LG Chem will invest a total of 300 billion won ($278.6 million) to expand its petrochemical facilities in Yeosu, South Jeolla Province, the company said Tuesday.With the investment, the company plans to increase the annual production capacities of crude acrylic acid and super absorbent polymer by 180,000 tons and 100,000 tons, respectively.  (LG Chem)CAA is used to produce acrylates and other derivatives used in paint, paper, textile, adhesives, specialty coatings. SAP is mainly used in disposab

Industry Dec. 26, 2017

The South Korean government said Tuesday that it will inject 3.2 trillion won ($2.9 billion) into research and development in the next year to boost growth of next-generation industries.Despite the ambitious cause, the size of the Ministry of Trade, Industry and Energy’s R&D investment has been decreasing over the past several years, falling to 3.158 trillion won for 2018, down 1.3 percent from 3.338 trillion won this year.  (Yonhap)But by category, the ministry‘s investments in five next-genera

Industry Dec. 26, 2017

Final-stage works are being done at Raemian brand apartments in Seocho district, Seoul, Tuesday. Residents will start to move in from January next year. According to local market research company Real Estate 114, a total of 43,066 households will move in, a record high for the month of January. Throughout next year, some 440,000 households are expected to settle into new apartments, surpassing a record-high figure marked in 1990s when five new metropolitan towns opened, the report added. (Yonhap

Industry Dec. 26, 2017

South Korean customers expect emotional responses from artificial intelligence programs more than technological benefits, a survey showed Monday.  (Innocean Worldwide)Innocean Worldwide, an advertising agency under Hyundai Motor Group, analyzed some 480,000 AI-related keywords online. Its big data analysis team found that customers sought more for interaction and understanding from artificial intelligence, considering them friends and assistants.Related keywords when sharing experiences with AI

Technology Dec. 25, 2017

Hyundai Engineering will start sales of its new Hillstate brand apartments in Songjeong, Gumi, the company said Monday. Lot sales will start in January next year, and residents will be able to move in around May 2020, according to the company’s officials. The complex consists of seven apartment buildings as high as 20 stories. It will hold 526 households, mostly small or medium-sized, the company added An artist’s drawing of the Hillstate apartment complex in Songjeong, Gumi, North Gyeongsang Pr

Industry Dec. 25, 2017

Hanwha Land Systems, a defense business run by Hanwha Group, signed a contract with the Norwegian government to supply two dozen K9 Thunder self-propelled 155 mm howitzers, the company said Thursday.Under the 245.2 billion won ($226.6 million) deal, Hanwha Land Systems will deliver 24 K9 howitzers and six K10 ammunition resupply vehicles by 2020.  Son Jae-il, Hanwha Land Systems CEO, shakes hands with Mette Elin Sørfonden, head of Norway's defense material agency, after a contract on K9 self-pro

Industry Dec. 21, 2017

Zero Space, a domestic fashion brand, was launched with the support of Yuhan-Kimberly, a South Korea personal care products manufacturer, as part of efforts to help senior citizens. The fashion brand is a collaboration between local senior dressmakers and young marketers. It has now grown to join overseas fashion design fairs, such as Maison et Objet Paris and Centrestage in Hong Kong. The brand’s sales have also increased by some 270 percent, according to Yuhan-Kimberly.  (Yuhan-Kimberly)The co

Industry Dec. 21, 2017

(Yonhap)Shilla Duty Free, operated by Hotel Shilla, has secured the license to operate its duty-free business at the airport in the country‘s resort island of Jeju, the Korea Customs Service said Wednesday. Shilla Duty Free now has the right to run duty-free stores at Jeju International Airport for five years. The bidding took place as Hanwha Galleria, retail unit of Hanwha Group, decided to withdraw its business from the airport after the company suffered from a drop in the number of visitors f

Industry Dec. 20, 2017

SK Holdings, the holding unit of SK Group, said Tuesday that the company has received fourth-quarter dividends worth $10 million from the company‘s investment in Eureka Midstream Holdings. In September, SK Holdings purchased shares worth $100 million in Eureka Midstream Holdings, a US-based shale gas gathering and processing company owned by Morgan Stanley.　 (Yonhap)Houston-based Eureka currently operates midstream assets in the Marcellus and Utica Shales, the area where North America’s largest

Industry Dec. 19, 2017

Bilateral trade between South Korea and Vietnam increased by 43 percent on-year to reach $58.5 billion this year, making Vietnam South Korea’s fourth-largest trading partner, according to a report by the Trade Ministry on Tuesday. Bilateral trade has increased for three consecutive years since the free trade agreement between the two nations took effect in 2015. (Yonhap)According to the report by the Ministry of Trade, Industry and Energy, Korea’s combined exports to Vietnam reached $43.7 billio

Industry Dec. 19, 2017

South Korea’s exports of traditional rice wine, or makgeolli, plunged by more than 75 percent last year compared to five years ago, according to a market report Monday. Last year, outbound shipments of Korean rice wine fell to $12.87 million, down by 75.6 percent from 2011, when combined shipments reached their highest level of $52.74 million, according to data compiled by Korea Agro-Fisheries and Food Trade.  (Yonhap)The figure for this year is expected to go down further, as exports of Korean

Industry Dec. 18, 2017

SK Global Chemical on Friday completed its acquisition of Dow Chemical’s packaging product business, the company said in a statement Monday. SK Global Chemical, the chemical unit of SK Innovation, signed a deal with Dow Chemical to acquire the US chemical firm’s polyvinylidene chloride (PVDC) unit in October. PVDC is used for clear film packaging including plastic food wrap. (Yonhap)With the deal completed, SK Global Chemical now has full control of properties previously owned by Dow Chemical. T

Industry Dec. 18, 2017

South Korean and Chinese government leaders and business representatives on Saturday gathered to discuss future cooperation at a business forum organized by Korea International Trade Association on the occasion of President Moon Jae-in’s China visit, the association said Sunday.Along with Moon, a total of some 300 participants joined talks held in Chongqing, to share ideas on potential partnerships in various industries as well as in jointly advancing into other markets. President Moon Jae-in (f

Industry Dec. 17, 2017

SK Incheon Petrochem, the petrochemicals unit of the nation‘s top refiner SK Innovation, is expected to post record-high operating profits this year, largely backed by swift sales of the company’s paraxylene products used to produce polyester textiles and plastic bottles.  SK Incheon Petrochem's plants in Incheon (SK Incheon Petrochem)SK Incheon Petrochem expects to log operating profit that could surpass the record number achieved last year, the company‘s officials said. The petrochemicals unit

Industry Dec. 14, 2017

Wuhan Petrochemical, the SK-Sinopec joint venture, has been highlighted as a successful case of a cooperative project between the two countries during President Moon Jae-in’s state visit to China this week.The Korea-China petrochemical joint venture was forged by SK Global Chemical and Sinopec, China‘s largest petrochemical firm in 2013 with the two investing 3.3 trillion won ($2.91 billion) with the ratio of 35 percent to 65 percent, largely backed by SK Group Chairman Chey Tae-won’s vision to

Industry Dec. 14, 2017