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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Companies

Partner firms follow Samsung into robot business

Models promote robots produced by Samsung Electronics. Korea Times fileBy Lee Kyung-minElectronics, electrical devices and software manufacturing partners of Samsung Electronics are seeking to expand their businesses in the robotics industries, in a long-term strategy underpinned by the robust growth outlook for automated services in the decades to come, according to market watchers, Wednesday. Anchoring the new businesses is a 240 trillion won ($181 billion) investment announced in 2021 by Samsung Electronics Chairman Lee Jae-yong in future tech industries, including robots and artificial intelligence (AI).Market watchers said at the time that Samsung beginning the mass production of robots will fan the prospect for small technology developers and robot manufacturers, as well as mergers and acquisition (M&A) opportunities for strong local industry players.Data from Strategy Analytics, a global market research firm, showed that the global robotics market will grow to $122 billion by 2024. Boston Consulting Group (BCG), a global consultancy, said the market will grow to 210 trilli

Apr 12, 2023By Lee Kyung-min
Partner firms follow Samsung into robot business
Companies

Small businesses demand minimum wage freeze

Members of Korea Federation of Micro Enterprises hold a press conference at the group's headquarters in Yeouido, Wednesday. YonhapBy Lee Kyung-minA group of small businesses are balking at a 24.7 percent year-on-year increase in the state-set hourly minimum wage for next year demanded by labor groups, according to market watchers, Wednesday. The group said small businesses are unable to make ends meet due to rising costs. Strengthening their collective demand are sales remaining sluggish since the onset of the COVID-19 pandemic, compounded by rapid recent increases both in borrowing rates and energy costs. They said next year's hourly minimum wage should be left unchanged at this year's 9,620 won, squarely rejecting the labor group's demand for 12,000 won. Last year's figure is a steep increase of nearly 50 percent from 6,470 won in 2017.Korea Federation of Micro Enterprises, a group of small businesses, said the labor groups are making demands that are “completely out of touch with reality.”“The figure of 12,000 won is simply not what we can afford to pay to our wo

Apr 12, 2023By Lee Kyung-min
Small businesses demand minimum wage freeze
Companies

Reducing big retailers' operating hours fails to help traditional markets

A traditional market in Chungju, North Chungcheong Province / Korea Times fileBy Lee Kyung-minThe government regulations limiting operating hours of large retailers do not help merchants at traditional markets and only benefit their e-commerce peers, according to an expert survey, Monday.Over seven in 10 surveyed experts said the poorly planned measure ended up hurting the growth of not only large retailers but also traditional markets, and that online entities and convenience stores have benefited unexpectedly. Under the related law established to foster equal, balanced growth of retail industry players, large retail stores must remain closed every other Sunday in most parts of the country. Their around-the-clock operating hours were also curtailed to 10 a.m. to midnight.People shop for fruit and vegetables stacked at the Changdong branch of E-mart in Seoul. Korea Times fileThe Korea Chamber of Commerce and Industry survey of 108 members of four retail logistics academic associations showed 70.4 percent of the respondents said that they thought the decade-long measure failed to prot

Apr 10, 2023By Lee Kyung-min
Reducing big retailers' operating hours fails to help traditional markets
Companies

Korea's investments in Vietnam plunge due to strengthened regulations

Samsung Electronics' manufacturing plant in Bac Ninh Province, Vietnam / Courtesy of Samsung ElectronicsBy Lee Kyung-minKorea's investments in Vietnam plunged significantly in the first quarter of this year compared to the same period of 2022, mainly due to tightened labor and safety regulations, according to industry officials and government data, Monday.The marked year-on-year drop contradicts previous market expectations that many global manufacturing powerhouses will move their production facilities from China to the Southeast Asian country, prompted by a growing need to diversify global supply chains amid an intensifying U.S.-China trade feud.Experts say the downtrend has also come as businesses are increasingly reorienting supply chains to better respond to the U.S. Inflation Reduction Act (IRA), the details of which were released recently. Also at play is the rapid growth of India, a major emerging market and a competitor of Vietnam.According to Vietnam's Ministry of Planning and Investment (MPI), Korean firms invested $474.4 million in Vietnam during January to March of this

Apr 10, 2023By Lee Kyung-min
Korea's investments in Vietnam plunge due to strengthened regulations
Others

Busan's enthusiasm, civic pride impressed BIE mission: Busan mayor

Busan Mayor Park Heong-joon, front right, shakes hands with Bureau International des Expositions Administration and Budget Committee President Patrick Specht at the Gimhae International Airport, Friday. YonhapBy Lee Kyung-minThe enthusiasm and high level of civic pride shown by Busan citizens led to a successful end to the weeklong visit by an eight-member delegation from the Bureau International des Expositions (BIE), according to Busan Mayor Park Heong-joon, Friday.BIE is an intergovernmental organization in charge of overseeing and regulating World Expos. The Enquiry Mission, led by BIE Administration and Budget Committee President Patrick Specht, visited Korea this week to assess the country's viability and feasibility to host the high-profile international event in Busan in 2030. The eight members returned to Paris on Friday.In a “thank you” letter to Busan, Park attributed the success of the inspection to its residents.“The strong will, enthusiasm, charm and capabilities of Busan were conveyed to each and every one of the mission members, an outcome we the Bus

Apr 7, 2023By Lee Kyung-min
Busan's enthusiasm, civic pride impressed BIE mission: Busan mayor
Companies

Korea to offer $5.3 billion in funding for battery industry

Minister of Trade, Industry and Energy Lee Chang-yang, left, speaks during a meeting at Korea Evaluation Institute of Industrial Technology in Jung-gu, Seoul, Friday. Yonhap By Lee Kyung-minLocal battery manufacturers with robust growth prospects in North America will be eligible for a combined 7 trillion won ($5.3 billion) in government funding in the form of loans and guarantees over the next five years, the industry ministry said Friday. Tax credits will also be expanded and an increase in research and development (R&D) investment projects will be outlined.These are measures announced by the Ministry of Trade, Industry and Energy on ways to bolster the competitiveness of the local battery industry, in preparation for the recently unveiled guidelines of the U.S. Inflation Reduction Act (IRA).Local manufacturers of lithium, phosphate and lithium iron phosphate (LFP) batteries will be able to fortify their capabilities through 50 billion won in combined research gr

Apr 7, 2023By Lee Kyung-min
Korea to offer $5.3 billion in funding for battery industry
Companies

Young Koreans convince BIE mission team of Busan's Expo bid

Bureau International des Expositions (BIE) Administration and Budget Committee President Patrick Specht, fifth from left in back row, and other BIE Enquiry Mission members pose with a group of young Koreans at the lobby of Busan X the Sky in Haeundae, Busan, Thursday. Courtesy of Busan Metropolitan CityBy Lee Kyung-minA group of young Koreans had a luncheon meeting with an eight-member delegation from the Bureau International des Expositions (BIE), Thursday, in an event to promote Korea's bid to host World Expo 2030 as a grassroots movement supported by civic group members, rights advocacies and university students from across the country, according to organizers Thursday.BIE is an intergovernmental organization in charge of overseeing and regulating World Expos. The Enquiry Mission led by BIE Administration and Budget Committee President Patrick Specht is visiting this week to assess Korea's viability and feasibility to host the high-profile international event in Busan in 2030.Two dozen young people invited to the hour-long luncheon shared their opinions as to why they thought Busa

Apr 6, 2023By Lee Kyung-min
Young Koreans convince BIE mission team of Busan's Expo bid
Others

SK ups promotion campaign for Busan's Expo bid

A compilation of images captured from a video made by SK promoting Korea's bid to host the World Expo 2030 in Busan, Thursday. Courtesy of SKBy Lee Kyung-minA video made by SK Group, promoting Korea's bid to host the World Expo 2030 in Busan, has topped 10 million views only 10 days after release, according to market watchers, Thursday.The video storytelling campaign is similar to one launched by Hyundai Motor on Wednesday. The short video titled “Busan is Ready” features people from 17 member countries of the Bureau International des Expositions (BIE), an intergovernmental organization in charge of overseeing and regulating World Expos. The Enquiry Mission led by BIE Administration and Budget Committee President Patrick Specht is visiting this week to assess Korea's viability and feasibility to host the high-profile international event.SK's clip, “Request from the Future,” was released March 27 and has since garnered 10 million views.The video features Chan-hyuk, a singer-songwriter of AKMU, who was on his way to the venue for World Expo 2030 on a hydrogen dr

Apr 6, 2023By Lee Kyung-min
SK ups promotion campaign for Busan's Expo bid
Companies

Hyundai Motor releases clip promoting Busan's Expo bid

A compilation of images made by Hyundai Motor Group from a video promoting Busan's bid to host the World Expo 2030. Courtesy of Hyundai Motor GroupBy Lee Kyung-minHyundai Motor released a video, Wednesday, promoting Busan's bid to host the World Expo 2030.The short video titled “Busan is Ready” features people from 17 member countries of the Bureau International des Expositions (BIE), an intergovernmental organization in charge of overseeing and regulating World Expos.The Enquiry Mission led by BIE Administration and Budget Committee President Patrick Specht is visiting this week to assess Korea's viability and feasibility to host the high-profile international event.People from the U.S., Greece, the Czech Republic, Slovakia, Uruguay and Zimbabwe gave short testimonials on why they think Busan should be the venue for the event for six months in 2030. The video follows last week's release titled “Busan Citizens Invite You All,” in which residents of the southern port city share their high hopes and vision for hosting the Expo. The video is available in 15 langu

Apr 5, 2023By Lee Kyung-min
Hyundai Motor releases clip promoting Busan's Expo bid
Others

Busan charms BIE Enquiry Mission with advanced tech experiences

Bureau International des Expositions (BIE) Administration and Budget Committee President Patrick Specht, fifth from right, BIE enquiry mission members and Korean government officials take a guided tour of Busan Port International Exhibition and Convention Center (BPEX) in Busan, Wednesday. Korea Times photo by Shim Hyun-chul By Lee Kyung-minThe eight-member delegation from the Bureau International des Expositions (BIE) took a guided tour around the North Port in Busan, the proposed venue for World Expo 2030, acquainting themselves with virtual reality (VR) and urban air mobility (UAM), according to sources, Wednesday.The BIE is an intergovernmental organization that is in charge of overseeing and regulating World Expos. The Enquiry Mission led by BIE Administration and Budget Committee President Patrick Specht is visiting this week to assess the viability and feasibility of Korea as a host for the high-profile and much coveted international event.

Apr 5, 2023By Lee Kyung-min
Busan charms BIE Enquiry Mission with advanced tech experiences
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