LG Electronics was fined 50 million won ($42,000) by South Korea’s antitrust watchdog for false advertisement of one of its home appliances, the government said Tuesday. The Fair Trade Commission said LG falsely advertised that plastic containers inside its Kimchi refrigerators received certification from the US Food and Drug Administration. LG’s Kimchi containers met the safety standards of the FDA but did not receive certification. The FDA certifies only medicines and not plas

Industry May 28, 2019

South Korea’s minister of trade, industry and energy asked Chinese companies to expand their investment in the nation’s Saemangeum projects during a meeting hosted by China’s Jiangsu government on Monday with the aim of boosting ties in trade and investment. On Monday afternoon, Industry Minister Sung Yun-mo and Jiangsu Party Secretary Lou Qinjian met in Seoul to discuss mutual cooperation in the areas of industry, trade and investment. During the meeting, accompanied by t

Industry May 27, 2019

South Korea’s micro fuel cell technologies were certified by an international standards organization, becoming the nation’s first hydrogen technologies to receive international certification, according to the government Sunday. The standards on micro fuel cells were certified three years after the Ministry of Trade, Industry and Energy proposed it to the Geneva-based International Electrotechnical Commission in April of 2016. The approval came after much discussion and verification b

Industry May 26, 2019

The South Korean antitrust watchdog will be more flexible in enforcing competition laws with the emergence of new services and products in the digital era, its chief said following a meeting with large companies Thursday. Fair Trade Commission Chairman Kim Sang-jo held a closed-door policy meeting with top executives from 15 companies, including Hanjin, CJ, Kumho Asiana, Kolon, OCI and Kakao -- the nation’s largest companies ranking from 11th to 34th by assets.This is the fourth time Kim h

Industry May 23, 2019

South Korea is negotiating with foreign investors over new investment projects valued at $1.8 billion, according to the government. On Wednesday, the Ministry of Trade, Industry and Energy held a foreign investment policy meeting with 17 regional governments and seven free economic zones. Such meetings are held every quarter to monitor foreign investment and address challenges. The ministry said regional governments and free economic zones are in talks with foreign investors for 29 new inve

Industry May 22, 2019

Korea Gas Corp. said Wednesday it is carrying out activities to improve workplace safety and prevent industrial accidents, along with regional communities and partner companies. The state-run natural gas company designates the fourth day of every month as the “day of safety inspections.” On the day, it holds campaigns to improve safety awareness among its employees and the public, in collaboration with regional governments and public organizations. It has also formed a team of 1

Industry May 22, 2019

South Korea has chosen the bio-health industry as one of its three new target growth engines, alongside non-memory chips and future mobility. Through the industry, it aims to capture a 6 percent global market share, reach $50 billion in exports and create 300,000 jobs by 2030. “Bio-health will continue to grow and develop,” said President Moon Jae-in on Wednesday at a ceremony to proclaim the nation’s bio-health vision in Osong Bio Valley, North Chungcheong Province, attended b

Industry May 22, 2019

South Korea’s largest steelmaker Posco said Tuesday it plans to invest 1 trillion won ($838 million) to nurture promising domestic startups.The core aim of the project is to establish an industrial complex, called Venture Valley, for startups that will aid firms in research and development. It will also launch a startup fund, called Venture Fund, to help a slew of firms in association with the Ministry of SMEs and Startups and the Korean Venture Capital Association.Some 200 billion won will be i

Industry May 21, 2019

The Korea Institute of Startup and Entrepreneurship Development, a subsidiary of the Ministry of SMEs and Startups, recently advertised for a total of 850 promising startups boasting advanced technology but lacking investment. In an announcement earlier this month, the institute vowed to back the selected startups so that they can better attract investment, pioneer markets, protect technologies and develop prototypes. Each company will also be funded up to 100 million won and supported by 53 sel

Industry May 20, 2019

Following news reports that the US is set to delay its decision on auto tariffs, the Korean car industry heaved a sigh of relief, with their stocks surging in the morning. At 9:06 a.m., the nation’s largest automaker Hyundai Motor’s stock traded as high as 44,300 won ($37), up 5.6 percent from the previous day. Kia Motors’ shares went up as high as 6.32 percent, and Hyundai Mobis’ shares rose 3.99 percent.  (Yonhap)A day earlier, US media outlets reported that US President Donald Trump is set to

Industry May 16, 2019

The Korea Fair Trade Commission designated younger leaders of LG, Doosan and Hanjin as new heads of the conglomerates on Wednesday to replace their fathers who recently passed away. Every May, the FTC announces an updated list of conglomerates with assets more than 5 trillion won ($4.2 billion) and the owners of the groups, for the purpose of regulating large companies. LG Group’s head position was changed to Koo Kwang-mo, 41, who takes the place of his late father, former Chairman Koo Bon-moo.

Industry May 15, 2019

Lotte Group Chairman Shin Dong-bin became the first South Korean conglomerate leader to meet US President Donald Trump at the White House since he assumed office, where the two discussed business investments and job creation, the company said Tuesday.The meeting, which was held at the firm’s request, took place during Shin’s visit to the US to attend the completion ceremony of Lotte Chemical’s ethane cracking center in Louisiana last week. The meeting on Monday was attended by US National Securi

Industry May 14, 2019

South Korea’s exports declined for the fifth consecutive month in May, dragged down by a prolonged trade war between the world’s two largest economies -- US and China-- and a fall in chip shipments. According to the Korea Customs Service on Monday, exports in the first 10 days of the month dropped by 6.4 percent to $13 billion from the same period last year, posting a trade deficit of $2.1 billion. Exports have been declining since December. (Yonhap)By segment, semiconductor exports fell 31.8 pe

Industry May 13, 2019

South Korea’s export-reliant economy is likely to suffer a setback as a trade battle between the world’s two largest economies is escalating, according to a local trade organization on Sunday. According to a report released by the Korea International Trade Association, the country is predicted to see a drop of over 0.14 percent in annual exports following the US’ recent move to increase tariffs on Chinese goods. On Friday, the US increased tariffs on $200 billion of Chinese goods from 10 percent

Industry May 12, 2019

South Korea’s largest gas industry conference to discuss the future of the industry was held in Daegu last week, with around 200 theses presented and exhibitions organized by public and private gas-related firms. The three-day symposium, called 2019 APGC & KIGAS Spring Conference, took place from Wednesday at Daegu Exhibition and Convention Center, sponsored by the Ministry of Trade, Industry and Energy and the Ministry of Foreign Affairs. Attendants take a photo at 2019 APGC & KIGAS Spring Conf

Industry May 12, 2019