The Korean-German Chamber of Commerce and Industry welcomed 117 new trainees for the Ausbildung program this year with participating German automotive companies, BMW Group Korea, Daimler Trucks Korea, MAN Truck & Bus Korea and Mercedes-Benz Korea. Ausbildung is a German dual vocational training program comprising 70 percent of job training in the actual field and 30 percent of corresponding theoretical instruction provided by a university.The program was introduced in Korea in September 2017 wit

Industry Sept. 14, 2018

Hanwha appointed the CEO of Hanwha Total Petrochemicals as the new chief of Hanwha Q Cells, the photovoltaic solar cell manufacturing arm of Hanwha Group, according to the group on Friday. The new president of Hanwha Q Cells, Kim Hee-cheul, replaced former chief Nam Sung-woo, who resigned due to health reasons. Kim Hee-cheul, new CEO of Hanwha Q CellsKim, who is a global strategist within the group, had served as CEO of Hanwha Total Petrochemicals since the acquisition of Samsung Petrochemical.

Industry Sept. 14, 2018

Hyundai Motor unveiled Friday a rendered image of its upcoming hydrogen-powered truck slated to be launched next year. The Korean automaker said it would announce more details, including data, development status and sales plans of its next-generation hydrogen trucks, at the upcoming IAA Commercial Vehicles 2018, which kicks off Wednesday in Hannover, Germany. The name of the vehicle and the actual vehicle will be unveiled in time for the launch next year. A rendered image of Hyundai Motor’s hydr

Industry Sept. 14, 2018

Korea’s exports will reach a record high of $600 billion this year, driven by favorable market conditions of global tech companies and the rise of oil prices, said the chief of the state-funded trade and investment promotion organization on Thursday.Korea’s exports in the period from January to August stood at $399.8 billion, a rise of 6.6 percent from the same period last year, according to the Korea Trade-Investment Promotion Agency. The nation’s exports reached $574 billion last year. “Althou

Industry Sept. 13, 2018

South Korea has launched a joint private- and public-sector committee to create a roadmap for the hydrogen economy as part of the nation’s move to shift to clean energy, according to officials on Wednesday. The hydrogen economy recently gained momentum in Korea as the government set the energy source as one of the three key investment areas alongside data and block chain last month. The government set aside 110 billion won ($97 million) for next year, a rise from 42.2 billion won this year, with

Industry Sept. 12, 2018

The “fourth industrial revolution” is the hottest buzzword of 2018 in Korea. The fourth industrial revolution received people’s attention after artificial intelligence AlphaGo beat Lee Se-dol in a historic series of Go matches in 2016. In the era of the fourth industrial revolution, people’s everyday lives are translated into big data, which is then analyzed by sophisticated AI. It enables individuals to receive products and services tailored to their idiosyncratic features and demands. Companie

Industry Sept. 12, 2018

South Korea will toughen measures on illegal outflow of foreign exchange amid an increase in the number of crimes involving the abuse of trade transactions and concealment of assets overseas, according to officials on Tuesday. The Korea Customs Service under the Ministry of Strategy and Finance said it would set up a new investigation division exclusively responsible for foreign exchange. The revision of related laws containing the set-up was also passed during a Cabinet meeting on Tuesday. (Yon

Industry Sept. 11, 2018

Korea Aerospace Industries said on Tuesday that it had acquired ISO 37001 certification, proof that its anti-bribery management systems meet international standards. It is the first time that this certification has been granted to any institution in the Korean national defense industry.The International Organization for Standardization adopted ISO 37001 in 2016. To be certified, companies must show they are equipped with appropriate, effective systems to prevent corruption and bribery. They must

Industry Sept. 11, 2018

Korea is slated to start the first round of negotiations on a trade agreement with South American bloc Mercosur on Tuesday, in its first step in expanding trade and investment in the newly emerging market, according to officials Monday.The negotiation is a follow-up measure to the ministerial meeting in May, where trade ministers from Korea and Mercosur, an economic bloc comprised of Argentina, Brazil, Paraguay and Uruguay, jointly announced they would begin talks on a trade agreement. This week

Industry Sept. 10, 2018

Reflecting the sluggish domestic economy, the number of companies that plan to pay out bonuses for Chuseok decreased slightly from last year, data showed Sunday.According to a survey conducted by the Korea Employers Federation on 527 companies, 73.2 percent of the companies with more than 300 employees and 69.4 percent of the companies with less than 300 employees said they would give bonuses in the upcoming holiday season. This marked an overall average of 70.2 percent, down 1.9 percentage poin

Industry Sept. 9, 2018

South Korea’s six largest steel companies were fined a combined total of 119 billion won ($105 million) by the antitrust watchdog for fixing the prices of steel reinforcement bars, officials said Sunday.According to the Fair Trade Commission, the six steel producers fixed prices by reducing discounts during the period from May 2015 to December 2016, significantly lowering the market price of steel rebar. The six local steel manufacturers included Hyundai Steel and Dongkuk Steel Mill, which were

Industry Sept. 9, 2018

The South Korean government called for the easing of India’s trade restrictions during the first meeting between the two countries on cooperation in trade remedies, citing the difficulties faced by Korean exporters, said officials on Thursday. The meeting was held in New Delhi on Thursday as a follow-up measure to the summit of the two nations in July. It was attended by Kwon Oh-jung, chief of Korea’s Ministry of Trade, Industry and Energy’s trade research division, and Sunil Kumar, additional s

Industry Sept. 6, 2018

Korea Gas Corp. will be running liquefied natural gas-powered trucks starting this month, as part of its shift toward eco-friendly fuel such as natural gas and hydrogen, according to the public corporation Wednesday. Korea Gas Corp. said it would operate a pilot project involving 400-horsepower LNG trucks in partnership with Tata Daewoo, an automaker headquartered in Korea and owned by the Indian company Tata Motors, until early next year. After the pilot project, dozens more LNG trucks will be

Industry Sept. 5, 2018

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the tenth installment. -- Ed.Korea’s discipline-oriented work culture was an important factor in the nation’s impressive growth, but now it needs to give way in favor of creativity and flexibility as the country becomes more all-inclusive in terms of industries and cultures, according to a representative of European companies doing business here. “

Industry Sept. 4, 2018

Korea’s revised free trade deal with the US unveiled by the government late Monday included the revision of investor-state dispute settlement, in a move to curb the excessive use of lawsuits by foreign investors against the government. This may prevent the Korean government from being embroiled in legal disputes similar to those raised by Elliott and Schindler Holding AG, according to industry watchers.ISDS is a system through which investors can sue countries for alleged discriminatory practice

Industry Sept. 4, 2018