Seoul, July 12 (IANS) Samsung Electronics is moving to begin operations at the first semiconductor fabrication plant in its Yongin chip cluster in 2029, one to two years earlier than planned, industry sources said on Sunday.The accelerated timeline comes as the government speeds up development of the Yongin National Industrial Complex, a national strategic project set to serve as the company’s next-generation semiconductor manufacturing hub, reports Yonhap news agency.Samsung is currently planni…
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Seoul, July 3 (IANS) Seoul stocks traded higher late on Friday morning in choppy trading as investors snapped up bargain-priced semiconductor shares following the previous session’s sharp sell-off.After opening 1.2 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended its gains, rising 163.52 points, or 2.11 percent, to 7,809.61 as of 11:20 am, reports Yonhap news agency.The index plunged 7.89 percent the previous session, dragged by a heavy sell-off in Samsung Electro…
Seoul, June 2 (IANS) South Korea and Canada have discussed a deeper partnership in advanced industries, including space and defence, Seoul’s industry ministry said on Tuesday, as the country is making last-minute efforts to win Canada’s submarine project. The Ministry of Trade, Industry and Resources and the Korea Trade-Investment Promotion Agency (KOTRA) jointly hosted a business roundtable in Toronto on Monday (local time) to promote cooperation between Korean and Canadian companies.The event …
Seoul, May 10 (IANS) South Korean Industry Minister Kim Jung-kwan met US Commerce Secretary Howard Lutnick and other senior American officials to discuss strategic investment projects and ways to enhance bilateral cooperation in energy, shipbuilding and other key sectors, the industry ministry said on Sunday.During a four-day visit to Washington, Kim met with Lutnick and explained South Korea’s progress in drafting follow-up regulations and establishing an implementation framework following the …
Seoul, May 7 (IANS) South Korea has called on the international community to jointly respond to the recent spread of trade restrictive measures by major economies in a high-level meeting of World Trade Organization (WTO) member nations, the trade ministry said on Thursday.Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, attended the WTO’s General Council meeting held for two days beginning Wednesday (local time) in Geneva, as the chief repre…
Seoul, May 1 (IANS) South Korea’s exports exceeded $80 billion for the second consecutive month in April, jumping nearly 50 per cent from a year earlier on the back of robust shipments of semiconductors, government data showed on Friday.Outbound shipments totalled $85.89 billion last month, up 48 percent on-year, according to the data compiled by the Ministry of Trade, Industry and Resources, reports Yonhap news agency.The April tally marks the second-highest monthly export figure for the countr…
Seoul, April 29 (IANS) Trade ministers of South Korea and Qatar agreed on Wednesday to expand the two countries’ cooperation in advanced industries, including artificial intelligence (AI) transformation of the manufacturing sector, semiconductor and biohealth, a Seoul ministry said.Trade Minister Yeo Han-koo met with his Qatar counterpart, Ahmed bin Mohammed Al-Sayed, in Seoul to discuss ways to expand economic and investment cooperation between the two nations, according to the Ministry of Trad…
Seoul, April 28 (IANS) The industry ministry here said on Tuesday it will provide a combined 300 billion won ($203.6 million) in support for projects aimed at facilitating the artificial intelligence (AI) and green transformation of industrial complexes.The support will be offered over the next three to four years for nine projects aimed at creating the so-called smart and green industrial complexes, according to the Ministry of Trade, Industry and Resources. The ministry will first invest a com…
Seoul, April 23 (IANS) The government here said on Thursday it will maintain the current price ceilings on fuel products for another two weeks considering international oil prices and demand-side controls.Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will remain unchanged at 1,934 won (US$1.3), 1,923 won and 1,530 won per litre, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources.It marks the…
Seoul, April 16 (IANS) The Seoul government has submitted a formal opinion letter on the United States’ ongoing probes into South Korea and other nations involving what it calls “unfair” trade practices related to structural excess production and forced labour, officials said on Thursday.The letter was submitted by the Ministry of Trade, Industry and Resources to the office of the US Trade Representative (USTR) ahead of public hearings on the ongoing trade investigation scheduled to begin next m…