By Diplomacy Journal Lee Kap-soo TES, an SK Ecoplant company, provided a boost to sustainability efforts in the U.S. with the grand opening in March of a facility in Fredericksburg, Va., dedicated to securely repurpose IT assets. The site will ensure valuable materials from IT equipment can be used again, without compromising data security, instead of ending up in landfills as electronic waste. The 128,000-square-foot facility is expected to create 100 well-paying jobs in the Fredericksburg area. Strategically located near the largest data center market in the world, the Virginia site will pla
By Diplomacy Journal Lee Kap-soo Hyundai Motor Group co–hosted the 2024 Korea–Africa Business Forum on March 25 in Seoul in partnership with the Centre for Sustainable Structural Transformation (CSST) at SOAS University of London and the Korea–Africa Foundation. The forum discussed how Korean and African stakeholders can work together as strategic partners for sustainable development amidst ongoing geopolitical uncertainty. “Africa holds immense potential for strong partnerships and sustainable development,” said Ken Kim, Executive Vice President of HMG Business Intelligence Institute. “Throug
By Diplomacy Journal Lee Kap-soo The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann) in cooperation with the Korea Energy Economic Institute (KEEI), Korea Institute of Energy Technology Evaluation and Planning (KETEP), German policy consultancy think tank adelphi and Hydrogen Convergence Alliance held the 6th Korean-German Energy Day (KGED) conference on March 21 at Grand Hyatt Berlin, Germany. The KGED is the flagship event of the Korean-German Energy Partnership, co-hosted by German Ministry for Economic Affairs and Climate Action (BMWK) and Kore
By Diplomacy Journal Lee Jon-young Turkish Airlines, which operates a fleet of more than 450 aircraft, launched its inaugural flight to Melbourne, Australia, on March 2. Turkish Airlines will fly to Melbourne, the capital of the Australian state of Victoria, three times a week with Boeing 787-9 Dreamliner (winter) and A350-900 aircraft (summer). The Istanbul-Melbourne route will carry thousands of customers and contribute to the expansion of tourism and trade between the two countries. Turkish Airlines is the only European airline to fly to Melbourne Airport, with plans to serve Sydney by the
By Diplomacy Journal Lee Kap-soo Almaty, Kazakhstan welcomed the inauguration of its first CU store, a collaboration between Shin-Line Group and South Korea's BGF Retail on March 6, 2024. This historic occasion heralds the entry of South Korea's retailer into the Kazakhs market, promising to the Almaty’s retail landscape. The CU store chain is poised to enhance the shopping experience for Almaty's populace. These stores boast appealing exteriors, unique interiors, swift service, and competitive pricing. Andrey Shin, President of the Shin-Line Group, highlighted the transformative impact of the
By Diplomacy Journal Lee Kap-soo The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann), in cooperation with Busan Metropolitan City, held the KGCCI Economic Outlook 2024 on March 7 at Park Hyatt Hotel Busan. The event was followed by a special reception of KGCCI and the German Embassy with more 100 business leaders, governmental officials, industry experts and the German community. The event was organized to provide exclusive insights into the developments of Korean-German business relations in these challenging times. Distinguished speakers includin
By Diplomacy Journal Lee Kap-soo Minister of Foreign Affairs Cho Tae-yul held a meeting with Koo Cha-yol, Chairman of the Korea International Trade Association (KITA) on February 13, to discuss ways to enhance the responsiveness and vitality of Korean businesses in the face of a rapidly changing and uncertain global landscape. This is the fifth engagement with business associations since Minister Cho took office. Minister Cho participated in the New year event hosted by the innovative venture industry (January 19) and met with leaders of the Federation of Korean Industries (FKI, January 22), K
By Diplomacy Journal Lee Jon-young In April last year, five construction companies, including GS E&C, Daebo E&C, and Dongbu E&C, were suspended from business due to the Incheon Geomdan apartment incident, and credit rating agencies downgraded their ratings and outlooks. This, coupled with the uncertain external environment and market downturn, has raised concerns about the level of financial burden on construction companies. GS E&C, which has been suffering from bad reputation due to poor construction, announced on February 15 that it will sell 'Songdo Xi Scenery Granoble', whi
By Diplomacy Journal Lee Kap-soo The number of Starbucks stores in South Korea ranks fourth in the world, after the United States, China and Japan. According to Starbucks' global website on Feb. 12, the number of Starbucks stores in South Korea totaled 1,893 at the end of last year, up 116 from the previous year. That's just eight fewer than Japan (1,901), which has 2.5 times the population of South Korea. The number of Starbucks stores in South Korea has steadily increased by more than 100 each year, from 1,508 in 2020 to 1,639 in 2021 and 1,777 in 2022. In Japan, the number of Starbucks stor
By Diplomacy Journal Lee Kap-soo Samsung announced on Feb. 12 that eight product series1 in its 2024 Neo QLED 8K, Neo QLED 4K, OLED, and The Frame lineups have received the “Product Carbon Reduction” certification from TÜV Rheinland, the international independent third-party testing, inspection, and certification organization. The certification demonstrates the carbon footprint reduction ratio of these products compared to the previous year’s model, serving as a testament to the company’s efforts to reduce carbon emissions year-over-year. “As the world’s leading TV manufacturer, it is our resp
By Diplomacy Journal Lee Kap-soo Choi Jeong-woo, chairman of POSCO Group, recently met with Australian Minister for Resources Madeleine King to discuss the eco-friendly future business cooperation that POSCO Group is promoting in Australia. According to POSCO on Feb. 5, Minister Madeleine King visited the POSCO Center in Gangnam-gu, Seoul, on Jan. 31 and exchanged views with Chairman Choi on the business areas of steel, clean hydrogen and secondary battery materials. At the meeting, Choi said, "The areas of cooperation between POSCO Group and Australia for the common goal of carbon neutrality
By Diplomacy Journal Lee Jon-young The Ministry of Land, Infrastructure, and Transport (MOLIT) announced on Feb. 1 that it will impose an eight-month business suspension on five construction companies, including GS E&C, in connection with the collapse of the underground parking lot of an apartment building in Geomdan New City in Incheon. Five companies, GS E&C, Dongbu Corp., Daebo E&C, Sangha Construction, and Asia General Construction, were given an eight-month business suspension. The suspension period is from April 1 to November 30. The suspended construction companies are prohi
By Diplomacy Journal Lee Kap-soo Minister of Foreign Affairs Cho Tae-yul visited the Korea Enterprises Federation (KEF) on January 30 and met with KEF Chairman Sohn Kyung-shik. The purpose of his visit was to listen to the voices of Korean companies in the field regarding the expansion of overseas expansion. Chairman Sohn emphasized the increasingly important role of diplomacy in the face of growing uncertainty in relations with the four neighboring countries of Japan, China, Russia, and the U.S. which is ahead of the presidential election, and requested that the Ministry of Foreign Affairs ac
By Diplomacy Journal Lee Jon-young Hyundai Elevator is speeding up its efforts to strengthen its global capabilities to explore new markets. At the conference, more than 70 members of the CoP team shared their research over the past year on the construction business, corporate status, cultural characteristics, and market outlook of major and strategic countries. Hyundai Elevator's major markets include China, Indonesia, Vietnam, and Turkmenistan, while its strategic countries include Saudi Arabia, Poland, and Finland. In particular, the event was attended by Mr. Abdulaziz Al-Dael, Director of
By Diplomacy Journal Lee Jon-young KAITUS Technology (KAITUS), a company specializing in AI (Artificial Intelligence) based anti-drone total solution, has signed an exclusive domestic contract and overseas sales agreement with Altaeros, the world's first unmanned Aerostat manufacturer, to enter the airship market. Altaeros was founded as an engineering startup at the Massachusetts Institute of Technology (MIT) in 2010, and has been steadily accumulating technology based on the judgment that solving the inherent problems of Aerostat could lead to a wide variety of applications through various a