveness of Kore
The government is restructuring industrial and energy technology development projects to focus on high-risk, next-generation, and large-scale tasks. There will be a significant reduction in the financial burden on companies. The plan is to transition to a demand-driven process where businesses and r