Lee Noh-hyun, 32, who introduces himself as a “taeeumin,” or a person with the taeeum physiological type, said he has been trying to eat more beef and less chicken and pork since he was told of his type by his Korean medicine doctor.  “Although I don’t have blind faith in the relation between the diet based on physiological type and health, I can’t still completely ignore it because Korean medicine, I believe, is reliable to some degree,” he said. Lee is one of many Koreans who have had their ph

Industry Nov. 1, 2018

KOTRA is set to host two networking events this week in the US to connect Korean car parts suppliers with American business and trade experts, according to the government agency on Monday. (KOTRA)The events are a response to recent changes in the US automobile market, which are expected to have a severe impact on Korean companies. In May, the US began inspections of imported automobiles and parts with the aim of limiting the country’s dependency on imports. The United States-Mexico-Canada Agreem

Industry Oct. 29, 2018

Despite uncertainties stemming from UN sanctions against the North, preparations should still be made for resources development in North Korea, such as setting up an inter-Korean cooperative body, personnel exchanges and joint research, South Korean mineral experts have said.Speaking at a forum last week, they said approaches to North Korea for co-development should focus on persuading the North of its benefits.Since the inter-Korean summit last month, expectations are high in the South that, as

Industry Oct. 28, 2018

The Korea International Trade Association and the Korean German Chamber of Commerce and Industry co-hosted a networking day in Seoul on Thursday to match German companies with Korean startups, according to KITA on Friday. Representatives of German and Korean companies listen to a presentation at a networking event co-hosted by the Korea International Trade Association and the Korean German Chamber of Commerce and Industry on Thursday in Seoul. (KITA)The event was attended by German companies inc

Industry Oct. 26, 2018

Representatives of South Korean construction companies and related associations gathered at a forum hosted by KOTRA on Wednesday to discuss how to achieve a rebound in the global market. Among the challenges they discussed were low oil prices and increased competition from Chinese companies. Over the last five years, Korean companies saw the value of their overseas contracts drop from $65.2 billion in 2013 to $29 billion last year -- mainly the result of a plunge in oil prices and the stronger p

Industry Oct. 24, 2018

South Korean lawmakers from ruling and opposition parties were divided over the prospects of economic cooperation with the North during the parliamentary audit sessions on Tuesday.While the lawmakers from the ruling Democratic Party of Korea said economic cooperation with the North would help South Korean companies make a U-turn and create more jobs here, representatives of opposition parties were pessimistic, saying such cooperation would impose financial burdens on the public.Rep. Park Jung of

Industry Oct. 23, 2018

The Korea Water Resources Corporation, or K-water, said it succeeded in its pilot project of smart water management customized for Vietnam that was carried out together with Korean companies and Vietnam’s National Center for Water Resources Planning and Investigation.They shared the performance of the pilot project during a meeting in Hanoi, Vietnam last week, according to K-water on Monday.A Korean company employee explains the equipment to monitor underground water to Vietnamese employees in H

Industry Oct. 22, 2018

The nation’s antitrust watchdog chief said Monday the agency will make efforts to reduce regulatory uncertainties while urging large companies to create a fair business environment.Fair Trade Commission Chairman Kim Sang-jo spoke at the Korea Chamber of Commerce ＆Industry in Seoul before around 150 executives and employees from large and small companies, including Samsung, Hyundai Motor and LG, to explain the upcoming overhaul of the fair trade law and the revision of subcontract law that was en

Industry Oct. 22, 2018

The Korea Gas Corporation, a public natural gas company, is seeking to solidify its leadership in the natural gas and liquefied natural gas business with continued investment at home and abroad. The company currently provides natural gas to more than 90 percent of the nation’s regions with its four LNG terminals, 72 natural gas storage facilities, and pipes measuring a combined 4,848 kilometers in length. Liquefied natural gas is widely considered a “clean” fuel because dust, sulfur and nitrogen

Industry Oct. 21, 2018

South Korea’s economic growth is likely to slow next year, in line with the global economic sluggishness caused by rising protectionism and instability in emerging markets, the Bank of Korea and global financial organizations said Sunday. The Bank of Korea has lowered the outlook for the nation’s economic growth this year and next year from the early expectations of 2.9 percent and 2.8 percent each to 2.7 percent. This is the lowest since 2012, when the nation had a 2.3 percent econo

Market Oct. 21, 2018

South Korean companies should expand their investments and boost the nation’s economy with their cashable assets that have more than doubled over the last seven years, a ruling party lawmaker said Wednesday.According to Rep. Kim Doo-kwan of the Democratic Party of Korea, cashable assets of Korean companies rose 76 percent from 337 trillion won ($298 billion) in 2009 to 594 trillion won last year, citing the reports from the Bank of Korea.   (Yonhap)Cashable assets refer to cash, financial produc

Industry Oct. 17, 2018

The outlook for economic partnerships between South Korea and the ASEAN region is optimistic, given the willingness on both sides to pursue stronger ties in the areas of trade and technology cooperation, according to a high-ranking official from the Association of Southeast Asian Nations Economic Community.“I am very optimistic about future partnership between ASEAN and Korea as efforts are ongoing to make sure the free trade agreement really works and to come up with results that benefit both r

Industry Oct. 16, 2018

Fair Trade Commission Chairman Kim Sang-jo was bombarded with questions from both ruling and opposition parties over corruption allegations related to the FTC’s retirees during a parliamentary inspection Monday. This put further pressure on the nation’s antitrust watchdog amid an ongoing investigation by prosecutors into top officials accused of forcing conglomerates to hire the FTC’s retirees. Fair Trade Commission Chairman Kim Sang-jo answers to a question by a lawmaker during a parliamentary

Industry Oct. 15, 2018

LS Cable & System signed a contract with Bahrain Electricity and Water Authority for its extra-high voltage cable project worth 142 billion won ($125 million). The project involves setting up a new electrical grid in Bahrain to provide necessary power as part of the government’s efforts to industrialize and urbanize the nation.  (Yonhap)LS Cable & System will be supplying 400-kilovolt extra-high voltage cables and also be in charge of engineering works involving electricity and civil engineering

Industry Oct. 11, 2018

GS Group said it was sending $200,000 to assist the Indonesian victims of the 7.5-magnitude earthquake and resulting tsunami that devastated the island of Sulawesi last month.The donation, comprising $100,000 from GS Energy and $100,000 from GS Global, will be used to purchase supplies for the relief work and to restore the damaged areas, the group said.“We hope the funds will be helpful for Indonesians who are suffering the devastating impact of the sudden earthquake and tsunami,” said a spokes

Industry Oct. 11, 2018