SEOUL, June 13 (Korea Bizwire) — The government conducted an emergency review of the country’s oil and gas supplies Friday amid escalating tensions in the Middle East following Israel’s strike on Iran, the industry ministry said, adding the country faces no immediate problem. The Ministry of Trade, Industry and Energy held the meeting with officials [...]
SEOUL, Feb. 27 (Korea Bizwire) — South Korean pharmaceutical and biotech companies are rapidly expanding their presence in the Middle Eastern market, capitalizing on the region’s growing healthcare demands and high-income population. Daewoong Pharmaceutical recently launched its botulinum toxin product, Nabota, in Saudi Arabia, a market known for its stringent entry barriers for such products. The company [...]
SEOUL, Oct. 28 (Korea Bizwire) – South Korean technology companies are rapidly expanding their presence in the Middle East, focusing on artificial intelligence (AI), cloud computing, and cybersecurity initiatives. Naver, South Korea’s leading IT platform company, is spearheading this expansion. The company announced on September 23 that it plans to establish “NAVER Arabia,” its Middle East [...]
SEOUL, Sept. 23 (Korea Bizwire) — Naver Corp., the operator of South Korea’s leading internet portal, said Monday it has plans to establish a Middle Eastern unit in Saudi Arabia within this year as part of efforts to expand its global business. The new unit, tentatively named Naver Arabia, will be in charge of Naver’s [...]
SEOUL, Jun. 11 (Korea Bizwire) — Domestic construction companies’ combined orders from the Middle East amounted to nearly US$10 billion so far this year, recording stellar growth from 2023, industry data showed Tuesday. According to the data from the International Contractors Association of Korea, domestic builders’ project orders from the Middle East amounted to $9.98 [...]
SEOUL, Apr. 24 (Korea Bizwire) — South Korea’s business sentiment index remained pessimistic for May due to uncertainties caused by fresh tensions in the Middle East and persistent inflationary pressure, a poll showed Wednesday. The business survey index (BSI) for the country’s top 600 companies by sales stood at 94.9 for next month, down 3.7 [...]
SEOUL, Apr. 23 (Korea Bizwire) — Finance Minister Choi Sang-mok met with experts of economic and international affairs Tuesday and discussed responses to growing uncertainties in the Middle East, the finance ministry said. During a meeting of the international economic advisory panel in Seoul, experts called on the government to “check developments and assess potential [...]
SEOUL, Apr. 15 (Korea Bizwire) – The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption [...]
WASHINGTON, Nov. 2 (Korea Bizwire) — Escalating tensions in the Middle East and Russia’s protracted war in Ukraine are raising anew consequential security questions over whether the United States can respond to a third crisis concurrently should it arise on the Korean Peninsula, the Taiwan Strait or elsewhere. After the war between Israel and Hamas [...]
DOHA, Oct. 24 (Korea Bizwire) — South Korean President Yoon Suk Yeol on Tuesday pitched his country’s appeal as an investment and business partner for the Middle East. In a speech during the Future Investment Initiative forum in Riyadh, dubbed “Davos in the Desert,” Yoon said South Korea can be trusted, has cutting-edge industries, and [...]