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Chinese Shipbuilders Win Huge Chunk of Orders from S. Korean Shippers

Chinese Shipbuilders Win Huge Chunk of Orders from S. Korean Shippers

SEOUL, May 22 (Korea Bizwire) – Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year [...]

China Quickly Catching up with South Korea’s Core Industries

China Quickly Catching up with South Korea’s Core Industries

SEOUL, May 10 (Korea Bizwire) – The latest analysis from the Korea Institute for Industrial Economics & Trade has revealed that China will soon catch up with the quality and technology of South Korea’s core industries, further threatening Asia’s fourth-largest economy. In the report released Monday, the institute suggested that China would close the gap [...]

South Korean Manufacturers Seek Cheap Labor, but Lack Productivity

South Korean Manufacturers Seek Cheap Labor, but Lack Productivity

SEOUL, April 4 (Korea Bizwire) – Recent data from the Korea Trade-Investment Promotion Agency (Kotra) reveals that 82 percent of local manufacturers are prioritizing seeking cheaper labor outside of the country, ultimately undermining their productivity.  Based on the business performance of 1,474 South Korean manufacturers with overseas plants, 12.6 percent fell within Kotra’s “high-cost, high-productivity” [...]

South Korea’s Industrial Output Shoots up 6.6 Percent in February

South Korea’s Industrial Output Shoots up 6.6 Percent in February

SEJONG, March 31 (Korea Bizwire) – South Korea’s industrial output jumped at the fastest pace in nearly four years in February, government data showed Friday.  Production in the mining, manufacturing, gas and electricity industries moved up 6.6 percent last month from a year earlier, marking the highest on-year gain since January 2013, when it posted [...]

S. Korea to Ease Visa Screening of Foreign Workers in Manufacturing

S. Korea to Ease Visa Screening of Foreign Workers in Manufacturing

SEOUL, Jan. 9 (Korea Bizwire) – South Korea will ease regulations on visa screening procedures for young foreigners who get jobs at selected manufacturing businesses in a way to tackle the labor shortage, the government said Monday.  Foreign students who are studying in South Korea and want to work in the country’s “root” industries such [...]

Local Auto Parts Manufacturers Boosting Foreign Investment

Local Auto Parts Manufacturers Boosting Foreign Investment

SEOUL, Dec. 6 (Korea Bizwire) – Korean auto parts makers are growing more active overseas, backed by factors ranging from personnel costs to the possible global protectionism that may be triggered by U.S. president-elect Donald Trump in line with his election pledges.  Castec Korea, a manufacturer of automobile components that supplies parts to global automakers [...]

Korean Companies Prefer to Keep Manufacturing Abroad

Korean Companies Prefer to Keep Manufacturing Abroad

SEOUL, Sept. 26 (Korea Bizwire) – In contrast to the recent global tendency for enterprises to bring manufacturing back to their native soil, Korean companies seem to be bucking the trend, government data showed Monday. Reshoring is when a company moves manufacturing ventures back to its home country after operating overseas, often in search of [...]

Imports Account for 30 Pct of Manufactured Goods in Korea

Imports Account for 30 Pct of Manufactured Goods in Korea

SEJONG, Sept. 9 (Korea Bizwire) – About 30 percent of manufactured goods consumed by South Koreans in their daily lives were imported from abroad in this year’s second quarter on rising demand for foreign electronic devices and pharmaceuticals, latest data showed Friday.  Out of the total domestic manufacturing supply, including intermediate and consumer goods, foreign-made [...]