The South Korean government said on Thursday it will standardize automotive data and promote intelligent manufacturing by carmakers and parts makers as part of efforts to support digital transformation of the auto industry. The aim is to turn 1,200 automotive component makers into future car companies by 2030, the Ministry of Trade, Industry and Energy said in a statement. The ministry said it will secure eight petabytes of automotive data, which is more than 10 times what is currently in stor

As the Regional Comprehensive Economic Partnership takes effect in February, the Korea Customs Service has come up with a set of measures to help exporters and importers make use of the world’s largest trade agreement among 15 Asia-Pacific nations. Only exporters who have been certified by the KCS for having the ability to manage and prove their products’ country of origin can get certificates of origin under the RCEP. Therefore, the KCS has begun accepting applications for certific

At the Korea Customs Service, all administrative work is done through a massive computerized system. An average of 118,000 export and import reports are handled every day, and the accumulation of vast data allows KCS to make good use of big data analysis and artificial intelligence. “We plan to open a KCS big data portal for the public late this year, which will offer customized services for businesses through AI analysis of exporter and importer data as well as business support record

  Korean instant noodle exports in the first 11 months of last year set a new record amid the prolonged pandemic and the popularity of “chapaguri,” a mix of two different instant noodle products featured in the Oscar-winning film “Parasite.” Exports of ramen, known locally as “ramyeon,” in January-November 2021 hit $607.9 million, up 10.6 percent from the same period a year prior. The 2020 total, which was then the highest ever annual figure, was $603.6

The Korean Intellectual Property Office (KIPO) said it will play a leading role in setting up international rules on creations and inventions by artificial intelligence next year. The KIPO, a member of the Intellectual Property Five (IP5), or a forum of the five largest intellectual property offices including those of the US, Europe, China and Japan, said it will also discuss among the IP5 ways to improve protection of trademarks and designs in the virtual world. “As the digital transfor

Aiming to more than triple its corporate value by 2030, Posco Group plans to have its steel business focus on eco-friendliness and global growth, while fostering new growth engines such as materials for rechargeable batteries and hydrogen. The holding company will be llisted, while the steelmaking unit Posco, as well as other corporations to be set up under the holding company will remain unlisted to allow quick decision-making. This is to prevent undermining existing shareholder value and a

　Blockchain company AMAXG plans to build a more competitive and convergent blockchain platform next year, declaring it “the year of global culture, environment and technological innovation via evolution into hyperconnected, hyperconverged and hyperintelligent society.” 　The new platform will unite blockchain-based big data, artificial intelligence, metaverse and non-fungible tokens to preemptively tackle socioeconomic uncertainties. 　Last month, AMAXG Group chief executive Choi Jeo

　A fifth of people aged 15 to 29 in South Korea were not in employment, education or training (NEET), a report has shown, which would mark the third-highest level among members of the Organization for Economic Cooperation and Development. 　The estimated number of NEET youth in South Korea is nearly 1.59 million, according to a report by Chung Jae-hyun, head of the youth policy research and development division at the Korea Employment Information Service. 　They include about 778,000 who are se

LG Innotek said its chief executive Jeong Cheol-dong will receive an award from the Institute of Electronics and Information Engineers on Friday for helping raise the global competitiveness of the local materials and parts industry. Jeong, known for his insight on the materials and parts market with 37 years of experience in business-to-business deals, will receive the Haedong Technology Award from the academic organization, the electronic components maker said. Having joined LG Semiconductor

　Hanmi Global said Wednesday it has signed a preliminary agreement with the Chartered Institute of Building (CIOB) to share educational contents on construction management. 　The construction management company has recently developed an online education platform, tentatively called Global PM University, to foster professionals in project management and offer knowledge on construction to the general public. 　The CIOB, established in 1834, is a global professional body for construction management

　Han Sung Motor, the official dealership of Mercedes-Benz Korea, last month held a biennial automotive service skills contest in a bid to foster technical specialists. 　Of some 760 applicants, 56 finalists who passed the preliminary round of the seventh Han Sung Skill Contest took the test based on standards proposed by the German carmaker. 　The top three scorers in seven fields, including system, body, paint and components, were awarded on Nov. 20 at the Seoul campus of the Korea Polytechnic

Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world. Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEOs of Meta Factory, co-authored “The Metaverse Management,” based on their discussions as

Hyundai Engineering & Construction said it will begin sales of 698 new apartments later this month in Pyeongtaek, 70 kilometers south of Seoul. The apartments belong to a new estate named Hillstate Pyeongtaek The First, which will consist of a total of 1,107 homes between 59 to 84 square meters in size, and will mark the first sale of new homes in Seojeong-dong, Pyeongtaek in 14 years. Commercial areas around Songtan metro station and Seojeong-dong with banks, hospitals and the Songtan bra

JB Financial Group said on Thursday it has established an integrated big data platform which brings together the data of all of its affiliates and uses artificial intelligence technology to offer customized service. The “data hub” converges the financial data of affiliates and public data, and applies the group’s internal cloud technology to allow data analysis from an integrated perspective, JB Financial said. Using the data hub, affiliates of JB Financial can analyze custom

The Korean Federation of Community Credit Cooperatives will hold a joint webinar with its counterpart in Thailand on Friday under the theme “The Role of Financial Cooperatives and Future Directions.” The webinar is designed to discover the value of financial cooperatives in the two countries and seek ways to cooperate, the KFCC said. Students and officials at cooperatives as well as participants from Myanmar, Laos, Fiji and Uganda will take part in the three-hour webinar. The semin