Korea Gas Corporation, a public natural gas company, said Sunday it is aiming to take the lead in liquefied natural gas bunkering by naming it a new strategic business in response to the nation’s move to foster eco-friendly energy business. LNG bunkering, which uses LNG as vessel fuel, is emerging as an eco-friendly business in response to the government’s regulations on marine environment. An employee supplies LNG to a vessel using a tank lorry. (Korea Gas Corporation)“We will expand the supply

Industry May 20, 2018

The state-run Korea Trade-Investment Promotion Agency met with the chiefs of its Southeast Asian and Southwest Asian centers, seeking to expand investment and economic cooperation in the regions, officials said Sunday.“KOTRA will become the foundation for economic cooperation with ASEAN nations with the aim of achieving trade volume of $200 billion between Korea and ASEAN by 2020,” said Kwon Pyung-oh, the agency’s chief.The agency’s blueprint for regional economic cooperation comes in step with

Industry May 20, 2018

The supply of renewable energy and energy storage systems more than doubled in Korea in the first quarter of this year compared to the same period last year due to the easing of regulations, according to the Ministry of Trade, Industry and Energy on Thursday. The supply of renewable energy rose 2.5 times to 1.18 gigawatts and the supply of energy storage systems increased 5.3 times to reach 301 megawatt-hour in the first quarter. Renewable energy, which includes solar energy, wind power, tidal e

Industry May 17, 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 eighth installment. -- Ed.Despite having impressive power, knowledge and leadership, Korean female leaders are underestimated due to cultural and social barriers, according to the chief of the Korean-German Chamber of Commerce and Industry. “Careers of females have never been easy anywhere. But, it seems a bit more in Korea,” said Ingrid Drechs

Industry May 16, 2018

The Korea-German Chamber of Commerce and Industry said Tuesday it is hosting the KGCCI Innovation Awards to find innovative solutions to mutual problems and foster discussion and cooperation between Korean and German companies. All companies located in South Korea may apply or recommend other companies to one of the three following categories: business, sustainability and digitalization. The business sector covers innovation in new products, processes, organizational development, services and bu

Industry May 15, 2018

Representatives of the American Chamber of Commerce in Korea delivered a message to the US government that Korean automakers including Hyundai Motor and Kia Motors should have full benefits and support during its Doorknock meeting, according to the organization on Tuesday. Doorknock is AmCham’s annual event where its delegation meets with the US administration and high-ranking officials to discuss trade and business issues between Korea and the US. This year, the delegation visited the US from A

Industry May 15, 2018

Korean Minister of Trade, Industry and Energy Paik Un-gyu, will discuss expansion of economic cooperation with his counterparts during a four-day visit to Singapore and Thailand, according to the ministry on Monday. His visit to the two nations is seen as part of the President Moon Jae-in’s recent promise to bolster ties with Southeast Asia. Paik Un-gyu, Korean Minister of Trade, Industry and EnergyDuring the stay in Singapore, Paik is slated to have a dialogue with Chan Chun Sing, the minister

Industry May 14, 2018

Despite attempts in recent years to adopt shorter work hours and greater flexibility in the corporate world, a majority of Korean workers doubt that such efforts actually make a difference, a joint survey by the Korea Chamber of Commerce & Industry and McKinsey showed Monday.Around 2,000 Korean employees were surveyed to check whether there was any improvement from a previous survey in 2016. The earlier report had highlighted Korean employees’ habitual overtime work, inefficient meetings and a l

Industry May 14, 2018

Kwon Min-jeong, 36, a freelance translator, recently stopped eating carbohydrates believing it‘s the best way to lose weight.“Although I feel dizzy sometimes due to hypoglycemia, I don’t think I will change my diet because I want to stay slim.” Kwon is one of many who don’t eat carbs in Korea, where the nutrient is increasingly being singled-out as a culprit leading to obesity. Books, commercials and news articles are churning out stories claiming carb intake needs to be reduced to stay healthy,

Industry May 11, 2018

The Korea Trade-Investment Promotion Agency said on Thursday it will move its regional headquarters of Southeast Asia and Oceania from Singapore to Vietnam, in response to the changing trade environment and policies.Kwon Pyung-oh, CEO of KOTRA (Yonhap)“The regional headquarters will be moved to Hanoi where Korean companies are increasingly making a presence. Two new trade centers will also be set up in Ahmedabad, India and Danang, Vietnam,” Kwon Pyung-oh, CEO of KOTRA, told reporters. The state-

Industry May 10, 2018

General Motors has decided to set up its Asia-Pacific regional office in South Korea, among other measures to boost its operation here, while agreeing with the Seoul government on a $7.15 billion rescue plan to normalize business in the country, of which $750 million will come from Korea’s state-run bank, officials said Thursday.The two sides reached the agreement, according to which GM will convert $2.8 billion owed by GM Korea into shares and extend loans worth $3.6 billion for the local unit

Industry May 10, 2018

A trilateral business summit attended by leaders and business representatives from Korea, Japan and China took place in Tokyo on Wednesday, jointly hosted by the Korea Chamber of Commerce & Industry, the Japan Business Federation and the China Council for the Promotion of International Trade. Park Yong-man (from left), chairman of the Korea Chamber of Commerce, President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and CCPIT Chairman Jiang Zengwei attend a trilater

Industry May 9, 2018

The Korea Customs Service is reviewing setting up a special team to improve its customs administration system with respect to growing suspicion over family members of Hanjin Group Chairman Cho Yang-ho’s smuggling luxury goods into the country without properly paying duties.The team will closely monitor the passage for airline employees in the airport that was allegedly misused by Cho’s family for dodging duties and also look into the cozy relations between the customs and airline employees, the

Industry May 8, 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 seventh installment. -- Ed.A hardworking mentality has been without doubt the key mantra of South Korea in its rapid industrialization and economic advancements after the Korean War (1950-53). Now the 11th-largest and fourth-biggest economy in the world and Asia respectively, the country is leading in industries ranging from conventional manufa

Industry May 8, 2018