By Diplomacy Journal Lee Kap-soo POSCO-ICPC was named “Supplier of the Year” at the Supplier Day 2024 event held by Schaeffler India in Maharashtra, India, on April 18. Schaeffler India, a global automobile parts manufacturer, holds the Supplier Day event every two years to share its main performance and mid- to long-term strategies with key suppliers and award outstanding suppliers by evaluating them in nine categories, including quality, delivery, cost, innovation, and sustainability. POSCO-ICPC received the highest ratings in all categories at the event, which was attended by more than 200
By Diplomacy Journal Lee Kap-soo Minister for Trade Cheong In-kyo attended the Korea-UAE Business and Investment Forum on May 28, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the United Arab Emirates (UAE)’ Ministry of Economy and co-organized by Korea Chamber of Commerce and Industry (KCCI) and the UAE Embassy in Seoul, with aim to encourage both countries’ business leaders and their new partnerships. Held on the occasion of the UAE President Sheikh Mohamed bin Zayed’s first state visit to Korea and attended by UAE Minister of State for Foreign Trade Thani bin Ahmed
By Diplomacy Journal Lee Kap-soo Korea Customs Service (KSC) Commissioner Ko Kwang-hyo attended the 'European Business Roundtable in Korea' hosted by the European Chamber of Commerce in Korea on May 28. The meeting was attended by 30 representatives of European companies in Korea and the European Union Delegation to Korea, and Commissioner Ko was invited by Philippe Van Hoof, Chairperson of the European Chamber of Commerce in Korea (ECCK). Commissioner Ko expressed his pleasure to attend this year's event after last year's ('23.9.7), and shared the direction of tariff policy with European comp
By Diplomacy Journal Lee Kap-soo Dr. Martin Henkelmann, President and CEO of the Korean-German Chamber of Commerce and Industry (KGCCI), gave a special lecture to 100 students at Busan University of Foreign Studies (BUFS) on May 22, 2024. Dr. Henkelmann’s presentation, titled “Working in German Companies - Benefitting from the Growing Korean-German Business Relations,” offered valuable insights into the dynamic and evolving business relations between South Korea and Germany. He highlighted the opportunities and advantages for Korean students aspiring to build careers in German companies and em
By Diplomacy Journal Lee Kap-soo Ambassador Vu Ho of Vietnam to Korea, delivered a greeting at the 'Beyond Korea, a Public-Private Partnership Conference to Support SMEs and Venture Companies to Go Global' held at the Korea Chamber of Commerce and Industry in Seoul on May 22. The event was the first event organized by the public-private partnership to support the overseas expansion of SMEs and venture firms, and Vietnam was selected as the first theme country as there is a high demand for SMEs to expand overseas. The government has decided to build a strong foundation for globalization by focu
By Diplomacy Journal Lee Kap-soo KEPCO, led by CEO Kim Dong-cheol, signed a memorandum of understanding (MOU) with the Ministry of Energy of the Kyrgyz Republic for technical cooperation in the energy sector, KEPCO announced on May 10. The MOU provides an opportunity for KEPCO to cooperate with the Kyrgyz Republic on new energy technologies such as high-voltage direct current transmission (HVDC) and intelligent electricity metering system (AMI). “We will share our experience in growing the power business with the Kyrgyz Republic and continue to cooperate on new energy projects such as high-vol
By Diplomacy Journal Lee Kap-soo GS E&C, Dongbu E&C, and Daebo E&C have received a one-year ban from bidding on public works projects from LH in connection with the collapse of the underground parking lot of an apartment building in Geomdan, Incheon, last year. GS E&C and Dongbu E&C announced on May 3 that they have been notified by LH that they have been banned from bidding on public works projects. As a result, the companies will not be able to participate in bidding for public works projects ordered by domestic public institutions for one year from May 22 this year to Ma
By Diplomacy Journal Lee Kap-soo SK On, a leading global electric vehicle (EV) battery manufacturer, announced that its Cobalt-free battery has won a Bronze award in the Smart Transportation category at the prestigious 2024 Edison Awards on April 18. The latest honor not only shows SK On's technological prowess but also underscores the company’s commitment to ethical innovation and sustainable progress in the green energy sector. SK On's Cobalt-free battery is considered a breakthrough in EV battery technologies, overcoming technological barriers in cobalt-free cathode material compositions. R
By Diplomacy Journal Lee Kap-soo Romanian President Klaus Iohannis visited the headquarters of Doosan Enerbility in Changwon, Gyeongsangnam-do, on April 24 and met with Chairman & CEO Park Gee-won of the company. Romania is in the process of building its first small modular reactor (SMR) power plant. Romania's RoPower is planning to build a 462-megawatt (MW) SMR plant at the site of a coal-fired power plant in the Doişeşti region. US-based NuScale Power will supply six 77-megawatt (MW) SMRs to the plant, and Doosan Enerbility will manufacture and deliver reactor modules, the core equipment
By Diplomacy Journal Lee Kap-soo Kazakh President Tokayev received the CEO of KIA Corporation, Song Ho-sung on April 23, 2024. During their meeting, it was emphasized that the production of cars is one of the key areas of Kazakhstan’s industrial policy. CEO Song talked about the progress of construction of a full-cycle car production plant in Kostanay, which will be built in 2025. This ambitious project has already attracted over 200 million US dollars in investment and is expected to create 1,500 permanent jobs. The plant is designed with a capacity to produce 70,000 cars annually, with 50,00
By Diplomacy Journal Lee Kap-soo K-water has decided to expand global cooperation to jointly respond to the climate crisis and expand water industry exports. Related to this, K-water CEO Yun Seog-dae visited Kyrgyzstan to meet with high-level government officials, sign business agreements and discuss ways to expand cooperation in the water sector in April. Kyrgyzstan is a key partner country of Korea. Kyrgyzstan and South Korea have been cooperating mainly in the fields of environment and health and hygiene. As the lead agency for the Ministry of Environment's International Greenhouse Gas Redu
By Diplomacy Journal Kayla Lee Itchy, painful skin conditions can be a daily struggle, and there are more than two million people in Korea alone who suffer from them. From atopic dermatitis to intractable skin and regressive dermatosis, why do these skin diseases occur and why are they so difficult to cure? If you look around you, you can easily find people who have been living with skin diseases for 10, 20, or 50 years. A common misconception is that skin diseases are contagious. However, only some skin diseases are contagious, such as pathogenic microorganisms, but the vast majority are not.
By Diplomacy Journal Lee Kap-soo Munich Re today announced the appointment of Ajeet Phatak as CEO Korea Branch on April 18. His appointment is subject to regulatory reporting procedures. Phatak will report to Hitesh Kotak, who will be Chief Executive - Japan, India, Korea and South-East Asia as of 1 August 2024. As CEO Korea, Ajeet Phatak will be responsible for Munich Re’s Branch and Property and Casualty (P&C) reinsurance business in Korea. Ajeet Phatak succeeds Michael Hauer, who will be Head of P&C South-East Asia based in Singapore as of 1 September 2024. Roland Eckl, Chief Execut
By Diplomacy Journal Lee Kap-soo The construction of a major battery manufacturing complex in Arizona, announced by LG Energy Solution, is on track to be completed in two years with the first round of hiring expected to begin at the end of this year. The company provided progress updates on its $5.5 billion (7.2 trillion won) stand-alone facility during a stakeholder meeting on April 3 at Combs High School in San Tan Valley near the town of Queen Creek where the complex is located. The attendees included Brian Oh, Head of Mobility & IT Battery Division at LG Energy Solution; Hyung Kim, Hea
By Diplomacy Journal Lee Kap-soo POSCO International’s palm business has become a major source of revenue for the company, with sales of USD 163.6 million (approximately KRW 213.8 billion) and operating profit of USD 52.56 million (approximately KRW 68.6 billion) last year. Since beginning its farm plantation development in Papua, Indonesia, in 2011, the company started commercial production in 2016 and is on the right track, achieving its largest production volume of 208,000 tons in 2023. Its PT.BIA corporation, the locally established company to run the farm business, turned profitable in 20