As the Ministry of Justice (MOJ) decided to make a special law to shut down cryptocurrency exchanges on January 11, there has also been criticism inside and outside of exchanges that its move is like cutting off your nose to spite your face, stirring up a controversy. The government initially planne
The Ministry of Food and Drug Safety of South Korea announced on January 10 that it would form a new council with ASEAN member countries by 2019 so that regulations in the cosmetics industry can be made uniform in the region and South Korean cosmetics companies can better penetrate the ASEAN market.
“Customized cosmetics” are only available in some cosmetics stores at the moment. However, they are expected to be more diverse and more accessible in the future. The Korean government has joined hands with cosmetics manufacturers, such as AmorePacific and LG Household & Health Care, to carry out a
The Ministry of Trade, Industry & Energy announced that the first round of negotiation for KORUS FTA revision took place for hours on January 5 at the Office of the United States Trade Representative (USTR). Director-General Yoo Myung-hee led the South Korean side in the negotiation with the U.S. si
South Korea's semiconductor companies with memory semiconductors achieved the highest performances in a super-cycle which began in earnest in 2017.However, corporate customers' complaints spiked due to continuous hikes in prices of DRAMs and NAND flashes. In particular, Chinese smartphone makers suc
South Korean biopharmaceutical companies are seeking to develop new drugs with artificial intelligence (AI) technology.According to industry sources on January 3, Seegene Inc. succeeded in developing molecular diagnostic assays by using a newly created AI based assay development system. These assays
Last year, foreign direct investment (FDI) in Korea hit an all-time high of US$22.94 billion. The FDI exceeded US$20 billion for the third consecutive year.The Ministry of Trade, Industry and Energy (MOCIE) said on January 3 that foreign direct investment (FDI) in Korea ran to US$22.94 billion last
Since the Ministry of SMEs and Startups inaugurated on November 30, last year, the Moon Jae-in administration has repeatedly said that the administration would actively pursue a policy of fostering small businesses as the subject of innovative growth rather than large businesses.There are two major
The Ministry of Land, Transport and Maritime Affairs of South Korea drew up the 'Sixth Construction Technology Promotion Basic Plan', a road map for construction technology policies that respond to the fourth industrial revolution such as smart construction automation.According to the basic plan, fi
South Korea set a new record for exports. The Ministry of Trade, Industry and Energy (MOTIE) announced on January 1 that the amount of total exports came to US$573.9 billion (613 trillion won) in 2017. The figure went up by 15.8 percent from that of 2016, recording the highest since export statistic
A large number of fake South Korean cosmetic products is circulating in Chinese-speaking countries.According to news outlets in Hong Kong, including Wenweipo, on January 2, Hong Kong Customs officers found 5,200 South Korean, Japanese and European knock-off cosmetics worth HK$670,000 (US$85,742 or 9
It is expected that the Korea industry will be generally sunny but cloudy for some sectors in 2018, the Year of the 'Golden Dog' according to the Chinese Zodiac system.It is a dominant view among experts that the semiconductor industry which represents Korea will continue to enjoy a boom this year a
The number of employees at local venture firms came to 764,000, which is almost the same with 769,395 posted by South Korea's six major conglomerates including Samsung Group.According to the data compiled by the Ministry of SMEs and Startups and the Korea Venture Business Association, the number of
The Ministry of Science and ICT of Korea announced its plan for the supply of frequencies for industrial and daily life use On December 28. These frequencies can be defined as frequency bands that can be used for nothing with only technical standards determined by the government. These frequencies d
An institutional base will be established for Korean exporters to cope with the “green trade barrier” as early as this year. According to the Ministry of Trade, Industry and Energy on December 27, the South Korean government is planning to initiate a pilot project within this year with regard to the
The number of overseas contracts won by South Korean construction firms, which was on the decrease, has shown a rebound for the first time in three years. The industry believes that the worst situation is done. However, it will be unable to see a dramatic increase as Middle Eastern countries, which
Corporate Korea will develop the avionics market in earnest, including the launch of the Aviation Industry Convergence Alliance after a drone industry alliance.The Ministry of Trade, Industry and Energy (MOTIE) announced on December 27 that the ministry launched the Aviation Industry Convergence All
A photovoltaic mine project will be gone ahead with at abandoned mine sites in Gangwon-do. Moreover, dormant and abandoned areas all over the nation that have been neglected will be turned into solar power generation sites-- a new profit generation model.The Ministry of Trade, Industry and Energy an
There are growing concerns that semiconductor materials can be in short supply in 2019 as major companies at home and abroad, such as Samsung Electronics Co. and SK Hynix Inc., are expanding their production facilities due to a boom in the semiconductor industry.According to industry sources on Dece
Ganghwa County has announced its plan to attract tourists in 2018 to brace for the tourist city of this year. Its target figure for tourists in 2018 stands at 5 million, up 42 percent from that of 2016. The county has carried out extensive activities to promote the “tourist city of this year” in 201