The South Korean government announced on March 25 that levies for foreign currency soundness will be temporarily exempted so that financial companies’ foreign currency borrowing costs can be reduced, foreign currency liquidity coverage ratio requirements will be temporarily loosened from 80 percent,
The Ministry of Trade, Industry and Energy announced on March 23 that its South Korea-Russia FTA negotiations for the service and investment sectors would be held by video conference from March 23 to 26.The talks will be led by Director General for FTA Policy Jeon Yoon-jong and Marya Baranova, Deput
Research institutes and investment banks said in a recent Bloomberg survey that the possibility of a recession to start within 12 months is 33 percent in the case of the South Korean economy.In addition, Nomura Securities estimated South Korea’s Q1 economic growth rate at negative 3.7 percent and Ox
The South Korean government announced a 50-trillion-won-plus emergency financing package for small businesses on March 19.The Korean government has decided to set up a 15-trillion-won bond market stabilization fund to provide liquidity to companies faced with temporary financial difficulties. The fu
Deputy Director Choi Byung-am of the Korea Forest Service signed the Agreement on Joint Forest Cooperation with the World Bank during the Korean Innovation Week at the World Bank Headquarters in Washington, DC, the United States, on Feb. 19.In this agreement, the two sides strengthened cooperation i
Uzbekistan will introduce the South Korean e-government and digital economy system.When South Korean President Moon Jae-in visited the Central Asian country in April last year, Uzbek President Shavkat Miromonovich Mirziyoyev strongly requested Korea’s assistance in building an e-government system in
The South Korean financial market is being seriously affected by the Wuhan coronavirus. The Korea Composite Stock Price Index (KOSPI) showed the steepest decline in more than 15 months and foreign exchange rates soared along with bond prices on Jan. 28.That day, the index plunged 69.41 points to clo
The South Korean government announced on Jan. 20 that finance, culture and innovation will be added to the 9-Bridge scheme for mutual cooperation between South Korea and Russia and it will establish mid- to long-term cooperation models and bilateral and multilateral FTA belts with northern countries
The Korea-Vietnam honeymoon in the economic field is deepening. Currently, Korea is Vietnam’s No. 1 investor and the most preferred investor for Vietnamese agencies. The bilateral trade between Korea and Vietnam, which amounted to about US$10 billion 10 years ago, is running towards the goal of US$1
Incheon Free Economic Zone Authority (IFEZA) held an advisory committee meeting in Songdo on Nov. 25. There, 31 experts in various fields were appointed as advisors, former first IFEZA Commissioner Lee Hwan-kyun was appointed as the head of the committee, and Inha University business administration
The first patent in Cambodia that is based on the Patent Recognition Program (PRP) of South Korea and Cambodia has been registered. With the PRP, which became effective on the first day of this month, the registration of a Cambodian patent corresponding to a registered South Korean patent can be com
The South Korean and Japanese governments will have another round of talks related to the latter’s export curbs next month. The Seoul government is going to request the WTO to set up a panel for dispute settlement if the talks fail to reach an agreement.The Ministry of Economy and Finance of South K
SK Engineering & Construction (SK E&C) announced on Oct. 25 that it has signed a memorandum of understanding (MOU) with the Korea Energy Agency and the Ministry of Energy of Uzbekistan to renovate and modernize Mubarek Power Plant in Uzbekistan for about US$200 million.The project aims to modernize
POSCO E&C announced on Oct. 20 that it has successfully completed the construction of the largest combined cycle power plant and LNG terminal in Panama.An opening ceremony was held at the plant on Oct. 18 (local time) with the attendance of Panamanian President Laurentino Cortizo, U.S. Deputy Secret
South Korean Deputy Prime Minister Hong Nam-ki and Australian Treasurer Joshua Anthony Frydenberg discussed the two countries’ further cooperation in various fields such as their currency swap, the hydrogen economy and foreign policies in Washington, D.C. on Oct. 18 (local time).When it comes to the
Bulgaria is considering introducing the advanced supersonic trainer T-5 of Korean Aerospace Industries (KAI) to strengthen its defense readiness. The country is also considering building a local assembly facility for technology transfer from KAI.According to industry sources and media outlets on Oct
Large securities companies with an equity capital of three trillion won or more will be allowed to extend loans to their overseas subsidiaries.The policy change was decided at the government's fourth innovative growth strategy meeting on Oct. 14. In addition, the government is going to apply sim
The Financial Supervisory Service (FSS) said on Oct. 1 that Woori and Hana Banks are suspected of having mis-sold about 20 percent of their controversial derivatives-linked fund (DLF) products.The announcement was based on an inspection into the two banks’ DLF sales records. It found that of the 3,9
South Korea and Russia have agreed to work together to conclude a free trade agreement in the service and investment sectors next year, raise a joint fund of US$1 billion for investment in Russia’s original technologies, and combine the technologies with South Korea’s commercial technologies for mat
Doosan Heavy Industries & Construction announced on Sep. 22 that the Bintan 4 Thermoelectric Power Plant completion ceremony took place in Binh Thuan, Vietnam on Sep. 21. The ceremony was attended by Vietnamese Deputy Prime Minister Truong Hoa Binh, Electricity of Vietnam (EVN) Chairman Duong Quang