Treatments for genetic diseases worth about US$500,000 were air shipped to Iran on May 29 as the first case of the export of humanitarian goods to Iran that resumed on April 6, the Ministry of Foreign Affairs said on May 29.The South Korean government continued close consultations with the United St

Financial Services Commission Chairman Eun Sung-soo said on May 28 that the government’s 40 trillion won key industry stabilization fund launched that day is no preferential treatment for certain companies and non-beneficiaries such as SsangYong Motor Company and low-cost carriers can be given finan

The South Korean government will organize a nationwide sales event, as big as the Korea Sale Festa held in autumn, from June 26 to July 12 to stimulate the domestic economy, the Ministry of Economy and Finance said on May 28.The plan is part of the government's economic policies for the second h

South Korea's industrial output fell 2.5 percent in April from a month earlier and 5 percent from a year ago due to the COVID-19 pandemic.According to the industrial data released by Statistics Korea on May 29, the April manufacturing output index slipped 6.0 percent on-month and 4.7 percent on

The Ministry of Economy and Finance is planning to issue government bonds worth a total of 13.4 trillion won next month based on a competitive bidding of primary dealers.The South Korean government has designated primary government bond dealers in order to promote issuance and distribution. At prese

The South Korean government told 25 government-funded research organizations and the National Research Council of Science and Technology to cut their budget by 66 billion won. This means the government is reducing investments for the future to offset its recent emergency spending related to COVID-19

The South Korean government is planning to increase its corporate structure innovation fund for the purpose of market-led corporate restructuring.“Corporate liquidity crises leading to insolvency crises and turning of normal enterprises into restructuring targets are unlikely to be few in number,” s

The OECD announced on May 27 that South Korea recorded a nominal GDP of US$1,642,180 million in 2019, coming in 10th among 38 OECD member and major emerging economies. South Korea ranked eighth in 2018 and Canada and Russia came in eighth and ninth in 2019, respectively.South Korea’s fall in the ran

South Korean companies’ business sentiment rebounded for the first time in five months in May as domestic consumption is showing signs of recovery thanks to the government’s distribution of emergency coronavirus relief funds.The Bank of Korea announced on May 27 that the business survey index (BSI)

The Moon Jae-in administration’s populist fiscal spending is adding to concerns over national debts and its tax revenue shortfall estimated to reach 30 trillion won this year. The president remarked on May 25 that the current fiscal conditions are very sound, finance is a cure for the COVID-19 pande

The Korea Economic Research Institute (KERI) said on May 25 that the consumer-oriented manufacturing sector should not be subject to the digital tax the OECD is currently working on.In October last year, the Secretariat of the OECD decided on taxation rights granted to cover market jurisdictions and

South Korea's consumer sentiment improved for the first time in six months in May as the number of new COVID-19 cases fell.According to the Consumer Survey for May 2020 released by the Bank of Korea on May 26, the Composite Consumer Sentiment Index (CCSI) for May stood at 77.6, higher than that

The South Korean government has opened a bulletin board of the T/F for international cooperation on disease control on the English website of the Ministry of Foreign Affairs in order to respond systematically and efficiently to the international community’s call for sharing Korea's experiences i

The Independent Power Producer Association, the Korea New & New Renewable Energy Association and the Korea Wind Energy Industry Association recently submitted a written proposal to the Ministry of Trade, Industry and Energy regarding its plan to change the Renewable Portfolio Standard (RPS).In the c

Deputy Prime Minister Hong Nam-ki presided over the first part of the 53rd Asia Development Bank (ADB) Annual Meeting on May 22, the Ministry of Economy and Finance said.Hong is the chair of the board of governors of this year's ADB meeting, which was delayed from May to September due to the COV

The Ministry of Trade, Industry and Energy is discussing financial support for auto parts manufacturers with automakers. The financial sector, the government and automakers are expected to come up with 10 billion won each and a total of approximately three trillion won is expected to be prepared fro

South Korea's per capita tax burden surpassed 10 million won for the first time in 2019, a tax data analysis shows. The analysis was presented by Rep. Choo Kyung-ho of the main opposition Future Korea Party on Sunday. He is a former vice minister of economy and finance.The figure included not ju

Korea’s external debt amounted to US$485.8 billion as of the end of March 2020, rising US$18.8 billion from the previous quarter, the Ministry of Economy and Finance said on May 21.Of the total, short-term debt amounted to US$148.5 billion, up US$14.0 billion quarter-on-quarter, while long-term debt

Neither public sector jobs nor the government’s disaster recovery allowances could prevent the polarization of income triggered by the new coronavirus crisis.In the first quarter, earned income of the bottom 60 percent of households fell all at once and household consumption expenditures fell most s

South Korean companies are in deep worry as the U.S. government is pressuring the South Korean government to participate in an economic bloc aimed at isolating China.Keith Krach, undersecretary of state for economic growth, energy, and the environment said on Wednesday that he and South Korean offic