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Minister of Trade, Industry and Energy Lee Chang-yang, right, and Airbus Defence and Space CEO Michael Schoellhorn pose for a photo at the Seoul Government Complex in Gwanghwamun, Wednesday. They agreed to bolster cooperation in the aerospace and defense industry. Yonhap
Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia. Korea Times fileBy Lee Kyung-min A local public-private energy consortium is seeking to build a green hydrogen and ammonia plant in Neom, Saudi Arabia, the industry ministry said, Wednesday. This project is the latest effort to spearhead joint growth opportunities between Korea and the Middle Eastern country over the five-stage construction project of $500 billion (662 trillion won) involving the new smart city being built in Tabuk Province, as advanced by the Korea-Saudi Vision 2030 Committee. Anchoring such developments is the visit of Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia, to Korea, Thursday.The consortium led by Korea Electric Power Corp. (KEPCO) is joined by two of its state-run peers ― Korea National Oil Corp. and Korea Southern Power Corp. ― as well as steelmaker POSCO and Samsung C&T, the construction and engineering affiliate of Samsung Group.The consortium plans to sign a memorandum of understanding (MOU) with Public Investment Fund (PIF), the sovereign wealth fu
Noted kimchi experts, government and legislative figures celebrate the U.S. state of California passing a resolution to designate Nov. 22 as Kimchi Day in the state, Aug. 23 2021. Courtesy of Ministry of Agriculture, Food and Rural AffairsUNESCO-listed healthy K-food gains ground around the worldBy Lee Kyung-minKimchi, a fermented Korean delicacy, is increasingly gaining ground all around the world, as underpinned by its health benefits from fresh ingredients and how they are prepared.The vegetable-based dish seasoned with spices and fermented seafood needs no additives or preservatives, unlike processed foods. Benefits include stronger immunity, anti-inflammation and antioxidant effects, constipation relief, cholesterol reduction and weight management, according to the World Institute of Kimchi (WIKIM), overseen by the National Research Council of Science & Technology, a Ministry of Science and ICT-affiliated organization. The dish helps prevent many types of cancer and arteriosclerosis, a thickening, hardening and loss of elasticity of the walls of arteries.Further propelling t
Fair Trade Commission (FTC) Chairman Han Ki-jeong speaks during a press conference at Sejong Government Complex, Monday. Courtesy of Fair Trade CommissionBy Lee Kyung-minKakao Corp. and Hankook Tire are in the crosshairs of Fair Trade Commission (FTC) Chairman Han Ki-jeong, who pledged Monday to implement strict measures against the scandal-ridden IT and tire manufacturing giants.Han's drive seeks to rein in the growing online platform monopoly of Kakao and the corrupt corporate practices of Hankook in granting cost advantages to its affiliates run by members of the owner family to further their chances of winning business contracts.The anti-competitive practices in the market, he said, will be pursued under the broader policy directive in order to restore fair competition underpinned by healthy market principles.More stringent measures“A lack of compliance pressure leads to neglectul efforts to innovate and uphold accountability, as laid bare by the recent Kakao fiasco,” he said during a press conference at the FTC building in Sejong Government Complex, Monday. It was th
President Yoon Suk-yeol delivers a keynote speech at the B20 Summit at the Bali Nusa Dua Convention Center, Indonesia, Monday (local time). YonhapBy Lee Kyung-minPresident Yoon Suk-yeol stressed the importance of private sector-led digitization during a keynote speech at the B20 Summit, the official G20 dialogue forum for the global business community, according to the trade ministry, Monday.“The private sector-led supply innovation should be the answer to solving the supply shock-induced global economic crisis,” he said during the summit organized by the Indonesian Chamber of Commerce at the Bali Nusa Dua Convention Center in Indonesia. The priority of the Korean government, he said, is digital transformation, the core driver of policy directives under his leadership, adding that he will lead G20-level discussions to establish a new global digital norm.The B20 is a private conference launched at the G20 Summit in Seoul in 2010, and has since recommended and shaped policy steps to foster global economic growth. The collective opinion is delivered to the G20. Korea attends
Choi Yeon-hyeBy Lee Kyung-minCriticism has intensified over President Yoon Suk-yeol's appointments of a slew of unqualified political figures as the heads of state-run energy firms, as a reward for campaigning for him in the last presidential election, according to market watchers, Sunday. Choi Yeon-hye, a former lawmaker of the conservative Liberty Korea Party, a predecessor of the ruling People Power Party (PPP), was named head of Korea Gas Corp. (KOGAS), a state-run energy firm, Nov. 10.The close aide to Yoon has little experience in energy policy, a reason why she was initially ruled out as the final candidate in an earlier interview. Yet she applied again and secured the position.She served as vice president and CEO of Korea Railroad Corp. (KORAIL), the state-run rail operator, but the experience has no relevance to her capabilities to lead an energy firm, according to an industry official.“What does her experience in the transport sector offer to navigate a bout of risks and uncertainties in the energy sector? Nothing really,” an industry official said on condition
Sungkyunkwan University President Shin Dong-ryeol, left, and Samsung SDI CEO Choi Yoon-ho hold a copy of a signed memorandum of understanding at the university, Nov. 11. Courtesy of Samsung SDIBy Lee Kyung-minSamsung SDI, the battery manufacturing affiliate of Samsung Group, and Sungkyunkwan University will establish joint courses whereby 100 young promising undergrads will be educated and trained to develop their interests and careers in the secondary battery industry over the next decade, the firm said Sunday. The program is the latest in a series of future growth strategies outlined by the firm, after it agreed to set up similar programs with Pohang University of Science and Technology (POSTECH), Seoul National University, Korea Advanced Institute of Science and Technology (KAIST) and Hanyang University last year.The corporate vision is in line with government efforts to make Korea-produced batteries account for at least 40 percent of the global market share by 2030, as assisted by the establishment of an intergovernmental alliance to secure key battery materials, fostering a sust
Minister of Land, Infrastructure and Transport Won Hee-ryong, third from left, and his Saudi counterpart, Saleh bin Nasser Al-Jasser, attend a roadshow at the Crowne Plaza Riyadh Rdc Hotel & Convention, Saudi Arabia, Nov. 6. Korea Times fileBy Lee Kyung-minKorea is fortifying cooperation with Saudi Arabia, a prospective partner in the expansion of Korea's key industries including construction, shipbuilding and marine engineering, according to the trade and land ministries, Thursday.The areas of joint cooperation will include digital and smart infrastructure building, intellectual property rights, culture, hydrogen energy, smart city planning, bio, healthcare, agriculture and the fishery industry. The two countries will increase investments in areas where small- and medium-sized market players in Korea, one of Asia's tech, bio and manufacturing powerhouses, and resource-rich Saudi Arabia can both thrive. The strong bilateral cooperation is in part illustrated by joint investments in local battery manufacturers and game makers led by the Public Investment Fund (PIF), the sovereign
Firefighters and police officers move a gurney carrying a miner who was rescued 10 days after being trapped underground by a cave-in, in Bonghwa County, North Gyeongsang Province, Nov. 4. YonhapBy Lee Kyung-minA total of 35 risk-prone mines will undergo strenuous on-site inspections before the year's end, as part of efforts to prevent cave-ins, the industry ministry said Wednesday.The 35 among 325 mines nationwide are where deaths and serious injuries of workers have been reported within the last three years. The remaining 290 mines will be required to assess their current safety status and accident prevention measures, and submit the information in reports by June next year.The emergency measures follow the rescue of two miners Nov. 4, who had spent 10 days trapped in a collapsed mine in Bonghwa County, North Gyeongsang Province.Second Vice Minister of Trade Industry and Energy Park Il-jun, third from left in the back, speaks during an emergency meeting at the Sejong Government Complex, Wednesday.The Ministry of Trade, Industry and Energy said tailored inspections will be conducted
POSCO International CEO Joo Si-bo, left, and NongHyup Feed CEO Jeong Sang-tae hold copies of a signed memorandum of understanding (MOU) at the POSCO affiliate's headquarters in Seoul, Wednesday. Courtesy of POSCO International By Lee Kyung-minPOSCO International, a trading affiliate of steel giant POSCO, is strengthening its cooperation with NongHyup Feed, an animal feed manufacturing affiliate of the National Agricultural Cooperative Federation, for a stable supply of key input produce materials, according to the two firms, Wednesday.The joint cooperation is one of the latest public-private initiatives to fortify food security for local animal feed manufacturers, long criticized for relying on other global peers for importing up to 75 percent of feed input materials.The NongHyup affiliate with a domestic market share of 31 percent will be able to maintain product cost advantages over imports, as underpinned by a stable supply of corn and palm oil sludge managed and stored in overseas grain terminals operated by the POSCO affiliate.POSCO International CEO Joo Si-bo and NongHyup