South Korean trading company STX said Monday that it has signed a trilateral agreement with its partners based in Peru and Brazil, forming a secure supply chain that includes mining lithium and processing lithium concentrate. Lithium is a key mineral used for making rechargeable batteries. Under the partnership, STX announced a strategic equity investment in a lithium mine in Peru, which is estimated to have 18.1 million metric tons of lithium deposits. Signing an offtake agreement, it will also

Industry Nov. 13, 2023

South Korean retail giant Hyungji Group Chairman Choi Byung-oh has won the Gold Tower Order of Industrial Service Merit, the highest honor in the trade sector awarded by the government, for his outstanding contributions to the nation’s textiles industry. The Ministry of Industry, Trade and Energy and the Korea Federation of Textile Industries on Friday recognized 47 business leaders in commemoration of the 37th Textile Day. Choi, in particular, was recognized for boosting the competitivene

Industry Nov. 12, 2023

South Korean commercial bank Woori Bank said Thursday that it has launched an updated mobile banking service for foreigners residing in Korea, “Woori WON Global,” that is available in up to 17 languages. While foreigners in Korea find it difficult to use mobile banking services, Woori Bank offers more quick, easy and convenient options to the customers, the bank said. With a total of 17 languages, Woori Bank’s new service boasts the largest number of foreign language options am

Industry Nov. 9, 2023

Hyundai Elevator is showcasing its cutting-edge elevator technology for smart cities and its latest urban air mobility vision at this week’s International Lift Expo Korea held at Kintex in Goyang, Gyeonggi Province. From Wednesday to Friday, Hyundai Elevator will present its vertical mobility system and smart elevator solution, dubbed Maintenance Innovation & Real-time Information (MIRI) service, at an exhibition booth. “The elevator industry today is facing unprecedented chang

Industry Nov. 8, 2023

Hyundai Engineering & Construction said Tuesday it has completed the basic design of the nation’s first water electrolysis-based hydrogen production plant. Since last year, the company has been working on the new plant located within an industrial complex in Buan, North Jeolla Province, as part of a project promoted by the Ministry of Trade, Industry and Energy. Converting electricity into hydrogen by splitting water is a promising strategy that addresses the issue of excess renewable

Industry Nov. 7, 2023

The engineering and construction division of Samsung C&T Corporation is taking part in the “2023 Smart City Expo World Congress” held in Barcelona to showcase its innovative smart city model ideas, the company said Tuesday. Kicking off Tuesday, SCEWC is the world’s biggest expo on urban innovation, serving as a meeting point between industry and government leaders. This year, the E&C division of Samsung C&T is presenting a smart city model jointly developed with its

Industry Nov. 7, 2023

South Korean oil refiner S-Oil said Monday it had delivered 140 million won ($107,700) and citizen honor awards to recognize 21 citizens who accomplished feats of heroism by risking their lives to help others this year. Under the partnership with Korea National Council on Social Welfare, the 2023 Hero Neighbors Award ceremony was held at S-Oil headquarters in Seoul, on Monday. A 58-year-old bus driver identified by his family name of Lee, who died while saving his passengers in Osong, North Chun

Industry Nov. 6, 2023

South Korean food giant CJ CheilJedang announced Monday that it has launched the delivery service brand “Bibigo to-go” in the United Kingdom, in an effort to ramp up Korean food’s presence in the global market. Under a partnership with the UK-based food brand operator Peckwater Brands, Bibigo to-go is now available on major food delivery platforms including UberEats, Deliveroo, and Just Eat. The menus were mainly developed from the Bibigo products sold in the UK. Before the off

Industry Nov. 6, 2023

Korean IT solutions provider LG CNS forged a trilateral partnership with New York City and the American Chamber of Commerce in Korea, agreeing to work together on the digital transformation of New York, the company said on Friday. The three signed a memorandum of understanding for digital transformation partnerships at New York City Hall, with LG CNS CEO Hyun Shin-gyoon, New York City Mayor Eric Adams and AmCham Chairman James Kim in attendance. “With this digital transformation partne

Industry Nov. 3, 2023

Woori Bank, one of South Korea’s top four commercial banks, announced Friday that it has opened a new regional headquarters in Bangladesh that will be in charge of managing six other branches in the country. The Korean bank said it has turned the Dhaka branch into the country's main headquarters on Tuesday, with the purpose of serving as a control tower of financial management, internal control and risk management, marketing, and consulting service for Korean companies seeking to expa

Economy Nov. 3, 2023

South Korea’s SMEs and Startups Ministry and Indonesia’s Cooperatives and SMEs Ministry unveiled the final winners of the 4th Korea-ASEAN Business Model Competition for SDGs 2023 at a hotel in Jakarta, Indonesia, on Tuesday. Launched in 2020, the annual competition aims to boost hundreds of startups and SMEs from South Korea and Southeast Asian countries to adopt the Sustainable Development Goals set by the United Nations to their business models. While this year’s competition

Industry Nov. 2, 2023

Hosted by the Korea Agro-Fisheries and Food Trade Corporation (aT), the 5th Yangjae Flower Festa kicks off Friday at the aT center in Seocho-gu, southern Seoul, with the goal of sharing the value of flowers in our daily lives. Under the slogan “Blossom the Earth,” this year’s three-day flower festival will discuss the future of the floriculture industry amid a global trend of pushing for net zero emissions. This year’s event is the first indoor flower show to be hoste

Industry Nov. 2, 2023

South Korean telecommunications giant KT Corp. announced Wednesday that it has secured a partnership with Telkom Indonesia, pushing development for the smart city project in Indonesia’s new capital, Nusantara. On Tuesday, the two telcos signed a memorandum of understanding to collaborate on Indonesia’s smart city project. The signing ceremony was attended by Moon Sung-uk, KT senior vice president and head of global business unit, and Rizal Akbar, manager of smart city development tas

Industry Nov. 1, 2023

South Korean real estate developer and builder Hyundai Development Co. is shifting the landscape of construction projects via digital transformation, with the aim of promoting safer and more efficient working processes. In particular, digital innovation is optimizing the entire process of architectural fields, the company said. HDC has invented the HDC Estimate System based on BIM or building information modeling, which enables the developer to immediately calculate the amount of materials neede

Industry Nov. 1, 2023

South Korean trading company STX said Tuesday that it had signed a payments partnership agreement with Triple-A to provide crypto payment services on Trollygo, its business-to-business online trading platform set to be launched in November. The signing ceremony was attended by STX CEO Park Sang-jun and Triple-A CEO Eric Barbier at the trading company’s office in central Seoul, Monday. Based in Singapore, Triple-A is Asia’s largest crypto payment gateway and obtained a license from th

Industry Oct. 31, 2023