![[Photo News] Daewoo's LNG venture in Mozambique](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F06%2F19%2Fnews-p.v1.20250619.68928eef177440dd855834cf83ecd6a0_T1.jpg&w=3840&q=100)
[Photo News] Daewoo's LNG venture in Mozambique
Daewoo Engineering & Construction Chair Jung Won-ju (left) shakes hands with Mozambican President Daniel Chapo on Wednesday during a four-day visit to the country. Jung called for continued cooperation on Daewoo's ongoing LNG plant project and sought government backing for an upcoming bid on an additional LNG project. President Chapo pledged active support, encouraging Daewoo to broaden its involvement to include urban development and tourism infrastructure. On Monday, Daewoo signed a memorandum of understanding with Mozambique's state-run energy company to collaborate on gas development and related projects. (Daewoo E&C)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 days ago
- Korea Herald
N. Korea targets Russian tourists for new beach resort: Seoul
No sign of restarting Chinese group tours to N. Korea since 2020, says Unification Ministry North Korea is expected to court Russian tourists following the official completion of its Wonsan-Kalma coastal tourist zone, which is set to open first to domestic travelers in July, South Korea's Unification Ministry said Thursday. The ministry also noted that construction — which had been suspended for an extended period — resumed last year, possibly with material support from Russia and the expectation of attracting Russian tourists. North Korean state media reported Thursday on the completion ceremony of the Wonsan-Kalma beach resort, held Tuesday and attended by leader Kim Jong-un, his wife Ri Sol-ju, their daughter, widely believed to be Kim Ju-ae, and his sister Kim Yo-jong. Ri made her first public appearance since attending a New Year's Day music concert in 2024. The resort is set to open to domestic visitors on July 1, the state-run Korean Central News Agency said. KCNA reported, 'The tourist zone equipped with hotels and inns capable of accommodating around 20,000 people, allowing domestic and international visitors to choose accommodations that suit their preferences' in a Korean language report. Russian Ambassador to North Korea Alexandr Matsegora and his embassy members were invited as special guests, according to the state media report. 'Operations are expected to gradually expand to include Russian tourists, beginning with domestic tourism on July 1,' a Unification Ministry official said on condition of anonymity during a closed-door briefing. 'The fact that the Russian ambassador was invited and highlighted (in the state media report) also appears to have been intended with Russian tourists in mind.' The official further explained, 'North Korea has regarded tourism as very important while recognizing it as a key means of earning foreign currency.' 'Tourism itself is not a violation of sanctions. However, tourism operations that involve bulk cash transfers or are conducted in the form of cooperative projects or joint ventures with North Korea could constitute a violation of sanctions,' the official said. 'On the other hand, individual tourists paying their own expenses on a cost-reimbursement basis would not be considered a sanctions violation.' UN Security Council Resolution 2270 prohibits the transfer of bulk cash to North Korea, and Resolution 2375 bans all UN member states from creating any new joint ventures with North Korean entities or individuals. North Korea's decision to resume yearslong construction of the Wonsan-Kalma coastal tourist zone in 2024 could be related to a closer alignment with Russia during the country's grinding war against Ukraine. 'Since North Korea's involvement in the Ukraine war, it is believed that the country has received various forms of material support from Russia — support that may have contributed economically to the completion of the Wonsan-Kalma tourist zone,' the unnamed official said. 'Additionally, there is a possibility that North Korea will actively seek to attract Russian tourists, which could explain the renewed push to promote the project.' North Korea initially designated the area along the coast connecting Wonsan and Mount Kumgang a tourist zone in 2014. KCNA previously reported that the groundbreaking ceremony for the Wonsan region took place in May 2015, on Kalma Street in Wonsan city. North Korea originally set a goal of completing the tourist zone by April 15, 2019, to mark the birth anniversary of the country's late founder, Kim Il-sung. However, the project was repeatedly delayed due to difficulties in securing construction materials under international sanctions. Construction had been halted following the outbreak of the COVID-19 pandemic and remained suspended until 2024. The official, however, underscored that Seoul needs to watch how much tourism in the Wonsan-Kalma coastal zone can actually be realized 'due to various limitations in transportation infrastructure.' Based on the number of flights and the size of aircraft operating between Pyongyang and Vladivostok, the maximum number of people who could travel via Pyongyang to the Wonsan-Kalma coastal zone in a single day would be around 170, according to the official. The official also explained there has been no progress in resuming Chinese group tours, which have been suspended since the outbreak of the COVID-19 pandemic in January 2020. 'We are also monitoring the potential resumption of large-scale Chinese group tours to North Korea, but no concrete signs have emerged yet.'
Korea Herald
5 days ago
- Korea Herald
World's largest quantum tech event returns to Seoul with global momentum
Ministry of Science and ICT hosts Quantum Korea 2025 to bolster international ties Korea is ramping up efforts to bolster global cooperation in the quantum ecosystem as Quantum Korea 2025 kicked off Tuesday at the Yangjae aT Center in southern Seoul. According to the Ministry of Science and ICT, the host of Quantum Korea, the event, which is held from Tuesday to Thursday, has brought together 57 quantum companies and organizations from eight countries. Over 5,500 people attended the global quantum event in Korea last year, solidifying its position as the world's biggest quantum gathering since it began in 2023. 'We are entering the era of quantum error correction and the next five years will see significant advances in performance. …This is going to be a very exciting period,' said Oskar Painter, director of quantum hardware at Amazon Web Services who doubles as professor of physics at Caltech, in his keynote speech on the opening day of Quantum Korea 2025. To bolster international quantum cooperation and partnerships, the Ministry of Science and ICT has put together roundtables with the delegates from the European Union, the United States' Quantum Economic Development Consortium (QED-C) and Finland. The Korean government is also holding an open seminar with quantum experts from Korea, Denmark, Switzerland and the Netherlands. The science ministry has organized eight international conferences that cover four areas of quantum computing, quantum communications, quantum sensing and quantum science by inviting 24 prominent scholars from around the globe. 'There are many countries investing public money in quantum technology. … The top five countries include China, US, UK, Germany and South Korea. So right here, what is happening is very impressive,' said Celia Merzbacher, executive director of the QED-C, in her keynote speech, noting that the total of global quantum investments amounts to $55 billion. 'The market (for quantum computing) is growing, but it's still early stage, so it is important for governments to continue to invest and bridge into the future.' As the United Nations proclaimed this year the International Year of Quantum Science and Technology, with the global quantum community celebrating the 100th anniversary of the initial development of quantum mechanics, countries across the globe are pouring investments into the quantum industry. To that end, Quantum Korea 2025 is holding special industry conferences on the trend and revolution of global quantum technology, the status of the quantum industry ecosystem by country and efforts to establish global quantum clusters. A total of 13 representatives from the quantum industry in the US, EU, Japan and Korea will deliver their insights. The exhibition hall will feature the latest studies and products from the participating companies and organizations including the Korea Research Institute of Standards and Science; major universities and state-run science research institutes as well as leading telecommunication carriers such as SK Telecom, KT and LG Uplus from Korea; Quandela, a French company specializing in the development of photonic quantum computers; IBM, IonQ, a US quantum computer manufacturer; QuEra, a US provider of neutral atoms-based quantum computers; and Zurich Instrument, a Swiss test and measurement company. 'Like the slogan of Quantum Korea 2025 — '100 Years of Quantum, Awakening Industry '' — Korea is seeking to take a bigger leap in quantum technology,' said Minister of Science and ICT Yoo Sang-im. 'We hope Quantum Korea 2025 will serve as a platform for achieving such a vision and strengthening partners of reciprocal trust without borders.' A report from the QED-C showed that the broad quantum industry generated $1.45 billion in revenue in 2024 and is growing at 25-plus percent annually. According to McKinsey & Company, the quantum sector and related sectors are projected to create a $2 trillion won industry worldwide by 2035 as quantum technologies are expected to solve the problems of massive power generation and large-scale data computing in the era of AI that will lead unprecedented innovation across all industrial sectors such as energy, bio, finance, logistics and manufacturing. Quantum Korea 2025 is accepting on-site registrations at the Yangjae aT Center. More detailed information about the event can be found on its official website.
Korea Herald
6 days ago
- Korea Herald
Daewoo E&C steps up global push with major wins in Czech Republic, Turkmenistan
Daewoo Engineering & Construction said Monday it is intensifying global expansion efforts to revive its legacy as a pioneer in 'global construction,' with Chairman Jung Won-ju engaging with key business partners worldwide. One of the most notable developments is the Czech Republic's new nuclear power plant project. Earlier in June, a Korean consortium including Daewoo E&C clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the country. Under the deal, Korea Hydro & Nuclear Power will construct two 1,000-megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. Daewoo E&C will lead the structural construction, securing a multitrillion-won contract later this year. In Central Asia, the Korean builder secured a contract in May to construct a mineral fertilizer plant in Turkmenistan, valued at nearly 1 trillion won ($723 million), marking its first entry into the region. This achievement follows Chairman Jung's annual visits to the country, as he recognized Turkmenistan's growth potential in sectors such as petrochemicals, fertilizers, infrastructure and new city development. Daewoo E&C plans to further strengthen cooperation by proposing a range of eco-friendly business solutions tailored to the country's needs. Since Jungheung Group acquired Daewoo E&C in 2022, Jung has emphasized overseas expansion as a strategic response to domestic market uncertainties. His direct involvement in project development has been cited as a factor in securing initiatives like Vietnam's Kien Giang New City project and the Turkmenistan fertilizer plant. Continuing his diplomatic business campaign, Chairman Jung visited Indonesia in May and met with President Prabowo Subianto to discuss potential expansion in real estate development, infrastructure and petrochemical projects. Shortly after, on June 18, he traveled to Mozambique and held talks with President Daniel Chapo to explore collaboration and expansion opportunities. This visit aligns with Daewoo E&C's broader strategy to grow its presence in Africa, particularly through LNG plant construction, leveraging its project experience in countries like Nigeria and Botswana. Domestically, Daewoo E&C is strengthening its portfolio with key public and urban redevelopment projects. It led the design review for Jinhae New Port's southern breakwater and was selected for the Umyeonsan expressway relocation. In high-end residential redevelopment, it secured the Gangnam Wonhyosung Villa project, reaffirming its expertise from previous projects like Hannam The Hill. The company is also pursuing the Gaepo Woosung 7th Reconstruction Project, emphasizing resident-focused designs over profit. 'The spirit of challenge and passion that led us to pioneer the global construction market under the banner of 'Global Construction' is deeply ingrained in all our employees,' a Daewoo E&C representative stated. 'We will do our utmost to establish ourselves as Korea's leading construction company by expanding overseas markets and diversifying our domestic business portfolio for the next 100 years.'
