SK bioscience Co., a pharmaceutical affiliate of South Korea's SK Group, said Wednesday it has joined hands with Thailand's state-run drugmaker to build vaccine manufacturing and development infrastructure in the Southeast Asian country. SK bioscience and Thailand's Government Pharmaceutical Organization signed a memorandum of understanding on Tuesday, under which the Korean company will help the country prepare for future pandemics by developing a homegrown vaccine. As a first st

Business associations representing over a dozen Asian countries gathered in Seoul on Wednesday to discuss ways to boost cooperation in supply chains and reinvigorate people-to-people exchanges, a South Korean business lobby said. The 12th Asia Business Summit, co-hosted by the Federation of Korean Industries and the Japan Business Federation (Keidanren), brought together the chiefs of 13 business organizations, including the China Council for the Promotion of International Trade, Taiwan's C

Hyundai Motor Co., BMW Korea and three other companies will voluntarily recall more than 92,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Mercedes-Benz Korea, Volkswagen Group Korea, and Stellantis Korea, are recalling a combined 92,088 units of 116 different models, the Ministry of Land, Infrastructure and Transport said in a statement. Stellantis is a 50:50 joint venture set up through the merger of US carmaker Fiat Chrysler Automobiles

$1.48b in orders secured in H1, already exceeding last year's total

Government agencies and major companies in South Korea gathered Tuesday to form an alliance to secure the country’s global leadership in the small modular reactor, or SMR, market. An SMR is a small-sized reactor that can produce 300 megawatts of electricity, integrating major equipment like a steam generator and coolant pump into a containment unit. It is considered a game changer in the energy sector for carbon neutrality and as an eco-friendly energy source. The SMR alliance comprises 11

The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500

GWANGJU -- A line of pressing machines continuously stamped out automotive body panels inside Kia’s manufacturing plant in Gwangju on Thursday. The pressers never seemed to miss a beat as they kept stamping out the panels, offering a glimpse of the automatized operations at the South Korean carmaker’s major domestic production site. A similar scene could be observed at the next stop, the welding shop. A large electronic display board hanging down from the ceiling showed how the autom

The Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council are set to co-host the 2023 International Green Fuels Symposium on July 11 at the Four Seasons Hotel in Jongno-gu, Seoul. Sponsored by the South Korean Ministry of Land, Infrastructure, and Transport, the Ministry of Environment, and the Korea Biofuels Forum, this year’s theme is “The Role of Green Fuels in Realizing 2050 Carbon Neutrality”. The event will explore recent global

In addition to revising immigration policies, government will enhance incentives for foreign tourists

SK Square, the investment arm of SK Group, said Tuesday that it has set up a semiconductor investment company in Singapore, with a total investment of 100 billion won ($77 million) together with SK hynix, Shinhan Financial Group and LIG Nex1 and others. The new firm, TGC Square, aims to finance global and domestic chip companies specializing in manufacturing and supplying semiconductor components and equipment. The company plans to spend nearly 60 percent of its initial investment funds on Japan

South Korea’s first Five Guys burger restaurant located in Gangnam-gu, southern Seoul, sold around 15,000 burgers during its first week, according to FG Korea, a food subsidiary of Hanwha Galleria, Tuesday. On average, Five Guys sold more than 2,000 burgers a day and up to 200 burgers an hour. Customers from various regions across Korea came to eat at Five Guys, including Seoul, Gyeonggi, Daejeon, Daegu and Busan, the company said. There were even some that flew to Korea from Japan, which

South Korea posted its highest-ever semi-annual ramen exports figure amid the increased global demand for Korean instant noodle products, data found Tuesday. According to the data from the Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, Korean ramen exports were tentatively tallied at $446.2 million, as of June. The number recorded a 16.4 percent jump from the previous record high of $383.2 million, logged in the first half of 2022. Korea's semi-annual ramen expo

Starbucks Korea said Tuesday that its third drink developed with the Korean Commission for Corporate Partnership and the national cooperative association of cafe owners, named the Okcheon Sweet Pumpkin Latte, will go on sale at 150 cafes owned by small business owners across the nation. The drink is the specialty coffee chain’s third attempt at launching unique beverage recipes using locally sourced ingredients in a bid to ramp up its contribution to the local economy.

EU commissioner discusses chip investment with Samsung chief

Foreign direct investment pledges to South Korea jumped 54.2 percent on-year in the first six months of this year to reach a record high for any first-half period, data showed Tuesday. The country received $17.09 billion of FDI commitments in the January-June period, compared with $11.09 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. This year's figure is the largest ever for any January-June period, with the previous record being $13.14 billion in 2