Small and medium-sized enterprises in South Korea are making significant inroads into the nation’s public procurement market, a sector estimated to be worth a staggering 209 trillion won ($154 billion) as of last year, according to a report by the Public Procurement Service published in May. Aiding this success is the Public Procurement Guide, an initiative launched in March that is drawing attention for its innovative approach to assisting emerging businesses. According to the PPS, the

Industry Aug. 7, 2024

South Korean design software developer Zyx Technology said Friday that it has recently signed a memorandum of understanding with Vietnam's Construction Technical College No.1 (CTC1) to expand its presence in the Vietnamese market. CTC1, an institution under Vietnam's Ministry of Construction, is tasked with developing and offering education in alignment with the ministry's policies on the construction industry. The latest partnership aims to forge a long-term collaboration on joint research and

Industry Aug. 2, 2024

As the world tunes into the Paris Olympics, the Korean national team has received a boost from home -- not just in spirit, but in flavor. The Korea Agro-Fisheries & Food Trade Corp., or aT, on Friday said it had delivered an additional shipment of Korea’s beloved culinary staple kimchi to the athletes, providing a taste of home with the aim to inspire peak performance. The official kimchi handover ceremony took place on July 31 at the Team Korea Paris Platform in Fontainebleau, a sub

Industry Aug. 2, 2024

Korean Air said Thursday it would no longer serve instant cup noodles to economy class passengers on long-distance routes for safety reasons, starting Aug. 15. The nation's flag carrier said the decision aims to reduce the risk of accidental scalding from hot liquids. Cup noodles will be replaced with other offerings, including corn dogs, pizzas and hot pockets. Korean Air's decision comes amid a surge in severe turbulence in recent years. According to a recent study, incidents of seve

Industry Aug. 1, 2024

The Korean Intellectual Property Office is stepping up its international efforts to protect intellectual property rights for export enterprises. From July 9 to 11, KIPO took part in the 65th World Intellectual Property Organization General Assembly in Geneva, Switzerland. There, KIPO held bilateral discussions on the sidelines of the event with ten different intellectual property bodies, including offices from Brazil, Denmark, Germany, India, Australia, the UK, France, Canada, Argentina, and the

Industry July 31, 2024

HD Hyundai Marine Solution, the ship maintenance unit of HD Hyundai, announced Monday that it has secured a record $60 million maintenance deal with a Euro-based vessel company. The company said it recently signed a Long Term Service Agreement with a European company, without further elaborating on the company name or other details due to the deal conditions. Under the terms of the deal, HD Hyundai Marine Solution will provide parts and equipment for 38 vessels until 2029, along with skilled eng

Industry July 29, 2024

As the maritime industry navigates towards a greener future, the demand for vessels meeting stringent carbon reduction regulations is increasing in line with the International Maritime Organization's goal of carbon neutrality by 2050. With over 100,000 vessels collectively emitting nearly a billion metric tons of carbon dioxide annually, the call to action is more urgent than ever. In South Korea, Hanwha Ocean, a major shipbuilding and offshore company, is at the forefront of this environme

Industry July 29, 2024

HD Hyundai Electric, an energy solution provider under Korean shipbuilding giant HD Hyundai, said Sunday that it has expanded the storage capacity of its manufacturing plant in Alabama to meet growing orders and improve operational efficiency. The expansion adds 12,690 square meters to the existing storage facility, which can house up to 60 power transformers. With the expansion, the plant will elevate production efficiency while reducing external storage and transportation costs. "The new

Industry July 28, 2024

Daewoo Engineering & Construction is expanding its eco-friendly technology portfolio amid growing calls for green energy solutions to tackle the climate crisis. One of the builder's notable innovations is greenhouse gas reduction technology, called DECO2, a proprietary continuous process for capturing and recycling carbon dioxide, first developed in 2012. This technology captures carbon dioxide and repurposes it into raw materials. By-products from this process can be used immediately a

Industry July 28, 2024

Korea Institute for Advancement of Technology is collaborating with the Ministry of Trade, Industry and Energy to bolster financial and direct investment support for companies approved under their collaborative regulatory sandbox. On Wednesday, KIAT hosted the first Investor Relations Day event for companies joining the regulatory sandbox initiative in Seoul. The event featured business presentations and one-on-one funding consultations. The regulatory sandbox permits the government to temporari

Industry July 24, 2024

South Korean beauty giant Amorepacific said Wednesday that several of its brands topped sales during Amazon Prime Day, the global online retailer's largest shopping event. Amazon Prime Day is an exclusive annual event for its Prime members that took place on July 16 and 17 this year. Amorepacific’s key brands, including Cosrx, Laneige and Aestura, joined the event this year. In the beauty and personal care category, the Advanced Snail 96 Mucin Power Essence, Cosrx's flagship prod

Industry July 24, 2024

Seomjae, a Seoul-based education solutions developer, is set to launch officially its AI Retrieval-Augmented Generation model-based mathematics learning program at the Consumer Electronics Show in Las Vegas next January. In preparation for the launch, Seomjae announced on Tuesday that it completed gathering beta testers for the program. The beta test, starting on July 29 and lasting about a month, will involve 50 students from Seoul, Ulsan, and Boston. The program, developed over two years by a

Technology July 23, 2024

Korea Water Resources Corp., or K-water, is officially set to commence a water management platform in Saudi Arabia jointly with Korean internet giant Naver, for the next five years, the state-run water management agency said Tuesday. The project was announced in a statement by Naver and Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing. This official agreement builds on a partnership initially established between Naver and K-water earlier this month, aiming to penetrate t

Industry July 23, 2024

Samsung Electronics and Krafton have partnered to optimize the forthcoming game "Dark and Darker Mobile" for the latest Galaxy series, set to be installed next month, according to the tech giant on Tuesday. The two firms have integrated advanced 3D graphics technology, Vulkan, into the game, enhancing visual realism and supporting Dolby Atmos sound effects. Key models, including the Galaxy Z Fold6, Galaxy S24 Ultra and Galaxy S23 Ultra, will feature Ray Tracing technology to deliver li

Industry July 23, 2024

Korean Air said Monday that it will launch the first flight of the newly acquired Boeing 787-10 (B78X) on the Incheon-Narita route on Thursday. The Boeing 787-10 Dreamliner is the largest and most advanced in the 787 series, with contributions from the nation's flag carrier in the 787 series' design and production. With a fuselage length of 68.3 meters -- approximately five meters longer than the previous 787-9 model -- the 787-10 can transport 15 percent more passengers and cargo. How

Industry July 22, 2024