[WEEKEND WRAP] JULY 6-9

 

July 6

[Yonhap] South Korean companies are pumping up their efforts to diversify export items to India as they seek to tap deeper into Asia’s third-largest economy, industry sources said Friday.

On top of South Korean foodmakers’ push into the subcontinent, companies already operating in India are redoubling efforts to upgrade their businesses by exploring new areas and taking other measures, the New Delhi office of the Korea Trade-Investment Promotion Agency (KOTRA) said. According to informed sources, shipbuilding and startups have emerged as promising industrial sectors as the Indian government has put forward a set of measures to boost those areas.

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July 8

[Pulse by Maeil Business News Korea] Korea Trade-Investment Promotion Agency (KOTRA), a state-funded trade and investment promotion organization, moved its Southeast Asia-Oceania headquarters to Hanoi, underscoring the growing importance of Vietnamese market to Koreans.

KOTRA’s Southeast Asia-Oceania oversees 14 regional offices supporting Korean businesses explore opportunities in the region. Vietnam has emerged as the most important market to Korean exporters and traders in Asia after China. According to Korea International Trade Association, Korea’s export to Vietnam has grown 30 percent on average from 2015 to 2017. Korean companies also have made the largest accumulated overseas investment of $57.9 billion in Vietnam as of the end of last year.

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July 8

[Yonhap] With the current developments in gene editing technology, the ability to rework a person’s genetic blueprint is becoming a reality. According to the Korean Intellectual Property Office (KIPO) on July 8, patent applications related to genetic editing, which enables the genetic correction of plants and animals, have been increasing in recent years.

Genetic editing is a technique that freely changes the DNA structure at a specific position in the genome. Genetic scissors, which are artificial DNA cleavage enzymes, is a representative technology. As gene editing technology is combining with ‘synthetic biology,’ a new technology for designing living organisms, the number of applications is expected to increase even more in the future.

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July 9

[Yonhap] Leaders of South Korea’s major conglomerates and smaller businesses will join President Moon Jae-in on his state visit to Singapore this week, a state-run trade promotion agency said Monday. Moon, who is visiting India as part of his two-nation Asia tour, is scheduled to make a trip to Singapore from Wednesday to Friday, during which he plans to hold a summit with Prime Minister Lee Hsien Loong.

The South Korean business delegation is slated to attend a Korea-Singapore business forum in the city-state on Thursday to discuss ways to promote bilateral cooperation.

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