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Lee Kyung-min

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Korea gearing up to export nuclear plants to Czech Republic

Minister of Trade, Industry and Energy Lee Chang-yang, third from left, listens to Czech Senate Leader Milos Vystrcil, second from right, speak in a meeting, June 28 (local time). YonhapEnergy minister signs MOUs with Czech officialsBy Lee Kyung-minKorea is gearing up to strengthen a partnership with the Czech Republic in the nuclear and hydrogen energy businesses, as illustrated by the first official overseas trip of the energy minister accompanied by a dozen state-run and leading private energy firms, according to officials, Wednesday.Anchoring the high-level administrative and private sector cooperation is President Yoon Suk-yeol, whose broad, new energy policy prioritizes the efficient local use and export of methods for much-criticized nuclear power generation.Yoon will meet with his Czech counterpart for a summit, June 30 (local time), to stress the technological and cost advantages of Korea's nuclear energy businesses, aided by the signing of memoranda of understanding (MOUs) between nine Korean firms and 21 of their Czech counterparts led by Minister of Trade, Industry and En

Jun 29, 2022By Lee Kyung-min
Korea gearing up to export nuclear plants to Czech Republic
Companies

Korea to raise energy efficiency 25% by 2027

Trade, Industry and Energy Minister Lee Chang-yang, fourth from right in the back, speaks in a meeting at a hotel in Seoul, Thursday. YonhapBy Lee Kyung-minThe government will sign an agreement with 30 high-energy-consuming firms to lower their power consumption, providing tax incentives, monetary rewards and greater policy assistance to businesses that adopt energy conservation campaigns, four government ministries said, Thursday.The measures to streamline energy demand announced by the energy, finance, foreign and environment ministries are part of the new energy policy objective defined as raising energy efficiency 25 percent by 2027.The broad efforts seek to strengthen the country's standing on the global stage. Korea is the world's 10th-largest energy consumer, using 1.7 times more energy than the OECD average. Korea is also ranked near the bottom at 33rd in energy efficiency among 36 OECD countries. The government will reduce energy consumption by 22 million tons of oil equivalent (toe), a unit measuring the energy released by burning one ton of crude oil, by 2027. The amo

Jun 23, 2022By Lee Kyung-min
Korea to raise energy efficiency 25% by 2027
Companies

Korea urged to build renewable energy value chain amid China threat

A solar power plant in Yeonggwang, South Jeolla Province. Korea Times fileBy Lee Kyung-minKorea should fortify its renewable energy value chain to limit disruptions from its current energy procurement strategy that is heavily dependent on China for solar and wind energy production, the nation's business lobby said, Thursday.The Federation of Korean Industries (FKI) said Korea will suffer an extreme energy market dislocation similar to the recent logistics crisis caused by the truckers' strikes and years of COVID-19 pandemic supply chain complications unless backed by efforts to diversify channels of partner energy suppliers.Experts say renewables are extremely vulnerable to weather conditions and will therefore not be an immediately dependable alternative to fossil fuels or nuclear energy to meet demand stably. This is why they say the country should increase the use of nuclear power until related technologies can help fully guarantee a stable supply of renewables.The FKI said concerns have been raised that the renewable energy value chains including solar and wind energy could be do

Jun 23, 2022By Lee Kyung-min
Korea urged to build renewable energy value chain amid China threat
Companies

Booyoung builds Woojeong Cambodia School

Booyoung Group Chairman Lee Joong-keun, left, and Cambodia Education Minister Hang Chuon Naron, center, cut tape at a ceremony to celebrate the construction of a school built by the group in Phnom Penh, Cambodia. Courtesy of Booyoung GroupBy Lee Kyung-minBooyoung Group said Thursday that it has begun the construction of a large multi-purpose education and childcare facility to help enhance housing and learning infrastructure in Phnom Penh, Cambodia.Woojeong Cambodia School will be a complex of three five-story buildings housing kindergartens, daycare centers and elementary, middle and high schools in Booyoung Town in Phnom Penh.The complex with a total lot area of 15,475 square meters will be able to accommodate about 1,800 students and young children. Over 200 local students and residents in the country attended a ceremony to celebrate the construction, alongside Booyoung Group Chairman Lee Joong-keun and Cambodian Education Minister Hang Chuon Naron.The project is part of a corporate social responsibility program led by the group from within the country and abroad over the past few

Jun 23, 2022By Lee Kyung-min
Booyoung builds Woojeong Cambodia School
Companies

'It's digitize or die:' McKinsey digital transformation expert

McKinsey & Company Partner Pooya Nikooyeh speaks at the 2022 Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul. Korea Times photo by Shim Hyun-chulPartner Nikooyeh says digitalization will be 'game-changing' for KoreaBy Lee Kyung-min The Korean government should promptly innovate its culture and revise hiring policies to enable swift digitalization, a much-needed solution for the country's widening productivity gap with the U.S. and sinking growth potential, a digital transformation expert at McKinsey & Company said, Tuesday. Korea is the world's leading digital competitor defined by top digital proficiency and inclusive internet access. But it has yet to fully integrate high-tech, strong IT capabilities into broader industrial and commercial use, an area that requires major improvements with committed policy assistance and administrative support, according to Pooya Nikooyeh, a partner at McKinsey & Company. He gave a lecture at The Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) on Tuesday. The topic of the 30

Jun 21, 2022By Lee Kyung-min
'It's digitize or die:' McKinsey digital transformation expert
  • Mayor pledges to make Seoul into haven for businesses
  • 2022 Korea Times Forum (PHOTOS)
  • Yoon urged to enable Korea to fulfill potential as global business hub
  • Korea urged to develop action plans for net-zero transition
  • Korea Times forum sheds light on Yoon-era policy direction
Companies

Korea to bolster investment, deregulation for biz-oriented growth

Minister of Trade, Industry and Energy Lee Chang-yang delivers the opening speech at the 2022 Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul. Korea Times photo by Shim Hyun-chulForeign firms in Korea are strategic assets of nation's economy: ministerBy Lee Kyung-minKorea will remove and overhaul policies that have long frustrated the entrepreneurial spirit and undermined corporate competitiveness, in a clear, dramatic shift in the government's economic policy directives to restore and enrich the dynamism and vitality of the private-sector-driven economy, the country's top industry policymaker said, Tuesday.“Key high-tech industries encompassing semiconductor manufacturers and beyond will be fostered with the full, flexible and business-friendly policy assistance of the Yoon Suk-yeol administration, mostly in the areas of increasing the pool of highly skilled experts and tax benefits,” Minister of Trade, Industry and Energy Lee Chang-yang said during an opening speech at the 2022 Korea Times forum at the Korea Chamber of Commerce a

Jun 21, 2022By Lee Kyung-min
Korea to bolster investment, deregulation for biz-oriented growth
  • Mayor pledges to make Seoul into haven for businesses
Companies

Samsung chief stresses importance of technological prowess

Samsung Electronics Vice Chairman Lee Jae-yong responds to reporters at Seoul Gimpo Business Aviation Center, Saturday. YonhapLee seeks expanded cooperation with ASML By Lee Kyung-minSamsung Electronics Vice Chairman Lee Jae-yong underscored the importance of keeping up with cutting-edge technology during a meeting with reporters, Saturday, as reaffirmed by his recent trip to Europe to hold meetings with businesses including ASML, an extreme ultraviolet (EUV) lithography technology developer and equipment manufacturer in the Netherlands.During the 12-day trip, the top decision-maker cemented a business relationship with the Dutch high-tech firm, the exclusive supplier of EUV, the next-generation growth driver for advanced chip-making around the world.Prompting the belated move was the fear of falling further behind its Taiwanese peer, TSMC, the global leader in the foundry business already making leaps and bounds after purchasing new EUV equipment over the past year. The Taiwanese rival advanced, while Lee was serving a prison term from January to August of last year following a con

Jun 19, 2022By Lee Kyung-min
Samsung chief stresses importance of technological prowess
Banking & Finance

Inauguration of KDB chair delayed amid union protest

Unionized workers of Korea Development Bank (KDB) hold a protest in front of the bank's headquarters in Yeouido, Seoul, June 9. YonhapBy Lee Kyung-minUnionized workers of Korea Development Bank (KDB) said Friday that they have no plans to end their ongoing protest blocking new chairman Kang Seog-hoon from setting foot in the bank's headquarters, unless President Yoon Suk-yeol responds to their calls to scrap the planned relocation of the state-run bank to Busan. Yoon said during his campaign that the relocation would help elevate the status of the nation's second-largest city, transforming it into a global financial hub housing major financial institutions.The protest by the bank workers could evolve into an extended conflict, a waster of government resources otherwise needed to resolve a slew of pressing issues, mostly concerning mergers and acquisitions (M&As), as well as the sales of Korea's major shipbuilders and airline operators. About 500 KDB workers held a press conference and rally in front of the bank's headquarters in Yeouido, Seoul, Friday, stressing that the responsi

Jun 17, 2022By Lee Kyung-min
Inauguration of KDB chair delayed amid union protest
Companies

Cooperation for stable supply chain

Korea Mine Rehabilitation and Mineral Resources Corp. (Komir) CEO Hwang Kyu-yearn, second from left, and Saskatchewan Research Council (SRC) CEO Mike Crabtree, shake hands after signing a memorandum of understanding (MOU) in Toronto, Canada, June 15 (local time). The two agreed to bolster joint cooperation in establishing a stable supply chain for core minerals including nickel, cobalt and rare earth elements between Korea and Canada. Courtesy of Komir

Jun 17, 2022By Lee Kyung-min
Cooperation for stable supply chain
Companies

Korea Post union workers' Saturday strike delayed

Unionized workers at Korea Post hold a protest in front of a post office in Gwanghwamun, Seoul, Thursday. Yonhap By Lee Kyung-min A plan to launch a nationwide strike Saturday by unionized postal delivery workers under the Korean Confederation of Trade Unions (KCTU) has been delayed, after the management and labor at the Korea Post (KP) reached an agreement, officials said Friday.The last-minute breakthrough largely quells concerns of another logistics crisis similar to the recent truckers' strike that resulted in 2 trillion won ($ 1.5 billion won) in losses in the country's economic activities. “We reached an agreement that a prolonged strike would hurt the economy and lead to consumer inconveniences,” KP said in a statement. “Deliveries will be processed Saturday without any disruptions.”The two sides reaffirmed that a 3-percent increase in wages this year should be followed by efforts to seek a government budget sufficient to earmark the same amount of wage incr

Jun 17, 2022By Lee Kyung-min
Korea Post union workers' Saturday strike delayed
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