KOREA REPORT - OCTOBER, 2019.
SKorea
became the first Asian country to sign a free trade agreement with a Central
American trade bloc, composed of five countries,
Honduras, Nicaragua, El Salvador, Costa Rica and Panama. Korea-Central America
FTA took effect on Oct 1st, with initial effectuation with Honduras and
Nicaragua. Korea expects close cooperation in the ocean cruise tourism sector
by seeking to actively participate in revamping infrastructure involving
terminals around Caribbean.
Kazakhstan¡¯s
competition authority has recently notified its approval of the merger between
world¡¯s two largest shipbuilders, HHI said on 29th.
According to HHI, Kazakhstan government approved the tie-up with DSME after
comprehensively reviewing the definition of related markets and evaluating
competition limitations. This is the first approval for the tie-up as the plan
is currently undergoing a review in five other regions, including SKorea, the
EU, Japan, China and Singapore. The EU, which is believed to hold the key to
the merger, plans to complete preliminary screening and apply for an audit in
the coming weeks.
KSOE said on 28th that HHI, HMD and HSHI have
seen a sharp upturn in their profitability on the strength of new orders for
LNG carrier. According to KSOE, 38% of HSHI's 3Q revenue was logged in LNG carrier
sector and HHI scored 40% of its 3Q revenue in LNG carrier order
sales. HMD has been competing in multiple newbuild projects in small-sized
LNG carrier and LNG bunkering vessel sectors. KSOE also noted, HHI, HSHI and
HMD have won a total of 35 LNG DF vessels with five units completed and 30
units under construction.
SKorea
has embarked on an autonomous ship project by investing KW160 bil ($130 mil),
seeking to boost domestic eco-friendly and smart shipping industry and achieve
50% global market share by 2030. Industry Ministry and
Oceans Ministry announced on 30th that the project they are jointly pursing has
passed the preliminary feasibility studies. The project aims to develop key
technologies related to autonomous navigation and system autonomy while laying
foundation for early commercialization. The allocated funds will be invested
over six years from 2020 to 2025.
SKorea
became first Asian country to sign FTA with Central American trade bloc [p.2]
Justice
Minister Cho Kuk stepped down from his post 35 days after he was appointed
[p.3]
Cyberattacks targeting nuclear plant operators occurred with
number reaching 1,366 attempts [p.5]
SKorea passport has nearly topped the list as world¡¯s most
powerful [p.7]
Delegations from the US and NK held a meeting in Stockholm on 5th
[p.8]
40% of this year¡¯s budget for inter-Korean cooperation has not
been spent [p.10]
SKorea made an inevitable decision to give up developing country
status at WTO [p.12]
SKorea's trade surplus came to $5.39 bil in Oct, 93
straight months of surplus [p.13]
PERFORMANCE IN THIRD QUARTER [p.16]
Samsung Electronics was ranked sixth among 100 Best Global Brands
in terms of value [p.17]
Posco hit the 1 bil ton milestone of crude steel production since
1973 [p.18]
Hyundai Oilbank developed and patented manufacturing process for
VLSFO [p.18]
KDB is considering selling a majority stake in Daewoo E&C in
about two years [p.20]
SKorea's foreign exchange
reserves rose to a new high of $406.32 bil as of end Oct [p.20]
Bank
of Korea on 16th decided to lower the key interest rate from 1.5% to 1.25% [p.21]
Kazakhstan notified its approval of merger between HHI and DSME
[p.21]
HHI¡¯s accumulated
order intake by Sept came to $4.416 bil, 32.9% on-year decrease [p.23]
SHI bagged a total
of $5.4 bil so far, 69% of its yearly goal of $7.8 bil [p.24]
SKorea has embarked on autonomous ship project by investing $130
mil [p.25]
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