Hanwha Systems said it has unveiled its shipboard combat system and integrated surveillance patrol solution at the Defence Services Asia 2018 that kicked off in Kuala Lumpur, Malaysia on Monday. More than 1,000 companies from 60 nations, including Korea’s 24 firms, have participated in the Asia’s largest defense procurement exhibition this year. Hanwha Systems said it would focus on the marketing activities of its shipboard combat system that was mounted on Korean navy’s key vessels for 30 years

Industry April 16, 2018

Petroleum and refinery company Hyundai Oilbank will go public in the fall of this year, according to chief of Hyundai Heavy Industries on Monday. “We plan to float Hyundai Oilbank on the stock market this year and we are in the process of selecting a lead underwriter. The firm will go public around September and October,” said Kwon Oh-Gap, CEO of Hyundai Heavy Industries, in a press briefing. Hyundai Oilbank is a key affiliate of Hyundai Heavy Industries that holds 91.1 percent of stake.Analysts

Industry April 16, 2018

The Korea International Trade Association said Friday it has held an inauguration ceremony to launch its 30th chairman’s group. The group consists of Chairman Kim Young-ju, Vice Chairman Han Jin-hyun and 29 nonstanding vice chairmen. Seven members, including KG Group chief Kwak Jae-sun and Hanyoung Nux head Han Young-soo, are new to the group. The chairman’s group serves to participate in key decision-making in terms of operating the association, deliberating on business and speaking for the tra

Industry April 13, 2018

Leaders from the American Chamber of Commerce in Korea are slated to visit Washington from Sunday to meet with key figures of the Trump Administration, according to AMCHAM on Friday. (Yonhap)Through these visits, the delegation will reaffirm Korea’s status as a strong and reliable ally to the US as well as a close economic partner, said the chamber of commerce. The delegation, including Chairman James Kim and Chairman of the Board of Governors Jeffrey Jones, has secured more than 50 senior-level

Industry April 13, 2018

General Motors is preparing to put its Korean arm GM Korea under court receivership after the government expressed negative feedback in designating the automaker’s two plants in Korea as foreign investment zones, according to local news reports Friday. The automaker’s headquarters has reportedly completed its review on moving its production of GM Korea’s key export model Chevrolet Trax to China. It will also gradually remove its production lines in Korea, leaving only research, design and sales

Industry April 13, 2018

The South Korean government will set aside 15.4 billion won ($14 million) to help protect the intellectual property of small and midsized exporters, the Korean Intellectual Property Office said Thursday. The patent office said it has selected 205 promising companies from a total of 845 companies that had applied for the program this year. Among them, 51 companies are developing next-generation technologies, such as artificial intelligence, virtual reality, precision medicine and the internet of

Industry April 12, 2018

The Indian Chamber of Commerce in Korea signed a memorandum of understanding with the Incheon Port Authority early this month to cooperate in connecting businesses of Korea and India, according to the ICCK on Thursday. The ICCK said the two organizations would act as a bridge between the two countries in terms of investments and national projects. They will share information, such as newsletters, press releases and bulletins, and promote their activities with their members and associated organiz

Industry April 12, 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 fourth installment. -- Ed.Foreign direct investment has significantly contributed to the Korean economy over the decades. It has nearly doubled in the last 10 years to reach $22.8 billion last year, creating around 700,000 jobs and contributing to 20 percent of the nation’s total exports last year. Now, Korea should be wiser in attracting such

Industry April 11, 2018

The fate of STX Offshore & Shipbuilding remained dim Tuesday, even though a self-rescue plan was delivered to creditors after its labor and the management reached an agreement on a restructuring plan.A self-help plan and a letter of confirmation both by the labor and the management was delivered to its creditor, the Korea Development Bank, in the evening, nearly a day after the deadline of 12 a.m.The details of the plan were not revealed. But the final version of the proposal was “not so much di

Industry April 10, 2018

LS Cable & System said Tuesday it would invest around 14 billion won ($13 million) in its plant in Poland to build a new production line for optical cables. The company has two optical cable production facilities in Korea and Vietnam. The one planned for Poland will be its third.LS Cable & System CEO Myung Roe-hyun (right)Upon its completion, the South Korean cable maker will be able to produce optical cables of around 3 million fiber kilometers a year, which would account for 7 percent of the E

Industry April 10, 2018

Apple is likely to face sanctions from the Korean antitrust watchdog over dumping its advertising and repair costs to local telecom operators, according to industry sources, Sunday. (Yonhap)The Fair Trade Commission’s secretariat recently agreed to impose penalties on Apple Korea over the unfair practice and sent an examination report to Apple Korea to seek an explanation, according to the sources. The FTC will confirm whether to impose sanctions and the range within a few days after hearing fro

Industry April 8, 2018

South Korea aims to become the world’s fourth-largest exporter by 2022 with a new trade strategy to diversify its export destinations beyond the US and China, join the Trans-Pacific Partnership and foster digital trade, according to the government on Thursday. Under the government’s new trade strategy, Korea aims to reach around $790 billion in export volume in four years to become the fourth-largest exporter following China, the US and Germany, and overtaking Japan. Last year, Korea ranked sixt

Industry April 5, 2018

The Korea Herald is publishing a series on South Korea’s business environment for foreign companies and investors. This is the third installment. -- Ed.When Samsung Group heir Lee Jae-yong was released from prison on Feb. 4 almost a year after he was jailed on corruption charges, the center-left People’s Party released a statement, saying, “We doubt whether the public will accept this ruling with their ‘national sentiment law.’” National sentiment law, a phrase often used in South Korea, is not

Industry April 4, 2018

Despite President Moon Jae-in hailing the latest negotiations to revise the free trade agreement with the US as a “great achievement,” the South Korean government remains flustered as the US side continues to make claims outside of the agreement.“The quick completion of the trade negotiations with the US amid heightened protectionism is a great achievement as it has removed uncertainties in the global economy,” Moon said during a meeting with his chief aides in the Blue House on Monday.“Addressi

Industry April 3, 2018

Cash-strapped Kumho Tire went through a rollercoaster ride Friday as the creditors, labor union and the government scurried to avoid the worst-case scenario of a court receivership just hours before the midnight deadline to agree to an acquisition by a Chinese investor.　Tension had notched up when Deputy Prime Minister Kim Dong-yeon held a joint press conference pressing the labor union in the morning, before taking a dramatic turn in the afternoon when the union took a step back and announced t

Industry March 30, 2018