KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home Hyundai

Hyundai Acquisition of DSME Problematic Due To Trade War

 741 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: August 2, 2019 UPDATED: August 2, 2019
in Hyundai, Investment, Trade War
0
Hyundai Acquisition of DSME Problematic Due To Trade War
Hyundai Heavy Industries Ship Sailing

Hyundai Heavy Industries Ship Sailing

The Japanese government may soon put Hyundai’s acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) under a microscope due to the growing tension between the two nations.

Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries are two of the largest shipbuilders worldwide. Their status makes the merger highly scrutinized due to its possible effects on the maritime industry worldwide. Although Japan has not yet released its statement on the merger, Hyundai seems to want to take the safe path going forward. Hyundai Heavy Industries has reportedly delayed their application for an antitrust review with Japan’s Fair Trade Commission.

Besides Japan, Hyundai also plans to apply for reviews from antitrust authorities from the European Union, Korea, China, and Kazakhstan. Antitrust reviews are subject to rulings by countries that the acquisition will affect. Failure to apply for such judgments may put the company into a disadvantageous position when dealing and negotiating with shippers and vessel buyers.

Hyundai’s spokesperson said, “We have been in negotiations with antitrust officials at the EU over the timeframe for the application since April, but have yet to start talks with the Japanese authorities.”

Japan’s shipbuilding industry has been historically dissimilar with that of South Korea’s. Japan focuses on bulk carries, while South Korea is more on LNG and container vessels. Reports, however, show that the latter may be taking steps to get the upper hand over the other.

Japan has recently filed a complaint questioning the subsidy the World Trade Organization has provided DSME. A move that may challenges Korea shipbuilding industry as the state-run financial institution.

Officials in Japan have likewise expressed their discontent with the merger.

“The birth of this overwhelming shipbuilding group is a threat,” said Tamotsu Saito, chairman of the Shipbuilders’ Association of Japan. “The antitrust regulators of each country will not just idly watch this,” he continued.

During a separate press conference, Saito also asked for the Japanese government’s intervention on the merger. According to him, “national efforts are required to protect the nation’s shipbuilders.”

The current South Korea-Japan trade war has been gaining steam during the past few weeks. Japan has recently pushed through with its threat to remove South Korea from its “whitelist” of trusted trade partners.  Analysts expect the move to escalate the feud between the two countries even more.

Featured image grabbed from Hyundai Heavy Industries website.

What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: DSMEhyundaiJapanKoreaNewsShipbuilderTrade War

Related Posts

President Yoon Suk-yeol, center, chairs a government meeting at the presidential office in Seoul on Oct. 28. Yonhap
Hyundai Heavy Industries Ship Sailing
Investment

Korean government to invest $2.9 billion in 2023 to promote 12 strategic technologies

October 29, 2022
Hyundai Mobis will offer Metaverse Mobility Experience at CES 2022
Hyundai Heavy Industries Ship Sailing
Hyundai

Hyundai Mobis will offer Metaverse Mobility Experience at CES 2022

February 2, 2022
Hyundai Unveils Mobile Eccentric Droid: A ride for all terrains
Hyundai Heavy Industries Ship Sailing
Hyundai

Hyundai Unveils Mobile Eccentric Droid: A ride for all terrains

December 17, 2021
Hyundai all set to test level 4 self-driving system
Hyundai Heavy Industries Ship Sailing
Automobile

Hyundai all set to test level 4 self-driving system

November 27, 2021
Korean tech giants take lead in climate tech projects
Hyundai Heavy Industries Ship Sailing
Climate change

Korean tech giants take lead in climate tech projects

November 10, 2021
South Korea invests $35.8 million in hydrogen tram tech: Aims a hydrogen economy by 2050
Hyundai Heavy Industries Ship Sailing
Hydrogen

South Korea invests $35.8 million in hydrogen tram tech: Aims a hydrogen economy by 2050

September 24, 2021
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • Top Nine Mobile MMORPG in South Korea for 2020

    0 shares
    Share 0 Tweet 0
  • Korean tech giants to focus on future innovations & sustainability actions at CES 2023 

    0 shares
    Share 0 Tweet 0
  • Netmarble subsidiary Metaverse Entertainment’s K-Pop virtual girl band MAVE has a smashing online debut

    0 shares
    Share 0 Tweet 0
  • World’s First 5G Robot Café has a Seoul Opening

    0 shares
    Share 0 Tweet 0
  • Top 10 Must-Have Korean Apps You Need When Visiting in Korea

    0 shares
    Share 0 Tweet 0
  • South Korea Improves Digital New Deal with the Data Dam Project

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |