German automaker dominates expanding import market in KoreaBMW grabbed 25.5 percent of the nation’s import automobile market in May, according to statistics provided by Korea Automobile Importers and Distributors Association.BMW’s further growth in terms of market share is drawing wide interest now that the automaker has secured its long-standing No. 1 position in Korea with a large-scale sales volume.“Theoretically speaking, a 10 percent growth in the monthly sales for BMW and, say, Volvo is no

SK Group is striving to beef up its presence in Turkey and Thailand as one of Korea’s largest conglomerates seeks to cash in on growing business opportunities in the two fast-growing markets. The corporation said Wednesday that chairman Chey Tae-won recently visited the two countries to expand the group’s operations in the regions and reinforce business networks there.  On Monday, Chey signed a memorandum of understanding with Dogus Group, a major Turkish industrial group engaged in multiple sec

The Korea Trade-Investment Promotion Agency said on Tuesday that it will seek to become a “global business platform” for Korean companies wishing to operate in business overseas.Speaking to reporters at an event to mark the 50th anniversary of KOTRA, its president Oh Young-ho said KOTRA’s ultimate goal is to become a global business platform. “The globe is shifting toward globalization. Korean small and medium-sized firms need a ‘platform’ to get on the express train called globalization, and we

The Korea Trade-Investment Promotion Agency hosted a business forum in Seoul on Monday for a Chinese delegation, including officials and businesspersons from Sichuan province.The agency held the meeting because the province located in southwest China is the core of the Chinese government’s agenda to develop its western territory, KOTRA said. Recently Hyundai Motor, Lotte Department Store, Woori Bank and Hyundai Merchant Marine Co. decided to invest in Sichuan. The largest ever business informati

Korea International Trade Association said on Monday that its chairman and former Prime Minister Han Duck-soo has won the Van Fleet Award 2012 in New York. The Korea Society, an American non-profit organization to promote understanding and cooperation between Korea and the U.S., said that it chose Han for his contribution to strengthening economic ties and friendship between the two nations.  The award is named after General James A. Van Fleet, commander of the U.S. Eighth Army during the 1950-1

Officials from the Korea Elevator Safety Technology Institute and nine civil social organizations discussed children’s safety at a meeting in southern Seoul last week.In the event titled “Children’s Safety Network Construction Meeting,” on Friday, the participants focused on ways to work together to prevent children’s accidents while using elevators. A number of safety issues, including school bullying, child sexual abuse and prevention of traffic accidents, were also discussed.  KESI officials

Lee Kyong-il, former deputy head of Korea Insulation Co., took the reins of Eastar Jet Group as new chairman, the low-cost air carrier said on Friday. The group is one of KIC’s affiliates.Having built his career as the No. 2 man in KIC and CEO of Samyang Reduction Gear Co., Lee has extensive knowledge of the group, the company said. “Having become the company chairman is to face a series of new challenges, I will do my best,” Lee said. A Jeonju University graduate, Lee holds a bachelor’s degree

Kumho Asiana Group announced on Friday that its chairman Park Sam-koo was named honorary citizen of Weihai, China. Weihai presented Park a certificate of honorary citizenship in recognition of his contribution to enhancing the city’s economy and strengthening ties between Korea and Weihai as the head of Korea-China Friendship Association. Kumho Asiana Group runs a hotel and a golf resort in Weihai, helping attract tourists to the Chinese harbor city, the company said. Currently, Asiana Airlines

Backed up by its increasing national wealth and population, Korean investors could become major customers in the U.S. retail real estate market, a U.S. expert said in Seoul on Thursday.“Korea is in a great position with its wealth and population … and needs to invest overseas to diversify.” Joseph F. Coradino, president of Pennsylvania Real Estate Investment Trust, told The Korea Herald. The U.S. market will likely continue to rise, as shown by the history of market change after recessions, Cora

S-Oil will be awarded a presidential citation in recognition of its preventive operations against oil tanker accidents and environmental damage, the company said on Wednesday. The award ceremony will be held at the 17th World Ocean Day festival to be held at the Yeosu Expo 2012 on Thursday, company officials said. The company will be the first refinery firm to be given a presidential citation. S-Oil said that it has abided by the agreement presented by the Ministry of Land, Transport and Maritim

Tobacco manufacturer and distributor KT&G announced on Tuesday that it has added a new low-tar product, Bohem Cigar Mojito 1mg, to its Bohem Cigar Mojito line that is popular among young smokers. Bohem Cigar Mojito 1mg, which will go on sale on June 1, contains 1mg of tar and 0.1 mg of nicotine, and is priced at 2,500 won ($2.10) per pack. The new product aims to attract fans of the mojito-flavored cigarettes who had been discouraged by Cigar Mojito’s heavy concentration of tar which is as high

POSCO announced Tuesday that it has completed its first steel manufacturing plant in India, further strengthening its manufacturing capability in overseas markets. The steelmaker said that its three global steel production mills in Mexico, China and now India will pave the way for POSCO to make inroads into the fast-growing emerging markets.  The new plant, located within the Vile Bhagad Industrial Complex in Maharashtra Province, west India, will produce 450,000 tons of hot galvanized steel pla

The Ministry of Knowledge Economy said Monday that it will launch the “Hydrogen Town Pilot Project” to establish futuristic energy infrastructure that uses waste hydrogen and hydrogen fuel cell technologies to meet the nation’s energy consumption needs.With a budget of 9 billion won ($7.6 million) coming from the government and industries, the project will create the world’s largest hydrogen-powered town in Korea, potentially by late this year when related facilities are completed as scheduled,

GS Engineering and Construction Corp. has became the sole company to sign a $500 million contact with Singapore Ministry of Health to build three additional hospital wards in the outskirts of Jurong, Singapore. The order is the company’s second and largest project in Singapore, following its construction project for Fusionopolis, a research and development complex, in 2011. The country’s leading construction company said that the expected construction period is 32 months. Slated to open in early

BUSAN ― Hyundai Motor Co. introduced five models, including its new Avante Coupe, in the Busan International Motor Show that opened on Thursday, along with an array of automobiles and IT-combined technologies to compete with foreign automakers.Based on the previous four-door Avante model, Avante Coupe will enter the local market in the second half of the year, Hyundai officials said. Embracing the slogan “Motor Show that Satisfies the Customers’ Emotions,” Hyundai president Kim Choong-ho said th

The Busan International Motor Show 2012 will kick off on Thursday at BEXCO in Busan, and will feature global green car technologies, organizers said. While chief executives of global carmakers are scheduled to hold a series of press conferences Thursday, the auto fair will be open to the public for 10 days starting Friday. This year’s fair is expected to be 62 percent larger compared to the previous show in 2010 and be the largest ever. The event will feature a group of futuristic, eco-friendly

Hyundai Motor Co. and the Chung Mong-koo Foundation signed an agreement on Tuesday to create 1,500 jobs for youth by fostering a young businesspersons’ establishment of social enterprises.To attain the goal, the two sides agreed to foster 150 social enterprises for the coming five years, foundation officials said. The automaker and its foundation said the agreement was their long-term solution to bringing down the unemployment rate among young adults and promote social entrepreneurship in Korea.

Korea Trade-Investment Promotion Agency announced on Tuesday that it had launched the largest-ever exhibition of Korean products in Abu Dhabi, the capital of United Arab Emirates. Titled “Made in Korea UAE 2012,” the exhibition takes place at Abu Dhabi National Exhibitions Company. The three-day exhibition introduces a wide variety of products ranging from healthcare equipment to excavator. Infopia Company, IR Electric Company, Doosan Infracore Company, Caravan Engineered Structures Inc., Korea

Siemens Korea has been active in competing with foreign and domestic rivals over subcontracts of global conglomerates’ large-scale plants to be built in the Middle East, India and China. With conglomerates’ aggressive expansion overseas, the Middle East, India and China have become huge markets, sparking seemingly endless demand for subcontracts of constructing plants and factories. Un Min-su, vice president and head of industry sector of Siemens Korea, was careful but confident about sharing th

General Motors Korea has launched an early retirement program to restructure its upper pool of managers and higher officials. A spokesman for the automaker told The Korea Herald that the program includes pre-payment of two year’s salary, adding that the estimated number of retirees remains unknown. The program, which started last Friday, will serve to renew the group, he said.  The spokesman also said, “We are giving them (program candidates) an opportunity to choose. And the program will be a n