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ICT Exports Extend Winning Streak to 12 Months in October According to Yonhap News, South Korea's exports of information and communication technology (ICT) products rose for the 12th consecutive month in October, driven by strong global demand for semiconductors, data showed Thursday. Outbound shipments of ICT products came to US$20.8 billion last month, up 22 percent from $17.05 billion a year earlier, according to data compiled by the Ministry of Science and ICT. It marks the third straight month the country's ICT exports surpassed the $20 billion mark. Imports of ICT products increased 5.7 percent on-year to $13.3 billion, resulting in a trade surplus of $7.47 billion in the sector. SEOUL, Nov. 14 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products rose for the 12th consecutive month in October, driven by strong global demand for semiconductors, data showed Thursday. Outbound shipments of ICT products came to US$20.8 billion last month, up 22 percent from $17.05 billion a year earlier, according to data compiled by the Ministry of Science and ICT. It marks the third straight month the country's ICT exports surpassed the $20 billion mark. Imports of ICT products increased 5.7 percent on-year to $13.3 billion, resulting in a trade surplus of $7.47 billion in the sector. By item, chip exports jumped 39.9 percent on-year to $12.6 billion in October, posting a double-digit increase for the 12th straight month, amid robust demand for high-value products, like high-bandwidth memory chips, sparked by the global artificial intelligence boom. In particular, outbound shipments of memory chips shot up 63.9 percent to $7.4 billion. Overseas sales of mobile phones climbed 21.2 percent to $1.82 billion, and exports of computers and peripherals soared 48.4 percent to $1.12 billion on high demand for auxiliary storage devices. But exports of displays and communications equipment dropped 21.5 percent and 8.4 percent to $1.8 billion and $180 million, respectively. By nation, combined shipments to China and Hong Kong gained 9.9 percent on-year to $8.29 billion, logging a gain for the 12th consecutive month, as exports of chips and mobile phones increased. Exports to the United States advanced 35.6 percent to $2.36 billion on chips and computers, and exports to Vietnam expanded 6.4 percent to $3.42 billion, logging a gain for the 15th straight month. Outbound shipments to the European Union also rose 13.4 percent to $960 million, while exports to Japan declined 7.3 percent to $320 million. Copyrights Yonhap News. All Rights Reserved. Learn more at: www.investkorea.org #EconomyNews #ICT #InvestKorea

This month, IK MAGAZINE explores 'The Future of Korea's Chemistry Industry' 🌟 South Korea’s chemical industry, a vital pillar of its economy, is undergoing a transformative shift toward sustainability and innovation. In 2024, advancements in AI, IoT, and smart factories are driving eco-friendly production, with sectors like petrochemicals and plastics leading the charge in recycling and biodegradable materials. The pharmaceutical industry continues its momentum post-COVID-19, making breakthroughs in vaccine development and gene-editing technologies. While challenges such as fluctuating raw material prices and stricter environmental regulations persist, Korea’s focus on R&D and international collaboration ensures its competitive edge in the global market. 🚀🌍 For more details, visit: www.investkorea.org #Sustainability #Innovation #ChemicalIndustry #InvestKorea

Naver Unveils New AI-driven Technologies at Conference According to Pulse by Maeil Business News Korea, South Korean platform giant Naver Corp. announced on Monday that it will apply its artificial intelligence (AI) technologies, including its in-house HyperCLOVA X, to its core B2C services such as search, maps, and shopping, in a move aimed at transforming users’ lives. The company also unveiled a plan to invest 1 trillion won ($713.8 million) to foster a domestic AI ecosystem. “Naver will focus on revolutionizing daily life both online and offline, maximizing business performance, and providing ultra-personalized user experiences with an all-service AI approach,” Naver Chief Executive Officer Choi Soo-yeon said during her keynote speech during the DAN24 conference held at COEX in Samseong-dong, southern Seoul. With HyperCLOVA X-powered search, Naver’s capabilities are expected to become smarter. The AI Briefing service, set to launch next year, will summarize search results and include references. For example, if a user asks, “Is Model A from Company H suitable as a family car?” the AI will analyze reactions from automotive communities, presenting not only Model A’s details but also a comparative summary with similar models in a neatly organized table. Naver will also integrate search results with other services such as grocery shopping, allowing users to check search results, purchase items, and make reservations seamlessly. Naver will launch a separate mobile app, Naver Plus Store, in the first half of 2025 to provide a hyper-personalized AI shopping experience. Naver Plus Membership will also expand its range of user benefits with its delivery options, including Immediate Delivery, Dawn Delivery, Same-day Delivery, Next-day Delivery, and Preferred Date Delivery, catering to various user needs. Immediate Delivery, which pledges delivery within an hour, could become a strong competitor to Coupang’s Rocket Delivery. A new 3D Street View developed by Naver Labs, featuring spatial intelligence technology, will provide an enhanced navigation experience by presenting offline information in 3D, enabling vivid, optimized space details. The service will also offer AR navigation, indoor maps, and VR indoor tours, allowing online users to explore offline spaces in immersive ways. To foster the growth of the AI ecosystem in Korea, Naver plans to establish an Impact Committee, and a 1 trillion won Impact Fund over the next six years. Naver’s non-profit educational foundation, Naver Connect Foundation, will also invest 60 billion won over the next five years to expand AI education curricula and cultivate the talent that is crucial for the AI ecosystem. Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Learn more about Korea at: www.investkorea.org #EconomyNews #AI #Naver #HyperCLOVAX

https://lnkd.in/gTemCJdK Private Capital Journal has provided an excellent and detailed overview of the IKS 2024 event. 📰 If you’re interested in learning more about the speakers’ presentations, the bleisure program, or other highlights from the event, this article offers great insights. We extend our sincere gratitude not only to PCJ but also to all the international media outlets who covered IKS 2024. Your support truly helps amplify our message worldwide. 🌏✨

On November 13, Commissioner of Invest KOREA, Tae Hyung Kim attended the grand opening of Prestige Biopharma's R&D Center. Headquartered in Singapore, Prestige Biopharma has made a groundbreaking contribution by establishing the Innovative Discovery Center (IDC) in the Myungji R&D district. This marks Busan’s first and largest bio-pharmaceutical R&D center. As the third Korean biosimilar developer to successfully export to Europe, following Celltrion and Samsung Bioepis, Prestige Biopharma continues to achieve global recognition. Impressively, it secured the 21st European approval for antibody biopharmaceuticals worldwide. We are excited to see Prestige Biopharma’s continued innovation and impact on the global stage! 👏

S. Korea, Britain Launch New Round of Talks for Upgrading FTA According to Yonhap News, South Korea and Britain kicked off the third round of negotiations Monday to upgrade their bilateral free trade agreement (FTA) in response to changing global trade and business circumstances, the trade ministry said. The negotiations began in Seoul for a four-day session, with the two countries aiming to accelerate discussions in sectors such as services, supply chains, digital trade and biotechnology, according to the Ministry of Trade, Industry and Energy. "Britain is our key partner and an economic ally in emerging sectors such as cutting-edge industries and energy," Kwon Hye-jin, South Korea's chief negotiator, said in a statement. The two countries signed the FTA in August 2019 and the pact took effect in January 2021, following Britain's departure from the European Union. The first round of talks for the FTA revision took place in Seoul in January, followed by the second meeting in London in March. Copyrights Yonhap News. All Rights Reserved. Find out more information about Korea: www.investkorea.org #KOTRA #InvestKorea #Korea_UnitedKingdom #FTA

🚀 Invest KOREA - November 2024 Issue 🚀 🔍 What's Inside This Month's Issue: ✔️Interview with Micheal Danagher: Insights from the Honorary Ambassador of Foreign Investment Promotion for Korea. ✔️Outlook of Korea’s Chemical Industry: Opportunities for Sustainable Development and Innovation ✔️Pangyo 2nd Techno Valley, the New Center of Pangyo Known as South Korea's Silicon Valley ✔️Key Contents of the Amended Korean Commercial Code Discover more about Korea at www.investkorea.org Stay tuned for more highlights this month! 📲 #KOTRA #InvestKorea #ChemicalIndustry

Toray Advanced Materials Expands Production in Gumi According to Pulse by Maeil Business News Korea, Toray Advanced Materials Korea (TAMK), a subsidiary of Japan‘s Toray Industries which is a global leader in carbon fiber technology, announced an aggressive expansion of its advanced materials production facilities in Gumi, North Gyeongsang Province. TAMK aims to enhance production of IT films and aramid fibers, high-value materials known for their superior performance and profitability, as part of its strategy to improve profitability and address market dynamics. The company and the South Korean Ministry of Trade, Industry, and Energy held a groundbreaking ceremony for the new IT film and aramid fiber production plants at Toray ‘s Gumi facility on Wednesday. It plans to invest over $100 million in expanding its production capacity for aramid fibers and polyester films, with construction beginning immediately. The IT film Plants 13 and 14 are being built to manufacture release films for multilayer ceramic capacitors (MLCCs), with an annual production target of 300 million square meters. MLCCs are crucial components for storing and discharging energy in electronics such as smartphones, computers, and automobiles. With the expected 10 percent annual growth of the MLCC market through to 2030, the demand for MLCC release films is also anticipated to rise. Toray Industries, with its global competitiveness in MLCC release films, aims to strengthen quality and supply stability to meet this growing demand. The company also announced plans to expand the production of its aramid fiber with the construction of Gumi Plant No. 2, targeting an annual output of 3,000 tons by mid-2025. Combined with the existing output from Gumi Plant No. 1, total annual production is expected to reach 5,400 tons. Aramid fibers are advanced materials known for their strength - five times stronger than steel - and their resistance to heat up to 500 degrees Celsius. They are divided into meta-aramid, with exceptional heat resistance, used for fire-resistant clothing and insulation, as well as para-aramid, which features high strength for use in bulletproof vests, tire reinforcements, and construction materials. Toray produces meta-aramid fibers at its facility. The aramid fiber market is projected to grow annually by 5 percent through 2030, drawing increasing attention as a future material. The company also plans to incorporate eco-friendly processes, such as expanding the use of undyed raw materials to prevent pollution and promote environmental protection. Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Find out more information about Korea: www.investkorea.org #KOTRA #InvestKorea #Economy_News #FDI

We’d like to share some highlights from Invest Korea Summit (IKS) 2024! 🇰🇷✨ Held from November 6-8 in Seoul, IKS 2024 welcomed over 2,000 attendees, including global investors, international companies, and media. Celebrating its 20th anniversary, IKS secured $920 million in new investments from seven global companies and hosted industry leaders like Vestas and HP, who announced their Asia-Pacific headquarters in Korea—further proof of Korea’s growing appeal as a top investment hub. IKS keynotes spotlighted Korea’s strengths in advanced tech and manufacturing. Leaders such as Karen Madden, Merck Life Science Group’s CTO, and Jaeho Yeom, President of Taejae University and Vice Chairman of the National AI Committee, shared insights into Korea’s vision as a high-tech investment destination. In a media briefing, top outlets like Bloomberg and Reuters explored Korea’s record-breaking FDI and strategies for sustained growth 📈. For the first time, IKS also offered a “bleisure” program with the Korea Tourism Organization, blending business with leisure! Foreign investors and journalists enjoyed vouchers for popular tourist spots and exclusive K-culture experiences. Thank you to everyone who made this event so meaningful!

📢 3Q 2024 Policy Brief Highlights for Foreign Investors In our latest quarterly report, we spotlight policy shifts and regulatory updates affecting foreign investors in South Korea: 1️⃣ Environmental Compliance: Revised standards for managing hazardous substances in the semiconductor industry, flexible air pollution controls, and new exemptions for recycled chemical substances. 2️⃣ Labor and Employment: Minimum wage for 2025 set at KRW 10,030/hr. Expanded support for SMEs, including subsidies for replacement workers and increased childcare allowances. 3️⃣ Customs Enhancements: Expanded use of Free Trade Zones for inventory management, reducing customs duty burden and streamlining complex logistics for foreign businesses. 4️⃣ Investment Zone Updates: Increased rent subsidies and extended terms in service-oriented Foreign Investment Zones to support growth and attract new investors. 5️⃣ Taxation: New processes for confirming funds sourced from real estate sales to streamline overseas asset transfers. For further details on these updates, visit our website: www.investkorea.org 📈 Stay informed and maximize your investment potential in Korea with Invest Korea! #KOTRA #InvestKorea #PolicyUpdate #FDI #SouthKorea