Finance ministers of Korea, the United States, and Japan will meet for the first time ever in Washington, D.C., the United States on April 17.The Ministry of Strategy and Finance announced on April 16 that Deputy Prime Minister and Minister of Finance Choi Sang-mok will leave for the United States t
Cho Dong-chul, the president of Korea Development Institute (KDI), publicly issued a stark warning on government debt, going so far as to state, “The country will collapse.” In particular, he cautioned that South Korea’s national debt-to-gross domestic product (GDP) ratio could skyrocket to over 250
Cho Hyun-sang, vice chairman of Hyosung Group, attended the World Economic Forum (WEF, also known as the Davos Forum) to communicate with global leaders and explore new business opportunities for Hyosung Group, a global company in the materials sector.This year marks the 54th World Economic Forum, h
Pernod Ricard Korea, the Korean subsidiary of the global liquor company Pernod Ricard Group, will donate 40 million KRW to the Corea Image Communication Institute (CICI) and sponsor in kind various cultural communication events organized by CICI in 2024.Pernod Ricard Group has set a 2030 Sustainabil
The top 13 countries in global greenhouse gas (GHG) emissions account for 70 percent of all GHG emissions. As global GHG emissions continue to rise, it will be difficult to reach the 2030 Nationally Determined Contribution (NDC) target, many experts expect.The Federation of Korean Industries (FKI) s
The Organization for Economic Co-operation and Development (OECD) has projected South Korea’s economic growth rate to be 1.5 percent for this year, while Japan’s growth rate is expected to be 1.8 percent. If this forecast materializes, it would mark the first time in 25 years that Japan’s growth rat
South Korea has taken the first step toward injecting US$2.3 billion into Ukraine’s reconstruction.The Ministry of Land, Infrastructure and Transport (MOLIT) of South Korea organized the first public-private Ukraine Reconstruction Cooperation Delegation and sent the delegation to Ukraine’s capital c
On Sept. 12, K-water revealed that its CEO Yoon Seok-dae held in-depth discussions with Ukraine’s Ambassador to Korea, Dmytro Ponomarenko, on cooperation strategies for Ukraine’s reconstruction.This comes after President Yoon Suk-yeol announced at the G20 summit on the 10th that Korea would support
According to the Federation of Korean Industries (FKI) on Sept. 6, Chairman Ryu Jin, who took office as the 39th chairman, reaffirmed friendly relations by sending congratulatory letters to over 40 partner organizations in major countries and international institutions worldwide. He also proposed th
As South Korean President Yoon Suk-yeol embarks on a tour of Indonesia and India Sept. 5-10, much attention is being paid to the South Korean defense industry’s issues with Indonesia and India. Indonesia is a major defense export destination with which South Korea has close military ties, although t
The Biden administration, which is weaponizing semiconductor exports as a diplomatic tool, has set its sights on a new location other than China: the Middle East, a region known for its close ties with China. They’ve abruptly imposed controls on the export of AI-specific semiconductors to the Middle
Due to a recent economic crisis in China, Korea’s exports to China may fall by US$36.92 billion this year, according to an analysis report.The report titled “Implications of Declining Exports to China on the Korean Economy,” released by the Hyundai Research Institute on Aug. 24, estimates how much a
The Korean government has begun to improve its system to allow more skilled foreign workers to work longer at workplaces in Korea.On Aug. 24, the Ministry of Justice announced a plan to revolutionize work visa regulations in order to drive Korea’s economic growth at the 4th Regulation Innovation Str
India has blocked Chinese automakers from investing in India. This is expected to give Hyundai Motor Group of Korea reflective benefits as the Korean automaker is expanding its investments in India.According to foreign media outlets including the Economic Times of India, Chinese electric vehicle mak
The South Korean government plans to contribute US$10 million to the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund for Ukraine’s reconstruction.On July 18, according to the Ministry of Strategy and Finance, while attending the G20 Finance Ministers’ meeting in Gandhinag
The Organization for Economic Cooperation and Development (OECD) has decided to delay Pillar One of a global digital tax, which will require multinational companies such as Google, Apple and Samsung Electronics to pay taxes in countries where they actually generate sales, by one year from 2024 to 20
Korea’s stock market gained the fifth most among the Group of 20 (G20) in May. This growth was driven by strong stock prices of semiconductor companies.According to the Korea Exchange on June 4, the KOSPI rose 3.02 percent in the month of May. The KOSPI, which closed at 2501.53 on the last trading d
The Korea Power Exchange (KPX) hosted a Bloomberg NEF (BNEF) seminar on carbon neutrality responses at its headquarters on Feb. 8.In the seminar, energy experts from BNEF offered in-depth analyses on the impacts of carbon neutrality on the electric power industry and electric power demand. Ali Izadi
Hyosung Group vice chairman Cho Hyun-sang will attend the World Economic Forum, which kicked off in Davos, Switzerland on Jan. 16 (local time). Cho attends the Davos Forum for the first time in three years. During the forum, Cho will meet with global leaders to discuss business cooperation and promo
The U.S. News & World Report released its Most Powerful Countries list on Dec. 31 after collecting opinions from 17,000 persons in 85 countries. This year, South Korea rose from eighth to sixth and Japan fell from sixth to eighth.“South Korea is one of those with the largest gross national savings a