The Korea Times

Korean biz leaders pitch Expo bid for BIE mission

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, sixth from left, poses with BIE inspection team members and KCCI Global Supporters at the Shilla Hotel in Seoul, Monday. Joint Press CorpsBy Kim Hyun-binKorean business leaders held a welcome luncheon for the Bureau International des Expositions (BIE) inspection team, Monday, to convey the firm will of the Korean business community to host the event in 2030.“We warmly welcome the BIE inspection team to Korea. A tough process is expected, but Korea and Busan are ready,” Chey Tae-won, co-chair of the Bid Committee for World Expo 2030 Busan and chairman of the Korea Chamber of Commerce and Industry (KCCI), said during a luncheon at the Shilla Hotel. Chey, who is also chairman of SK Group, has been leading the private sector's campaign to win the right to host the World Expo in Busan in 2030.“You visited Korea during the most beautiful time of the year. The cherry blossoms are in full bloom and the spring breeze and warm sunlight also illuminate Seoul. If you go to Busan, you will probably face more be

Apr 3, 2023By Kim Hyun-bin

Korean biz leaders pitch Expo bid for BIE mission

Old port in Busan transforms into World Expo site

Others

Public-private 'One Team' strategy key to Busan's Expo campaign

Genesis electric vehicles are dispatched at the Davos Forum in Davos, Switzerland, Jan. 16, to promote Busan's bid to host the World Expo 2030. Courtesy of Hyundai Motor GroupBy Kim Hyun-binKorea's government and private sector are cooperating closely to win the contest to host the World Expo 2030 in Busan. They have been busy preparing for the Bureau International des Expositions (BIE) inspection team, which arrived in the country, Sunday, to check on the preparation status for the Expo.The BIE inspection team will continue its on-site inspection of Korea until April 7. The inspection results will help decide whether the global event will come to Korea in 2030. The team consists of eight people ― the head of the inspection team, the secretary-general, three representatives of member countries and three secretariats. They will check the feasibility of the proposed Expo site and conduct various inspections.Four cities ― Korea's Busan, Saudi Arabia's Riyadh, Italy's Rome and Ukraine's Odesa ― are competing to host the World Expo 2030. The BIE team has already finished its inspection of

Apr 3, 2023By Kim Hyun-bin

Public-private 'One Team' strategy key to Busan's Expo campaign

Companies

CONTRIBUTION Radical approach needed to tackle sluggish exports: KITA vice chairman

Korea International Trade Association Vice Chairman Jeong Marn-ki / Courtesy of KITABy Jeong Marn-kiRecently, Korea's trade deficits hit an all-time high as its exports continue to struggle. In February this year, Korea's exports had fallen 12.1 percent year-on-year to $96.4 billion while imports grew by 0.2 percent year-on-year to $114.3 billion, resulting in a trade deficit of $18 billion. In response, the Korean government has employed various measures to boost its exports. Nevertheless, a path to recovery seems uncertain as the sluggish exports are due to several factors: global recession prompted by quantitative tightening with higher interest rates, Korea's export structure reliant on intermediate goods including memory semiconductor and a weakening industrial base in recent years.First of all, the global economic outlook remains gloomy. The OECD forecast global economic growth to decelerate from 3.5 percent in 2022 to 2.5 percent in 2023. Threatened by protectionism, global trade growth is also projected to further drop to just 1 percent in 2023, down from 3.5 percent in 2022.

Mar 31, 2023By Kim Hyun-bin

[CONTRIBUTION]Radical approach needed to tackle sluggish exports: KITA vice chairman

Companies

Carmakers unveil latest models at Seoul Mobility Show

Hyundai Motor's Sonata The Edge is unveiled for the first time at the 2023 Seoul Mobility Show held in Goyang, Gyeonggi Province, Thursday. Courtesy of Hyundai Motor GroupBy Kim Hyun-binThe 2030 Seoul Mobility Show, the country's largest mobility industry exhibition, will showcase 21 of the latest models from major carmakers to the public for the first time. A press event was held Thursday, a day before the launch of the event, which will run through April 9 at Kintex Exhibition Center 1 in Goyang, Gyeonggi Province.Under the theme of Sustainable and Intelligent Mobility Revolution, the event is hosted by the Seoul Mobility Show Organizing Committee and sponsored by the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, the Ministry of Environment and the City of Goyang, with a total of 163 companies and organizations from 12 countries taking part. Hyundai Motor unveiled for the first time the Sonata The Edge, a partially modified model of the 8th-generation Sonata, the company's representative mid-size sedan, and shared their vision for futur

Mar 30, 2023By Kim Hyun-bin

Carmakers unveil latest models at Seoul Mobility Show

Companies

LX Hausys inks strategic alliance with Reynaers for high-end home windows market

LX Hausys CEO Han Myeung-ho, right, poses with Reynaers Vice Chairman Andreas Wilsdorf for a photo after signing a strategic agreement to enhance aluminum window cooperation at LX Hausys headquarters in Seoul, Wednesday. Courtesy of LX HausysBy Kim Hyun-binLX Hausys is joining hands with Belgian aluminum window company Reynaers to accelerate its advance into the domestic high-end aluminum window market, according to the company, Wednesday. LX Hausys CEO Han Myeung-ho and Reynaers Vice Chairman Andreas Wilsdorf signed a strategic partnership at the Korean company's headquarters in Seoul.“We expect that the partnership between Reynaers, which has the best technology in the field of aluminum windows, and LX Hausys, the No. 1 window company in Korea, will create business synergy as well as gain great momentum in targeting the market,” LX Hausys CEO Han Myeung-ho said.Established in 1965, Reynaers is a market leader in Europe and in the global top 3. The Belgian window company is developing aluminum system windows and curtain wall in cooperation with more than 5,000 companies

Mar 29, 2023By Kim Hyun-bin

LX Hausys inks strategic alliance with Reynaers for high-end home windows market

Companies

BMW launches new XM

BMW's new XM / Courtesy of BMW KoreaBy Kim Hyun-binBMW Korea held a ceremony in Korea, Tuesday, launching the XM, which it describes as an ultra-high-performance sports activity vehicle (SAV). BMW introduced the legendary M1 sports coupe in 1978 and the XM is the first plug-in hybrid electric vehicle (PHEV) in the M high-performance lineup.The M hybrid system used in the XM intelligently controls the interaction between engine and motor. A 489-horsepower high-revving V8 gasoline engine was applied with the new M Twin Power Turbo technology along with a 197-horsepower electric motor to produce a combined maximum output of 653 horsepower and maximum torque of 81.6 kilogram-meters. It takes 4.3 seconds to accelerate from zero to 100 km/h. This vehicle is equipped with a high-voltage battery with a capacity of 29.5 kilowatt-hours and can travel 62 km in pure electric mode according to the Ministry of Environment standard. The top speed in electric mode is 140 km/h. It takes about 4.2 hours to fully charge the battery and the mileage comes at 10.0 km per liter.Celebrity Korean rapper and

Mar 28, 2023By Kim Hyun-bin

Companies

KITA vice chairman paints bleak picture of Korea's exports this year

Chung Marn-ki, vice chairman of Korea International Trade Association (KITA), speaks of difficulties surrounding Korea's exports during a press conference held at the Trade Center in Seoul, Tuesday. Courtesy of KITA By Kim Hyun-binKorea's exports will likely contract by as much as 9 percent this year if semiconductor makers and other major exporters continue to face a decline in demand for their products overseas amid a deepening global economic downturn, according to the Korea International Trade Association (KITA), Tuesday.KITA held a press conference on the recent slump in exports and countermeasures at the Trade Tower in Seoul, saying the country's exports from the beginning of the year to March 20 fell 13.4 percent year-on-year to $127.4 billion. Imports during the same period dropped 1.3 percent to $151.5 billion, resulting in a trade deficit of $24.1 billion, which is more than half of last year's annual deficit of $47.8 billion. It predicted that if the slug

Mar 28, 2023By Kim Hyun-bin

KITA vice chairman paints bleak picture of Korea's exports this year

Companies

POSCO's 135-day Pohang plant recovery dubbed 'miracle'

In the left photo, POSCO employees work to restore the second hot rolling mill at Pohang Works in North Gyeongsang Province after it was hit by Typhoon Hinnamnor last September. In the right photo, the mill produces hot molten iron after full restoration. Courtesy of POSCOBy Kim Hyun-binPohang, North Gyeongsang Province ― POSCO's fully restored Pohang Works was busier than ever, just six months after the devastation of Typhoon Hinnamnor, which flooded key facilities and forced the company to halt operations for the first time in 49 years. On Sept. 6, 2022, the steel mill was flooded due to the super typhoon, but just 135 days later, the plant is once again in full swing producing red-hot molten iron that surpasses 1,000 degrees Celsius.POSCO held a press tour at its Pohang steel mill on March 23 to show off the completion of restoration work.The site was lively with heat and sparks emanating from the molten iron, the funky smell from the metal, the loud mechanical sounds ringing in the ears and even the sweat on the foreheads of the workers bringing back life to the plant. It seemed

Mar 27, 2023By Kim Hyun-bin

POSCO's 135-day Pohang plant recovery dubbed 'miracle'

Companies

LS constructs nickel sulfate plant in Asan to bolster EV battery materials output

LS Group Chairman Koo Ja-eun, center, poses with company executives during the Toricom Nickel Sulfate Plant completion ceremony held in Asan, South Chungcheong Province, Monday. Courtesy of LS GroupBy Kim Hyun-binLS Group completed construction of a nickel sulfate plant, strengthening its next-generation battery core material business. LS said, Monday, that the plant, located in Asan, South Chungcheong Province and operated with affiliate Toricom, is capable of producing 5,000 tons of the key material for electric vehicle (EV) batteries.Toricom is an investment unit of LS MnM, a non-ferrous metal material company, and is the largest urban mining company in Korea that recycles valuable metals such as gold, silver, platinum, and palladium. When LS MnM supplies crude nickel sulfate produced in the copper smelting process, Toricom produces nickel sulfate for secondary batteries after purification and crystallization processes.LS MnM plans to expand its nickel sulfate production capacity from the current 5,000 tons to 270,000 tons in three stages by 2030 by securing other raw materials, s

Mar 27, 2023By Kim Hyun-bin

LS constructs nickel sulfate plant in Asan to bolster EV battery materials output

Companies

KCCI chief stresses communication, expo, and new entrepreneurship marking 3rd year

By Kim Hyun-binSK Group Chairman Chey Tae-won entered his third year, Friday, as head of the Korea Chamber of Commerce and Industry (KCCI), one of the leading business lobby groups in the country. Chey plans to broaden communication and focus all of his efforts in helping Busan win its bid to host the World Expo 2030.The keywords for the chairman's third year in office are communication, Expo, and new entrepreneurship. Enhanced communication is a key task that Chey has emphasized since his inauguration.KCCI Chairman Chey Tae-won"Right now, new assignments are piling up on top of many past assignments," Chey said at his inauguration two years ago. "It's not that we can't do it because we don't know the solution, but because the stakeholders have different positions, a lack of communication and not being able to collaborate."Accordingly, after taking office, he created a communication platform, an open opinion collection site, to listen to various opinions and submit them to the government and political circles. The communication platform currently has 20,000 subscribers.Last year, he

Mar 24, 2023By Kim Hyun-bin

Kim Hyun-bin

Read more

Korean biz leaders pitch Expo bid for BIE mission

Public-private 'One Team' strategy key to Busan's Expo campaign

CONTRIBUTION Radical approach needed to tackle sluggish exports: KITA vice chairman

Carmakers unveil latest models at Seoul Mobility Show

LX Hausys inks strategic alliance with Reynaers for high-end home windows market

BMW launches new XM

KITA vice chairman paints bleak picture of Korea's exports this year

POSCO's 135-day Pohang plant recovery dubbed 'miracle'

LS constructs nickel sulfate plant in Asan to bolster EV battery materials output

KCCI chief stresses communication, expo, and new entrepreneurship marking 3rd year

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