Economy

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  Doosan Fuel Cell ties up with China's ZKRG to establish hydrogen fuel cell joint venture SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, tied up with its Chinese partner, ZKRG Smart Energy Technology, to export 105-megawatt hydrogen fuel cells for power generation by establishing a joint venture. 50MW will be exported in the form of finished products by 2024 and 55MW in the form of parts by 2026. Doosan Fuel Cell and ZKRG will cooperate in marketing and discovering business opportunities in China. In September 2021, ZKRG supplied Doos 2022-11-21
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  Amore collaborates with popular rappers to attract young male consumers SEOUL -- Targeting a growing male cosmetics market, South Korea's leading beauty product maker Amore Pacific has collaborated with popular rappers to launch a campaign that encourages young male consumers to express themselves using various beauty products. Old generations watch young men using foundation products and BB creams with curious eyes, some seeing MZ generations as unmanly, but more young men adorn themselves. CJ Olive Young, the operator of South Korea's largest 2022-11-21
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  [INTERVIEW] Aqualex aims to expand overseas sales with functional dermacosmetics SEOUL -- The utilization of organic components in dermacosmetics with high-quality and efficient skin remedies is projected to create new commercial opportunities. With functional dermacosmetic products containing harmless natural ingredients, Aqualex, a beauty product company in South Korea, aims to actively expand overseas sales, especially in Southeast Asia and the United States, citing a growing demand for dermacosmetics. "There is a growing demand for Korean cosmetics in 2022-11-18
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  Kolon Global to build smart farm infrastructure capable of growing strawberries in Saudi Arabia SEOUL -- Kolon Global, a construction engineering company affiliated with South Korea's Kolon Group, will create smart farm infrastructure for strawberries in Saudi Arabia. Most strawberries in the middle eastern country are imported from foreign countries as cultivating strawberries is difficult due to the lack of agricultural land and water. A smart farm is an automated indoor farm created by combining information and communication technology (ICT) with agriculture. Because 2022-11-17
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  S-Oil discloses $7.0 billion investment for steam cracker and other facilities with Salman's blessing SEOUL -- With the blessing of Saudi Crown Prince Mohammed bin Salman, S-Oil, a petroleum and refinery company controlled by Aramco, unveiled a new investment of $7.0 billion to upgrade new facilities and build a giant steam cracker that produces ethylene from naphtha and off-gas. This marked Aramco's most prominent investment in South Korea. S-Oil said in a regulatory filing on November 17 that the new investment was endorsed for a second-stage petrochemical expansion project 2022-11-17
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  LG Chem to build pilot facility for dry reforming of methane SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will build a pilot facility for the dry reforming of methane that makes plastic using carbon dioxide and a by-product gas collected in factories. The method is a groundbreaking carbon reduction facility, but commercialization has been limited due to the problem of rapidly lowering catalyst performances. The dry reforming of methane (DRM) method produces synthetic gas (syngas), a mixture of hydrogen and carbon monoxid 2022-11-17
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  SK signet to produce ultra-fast EV chargers in Texsas in response to U.S. EV infrastructure project SEOUL -- SK signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, will produce ultra-fast electric vehicle (EV) chargers with a capacity of more than 350 kilowatts (kW) in Texas. The production will help the EV charger maker to receive subsidies from the United States government pushing for the national electric vehicle infrastructure (NEVI) project. The U.S. government has set a subsidy budget of about $5 billion by 2030 for the N 2022-11-16
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  LG Chem to build aerogel plant at plastic waste recycling base for operation in 2024 SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, will build an aerogel plant at its plastic waste recycling base for commercial operation in 2024, along with a "supercritical" pyrolysis plant, as part of efforts to expand its environment-related business. About 310 billion won ($234 million) will be spent on building the two plants in Dangjin some 80 kilometers (49.7 miles) southwest of Seoul. Aerogels are a class of synthetic porous ultralight mate 2022-11-16
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  Hyundai Glovis establishes strategic partnership with Malaysia's Lion Group for logistics upgrading SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, established a strategic partnership with Lion Group and agreed to realize logistics upgrading for the Malaysian steel group by implementing a new computer operating system for integrated transportation management. Under a memorandum of understanding, Hyundai Glovis said it would start providing logistics consulting in early 2023 to diagnose the status of Lion Group's steel logistics and find i 2022-11-16
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  SK geo centric partners with Britain's Plastic Energy to build Asia's biggest pyrolysis plant SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, joined forces with Plastic Energy, a chemical recycling company in Britain, to build Asia's biggest pyrolysis plant capable of recycling 66,000 tons of plastic waste per year. Pyrolysis is a chemical recycling process that can convert plastic waste into high-quality oil. SK geo centric (SKGC) will build a pyrolysis plant in a recycling cluster in the southeastern industrial city of Ulsan by 2022-11-16
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  ASML breaks ground for lithography cluster in S. Korea SEOUL -- The construction of ASML Holding N.V.'s lithography cluster began after the Dutch manufacturer of crucial chip-making equipment pledged close cooperation with South Korean semiconductor companies which have expanded their investment to cement their top position in memory chip production and enhance their competitive power in the global foundry market. ASML CEO Peter Wennink hosted a groundbreaking ceremony on November 16 in Hwaseong, about 30 kilometers (18 miles) south 2022-11-16
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  LX Pantos works with Air France KLM to join sustainable aviation fuel program SEOUL -- LX Pantos, a total logistics company in South Korea, tied up with Air France KLM Martinair Cargo, a key player in the air cargo industry, to cooperate in revitalizing air cargo transportation using sustainable aviation fuel that is produced from sustainable feedstocks and can reduce carbon emissions. Air France KLM's program was launched in 2020 to expand the use of sustainable aviation fuel for shippers and carriers. Aviation biofuels, or sustainable aviation fuels (SA 2022-11-15
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  POSCO's high manganese steel recognized by U.N. agency as cryogenic material SEOUL -- High manganese steel developed by South Korea's steel group POSCO has been recognized by a U.N. maritime safety agency as a cryogenic cargo and fuel tank material for ships. POSCO's high manganese steel is cost-effective and showed superiority over existing cryogenic materials in terms of elongation and ultimate tensile strength. The International Maritime Organization (IMO) stipulates that cargo windows and fuel tanks of ships that transport cryogenic cargo such as 2022-11-15
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  ​Pulmuone to increase production of heat-and-eat pasta products in Beijing plant SEOUL -- Pulmuone, a food company based in Seoul, will increase the production of its heat-and-eat pasta products in the company's Beijing plant to meet growing demands in China. By establishing the automated pasta production system, the company aims to increase its annual pasta production capacity to about 100 million from the current 45 million. Pasta accounted for 43 percent of sales of Pulmuone's Chinese subsidiary Pumeiduo Foods in 2021. The total sales of Pumeido Fo 2022-11-14
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  Hyundai Mobis partners with southern province to build integrated logistics center for car parts SEOUL -- To establish a stable distribution network in South Korea's southeastern region with some 12.7 million population, car parts maker Hyundai Mobis has partnered with local governments to build a mega-sized logistics center. Hyundai Mobis currently operates four logistics centers and 22 car parts distribution centers across the country. The company provides after-service car parts for Hyundai and Kia vehicles. The company recorded sales of some 41.7 trillion won ($30.1 bi 2022-11-10
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  KT makes strategic investment in vocal biomarker technology company Sonde Health SEOUL -- South Korea's top telecom company KT will enhance the competitiveness of the artificial intelligence-based health diagnosis business through a strategic investment in Sonde Health, a United States-based digital medicine company specializing in the detection of various diseases such as mental health and respiratory disorders through the analysis of voices. Demands for voice-based health monitoring are steadily increasing as non-face-to-face medical treatments have gaine 2022-11-10
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  Makeup brand LUNA makes foray into Japanese offline cosmetics market with concealer SEOUL -- In an effort to attract more Japanese consumers and expand sales channels, Aekyung, a major hygiene and cosmetics maker in South Korea, launched LUNA, a cosmetics brand, at major offline stores in Japan. Aekyung's concealer lineup capable of hiding skin blemishes has already gained popularity in the Japanese e-commerce market. In 2021, LUNA made a foray into major online platforms in the island country including Qoo10 Japan and Amazon Japan. The cosmetics product calle 2022-11-10
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  CJ Feed & Care rolls out livestock manure-based organic fertilizer in Vietnam SEOUL -- CJ Feed & Care, a feed livestock corporation affiliated with CJ Cheil Jedang, released an organic fertilizer using pigs' excrement in Vietnam where chemical fertilizers are still mainly used. Through the eco-friendly fertilizer that reduces greenhouse gas emissions, the company aims to gain a competitive advantage in the Southeast Asian fertilizer market. The organic fertilizer called "ECO POWER1" was made by decomposing and maturing the livestock manure. 2022-11-09
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  Norway's Equinor ties up with Hanwha E&C to build offshore wind power infrastructure in S. Korea SEOUL -- Equinor, a Norwegian state-owned energy company, will work with Hanwha E&C, a builder affiliated with South Korea's Hanwha Group, to build offshore wind farms. The builder aims to develop a 2-gigawatt wind power generation complex by 2030. Compared to fixed offshore wind farms which are generally installed in shallow waters, floating wind turbines located in deep waters can reduce visual pollution, provide better accommodation for fishing and shipping lanes, and re 2022-11-08
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  LG Display unveils prototype of world's first 12-inch full-color stretchable display SEOUL -- LG Display, a major flat panel maker affiliated with South Korea's LG Group, unveiled the prototype of the world's first 12-inch full-color stretchable display that implemented high resolution and can stretch its screen by up to 20 percent. Bendable, foldable and rollable panels have been developed, but the next-generation product is stretchable to all sides without affecting the quality of displays. Stretchable displays, which are seen as the final phase of flex 2022-11-08