[Hello Indonesia] Cultural tapestry woven at 'Korea-Indonesia Friendship Night'

JAKARTA, Indonesia -- Amid resounding cheers, South Korean Ambassador to Indonesia Lee Sang-deok raised a spirited toast at the "Korea-Indonesia Friendship Night" event held on Thursday in Jakarta. The event took place following a business forum held to commemorate the 50th anniversary of bilateral diplomatic ties at the Hotel Mulia Senayan earlier in the day. "Closer friendship, stronger partnership," Lee proposed, raising a toast. Following Lee, Indonesian girl group Star

Dec. 3, 2023

[Hello Indonesia] Digital innovation for financial inclusivity

JAKARTA, Indonesia -- In bustling Indonesia, with its youthful population, one might assume that digital prowess would be the answer for financial firms looking to unlock a treasure trove of untapped potential. However, two chiefs heading Indonesian units of Korea's top financial companies -- Mirae Asset Securities and KB Kookmin Bank -- said that mere possession of technology was not enough. “Technology is an enabler, not a solution,” Mirae Asset Sekuritas Indonesia President D

Dec. 3, 2023

[Hello Indonesia] Indonesian developer aims to build self-contained new town

JAKARTA, Indonesia -- Over three decades have passed since South Korea embarked on the construction of "new residential towns" in satellite cities. However, the initial goal of creating self-contained cities seems has been mostly unsuccessful, with most ending up as bedroom communities. Pantai Indah Kapuk 2 (PIK 2), a new town and satellite city in Indonesia, envisions a similar goal to Korea's, having been designed as a hub where people can "work, live and play," accord

Dec. 3, 2023

[Hello Indonesia] Korea, Indonesia’s exchanges highlighted at talk session

JAKARTA, Indonesia -- Lim Jong-soon, secretary general of the Korean Chamber of Commerce and Industry in Indonesia, emphasized the necessity of two-way cultural exchanges between Korea and Indonesia at the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Lim expressed his concern that although Korean culture holds significant sway in Indonesia, Indonesian cultural influence in Korea remains comparatively limited. "Among Koreans, Indonesia is only perceived as a densely populated an

Dec. 3, 2023

[Hello Indonesia] Unlocking potential of EV partnership

JAKARTA, Indonesia -- The combination of Korea’s top battery manufacturing technology and Indonesia’s abundant minerals makes them ideal partners in the burgeoning electric vehicle market. “If Indonesia, the world's largest nickel producer, cooperates with the Korean battery industry, the synergy they could create would be tremendous,” Korea Battery Industry Association Executive Vice President Park Tae-sung said during a collaborative session on EVs and e-waste ma

Dec. 3, 2023

[Hello Indonesia] Green growth cements Korea-Indonesia ties

JAKARTA, Indonesia -- The partnership between South Korea and Indonesia has grown stronger over the decades through collaborative endeavors, common interests and trust, according to speakers at the Korea-Indonesia Economic Cooperation Forum. Korea, a global powerhouse in science and technology, and Indonesia, one of the fastest-growing economies with large mineral reserves, mark half a century of diplomatic relations this year. Key figures at the forum said the two nations' distinctive comp

Dec. 3, 2023

[Photo News] New Hana

Hana Financial Group CEO Ham Young-joo (center), Vice Chairman Lee Eun-hyung (second from left) and some 300 officials celebrate the group’s 18th anniversary at its headquarters in central Seoul, Friday. During the event, the Hana employees boasted the new slogan "New Hana" to steer the financial giant’s future. Hana promised to take a big step forward, putting importance on a customer-first strategy and corporate social responsibility. (Hana Financial Group)

Dec. 3, 2023

Seoul says FEOC guidance reduces uncertainty, will continue close consultation with US

The Seoul government on Saturday welcomed the release of proposed U.S. guidance on U.S. tax credits for electric vehicles (EVs), noting it will help remove uncertainties surrounding the 2022 Inflation Reduction Act (IRA). The U.S. released the guidance on Friday (U.S. time), defining a "foreign entity of concern" (FEOC) whose battery components and critical minerals may disqualify EVs from U.S. incentives. "Our battery makers have been asking for an early release of FEOC requireme

Dec. 2, 2023

Kakao proposes tackling illegal content distribution with Japanese counterparts

Kakao Entertainment, a content arm under Korea’s IT giant Kakao Corp., said Friday that it proposed Japan's manga industry take joint legal action to tackle illegal distribution of webtoons and web novels. In the latest exchange session jointly held by Korea’s Copyright Overseas Promotion Association (COA), an organization of major Korean content companies for overseas copyright protection, and Japan’s Content Overseas Distribution Association (CODA), a leading Japanese

Dec. 1, 2023

S. Korea's exports increase for two consecutive months on chip sales recovery

South Korea's exports rose for the second consecutive month in November as semiconductor shipments rebounded, government data showed Friday. According to data released by the Ministry of Trade, Industry and Energy, South Korea’s exports rose 7.8 percent on-year to $55.8 billion in November. The country’s exports in November are currently the highest this year, surpassing the figure in October when the country’s exports saw a 13-month downturn and increased by 5.1 percent

Dec. 1, 2023

SK chief suggests Korean, Japanese businesses form ‘union’ to overcome global crisis

SK Group Chair Chey Tae-won suggested that South Korean and Japanese business circles form a "union" to handle the global economic crisis triggered by geopolitical conflicts and division, speaking at a forum in Japan on Thursday. "The era of a single global market has passed due to geopolitical conflicts, climate change and digital transformation," said Chey, who doubles as the head of the Korea Chamber of Commerce and Industry, in his opening speech at the Tokyo Forum 2023

Dec. 1, 2023

KAI, SpaceX to launch Korea's next-gen satelllites in 2025

Korea Aerospace Industries announced Friday that it has inked an agreement with US space firm SpaceX to launch South Korea's next-generation mid-sized satellite No. 2 into orbit in 2025. With the latest deal, KAI has entered a second partnership with SpaceX following a similar agreement signed in July 2021 to launch the next-generation mid-sized satellite No. 4. Under the agreement, both No. 2 and No. 4 satellites will be mounted on Space X’s Falcon 9 rocket for launch into space orbi

Dec. 1, 2023

LG Energy Solution CEO emphasizes qualitative growth

Kim Dong-myung, the newly appointed CEO of South Korean battery giant LG Energy Solution, on Friday vowed to execute winning strategies to lead qualitative growth and create a professional culture aimed at achievement. “If the past three years were the era of LG Energy Solution 1.0 where we laid the foundation for quantitative growth and business, now is the time to make the era of LG Energy Solution 2.0 that results in qualitative growth by securing a dominant upper hand among the competi

Dec. 1, 2023

Toss Bank logs first quarterly profit

Toss Bank, a Korean internet-only bank, saw its first quarterly profit in the third quarter. The company on Thursday announced it logged a net profit of 8.6 billion won ($6.65 million) in the third quarter, shifting from a net loss of 10.5 billion won the previous term. This marked the first time the company posted a quarterly profit since its launch in October 2021. The company attributed the growth to increased interest revenue during the pandemic when mobile banking services saw an influx of

Nov. 30, 2023

KITA holds sourcing fair to support exporters

The Korea International Trade Association held the Korea Grand Sourcing Fair 2023 at Coex in southern Seoul on Wednesday and Thursday as part of its efforts to help domestic exporters enter overseas markets. According to KITA, this year’s event was attended by 152 buyers from 26 countries, who conducted more than 2,300 consultations with nearly 800 Korean companies. In particular, the proportion of buyers from the US, Vietnam, India, China and Japan, all key export markets, made up more th

Nov. 30, 2023

Celltrion's Zymfentra to make US debut in February

Celltrion Healthcare, Celltrion Group's sales arm, announced Thursday that the company’s autoimmune disease treatment Zymfentra will make its debut in the US market on Feb. 29 next year. Zymfentra, which is also known as Remsima SC, is a subcutaneous injection formulation of Celltrion's infliximab Remsima, a treatment for patients with rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis in adult patients. Zymf

Nov. 30, 2023

Corning appoints company veteran as new Korea head

US tech giant Corning Inc. said Thursday that it had appointed Vaughn Hall, its international vice president, as the president of Corning’s Korea Region and Corning Precision Materials. Starting his career at Corning in 1995 as a senior engineer in the company's Harrodsburg plant in Kentucky, Hall has served a number of leadership roles in production management of the company's glass business in the US and Asia, including Japan, Taiwan and China. "As we celebrate 50 years in

Nov. 30, 2023

[Herald Interview] Samyang CEO envisions elevating K-food as global cultural content

In the journey to establishing Samyang Roundsquare's global presence with its ramyeon products, CEO Kim Jung-soo has played a pivotal role. Taking on the position of CEO in September, Kim has been a key figure in the family-owned Samyang Group's leadership since 2017, being the daughter-in-law of Samyang Foods' founder, Chun Joong-yoon. Kim envisions the global market growth not merely as a culinary delight but as a cultural phenomenon extending beyond food. For example, the "

Nov. 30, 2023

Spicing up the world: Samyang’s Buldak series makes global waves

South Korean food giant Samyang Roundsquare, under the leadership of CEO Kim Jung-soo, has been avidly pursuing its global market strategy, particularly focusing on key regions such as China and the US. With China contributing to 35 percent of overseas sales, the company is intensifying efforts to expand to the US, Europe and Southeast Asia, identified as the next growth drivers. During China's Singles Day shopping festival from late October to November, Samyang Roundsquare reached record s

Nov. 30, 2023

[Global Finance Awards] Kyobo's new child insurance plan offers lifetime coverage

Kyobo Life Insurance, one of Korea's leading life insurers, has launched a cost-effective renewable child insurance product that provides lifetime coverage starting from the prenatal period to facilitate the healthy growth of children. The new plan offers tailored protection against major health conditions and diseases throughout one’s life cycle from pregnancy and childbirth to adolescence. Upon turning 30, subscribers can transition to adult coverage, renewing the period up to the a

Nov. 30, 2023