News Briefing

toktok newsletter will keep you up-to-date with the latest news on SK and affiliates.

 

 

Chairman Chey Tae-won attended the 2nd KOR-SINO High-Ranking Business Leaders Dialogue co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the China Center for International Economic Exchanges (CCIEE) on December 5. The event was attended by KCCI Chairman Park Yong-maan, Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, Samsung Electronics Co-Vice Chairman Yoon Boo-keun, etc. on the Korean side; and CCIEE Chairman Zeng Peiyan, and SMIC (Semiconductor Manufacturing International Corporation) Chairman Zhou Zixue, among other top executives on the Chinese side. The business leaders representing the two countries called for the conclusion of the Regional Comprehensive Economic Partnership (RCEP) and held discussions on negotiations in the investment and service sectors over the Korea-China bilateral free trade agreement (FTA), protection of intellectual property rights, and cooperation on the revitalization of private sector exchanges. Furthermore, the two countries’ delegations issued a joint declaration regarding the above issues.

 

 

 

Chairman Chey Tae-won attended the ‘1st Tokyo Forum’ held at the University of Tokyo for three days from December 6 as co-hosted by the Chey Institute for Advanced Studies (CIAS) and the University of Tokyo. Held under the theme of ‘Shaping the Future,’ the forum gathered global leaders from various walks of life to discuss pressing issues faced by mankind in connection with politics, economy, culture, and the environment. In his opening address, Chairman Chey emphasized, “Now is the time for Asia to exercise leadership in the international community with a sense of responsibility and vision to resolve these complex and transnational issues.” To that end, he proposed strengthening cooperation on trade and investment and reassuring close cooperation between policymakers and private sector stakeholders to avoid unnecessary intra-regional conflicts. The forum opening ceremony was followed by a series of special lectures, speeches, and sessions where scholars from Korea and Japan and global leaders such as the former Prime Minister of New Zealand Helen Elizabeth Clark and the US CSIS (Center for Strategic & International Studies) President & CEO John J. Hamre shared their insights on international political developments and business issues in Northeast Asia in search of viable alternatives.

 

 

 

Ground was broken for the Silvertown Tunnel project in UK in which SK E&C is participating as its financing arrangement was concluded on November 22. It took six months for the financing arrangement to be concluded after SK E&C was named the most preferred bidder for the project in May. Not only the UK tendering system that has advanced public-private partnership projects on the platform of a stable financial market but also infrastructure investment financing support granted by Korean export credit financing institutions proved pivotal in enabling SK E&C to win the deal. Korea Trade Insurance Corporation and the Export-Import Bank of Korea agreed to provide financial support worth approximately 800 billion won to this project worked on directly by the Korean construction contractor to facilitate investment. The Silvertown Tunnel project aims to build a twin-bore tunnel 1.4km long and 12.4m wide under the bed of the Thames River to link Silvertown and Greenwich areas in London, UK.

 

 

 

SK chemicals has received the final marketing approval from the US Food and Drug Administration (FDA) on November 27 for its dementia treatment patch ‘SID710’, a Korean first for this type of patch. Similarly, SID 710 is the first dementia treatment patch that was developed by SK Chemicals in South Korea in 2010. It is a patch that attaches to the skin once a day to ensure continuous administration of medication for dementia patients who have difficulty remembering the time and frequency of the drug or who have difficulty swallowing pills. The FDA approval of SK Chemicals’ SID710 is a result of its advance into Europe (2013), Australia (2016), and Canada (2018). It has entered into 19 countries so far, and signed copyright and export contracts with 24 major pharmaceutical companies

 

 

 

SK innovation held a completion ceremony on December 5 for ‘BEST’, a battery cell plant built in Jintan Economic Development Zone of Changzhou City, Jiangsu Province, China in a joint venture with Beijing Automotive Group and Beijing Electronics. The BEST plant covers a site of approximately 168,000㎡ where two electrode lines, four assembly lines, and formation lines are deployed, with a production capacity of 7.5GWh; enough to supply battery packs for about 150,000 vehicles (50kWh per vehicle) per year. BEST is a 100%-owned subsidiary of BESK, a joint electric vehicle battery business (JV), incorporated by SK innovation in 2013 jointly with Beijing Automotive Group and Beijing Electronics; 49% owned by SK innovation and 51% by Beijing Automotive Group and Beijing Electronics. Following the commissioning and product certification stages, the plant will enter into production in full swing early next year to supply battery cells to EV makers operating in China.