By Lee Jon-young | South Korea established diplomatic relations with Cuba on Feb. 14 in a surprise announcement that could pose a setback to North Korea that has long boasted brotherly ties with the Latin American country. In New York, the two countries' representatives to the United Nations exchanged diplomatic notes, marking the establishment of formal ties. Cuba is the 193rd country which South Korea has built diplomatic relations with. ▲ National flag of Cuba The announcement marked a culmination of Seoul's steadfast efforts to build a formal relationship with Cuba and expand its diplomati
By Lee Jon Young | Foreign Minister Cho Tae-yul met with Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI) and chairman of SK Group, at the KCCI building in Jung-gu, Seoul, on Jan. 24 to discuss current issues in the business community and cooperation in the fields of foreign affairs and security. Cho, who took office on Jan. 12, has been visiting economic organizations and exchanging views with their leaders on ways to strengthen public-private partnerships. On Jan. 22, he met with Ryu Jin, chairman of the Federation of Korean Industries (FKI). Among those on the mee
By Lee Jon-young | President Yoon Suk-yeol visited Uijeongbu First Market, Gyeonggi Province's representative traditional market, on Jan. 25 to encourage merchants who are facing difficulties due to the recent recession and winter cold snap, and to listen to their stories. Upon his arrival, a large number of citizens and merchants welcomed President Yoon with chants of "Yoon Suk-yeol cheers," to which the President responded with a handshake and New Year's greetings. Along with the president and Minister of SMEs and Startups Oh Young-joo, the president walked around various stores, including r
By Jon Lee Prime Minister Han Duck-soo, who is attending the Davos Forum in Davos, Switzerland, attended three forum sessions on Jan. 17, including one on Pacific regional cooperation. He also held bilateral meetings with the prime ministers of Mongolia and Slovakia, and met with representatives of global companies including Coca-Cola and Amazon Web Services. The Prime Minister attended the "Leading the Pacific" session, where he discussed with participants how to achieve inclusive and sustainable growth in the Pacific region. During the session, Prime Minister Han emphasized the growing strat
By Lee Jon Young Hanwha Life President and CGO Kim Dong-won attended the Davos Forum in Switzerland from January 15 to 19, and had a time of active exchange and cooperation with global financial industry leaders. Hanwha Life's global field management is aimed at expanding its activities beyond the limits of the domestic insurance market, where growth has stagnated due to market saturation and an aging population. President Kim, who visited Davos for the second year in a row, held more than 10 business meetings and focused on finding the direction of Hanwha's global strategy and exploring ways
By Lee Sung Jun Singapore Tourism Board (STB) announced the appointment of Nicky Seet as the new head of its Korea office on Dec. 20. Nicky Seet will continue to lead strategic planning, marketing and promotional activities to make Singapore an attractive destination for Koreans, in line with the launch of Singapore Tourism Board's new global campaign, 'Made in Singapore'. She joined Singapore Tourism Board in 2015 as Senior Manager, Lifestyle Area Development, where she spearheaded the regeneration of Singapore's Orchard Road and supported various community activities. Orchard Road has recent
By Kim Ji-eun LG Chem has commenced the construction of a cathode plant in the U.S., intending to establish a production hub for the global battery material market. The facility, located in Montgomery County, Clarksville, Tennessee, will locally produce cathode materials optimized for North American electric vehicles (EVs) and collaborate with key partners from development to supply chain. On December 20, LG Chem held the groundbreaking ceremony for its cathode plant in Tennessee. The event was attended by guests including Tennessee Governor Bill Lee, Commissioner Stuart McWhorter, Senator Mar
By Lee Kap-soo Delivering the New Year address to the nation, President Yoon Suk-yeol said on Jan. 1, 2024, "The center of all national affairs is the people. I will make the year of 2024 a year of civil recovery where the warmth of economic achievements and economic recovery reaches every corner of people's lives." President Yoon said in his address, which was broadcast live from the Yongsan presidential office on the morning of the same day, "I will go into the field of people's lives, listen to even the smallest voices, and promote true people's policies that change people's lives." Preside
By Lee Jon Young GS E&C (Engineering & Construction) is still reeling from the aftermath of the 'Incheon Geomdan Apartment collapse incident'. The company's financial health has been put on red alert as the cost burden of rebuilding the entire complex has increased, and profitability has declined due to the downturn in the housing market and rising cost rates. According to the industry sources, GS E&C's growing debt and deteriorating financial strength are weighing on its creditworthiness. Korea Ratings recently downgraded GS E&C's unsecured bond rating to 'A/stable' from 'A+/n
By Kayla Lee (New Year Message) Dear readers of the Diplomacy Journal, At the beginning of my duties at the Venezuelan Embassy in Seoul, in September 2023, the Diplomacy Journal was one of my first windows to learn about the dynamics of diplomacy in the Republic of Korea, important reason to thank you for this opportunity given to send a message about my country, the Bolivarian Republic of Venezuela, and our wishes for a great year ahead of us 2024. I come from a country that is almost 15 thousand kilometers of distance from Seoul, with thons of optimism to take advantage of this physical dist
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