Korean companies doing business in China expect the Chinese market to improve in the second half of this year and beyond. In particular, they expect their sales to ascend from 2023.The largest number of the respondents (40 percent) expect an improvement in their business in China after 2024, followe
Pernod Ricard Korea, the Korean affiliate of the wine and spirits company Pernod Ricard, is launching its ‘2024 Drink More Water’ campaign to help discourage excessive drinking and promote responsible alcohol consumption, especially at the beginning of the year when many events involve alcohol.‘Drin
It has been revealed that South Korea completed defense exports to Poland last year surpassing 1.5 trillion won, including FA-50 light combat aircraft and K9 self-propelled howitzers.With the addition of such large-scale defense exports, Poland has swiftly emerged as South Korea’s fifth-largest trad
Hanwha Vice Chairman Kim Dong-kwan revealed Hanwha’s vision for maritime decarbonization at the annual session of the World Economic Forum (WEF) in Davos, Switzerland on Jan. 17. The event was titled “The First Fossil-Free Ship on the Water.”Vice Chairman Kim has expanded the scope of decarbonizatio
Korea’s automobile exports hit a record high of USUS$70.9 billion in 2023.Korea’s automobile exports increased 31.1 percent year on year to US$70.9 billion last year, according to 2023 annual automotive industry data released by the Ministry of Trade, Industry and Energy (MOTIE) on Jan. 16. This sur
The government has recently come up with a new plan for the promotion of the robot industry, aiming to invest over 3 trillion won (US$2.24 billion) in the public and private sectors by 2030 to deploy one million robots across various industrial and societal sectors.The Ministry of Trade, Industry, a
Hyosung TNS showcased its latest unmanned payment solution, JetCheck, at the NRF 2024 retail trade show held in New York from Jan. 14 to 16.JetCheck is an unmanned checkout counter that provides a seamless payment experience and assists in store operations. This unmanned payment solution includes bo
A well-known Chinese automotive manufacturer is currently under investigation by South Korean law enforcement agencies for allegedly establishing a subsidiary in South Korea and illicitly acquiring domestic battery technologies from Samsung SDI and SK on, formerly SK innovation.According to industry
Samsung Electronics and SK hynix will build the world’s largest and best semiconductor mega cluster in the southern part of Gyeonggi Province with a total investment of 622 trillion won. The Korean government will support this project by creating infrastructure and an investment environment, strengt
The Financial Services Commission (FSC) has stated that trading bitcoin spot exchange-traded funds (ETFs) violates domestic capital market regulations in South Korea. However, overseas bitcoin futures ETFs will continue to be traded as usual.On Jan. 15, the FSC announced that the issuance of bitcoin
The Korean beauty care industry is turning its eyes to the Japanese market. It is a strategy to try to rebound by targeting Japan as an alternative market as its performance weakened due to a decline in the market share of Korean cosmetics in China.LG Household and Health Care’s cumulative sales thr
The number of technical regulations notified by World Trade Organization (WTO) member countries in 2023 exceeded 4,000 for the first time ever, a record high, showing that technical barriers to trade were rising among countries.The Korean Agency for Technology and Standards under the Ministry of Tra
Cosmax, a global cosmetics original design manufacturing (ODM) company, will begin targeting emerging markets such as the Middle East and South America beginning from 2024.Last year, Cosmax operated the Emerging Markets TF for four regions -- the Middle East, South America, India, and Africa -- to s
GC Biopharma Group is approaching close to 5 trillion won in total assets, setting a milestone as the first traditional pharmaceutical group to reach the disclosure threshold for public reporting.According to the electronic disclosure system on Jan. 11, the total assets of GC Biopharma Group, includ
Hyundai Motor Company has entered into a four-year contract to receive lithium, a crucial material for electric vehicle batteries, from a Chinese supplier.China’s lithium supplier, Shenzhen Chengxin Lithium Group, announced on Jan. 11 that it has signed a contract with Hyundai Motor to supply lithiu
Kia announced on Jan. 11 that it signed a partnership with Uber at CES 2024, the world’s largest electronics and IT trade show currently being held at the Las Vegas Convention Center in the U.S.Through the agreement, both companies will work to identify the optimal vehicle specifications for Uber dr
South Korea would be hit hard if China invaded Taiwan and a war broke out, according to a forecast by Bloomberg Economics.On Jan. 9 (local time), Bloomberg Economics, an economic research institute affiliated with Bloomberg News, said the geopolitical crisis in Taiwan could intensify ahead of a pres
Following the largest fine ever imposed by the Fair Trade Commission due to a game item probability manipulation controversy, Nexon announced improvements just one week later.On Jan. 9, Nexon apologized for the recent controversy in a live broadcast starting at 6 p.m. and announced the suspension of
LS Eco Energy (formerly known as LS Cable & System Asia) has become the first Korean company to sign a large-scale long-term rare earth purchase contract in Vietnam. The contract signing is expected to stabilize LS Eco Energy’s rare earth supply chain by diversifying import sources of rare earth tha
After proudly becoming the first domestic startup to directly list on the NASDAQ, Hanryu Holdings is facing a red light for its continued listing just half a year after going public. Hanryu Holdings is the holding company of Hanryu Bank, which operates the Korean wave fandom platform FANTOO. FANTOO