KOTRA

S. Korea, Vietnam host business forum to promote bilateral economic ties South Korea's industry ministry said Monday it has hosted a business forum with Vietnam to seek new opportunities for partnerships in chips, artificial intelligence and other areas. Around 500 government and business officials from both countries attended the event, which took place during Vietnamese Prime Minister Pham Minh Chinh's visit to Seoul During the event, Korea Industry Minister expressed hope to expand trade and investment ties with the Southeast Asian country and to collaborate in other economic areas, including supply chains. The two countries also signed 23 memoranda of understanding in biotechnology, semiconductors, artificial intelligence, education and health care, among other fields, during the forum "The forum has paved new grounds to diversify and elevate the economic cooperation between South Korea and Vietnam," the ministry said in a statement, adding the government will continue to support businesses to help them maintain stable business activities in Vietnam. Source: Yonhap News https://lnkd.in/dqsTWgQz

Korea‘s June 1-20 exports up 8.5% on strong chip demand South Korea’s exports rose by nearly 9 percent in the first 20 days of June from a year ago on robust demand for chips. The country’s exports totaled $35.75 billion in June 1-20, up 8.5 percent from the same period a year earlier. The daily average exports in June also rose by 8.5 percent when taking into account the number of working days, which was the same as in 2023. By product, semiconductor exports increased by 50.2 percent, petroleum product exports 6 percent, and wireless communication devices exports 10 percent. By country, exports to the United States grew by 23.5 percent, China by 5.6 percent, and Vietnam by 30.7 percent. Source: Pulse News https://lnkd.in/dr7H78gW

S. Korea to introduce new K-culture training, workation visas South Korea will begin issuing the K-culture training visa for foreigners on a trial basis this year and consider introducing a new workation visa, with the goal of attracting more tourists from overseas It is part of the comprehensive measures presented by the ministry, which also calls for simplifying entry procedures and devising various tour programs so as to better meet their needs and boost their conveniences. The government will launch the so-called K-culture training visa for foreigners on a trial basis starting this year, which will be available for people who want to come here to take part in training programs on K-pop, choreography and other cultural sectors. It will also consider the expansion of a digital nomad visa, where foreigners can work remotely while traveling in South Korea. The one-year test operation of the workation visa has been implemented since January, and the government is mulling options to diversify its requirements in cooperation with regional governments so as to give foreigners more incentives and various options regarding their stay both for work and tours in specific regions in South Korea. Source: Yonhap News https://lnkd.in/dePASpxX

Brazil's 'Christ the Redeemer' statue dons hanbok for Korean culture event Brazilian landmark "Christ the Redeemer" statue donned Korea's traditional dress of hanbok, marking the first time that the installation has been decorated with the traditional attire of a different country. Co-organized by the Ministry of Culture, Sports and Tourism and the Korean Culture Center in Brazil, the event was held as part of a celebration of "Luzes da Coreia ? Festival de Lanternas de Jinju," The dress for "Christ the Redeemer" was projected onto the gigantic statue using a technology called projection mapping, where tailor-made videos are projected onto a surface to give a 3-D effect. A two-piece blue coat, referred to as cheolik dopo in Korean, was donned by the statue, touching on Brazil's symbolic color. The belt was decorated with the logo design of the upcoming G20 Summit. Designer Lee Jin-hee, the honorary ambassador of Jinju silk, made the design for the virtual hanbok. Source: Korea Joongang Daily https://lnkd.in/drcKiNHf

S. Korea-Africa summit paves way for stronger cooperation on trade, energy, economy  South Korea has signed nearly 50 initial agreements with African nations meant to boost cooperation on trade, energy, critical minerals and a wide range of other industrial and economic fields The MOUs were signed on the sidelines of the two-day Korea-Africa Summit held in Seoul. The summit was the first of its kind hosted by South Korea for African partners, which focused on expanding their cooperative relations. South Korea and Tanzania declared the initiation of negotiations for an economic partnership agreement (EPA) with a goal to deepen their trade ties. South Korea also agreed with Morocco upon talks to push for negotiations on a bilateral EPA, which would call for a stronger relationship on supply chains, digital industry and a broader range of trade issues. Also a business summit took place in Seoul, which brought together some 400 government officials from South Korea and Africa, including presidents and top officials from 18 African nations, as well as corporate officials from Hyundai Motor Co., LG Corp., POSCO Holding Inc. and Doosan Enerbility Co., among other firms. Source: Yonhap News https://lnkd.in/dtk4M8_4

S. Korea begins auction for electricity from 'clean' hydrogen power plants The industry ministry said Friday it has begun an auction to buy electricity from "clean" hydrogen power plants. SEOUL, May 24 (Yonhap) -- The industry ministry said Friday it has begun an auction to buy electricity from "clean" hydrogen power plants. The auction aims to reduce South Korea's greenhouse gas emissions while fostering competition to supply hydrogen-based energy at competitive prices, according to the Ministry of Trade, Industry and Energy. Under the system, the government will clinch a long-term supply contract with suppliers at fixed prices. Power generated from facilities that adhere to regulations, specifically those emitting no more than 4 kilograms of CO2 equivalent per kilogram of hydrogen, will be eligible to participate in the market. The quantity is set at 6,500 GWh annually, with the contract running for 15 years. Considering the duration needed for preparations, the power generation is expected to start in 2028. Source: Yonhap News https://lnkd.in/d6Vpxwux

K-food counts more young Vietnamese consumers as fans South Korean food brands are quickly becoming household names in Vietnam amid the rising popularity of trendy Korean snacks and fast food among the younger population. Social media platforms such as Instagram and TikTok have played a crucial role in boosting the appeal of various Korean foods, prompting food companies to enter and invest in the Vietnamese market. Korean confectionery manufacturer Orion Corporation reported that its Vietnamese subsidiary’s sales totaled 118.2 billion won ($86.6 million) in the first quarter of 2024, up 12.3 percent from a year ago. Choco Pie, which holds an almost 70 percent market share in Vietnam, introduced flavors tailored to local tastes such as ‘Dark’ and ‘Watermelon.’ Lotte GRS, which operates the Lotteria fast-food chain, saw its Vietnamese sales nearly double to 109.8 billion won in 2023 from 61.3 billion won in 2021. Industry experts view Vietnam’s food market as a promising alternative to the Chinese market, thanks to the country’s robust economic growth and role as a leader in Southeast Asian culture. Source: Pulse News https://lnkd.in/dt6Mw68w

Korea unveils ambitious R&D agenda The South Korean government plans to increase its 2025 budget for researching and developing artificial intelligence (AI) for self-driving cars and the most advanced battle tanks. The second strategic council convened by the Ministry of Trade, Industry, and Energy (MOTIE) on Thursday,  which involved input from private experts from businesses, research organizations, and universities, discussed 62 new R&D projects for the upcoming year, including flagship initiatives. The flagship projects focus on 12 key technologies, including world-leading semiconductors for autonomous vehicles and next-generation tanks, as well as innovations in non-electric energy storage and power grids. The ministry also unveiled an ambitious goal of achieving the world‘s first commercialization of autonomous driving network systems capable of 10Gbps speeds or higher,  alongside the development of advanced chips designed to enable Level 4 or higher driving autonomy.. Source: Pulse News https://lnkd.in/dHjzH4xz

S. Korea, Oman to resume meeting on economic cooperation South Korea's industry ministry said Monday it has reached an agreement with Oman to resume a bilateral meeting on economic cooperation that has been stalled due to the COVID-19 pandemic. Trade Minister discussed the agenda with the head of the Oman Public Authority for Special Economic Zones and Free Zones, in Seoul, according to the Ministry of Trade, Industry and Energy. The two countries had scheduled the sixth meeting of the Korea-Oman Economic Cooperation Committee in Muscat in 2019, but the event was postponed due to the global outbreak of the COVID-19 pandemic. During the visit, the Omani official noted that the Middle East nation wishes to resume the meeting in line with his government's efforts to diversify its industrial portfolio, including the renewable energy sector. Trade Minister said South Korea wishes to explore ways to boost investment between the two countries and find new business opportunities by organizing the meeting at an early date. He also asked for the Omani government's proactive attention on South Korean companies' plan to participate in the Middle Eastern nation's solar power, green hydrogen and petrochemical projects. Source: Yonhap News https://lnkd.in/dzW44TBk

Indo-Pacific deal on supply chains takes effect in S. Korea A U.S.-led Indo-Pacific agreement on supply chains went into effect in South Korea, Seoul's trade ministry said Wednesday. The Indo-Pacific Economic Framework (IPEF) was launched by U.S. President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan. "The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain," Trade Minister Cheong In-kyo told a meeting with corporate executives. The IPEF has four pillars -- trade, supply chain resilience, a clean economy and a fair economy -- and they reached an agreement on the supply chain resilience pillar last year. It marked the first multilateral agreement participated in by South Korea regarding global supply chain issues. Source: Yonhap News https://lnkd.in/df7-538c