Hyundai Heavy Industries has completed building an eco-friendly power plant in Colombia’s northern port city of Santa Marta, with its own dual-fuel engine, HiMSEN, according to the Korean shipbuilder on Sunday. In February of last year, Hyundai Heavy Industries won an $80 million contract from Colombian private power company Axia to build a 93-megawatt power plant. Termonorte power plant constructed by Hyundai Heavy Industries in Colombia (HHI)The firm said its own dual-fuel engine HiMSEN has si

A continued battle between the US and China to fight for global technological hegemony may pose higher risks to Korea’s two-biggest memory chipmakers, Samsung Electronics and SK hynix, next year, according to a report released by the Korea International Trade Association on Monday.During the latest G-20 summit, the US and China temporarily agreed to a cease-fire over their prolonged trade war. However, it will not be easy for the two nations to reach a sustainable agreement as the essence of the

The fear of losing jobs due to automation will not become reality, as innovation will continue to create jobs, according to World Bank Group Senior Director Michal Rutkowski. Still, nations should consider how to better protect workers in the changing work environment driven by technology advances, he added. The notion that automation makes traditional jobs obsolete has always been a source of frustration for blue-collar workers. With the advancement of artificial intelligence and robotics, the

Top exporters including Samsung Electronics, Pubg, L&F and Intellian Technologies on Friday received awards out of 1,264 exporters that have contributed to the nation’s achievement of $600 billion in exports this year. They received awards at an annual ceremony held by the Korea International Trade Association to mark the 55th Day of Trade.  KITA CEO Kim Young-ju (Yonhap)The event was attended by President Moon Jae-in, Minister of Trade, Industry and Energy Sung Yun-mo, KITA CEO Kim Young-ju and

In South Korea, the image of massage services has long been negative, viewed in relation to illicit sexual service providers. Either that, or massages were seen as the prerogative of the elite at posh and luxurious spas.Now, with growing interest in health services amid increasingly sedentary lifestyles and the consequent branching out of massage to become more affordable and accessible, it has become a common way to relieve stress and pain for many Korean urbanites. In Seoul, you can easily fin

Representatives of South Korea, China and Japan are to discuss a regional free trade deal in Beijing from Thursday to accelerate negotiations on market liberalization for products, services and investment, the Seoul government said Wednesday. The two-day negotiations will be attended by senior trade officials representing the three nations, who will discuss ways to open up goods and services markets and lower other trade barriers, the Ministry of Trade, Industry and Energy said. This is the 14th

The Korea International Trade Association is hosting a two-day trade fair from Tuesday to match global retail buyers and local exporters in Seoul. The 11th Korea Grand Sourcing Fair 2018, sponsored by the Ministry of Trade, Industry and Energy, the Ministry of Oceans and Fisheries and KB Kookmin Bank, is taking place at the Coex Convention and Exhibition Center with 118 buyers from 24 nations and around 600 Korean companies. KITA CEO Kim Young-ju (front left) talks with buyers at the 11th Korea

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the twelfth installment. -- Ed.Regulation is a topic that frequently comes up among foreign companies doing business in Korea. And that makes sense, as Korea ranks 51st among 67 countries on the FDI Regulatory Restrictiveness Index compiled by the Organization for Economic Cooperation and Development. However, James Kim, chairman of the American Ch

South Korean exporters should diversify their markets and products, as uncertainties in world trade due to conflicts between the US and China could continue, and slow growth in emerging nations could weigh down markets, according to trade experts at a seminar in Seoul on Friday. “A slow growth rate in China and emerging nations, alongside the US, Europe and Japan, could increase the external risks” of the export-led nation that constitutes the world’s fifth-largest export economy, said An Sung-b

Governments and companies both play important roles in improving the well-being of citizens, said renowned academics on Wednesday, the second day of the sixth OECD World Forum that kicked off under the theme of the future of well-being. Jeffrey D. Sachs, a professor of economics at Columbia University, said that to improve the well-being of people, trust between the government and society should be rebuilt. “As the world is facing many challenges, such as environmental harms, risks of wars and n

KEB Hana Bank swept global awards from renowned financial publications this year, solidifying its status as a representative private bank in Korea. Early this month the bank was acknowledged as the best private bank in Korea at the 10th Global Private Banking Awards in London. The event was jointly hosted by two UK publications, The Banker and Professional Wealth Management. The Banker is a monthly international financial affairs publication, and Professional Wealth Management is a magazine

European companies doing business in South Korea called on the Korean government to bring the nation’s business regulations in line with international standards, a step they said would benefit both foreign firms doing business here and domestic exporters in the global market, during a press conference in Seoul on Tuesday. Since the Korea-European Union free trade deal was implemented in 2011, the trade volume between the two regions has gradually risen. The EU is currently the largest source of

Korea will maintain its stance on its anti-nuclear policy in the wake of heated debate over Taiwan’s latest referendum that voted in favor of repealing the nuclear phase-out, according to a senior government official of the Energy Ministry on Monday. “Taiwanese seemed to decide to abandon its anti-nuclear policy in the wake of a massive blackout in August last year. Although our policy direction is somewhat similar to Taiwan, there are also differences,” a senior official of the Ministry of Trad

The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, and provide 1.7 trillion won in financial assistance, officials said Friday.“In order to set small and midsized shipbuilders apart from their rivals from China and Japan, it is necessary for them to be first movers in the eco-friendly shipbuilding market,” said Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipb

Samsung Electronics and 11 large South Korean companies pledged to expand the use of renewable energy and called for the creation of a system that would enable businesses to purchase renewable energy during an energy forum in Seoul on Thursday. The 12 companies, including Samsung Electronics, SK hynix, Shinhan Financial Group, KB Financial Group, Industrial Bank of Korea, AB InBev and Ikea Korea, announced in a joint statement, “We recognize the importance of companies’ responsibility and roles