Cruise ships, a conundrum for S. Korean shipyards

[THE INVESTOR] China’s shipbuilding industry is expanding into cruise ships, while South Korean shipyards are held back by lack of experience. Only July 7, China Daily reported that China State Shipbuilding (CSSR) and Italian shipbuilder Fincantieri Cantieri Navali Italiana will establish a joint venture in Hong Kong. The JV will spend 25 billion yuan (US$3.74 billion) building five luxury cruise liners.The work will be carried out by Shanghai Waigaoqiao Shipbuilding, which has established a spe

July 8, 2016

Incheon airport struggles to become air hub

[THE INVESTOR] Incheon International Airport, South Korea’s main international gateway, is facing an uphill battle to become Asia’s top air hub as its share of transit passengers continued to dip for three consecutive years. According to Incheon International Airport Corp., the number of transit passengers during the first half of the year stood at 3.58 million, which is a 4.1 percent drop from 3.74 million tallied during the same period last year.The statistics show that the number of stopover

July 8, 2016

LIG Nex1 to build 2nd plant in Gimcheon

[THE INVESTOR] LIG Nex1 will build an advanced weapons plant in Gimcheon, North Gyeongsang Province, the defense equipment maker said on July 7.A memorandum of understanding regarding the plans was signed with Gimcheon government. Under the plans, LIG Nex1 will complete the construction work by 2023.  Gimcheon Mayor Park Bo-saeng (left) and LIG Nex1 CEO Lee Hyo-koo hold up the memorandum of understanding at the signing ceremony held in Gimcheon, South Gyeongsang Province on July 7. LIG Nex1Accor

July 8, 2016

Gov’t promises support to Hanwha Q CELLS in completing plant expansion on time

[THE INVESTOR] The Korean government on July 7 said that it will work with concerned organizations to ensure that Hanwha Q CELLS’ plant expansion project is completed on schedule. Hanwha Q CELLS, Hanwha Group’s solar power generation unit, is currently expanding its plant producing materials for solar panels in Jincheon, North Chungcheong Province. Although the project is due for completion in July 2017, the lack of infrastructure in the area is expected to pose hurdles. The expanded plant requi

July 7, 2016

Shopping and-K-pop complex planned in Uijeongbu, Korea

[THE INVESTOR] A large entertainment complex that combines shopping, K-pop and children’s entertainment will be built in Uijeongbu, Gyeonggi Province, as part of the government’s investment-boosting drive. According to the plans revealed on July 7, the central government will support Uijeongbu’s plans that will see the construction of a 620,000-square-meter complex in the area just north of Seoul. The project is scheduled for completion in 2018, and 382.4 billion won (US$ 330.8 million) will be

July 7, 2016

Gov’t to increase support for steel, petrochemical R&D

[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments. Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. Posco's Finex steel millFor the steelmaking industry, the government hopes that

July 7, 2016

Korea eyes larger presence in halal, kosher markets

 [THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan

July 7, 2016

Gov’t to give ‘robot land’ a push

[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer

July 7, 2016

Environment laws to be eased for Pyeongchang-Gangneung area to boost development

[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area.  Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm

July 7, 2016

Sempio Foods turns to holding company system

[THE INVESTOR] Sempio Foods has announced that it will split the company into a holding company Sempio and an operating company Sempio Foods. The holding company will be listed again.In accordance with the regulation that bans heading both holding company and operating company, Park Jin-seon, who has been co-CEO alongside his father Park Seung-bok, resigned from the post. As the eldest son and the largest shareholder of the company, Jin-seon has been the de facto manager of Sempio and will take

July 7, 2016