Although major Korean companies made extensive use of their available resources to help Busan host the 2030 World Expo, they were unable to overcome Saudi Arabia’s oil money and suffered a crushing defeat in the first round of voting. However, during the bidding process, Korea’s public and private s
The number of venture companies with annual revenue exceeding 100 billion won (US$76.8 million) last year reached the record high of 869, the highest figure in history. The growth rate also set a new record, achieving an unprecedented 17.6 percent increase, or 130 companies, compared to the previous
With the decision to select the host of the 2030 World Expo only 20 days away, Korean companies that have been making all-out efforts to support Busan’s bid are making a last-ditch effort to help the Korean port city punch its ticket to host the World Expo in 2030 on Nov. 28 (local time).According t
On Oct. 19, the Korean Chamber of Commerce and Industry (KCCI) announced the results of a survey titled “2023 Startup Challenges and Policy Issues” conducted among 259 domestic startups, providing insights into their current obstacles and policy recommendations.The survey revealed that four out of 1
“The Korean Ministry of Trade, Industry and Energy is mediating between Korea Hydro & Nuclear Power [KHNP], the Korea Electric Power Corporation [KEPCO], and Westinghouse while responding to a legal dispute,” Korean Minister of Trade, Industry and Energy Lee Chang-yang said on May 9, referring to th
The Financial Supervisory Service and HI Investment & Securities announced on Jan. 28 that foreign investors’ bond holdings in the South Korean market totaled 223 trillion won on Jan. 25 whereas the amount was over 228 trillion won at the end of 2022. The amount of decrease is the largest since Dece
The Korea Chamber of Commerce and Industry and 12 South Korean business groups, including Samsung, SK, Hyundai Motor, LG, Lotte and Hanwha, hosted Korea Night 2023 in Davos, Switzerland.The event was to help Busan become the venue of Expo 2030. South Korean President Yoon Suk-yeol attended it, too.T
The Ministry of Trade, Industry and Energy of South Korea and the Ministry of State Assets of Poland signed a memorandum of understanding (MOU) on Oct. 31 regarding nuclear power plant exports from South Korea to Poland. That day, Korea Hydro & Nuclear Power (KHNP) signed a letter of intent (LOI) wi
The Bank of Korea announced on Sept. 22 that the ratio of corporate and household liabilities to the nominal GDP was 221.2 percent in the second quarter of this year. The ratio rose 0.3 percentage point in three months to reach the highest level again. The household and corporate liabilities were 1,
The South Korean government launched a nuclear power plant export task force on Aug. 18, announcing that South Korea’s overseas nuclear power development projects would be linked to its key industries including automotive, semiconductor and EV battery so that the projects can be more customized and
A majority of the Korean and Japanese people think that bilateral relations need to be improved for economic development, according to a survey conducted by the Federation of Korean Industries (FKI).The survey polled 1,632 adults over the age of 18 in Korea and Japan.Specifically, 85.8 percent of th
The 29th South Korea-Japan Business Council meeting took place in Seoul on July 4, for the first time in three years. The meeting was attended by Federation of Korean Industries Chairman Huh Chang-soo, Lotte Group chairman Shin Dong-bin, Samsung Electronics president Lee In-yong, Hyundai Motor Compa
The demonstration and dummy satellites on Korea Space Launch Vehicle-II (KSLV-II) were successfully put into orbit at the second attempt on June 21. South Korea has become the seventh country in the world that is capable of launching an application satellite with a weight of at least 1 ton on a spac
The Nikkei reported on June 15 that the United States and Japan would build a next-generation semiconductor production base in Japan within five years and they would start joint research soon on advanced processes and technologies such as 2-nm chips.According to the newspaper, the joint research and
Deputy Prime Minister Choo Kyung-ho remarked on June 7 that the government would enact and amend supply chain-related laws so that incentives are provided for private-sector companies making efforts to stabilize supply chains, such as import source diversification and manufacturing facility expansio
South Korea and the United States officially declared their alliance in the nuclear power industry at the recent summit. Their cooperation is likely to revolve around advanced reactor and small modular reactor (SMR) development and export, based on the United States’ technologies and South Korea’s c
The Ministry of Science and ICT announced on May 9 that preliminary feasibility studies are underway regarding a next-generation launch vehicle development project, in which 1.933 trillion won is scheduled to be invested from 2023 to 2031.The goal of the project is to develop a two-stage launch vehi
President-elect Yoon Suk-yeol is signaling that the new government’s role in its economic policies will be reduced so that private-sector market participants can lead economic growth more than before.On April 10, he nominated People Power Party lawmaker Choo Kyung-ho as the head of his economic team
Experts point out that the National Cyber Security Act, which is pending in the National Assembly, will undermine the information and communication technology industry of South Korea when enacted.At present, the National Cyber Security Center of the National Intelligence Service (NIS) is in charge o
South Korean mobile carriers are expanding their business in the fields of artificial intelligence, cloud service, smart factory, digital healthcare, etc.SK Telecom is focusing on innovation in the AI service sector. It is planning to expand its Universe Pass packages while launching new subscriptio