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S. Korea to conclude three free trade with China, Vietnam, and New Zealand

November 27, 2014 by Leave a Comment

Korean government is working to conclude further free trade agreements (FTA) with China, Vietnam, and New Zealand within this year in order to help domestic companies’ exports in the global market. The government is now under pressure to facilitate Korean companies’ exports to Vietnam while responding to China’s policy of growing its domestic market. Also, in a move to stay ahead of competitors, including Japan, the nation strategically already suggested a deal for an FTA with Vietnam.

A spokesperson responsible for the Korean government’s FTA policy noted “Conclusion of a Korea-China FTA within this year has great importance, given the fact that Chinese government is now swiftly changing its policy for economic growth from the export-based to local market-based. The conclusion of the FTA aims to secure early advantages in China’s domestic market.”

The Korean government estimates that once the Korea-China FTA is effectuated, Korea’s exports to China would increase from 5.4 percent to 5.5 percent and the nation’s gross domestic product (GDP) also should grow from 2.28 percent to 3.04 percent within 10 years after the effectuation, according to the level of trade concessions.

Between Korea and Vietnam, a trade agreement was concluded through the Korea-ASEAN FTA. But, Vietnam is a late participant in the FTA, so that the commodity group’s transition into a group in the tariff-free condition is scheduled to be carried out by 2020. And the percentage of the commodity group excluded from trade concessions is high. Now more than 3,300 Korean companies operate in Vietnam, and from the Vietnam side, elimination of tariffs between Korea and Vietnam is urgent as Korea comprises 30 percent of total exports.

The trade level between Korea and New Zealand is not so high, but it plays a big role for Korea not to lose its competitiveness in the area in a trade race between Korea and rival trade nations including China. China also enjoys nearly double increased exports ahead of effectuation after announcement of China-New Zealand FTA.

 
 
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Still too high degree of Korean economy’s trade dependence

November 27, 2014 by Leave a Comment

Amid concern over the continued global economic recession caused by Europe is increasingly high, the Korean economy’s dependence on the foreign market is still escalating. The trade dependence degree, which is calculated by dividing the commodity and service’s total amount of export and import with Gross National Income (GNI), reached over 100% on a three consecutive years and this year it still remains at a nearly unchanged level. It means that the Korean economy is still struggling to free itself from the fragile economic effects of external shocks, due to the larger scale of foreign transactions than that of the economy itself.

Korean-economy’s-trade-dependence

According to the Bank of Korea, the Korean economy’s continuing dependence on the global economy is attributable to export-based growth of Korean economy caused by prolonged domestic demand, sluggish after the global financial crisis. The government agency released its official forecast that the Korean economy’s still high dependence on foreign market will likely easily and much affected by the fluctuations of the global economy as it suffered before.

The Korean economy’s high dependence on foreign market is more prominent when compared to those of nations with similar size of economy. As of 2012, the export dependence degree of Korea (the world’s 14th largest economy) was 109,9%, exceeding the similar-sized global economies’ trade dependency degrees at that time(the 11th of Canada with 62.8%, 12th of Australia with 40.8%, 13th of Spain with 64.6%, and 15th of Mexico with 67.7%).

Even developed major countries’ trade dependence degrees on foreign market, such as the United States (30.4%), Japan (31.3%), France (57.1%), Italy (59.3%), and the UK (65.2%) are far lower than that of the Korean economy. Germany, a country having the highest trade dependence degree among developed nations, also remained at a lower level nations when compared to Korea’s.

Hyundai Research Institute recently said “The Korean economy’s high degree of trade dependence makes it highly vulnerable to external shock.” “Although the financial sector of foreign exchange reserves plays a role as safety valve against external shock, the Korean government needs to increase the ratio of domestic demand in GNI in a long-term and structured way.”

 
 
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Samsung Engineering’s strive for $10bn of engineering project

November 27, 2014 by Leave a Comment

Samsung Engineering is spurring in its action to enter into LNG liquefaction market. The engineering company was determined to try to win a bid for the Pacific Northwest(PNW) LNG in Canada, an ultra-scale of LNG terminal project with over $10bn of expected bid price and yearly of 1200million tons of production scale.

In recent LNG market, demand of LNG is swiftly growing at the result of development expansion of shale gas in the North America. So far, only few companies in the United States, Japan, Europe has been enjoying high profitability by forming cartel only among them and the LNG sale percentage in the Japanese companies nearly reached to 50percent.

Samsung Engineering since last June solely started its works for the Pre-FEED of the U.S.A Texas LNG project and is also scheduled to take a series of following steps including design during November this year. The president of the global engineering company recently noted that it will take-off toward a top-tier of integrated engineering company covering both ground and sea by integrating strengths between Samsung Engineering’s capacity on design, project management and Samsung Heavy’s capability on manufacturing.

 
 
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High popularity on SUVs in Korea would be lasted for the time being

November 27, 2014 by Leave a Comment

In Korea, popularity on sports utility vehicle(SUV) is growing day and day, backed by the spread of leisure culture including outdoor activity.

According to official data released by the Korea Automobile Manufacturers Association(KAMA), in the numbers of sold vehicles(94,834units) in September, SUV took 29.2percentage(a total of 27,688units) of total. It means 3units of the currently sold 10 vehicles are SUVs. The sale percentage of SUV, in the month, has been showed three months of consecutive growing pace following July(24.8%), August(25.7%).

The data said Kia Motor’s new version of Sorrento and Renault Samsung Motor’s QM3 has led the hot environment on SUVs. The new Sorrento first marked at the end of August recorded a top position in sale among Korean-made SUV models, with the nationwide sale record of 6,353units in September.

The rise in sale growth of new Sorrento is, for the time being, expected to be maintained due to high response from customers, with the pre-arranged 8,000units in October. Renault Samsung’s small SUV “QM3” was also sold 719units in September, also reflecting customers’ high preferences on it.

 
 
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Sung IL SIM seeks to contribute to development of the global engineering industry

November 27, 2014 by Leave a Comment

Consistently releasing top-notch models of shop-fabricated piping, induction bending, and short radius bend

Sung-Il-SIM[INQ. NO. 1411M21] When asked what factor caused him to initiate his business and develop products now contributing to the development of global engineering industry, Woo Yang-ho, chairman and president of Sung Il SIM explained, “Our sincere concern over how to contribute to shifting the existing manufacturing sites into safer ones, since a very early stage of our business, caused us to energetically immerse ourselves in the development of advanced vending machines. After considerable and intensive efforts, we succeeded in releasing high frequency vending machines.”

Established in 1978, Sung Il SIM has grown into one of the global leading enterprises manufacturing fabricated piping systems to global markets for various infrastructure sectors with its own unique induction bending machines developed in 1981 for the first time in Korea.

Sung-Il-SIM_3https://korean-machinery.com///inquiry Now, Sung Il SIM delivers piping with diameter sizes ranging from a mere 0.25 to 120 inches for various application sites including thermal power, nuclear power, onshore and offshore plants. Operating four major plants with size of about 116,400 m2, Sung Il SIM produces approximately 100,000 tons. The current flagship customers include KHNP, KEPCO, Hitachi, Chevron, Samsung, Hyundai, STX, Doosan, DSME, POSCO E&C, SHI, and KOGAS.

Since it started its business, Sung Il SIM has accumulated numerous contracts for exports to Saudi Arabia, Kuwait, China, Japan, Indonesia, Bangladesh, Singapore, Pakistan, India, Thailand, Iraq, Australia, the United States, Mexico, and Qatar.

Sung-Il-SIM_1With technologies of bending manufacture, Sung Il SIM manufactures bending machines with external diameter ranging from 1 inch to 80 inches, along with production of machine with bending thickness of 120T.

Up to 1.5DR can also be manufactured thanks to its technology. Sung Il SIM’s bending machines enjoy steady popularity among industrial circle as it has noticeable merits of reducing costs for welding, increasing duration in fabrication, and improving product quality.

Sung-Il-SIM_2 In response to a question about what strategic regions he has considered and what impressive performance was being carried out by the company, he mentioned, “We have early chosen the Middle East as a strategic region that has rich potentiality, enough to fully spread the ripple effect from it into other candidate regions for us. We have been delivering our advanced shop fabricated piping to four nuclear power plants (each class of 1,400MW). We are now responsible for a construction area of 185,680 LF. Representing South Korea (ranked as the world’s 6th exporter of nuclear power plant), and we are delivering piping guaranteed for safety.”

And lastly he added that the company plans to expand exports of nuclear power plant further to other potential overseas markets.

 
 
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Big 5 Show 2014

November 27, 2014 by Leave a Comment

Korean building & construction material companies set to make strong impact in the Big 5 Show 2014

S. Korean enterprises producing building & construction materials have completed their preparations for their business aim of rediscovering the market potential of the Middle East through participating in the Big 5 Show 2014.

During the show period from Nov. 17 through 20, Korean exhibitors – including 48 companies to be led by KOTRA (Korea Trade-Investment Promotion Agency) at the Korean Pavilion – will strive to expose themselves to potential buyers. This will offer new opportunities for arranging opportunities for their growth in the Middle East building & construction materials market.

Eco-friendly-jet-hand-dryer

Most of the Korean makers are small and mediumsized firms, but they are equipped with still competitive and attractive technologies in the manufacturing of building supplies, repair, electrical engineering, air conditioning, refrigeration, glass construction, cleaning technology, water technology, water supply, sewage water technology, irrigation plants, drilling equipment, sea water desalination plants, generators, measuring equipment, regulating and control technology, control equipment, sewerage, pumps, tubes, valves, and environmental engineering. They are thus expected to attract keen attention among global participants, especially from Middle Eastern buyers considering building business relationships with Korean building & construction material makers.

There are some Korean companies showing their eagerness noticeably with proud solutions offering features that are sure to draw favorable responses at the spot. Alcopanel is one of their kind. Following last year’s impressive performance, this supplier is ready to unveil its flagship materials, updated with newer features, for construction. Including this material provider, Korean makers’ unchanged pace of gradually increasing their global brand awareness in the world market is based on the exceptional advantages they have over their competitors in the global market.

 
 
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Wiring connector

November 26, 2014 by Leave a Comment

[INQ. NO. 1411M14] Armed with creative mindset and challenging spirit, Jowoo-Tech has built up steady growth. As an ambitious venture company, Jowoo-Tech has made heavy investment for unique technologies on “No-Stripping, Multiple-Electric Contacts” cable connector called “e-Clamp.” The revolutionary wiring connector will allow you to branch wires together without the need to remove wire coverings.

Wiring-connectorhttps://korean-machinery.com///inquiry Ensuring proper connectivity, this connector further decreases the risk of any shock by protecting against loose, poor connections. What’s more, this amazing small-sized device saves you both time and money on the job. The customers especially in Japan, Germany, the UK and the USA are most highly seeking these competitive items.

Jowoo-Tech will keep on following up its customers’ considerations and supports seamlessly to match their higher expectations. Steady R&D works and advanced quality control will continue to pursue the ultimate customer satisfaction.

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Spray gun

November 26, 2014 by Leave a Comment

[INQ. NO. 1411M13] Cheil Coating Inc. is one of the leading Korean companies manufacturing paint coating products. With its own technology, the company is manufacturing various models of paint coating products by coating on the surfaces of glass, metal, acrylic and wood.

Unlike the conventional paint coating spray guns taking the spray range of only one color through the one nozzle, Cheil Coating’s advanced spray gun version Chameleon4 (easy spray gun) is capable of spraying four colors of paint at the same time through the one nozzle on any kinds of surfaces of metal, glass, acrylic and wood.

Spray-gunhttps://korean-machinery.com///inquiry Currently, Cheil Coating is creating various kinds of marbles and oil paints by making use of all kinds of water or oil paints, which are designed mainly for interior/exterior finishing on the aluminum panels of all buildings, ensuring a significant amount of cost-saving and weight-decrease rather than using real marble.

Users, who are engaged in construction and are responsible for decorating & renovating fields, mostly prefer Chameleon4 for making various creative marbles & color patterns. The spray gun can also be used for decorating & renovating houses while remodeling bathrooms and small buildings.

 
 
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VOS open spring

November 26, 2014 by Leave a Comment

[INQ. NO. 1411M12] Unovics ENC has been taking a leading position in the local market by releasing and supplying such high-quality engineered products as noise and vibration controllers for different areas of buildings, semiconductor plants, metro projects, various plants etc., despite its comparatively short business history over competitors in Korea.

Unovics ENC’s years of flagship solution VOS open spring is now widely recognized as a product equipped with competitive features including open-type, antivibration mount, improved high efficiency of antivibration, easy to adjust level by control bolt, optimized diameter and working height for stability of right and left, top and bottom, and visually easy checkable spring deflection.

VOS-open-springhttps://korean-machinery.com///inquiry Consists of a fixing bolt, height control bolt, top spring cap, coil spring and bottom spring cap, the spring is widely being applied in the area of pump (single stage volute, multi stage volute, double suction, and turbine) and in the operations of air blows and anti-vibration for any vibrator without horizontal force.

Based on many years of accumulated confidence on technology and experience, Unovics ENC commands 30 percent of the market in Korea on a yearly average basis, for engineering, consulting and sales of noise and vibration control systems.

 
 
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Construction material

November 26, 2014 by Leave a Comment

[INQ. NO. 1411M11] Alcopanel produces new material for construction called “Alcopanel.” It features lightness but rigidity and flatness, incorporating the functions of insulation and sound-blocking for applications in protecting buildings and expressing the structure’s features.

https://korean-machinery.com///inquiryThe material is a best quality functional product and it well represents the company’s business spirit of “Harmony,” “Creativity,” and “Integrity.”

The sandwiched structure of special panels is set between two sheets of corrosion-resistant aluminum plate (0.5mm or 0.3mm), which is mineral core.

Along with the merits of lightness, rigidity and flatness, the construction material does not exert extra force on the interior or exterior of the wall.

Construction-materialIts functions of insulation and sound-blocking help protect the building, while its design features help to truly express the building’s characteristics. There are three major items for overseas markets – ALCOPANEL (Aluminum Composite Panel), ALCOPANEL FR (Incombustible Aluminium Composite Panel), and ALCOPANEL ZN (Zinc Composite Panel).

 
 
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