Economy
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S. Korea cooperates with Microsoft to incubate young AI specialists
SEOUL -- South Korea's employment ministry is funding the South Korean office of Microsoft and the Korea Chamber of Commerce and Industry to expand an incubation program designed to nurture young artificial intelligence specialists. Microsoft previously operated a pilot program in the southern city of Daegu in 2022 to incubate 47 students. For the past years, Microsoft has been collaborating with South Korea's administrative bodies, provincial governments, and private compa
27 June 2023
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SK bioscience partners with Australian research institute to cooperate in influenza research
SEOUL -- SK bioscience, the developer of South Korea's first homemade COVID-19 vaccine, has partnered with an Australian research institute specializing in infection and immunization to carry out research projects in influenza biology, vaccines, and antivirals. The South Korean company aims to earn a competitive edge in the global influenza market through cooperation with the research group called the Peter Doherty Institute is affiliated with the University of Melbourne. Data
27 June 2023
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Food ministry urges companies to lower price of wheat flour to tackle high inflation
SEOUL -- To tackle high inflation, the South Korean government urged major food companies to lower the price of wheat flour, the basic ingredient in many food menus. The flour companies said that they would review the possibility of price reduction in flour and other flour-based products. South Korea imports about 99 percent of wheat mainly from Australia (1.18 million tons), the United States (1.14 tons), and Canada (246,190 tons). About $1.2 billion worth of wheat was imported in
27 June 2023
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LG Innotek reveals $994 mln plan to expand camera module factory in Viet Nam
SEOUL -- LG Innotek, the electric component unit of South Korea's LG Group, will inject 1.3 trillion won ($994 million) to expand its manufacturing plant for camera modules in Hai Phong, an industrial port city in northeastern Viet Nam. The Viet Nam-based facility with about 3,500 employees mainly produces camera modules for smartphones. LG Innotek said in a statement that the investment would be made by its Vietnamese branch from July 2023 to December 2025. The company aims to
26 June 2023
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LG Chem starts mass production of single-crystal cathodes for first time
SEOUL -- South Korean battery maker LG Chem has started the mass production of single-crystal cathodes for high-performance batteries for the first time. The electrode made with high-nickel material can increase the lifespan of batteries by up to 30 percent, according to the battery maker. Normally, electrodes used in batteries consist of multiple crystal structures of metallic materials. When a battery undergoes the charge and discharge process repeatedly, cracks inside the crysta
26 June 2023
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State-run trade promotion agency holds K-industry showcase event in Viet Nam
SEOUL -- To draw the attention of Viet Nam's business industry during South Korean President Yun Suk-yeol's state visit to Hanoi, KOTRA, a state-run trade promotion agency, held a showcase event to introduce various K-industry products including components, infrastructure, technologies, and agricultural products. Some 100 South Korean companies participated and engaged in a daily average of 540 consulting sessions with Vietnamese buyers. South Korea and Viet Nam are each ot
23 June 2023
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Operator of mobility service for socially disadvantaged urges government to lift regulations
SEOUL -- Papa Mobility, a ride-hailing service operator in South Korea, is targeting the country's socially disadvantaged people to provide differentiated services including the door-to-door escort service in a bid to survive in South Korea's mobility service sector mainly dominated by traditional taxi companies and individual taxi operators. South Korea with some 250,000 reg
22 June 2023
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Healthcare company PharmGen Science secures $1 mln export contract with Vietnam's distribution firm
SEOUL -- PharmGen Science, a Seoul-based healthcare product developer, has sealed an order worth $1 million to provide medicines, health supplements, cosmetics, and medical devices for Medicare, a Vietnamese medical product distributor with about 6,000 clients. The South Korean company will also operate an office in Vietnam to expand its business scope into the Southeast Asian market. PharmGen Science produces various types of drugs such as Vardipine Tab, a product used for cardiov
22 June 2023
