Swedish Transportation Delegation Visits Seoul
Sweden’s Minister for EU Affairs and Trade to Seoul, Anne Linde, and a high level Swedish business delegation, including Seth Ryding, Head of APAC at Telenor Connexion, are invited as key partners for the Next generation transportation in Smart Cities summit in Seoul on September 20-21. South Korea has for many years been one of the fastest growing economies in the world and today the country is ranked as the 12th largest economy globally considering purchasing power. A very strong…
Korea's Big Three Shipbuilders on Bumpy Road
Recent studies by Korea's International Trade Association & Hyundai Research Institute see major exporters facing a tough year ahead. The International Trade Association sees major exporters facing a tough climate for exports next year amid declining demand in overseas markets, according to private think tanks and industry experts, reports The Korea Times. Three major downside risks are weighing on local firms ㅡ the appreciation of the Korean won, the economic recession in the eurozone and spreading protectionism. In a report on the country’s industrial outlook for 2013, the Hyundai Research Institute (HRI) highlights the deepening woes of the country’s major shipbuilders.
Euro Crisis May Hit Korea's Shipbuilders
In particular, the nation’s shipbuilding companies’ exports to the European Union are equivalent to 19.7 percent of their total production, according to a report of the Hyundai Research Institute, says 'The Korean Herald'. Exports account for about 85 percent of the total sales for the shipbuilding sector. Hyundai Heavy Industries, the world’s largest shipbuilder, saw its shipbuilding orders remain unchanged at $1.5 billion (1.7 trillion won) between January and April, having plunged by 70 percent over the same period last year. In addition, major shipbuilders, including Hyundai Heavy Industries, are suffering from declining profitability as they strive to win production orders at lower bidding prices.
