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South Korean students still prefer the United States as their destinations when it comes to obtaining academic degrees.

Overseas Study

14 November 2016 - 12:00pm
Choi Mun-hee

The Ministry of Education of South Korea announced on November 13 that a total of 223,908 South Koreans were studying abroad for higher education as of April 1 this year and 66,672 out of the total, which is equivalent to 29.8%, were in China while the number and percentage were 63,710 and 28.5% in the case of the United States.

This is the first time that the number of South Koreans studying in China exceeded that of those studying in the United States.

The number of South Korean students who went to China for the purpose exceeded 60,000 in 2009. The number has remained...

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Kim Yong-ha(right), Deputy Minister of the Korea Forest Service (KFS) had a high-ranking meeting with ZhangJianlong, Administrator of State Forestry Administration of China one day before the “World Day to CombatDesertification” on June 16.

Korea Forest Service

12 July 2016 - 6:45pm

The Korea Forest Service rolled up its sleeves to bring the 15th World Forestry Congress (WFC) to be held in 2021 to Korea. Kim Yong-ha, vice director of the Korea Forest Service (KFS) had a high-ranking meeting with Zhang Jianlong, Administrator of State Forestry Administration of China one day before the “World Day to Combat Desertification” on June 16. In the meeting, Kim asked Zhang for support for Korea’s hosting the WFC. On June 17, Kim appealed to the environmental ministers and vice ministers of Argentina, Namibia, Niger, Turkey and Mongolia who flew into China to join the event of...

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The Samsung Group is predicted to establish the final holding company that vertically connects a financial holding company and a non-financial holding company in the end.

Samsung’s Corporate Governance

12 February 2016 - 11:15am
Michael Herh

A report came out to predict that the Samsung Group will make it public to establish a financial holding company within two years and proceed its transformation into a holding company structure over three to five years, amid the business group speeding up the reorganization of its financial subsidiaries, as shown in Samsung Life’s purchase of all of equities in Samsung Card last month.

In addition to establishing a financial holding company centered on Samsung Life, the Samsung group will also set up a non-financial holding company centered on Samsung Electronics. Finally, when an...

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Workers at Port Hedland pose for a photo celebrating the completion of the Roy Hill Project.

Core Powers for Future

3 February 2016 - 3:15pm
Cho Jin-young

It has been found that the ICT convergence, renewable energy, new material, bio-healthcare and high-end consumer goods industries are likely to be in need of approximately 110,000 more employees between last year and 2020. In particular, the smart home and intelligent robot sectors are expected to face a shortage of 54,600 and 11,900 employees, respectively.

The Korea Institute for Advancement of Technology (KIAT) said on February 2 that 110,200 more workers are necessary for the five industries until 2020. “The number is estimated at 74,500 for ICT convergence, which covers the...

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Chinese insurers are filling the gap in the Korean insurance market where the traditional Western insurance players are leaving.

Korean Insurance Market

2 February 2016 - 5:15pm
Michael Herh

With foreign insurers such as ING Life scheduled to be sold off one after another as early as in the first half of this year, it is expected that Chinese insurers will additionally make a foray into the Korean market. According to the insurance industry, war will be waged to take over ING Life, Allianz Life and PCA Life among foreign life insurers doing business in Korea.

Earlier, MBK Partners promised the Financial Supervisory Commission not to sell ING Life within two years when the company took over 100 percent equities in the life insurer at 1,840 billion won. The two years have...

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The Fair Trade Commission (FTC) has imposed sanctions on Lotte Group founder Shin Kyuk-ho who reported incomplete or false information over his ownership of Lotte’s overseas subsidiaries.

Lotte’s Willful Inattention

2 February 2016 - 2:45pm
Jung Min-hee

The government has imposed sanctions on Lotte Group founder Shin Kyuk-ho, who reported incomplete or false information over his ownership of Lotte’s overseas subsidiaries, and Lotte’s 11 domestic subsidiaries, which reported and announced false information over the major stakeholders, on suspicion of violating the fair trade law.

The Fair Trade Commission (FTC) released “Lotte’s current status of shareholdings in its overseas affiliates” report on February 1 and said, “We will consider whether to take action based on differences between data in regulatory filings submitted by Lotte...

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The country manager for Emirates Korea, Jang Jun-mo

Company in Focus

22 December 2015 - 3:15pm

Since its launch in March 2005, Emirates Korea has played the role of connecting Korea and Dubai by providing non-stop flight services. Since its inception, Emirates Korea has contributed to Koreans’ shift in focus from the U.S., Europe, and Southeast Asia to the Middle East and Africa, thereby expanding their cultural horizons.

The first among many airlines in Northeast Asia, Emirates started to introduce Airbus’s A380 to passengers using an Inchoen-Dubai route seven times a week starting in December 2009. Testifying to its fame as a “Hotel in Heaven,” the A380 turned out to be so...

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Duncan Harrison, Korea country manager for Robert Walters Korea.

Quality over Quantity

7 December 2015 - 2:45pm
Matthew Weigand

Duncan Harrison is the country manager for Robert Walters Korea, the local branch of a specialist recruitment consultancy with offices in 24 countries. Business Korea sat down with him at his offices in the Euljiro district of Seoul to ask him about the employment scene in Seoul for professionals, Robert Walters’ growth in the local market, what sets the company apart, and his own personal experience. What follows are excerpts from the interview.

Has Robert Walters been in Korea for a long time? What makes it stand out, in your opinion?

Robert Walters has...

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The headquarters building of the Ministry of Trade, Industry and Energy in Sejong City, South Korea. Inset: Lee Gyu-bong, secretary of the Smart Factory Division at the Ministry of Trade, Industry and Energy.

Interview with Secretary Lee Gyu-bong

23 November 2015 - 3:30pm

Business Korea met with Lee Gyu-bong, the Secretary of the Smart Factory Division at the Ministry of Trade, Industry & Energy. In charge of designing policies relating to smart factories, he is a leading figure in Korean government policy on smart factories. During the interview, we discussed Innovation in Manufacturing 3.0, the Korean version of Industry 4.0, and the challenges surrounding creating a new paradigm of manufacturing.

Although Korea is recognized as a manufacturing powerhouse, recently the country ranked 17th out...

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President of the Korea Institute of Science and Technology Evaluation and Planning Dr. Youngah Park.

Long-term Vision

8 October 2015 - 11:00am

BusinessKorea met with Dr. Youngah Park, the current president of the Korea Institute of Science and Technology Evaluation and Planning (KISTEP), former lawmaker of the 18th National Assembly, and former professor of physics at Myungji University, to talk about the current direction of the institute and details about hosting the upcoming OECD Ministerial Meeting Daejeon and the World Science and Technology Forum (World S&T Forum), which is scheduled to take place from Oct. 19-23. She told us about her vision for KISTEP and spoke about the strategy behind sponsoring and participating in...

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