MIDDLE EAST MARKET STILL ATTRACTIVE TO KOREAN FIRMS
Despite the rise of Southeast Asia, the Middle East market is still big, important and rich enough to attract Korean firms, especially medium-sized ones seeking to expand their business overseas. Accordingly, the Korea-UAE Economic Partnership Forum has its key purpose the deepening of the economic relationship between the two countries as well as the encouraging of Korean companies to kick off business in the UAE. Small-sized companies involved and specializing in infrastructure development, energy especially renewable energy and high-technology manufacturing, such as airplane parts and electronic goods, may hold an advantage in the region.
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LIGHTINTHEBOX MAKES FIRST CHINESE IPO IN U.S. IN 2013
LightInTheBox Holding Co., Ltd., an on-line retailer that delivers products to global consumers, held its initial public offering (IPO) on the New York Stock Exchange, marking the first Chinese company IPO in the US in 2013. The company, under the symbol of LITB, priced its IPO of 8.3 million American depositary shares (ADSs), with each ADS representing two ordinary shares of the company, at 9.50 US$ per ADS, for a total offering size of approximately 78.85 million dollars, assuming its underwriters do not exercise their option to purchase additional ADSs.
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INDIA AND JAPAN BOOST MARITIME-SECURITY TIES
Japan and India have agreed to strengthen security co-operation and speed up talks on allowing Japan to export nuclear reactors. India is pushing ahead with building nuclear reactors despite global concerns over safety. The country is unable to rely on the coal sector, which is crippled by supply shortages and mired in scandals. Hundreds of millions of Indians still live without power and factories suffer frequent blackouts. A civil nuclear energy pact with India would give Japanese nuclear technology firms access to India's fast-growing market.
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SWEDISH FIRMS MAY INVEST UP TO $500M IN INDONESIA
Eight companies from Sweden have expressed interest in investing up to $500 million in total in Indonesia. The companies interested in investing in Indonesia are from the heavy equipment, automotive, furniture, mining and renewable energy sectors. Total bilateral “two way” trade between Indonesia-Sweden reached $1.46 billion last year. Some Swedish companies are already setting investment plans in Indonesia. ABB, a power and automation technology group, is preparing to invest in two power plants in Java at a cost of $25 million each. IKEA plans to open its first shop in Indonesia, in Alam Sutera, Tangerang in Banten on July 2014.
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