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Lee Kyung-min

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Korea to bolster exports of food, specialty crops

Candied sweet potato / Courtesy of Rural Development AdministrationSweet potatoes, barley, Korean ginseng and mushrooms gaining traction as export growth driversBy Lee Kyung-minThe government will foster the growth of food crops and specialty crops through the continued development and mass production of high-quality, naturally grown produce. This is an area that has gained traction among global consumers, who are increasingly mindful of the long-term benefits of healthy eating, an agriculture ministry-affiliated research institute said Sunday.The Rural Development Administration (RDA) said that food crops are defined as staples as they have helped us survive for centuries. Special crops are cultivated mostly for market sales. Chief among the food crops are sweet potatoes and three colored barleys, whereas specialty crops include Korean ginseng and mushrooms.Korea-produced sweet potatoes are emerging as a favorite healthy nutritional snack at home and abroad as evidenced by the seven-fold increase in exports from 49 tons in 2013 to 386 tons in 2023. Hong Kong and Singapore are two ma

Aug 6, 2023By Lee Kyung-min
Korea to bolster exports of food, specialty crops
Companies

Kimchi exports up 20 percent in H1 on robust demand from US, EU

People make kimchi at an event organized by K-Biz SME Love Sharing Foundation in Yeouido, Seoul, Nov. 28, 2022. YonhapBy Lee Kyung-minExports of kimchi in the first six months of this year exceeded $80 million (104 billion won) for the first time, an increase of more than 20 percent compared to the annual average, and up 4.8 percent from a year ago, the food ministry said Sunday. It registered a trade surplus of $1.7 million in the same period.Propelling the solid growth is a robust demand for the healthy Korean traditional dish in the U.S. and European Union.The Ministry of Agriculture, Food and Rural Affairs said exports of kimchi in the first half came to $81 million, up from the previous year's $77 million. The figure is an increase of 20.3 percent from the annual average of $67 million.The trade surplus of $1.7 million is a significant rebound from the trade deficit of $7.5 million in the January-June period of last year. The figure registered a robust $18.3 million trade surplus in the first half of 2021. Exports in the first six months of this year increased to 23,000 tons, up

Aug 6, 2023By Lee Kyung-min
Kimchi exports up 20 percent in H1 on robust demand from US, EU
Companies

Agriculture ministry runs K-food experience booth at World Scout Jamboree

Vice Minister of Agriculture, Food and Rural Affairs Han Hoon, right, poses for a photo with participants of the 2023 World Scout Jamboree inside the tteokbokki booth set up at the international event in Saemangeum, North Jeolla Province, Wednesday. Courtesy of Ministry of Agriculture, Food and Rural Affairs By Lee Kyung-minThe government is running K-food booths at the 2023 World Scout Jamboree where global participants can have a bite of popular Korean snacks and traditional dishes, familiarizing themselves with the country's food culture, the Ministry of Agriculture, Food and Rural Affairs said Thursday.The World Scout Jamboree is an International event held every four years. This year's event is being held in Saemangeum, North Jeolla Province, where 43,000 young scouts from 158 countries are expected to participate. The event seeks to enrich participants' pioneering spirit through outdoor camping, cultural exchanges and exhibitions.The ministry said Jamboree par

Aug 3, 2023By Lee Kyung-min
Agriculture ministry runs K-food experience booth at World Scout Jamboree
Companies

Hyundai Motor Group teams up with Canadian firm for mobility chip

Hyundai Motor Group Global Strategy Office head Kim Heung-soo, right, and Tenstorrent CEO Jim Keller hold a copy of a memorandum of understanding in Santa Clara, California, in this July 2023 file photo. Courtesy of Hyundai Motor GroupBy Lee Kyung-minHyundai Motor Group said Thursday that it signed a strategic investment partnership with Tenstorrent, an artificial intelligence (AI) semiconductor company based in Toronto, Canada. The investment will allow the group to integrate AI into future Hyundai, Kia and Genesis vehicles and other future mobility technologies, including robotics and advanced air mobility (AAM).Hyundai Motor Company and Kia Corp. will invest a combined $50 million (64 billion won), becoming the lead investor in Tenstorrent's latest funding round, with a total of $100 million.The investment will accelerate Tenstorrent's design and development of AI chiplets and its machine learning software roadmap.The group expects to utilize Tenstorrent's high-performance technologies and experience to jointly develop optimized semiconductors while strengthening its own technolog

Aug 3, 2023By Lee Kyung-min
Hyundai Motor Group teams up with Canadian firm for mobility chip
Companies

LS Group to invest $1.3 bil. in Saemangeum to produce secondary battery precursors

President Yoon Suk Yeol, center, applauds a 6.6 trillion won investment won by Saemangeum National Industrial Complex at Gunsan Saemangeum Convention Center, North Jeolla Province, Wednesday. YonhapBy Lee Kyung-minLS Group will invest over 1.8 trillion won ($1.3 billion) in the Saemangeum National Industrial Complex to build a large secondary battery precursor factory capable of producing 120,000 tons of the material starting in 2028, according to a ministry-supervised organization, Wednesday.Precursors are materials used to make cathodes and are manufactured by combining nickel, cobalt and manganese. The performance and purpose of a battery are determined by which active precursors were used for its cathode.The ultimate goal of LS Group is to reduce its dependence on China for precursor supplies, down significantly from the current 80 percent, as underpinned by LS-L&F Battery Solution, a joint venture between LS, the holding firm of LS Group, and L&F Corp., a local battery manufacturer. LS Group said the battery materials supply chain will be fortified by the stable localiza

Aug 2, 2023By Lee Kyung-min
LS Group to invest $1.3 bil. in Saemangeum to produce secondary battery precursors
Companies

Korea, US urged to expand industry-academia tech cooperation

First Vice Minister of Trade, Industry and Energy Jang Young-jin speaks during a Korea-US industrial technology R&D forum at Palo Alto Event Center, San Francisco, Tuesday (local time). YonhapBy Lee Kyung-minAbout 130 academic experts, government institutes and the private sector from Korea and the U.S. discussed ways to advance industrial technology sharing and joint research and development (R&D) programs at a Korean government-organized event, the trade ministry said Wednesday.The attendees stressed the need to significantly expand Korea-U.S. industry-academia technology cooperation and exchange programs, as outlined by a government initiative to bolster top-notch R&D projects under the broader goal of abolishing discrimination based on nationality. The Ministry of Trade, Industry and Energy said it held a Korea-U.S. Industrial Technology R&D Briefing in San Francisco, Tuesday (local time), and was presided over by First Vice Minister of Trade, Industry and Energy Jang Young-jin.In attendance were the National Aeronautics and Space Administration, Stanford Universi

Aug 2, 2023By Lee Kyung-min
Korea, US urged to expand industry-academia tech cooperation
Companies

Hyosung Heavy shares end down 6% due to shoddy construction scandal

A land ministry official inspects a collapsed underground parking lot of an apartment complex in Incheon, May 2. YonhapBy Lee Kyung-minShares of Hyosung Heavy Industries plunged 5.67 percent to a low of 164,600 won ($128), Tuesday, after the only growth-driving listed affiliate of Hyosung Group was found on the list of local construction firms that neglected to install rebar before concrete mix was applied inside the underground parking lots of apartments.The stock price soared in the previous session by the intraday upper limit of 30 percent, underpinned by better-than-expected second-quarter earnings. Four major local brokerages had revised up the price target outlook to a range of between 180,000 won and 190,000 won. However, according to The Korea Exchange (KRX), Hyosung Heavy traded at 163,400 won per share at around 2:34 p.m., Tuesday, down from the starting price of 174,700 won. It had plummeted to 160,100 won at around 11 a.m.Propelling the sharp drop was a rapid deterioration in investor sentiment, sparked by Minister of Land, Infrastructure and Transport Won Hee-ryong, with

Aug 2, 2023By Lee Kyung-min
Hyosung Heavy shares end down 6% due to shoddy construction scandal
Companies

HD Hyundai, Hanwha Ocean extend rivalry to ship engine market

A ship engine manufactured by STX Heavy Industries / Korea Times fileBy Lee Kyung-minThe intense rivalry between HD Korea Shipbuilding & Offshore Engineering (HDKSOE) and Hanwha Ocean has now spilled over into ship engine manufacturing capabilities, as evidenced by the HD Hyundai Group affiliate's recent acquisition of STX Heavy Industries, only months after the Hanwha affiliate acquired HSD Engine, according to market watchers, Tuesday.STX Heavy Industries is the third-largest ship engine manufacturer in the world, trailing HSD Engine, the second-largest. The Hyundai affiliate signed a main contract with Pinetree Partners, a local private equity fund, to buy over 6.5 million shares of STX Heavy Industries on July 31.The purchase combined with the separate buying of 5.36 million shares issued by a third party will lead to the Hyundai affiliate claiming a total stake of 35 percent.A ship engine manufactured by HSD Engine at the firm's headquarters in Changwon, South Gyeongsang Province / Korea Times fileThe 81.3 billion won ($63.4 million) acquisition will propel the mid- to long-

Aug 1, 2023By Lee Kyung-min
HD Hyundai, Hanwha Ocean extend rivalry to ship engine market
Companies

Korea to strengthen airport security to deter rise in accidents

A message on a screen informs travelers of strengthened security inspections at Incheon International Airport, May 28. YonhapGov't to expand inspection zones, strengthen personnel training By Lee Kyung-minThe government will tighten the monitoring of airport transfer areas, terminals and aircraft hangars to fortify security, in a gradual effort to reduce aviation security accidents by 50 percent by 2027, the transport ministry said Monday.Also being strengthened are in-depth security management education and hands-on training programs for aviation security professionals, and international cooperation with aviation safety bodies.The Ministry of Land, Infrastructure and Transport announced the measures to reduce the rising number of in-flight and on-site accidents at airports amid a resumption of flight routes around the world.The discoveries of a number of hazardous items, including bullets and knives carried by passengers, have inched up over the past few years, as well as cases of individuals scheduled to be deported fleeing from custody. Also, a drone crashed into a local airport,

Jul 31, 2023By Lee Kyung-min
Korea to strengthen airport security to deter rise in accidents
Companies

Korea to deploy nuclear sales attaches to embassies

Second Vice Minister of Trade, Industry and Energy Kang Kyung-sung, left, speaks during a meeting with commercial attaches at Best Western Plus Hotel Sejong in Sejong City, Monday. Courtesy of Ministry of Trade, Industry and EnergyCommercial attaches to undergo mandatory nuclear tech business sales workshopBy Lee Kyung-minThe government will require commercial attaches to attend a workshop to deepen their understanding of nuclear energy, related global trade conditions and overseas case studies of large, government-backed nuclear reactor construction deals won by Korean firms, the trade ministry said Monday.The move is part of efforts to fortify the capabilities of local high-ranking civil servants in bolstering their salesmanship with foreign policymakers and business leaders, in line with the Yoon Suk Yeol administration's initiative to strengthen exports of the country's nuclear reactors as well as related products and services.The role of the commercial officers will be greatly expanded to help the government drive whereby Korea seeks to export 10 nuclear reactors by 2030 and gen

Jul 31, 2023By Lee Kyung-min
Korea to deploy nuclear sales attaches to embassies
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