Doosan Digital Innovation (DDI) has entered a strategic partnership with Claroty to provide Operational Technology (OT) security solutions to domestic companies. Claroty, an Israeli firm that has received investment from SoftBank, is a global specialist in Extended Internet of Things (XIoT) security
South Korea has taken the first step toward injecting US$2.3 billion into Ukraine’s reconstruction.The Ministry of Land, Infrastructure and Transport (MOLIT) of South Korea organized the first public-private Ukraine Reconstruction Cooperation Delegation and sent the delegation to Ukraine’s capital c
SK telecom signed a memorandum of understanding (MOU) with the Seoul Veterinary Medical Association (SVMA) to expand healthcare for pets using artificial intelligence (AI) on Sept. 15.SK telecom and the Seoul Veterinary Medical Association will cooperate to establish an AI-based pet care system by s
Renault Korea Motors announced on Sept. 15 that Renault Group’s key executives, including Renault Group Vice Chairman Luc Julia, visited Korea to inspect Renault Korea Motors’ new vehicle preparations and showed much anticipation for next year’s Aurora Project models, including a mid-size hybrid SUV
Hyundai Mobis is ramping up its investment in global startups with core technologies for future mobility. Its strategy is to increase and support competitiveness in specific fields such as semiconductors and software, autonomous driving sensors, and infotainment. Over the past five years, Hyundai Mo
ACE Engineering (CEO Danny You), an ESS turnkey solutions provider, participated in RE+ 2023 (Renewable Energy Plus 2023), North America's largest clean energy event, and announced that it successfully held the celebration event for ‘Big Rock 1’ project launching.RE+ 2023 was held from September 11t
In the span of a year, bad loans in corporate lending from the five major banks have surged by over 400 billion won (US$300.98 million), heading towards the 3 trillion won mark. With the corporate sector facing economic challenges, there are concerns that the fierce competition in corporate lending
Last year, South Korea’s private debt growth rate relative to its gross domestic product (GDP) was reported to be the highest in the world. While households and businesses are reducing their debt in most countries in the aftermath of COVID-19, South Korea is drawing attention for moving in the oppos
The automotive industry, particularly manufacturers of finished vehicles, is closely monitoring the potential changes in vehicle taxation criteria. The primary focus of these discussions revolves around the proposal to shift towards taxing vehicles based on their market value. This shift is raising
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
On Sept. 14, the Ministry of Trade, Industry, and Energy announced that last month’s exports in the Information and Communication Technology (ICT) sector amounted to US$160.5 billion, with imports reaching US$110.7 billion. This led to a provisional trade surplus of US$49.8 billion.The decline in th
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
Lee Jae-Yong, Chairman of Samsung Electronics; Chey Tae-Won, Chairman of SK Group; and the heads of other top 10 Korea-based conglomerates are projected to visit Saudi Arabia next month.According to industry sources on Sept. 14, Won Hee-ryong, minister of land, infrastructure, and transport, is cons
On Sept. 14, SeAH Group announced its participation in H2 MEET 2023, the world’s largest hydrogen industry exhibition, which opened in Goyang, Gyeonggi Province on Sept. 13, showcasing their vision and differentiated technical capabilities in the hydrogen industry.SeAH Group artistically incorporate
LG Chem is planning to build the first domestic Hydrogenated Vegetable Oil (HVO) factory in Daejeon in partnership with an Italian state-owned energy company, with completion expected by 2026.On Sept. 14, LG Chem announced its collaboration with ENI S.M., a subsidiary of Italy’s largest state-owned
On Sept. 14, Ryu Jung-hoon, the CEO of Doosan Robotics, said during a press conference in Yeouido’s 63 Square in Seoul, “Doosan Robotics is recognized as a top three collaborative robot company globally alongside Denmark’s Universal Robots and Japan’s Fanuc. Our sales growth rate is five times highe
Hyundai Engineering & Construction (Hyundai E&C) is taking steps to establish a collaboration network with local institutions and companies in Poland, aiming to lay the groundwork for its foray into Eastern Europe’s nuclear, renewable energy, and infrastructure sectors.Hyundai E&C announced that the
Samsung C&T’s Trading & Investment Division announced on Sept. 14 that its U.S. renewable energy subsidiary, Samsung C&T Renewables, has signed a sale and development service agreement for a 3 gigawatt (GW) solar and energy storage system (ESS) project in southern Texas with Sunraycer Renewables, a
POSCO Holdings is set to cooperate with CF Industries, the world’s leading ammonia producer, to advance the production of blue ammonia within the United States.On Sept. 14, during the H2 MEET 2023 event held at KINTEX in Ilsan, POSCO Holdings signed a joint development agreement (JDA) with CF Indust
As Google’s YouTube Music continues to dominate the Korean music market, Korean music streamers are looking for ways to survive.The amount of monthly active users (MAU) of Korean music streaming companies has been declining while YouTube Music has been growing at a high rate. As a result, Korean com