According to a report “Mythology of Semiconductor Exports and Cross-national Comparison of Export Competitiveness” released by the Korea International Trade Association (KITA) on September 13, semiconductors accounted for 16 percent of the country’s total exports.In particular, the KITA said South K
The Korean government announced, on September 12, the strategy to develop the seaweed industry. Forming a “Plan for US$1 Billion Export by 2024,” the government is to nurture the industry to become the nation’s future growth engine, like semiconductors.The government decided to start marketing seaw
The South Korean government has decided to strongly urge the Chinese government to drop its retaliatory measures over the deployment of the U.S. Terminal High Altitude Area Defense (THAAD) missile system in South Korea through all the channels including the Council for Trade in Services of World Tra
South Korea has been reappointed as the chair country of the G20 International Financial Architecture Working Group (IFA WG) for the period of 2018.The Ministry of Strategy & Finance announced on September 12 that the member countries of the G20 held a meeting in Paris, France on September 11 (local
Airbnb and Yonsei University today signed an MOU for mutual cooperation for research to build a foundation in an era where the sharing economy is becoming more significant. Airbnb is the world’s largest global home sharing platform, and Yonsei University is the oldest and one of the most prestigious
The Korea Insurance Development Institute (KIDI) announced on September 10 that cars equipped with advanced safety devices related to autonomous driving technology are less prone to accidents and this can lead to a car insurance premium discount of up to 12.6%.Recently, the institute combined its ca
"The IMF expects Korea's economic growth rate to be 3.0 percent this year and next year," said Christine Lagarde, managing director of the International Monetary Fund (IMF) in a press conference held in Seoul on September 11. The IMF had forecast that Korea's economic growth rate will reach 2.7 perc
Three Korean battery manufacturers -- LG Chem, Samsung SDI, and SK Innovation -- decided to invest about 2.6 trillion won in Korea by 2020. The government will take the lead in solving the companies’ difficulties in order to help the Korean secondary battery industry preempt the world market.The Min
As the Trump administration has discussed how to change “net neutrality” in earnest, interest in net neutrality policy changes is also rising in South Korea. However, the government announced to keep the current net neutrality policy for a while. Net neutrality is the principle that wire and wireles
Four launchers have been added to the U.S. THAAD base in Seongju County, North Gyeongsang Province. The South Korean government announced on September 7 that it gave China prior notice regarding this matter.The Global Times, a state-run news outlet of China, criticized South Korea, claiming that THA
“We will apply the internet of things (IoT) to logistics in general," Samsung SDS said during the "Cello Tech Fair 2017" held on its Pangyo Campus on September 7."I will apply the IoT to the control of air routes of cargoes sensitive to vibration and temperature changes, the management of all cargo
According to content industry source including the Korea Foundation for International Culture Exchange (KOFICE) on September 6, South Korea’s content industry has been supporting the lower part of the national economy that is heavily dependent on exports. Despite the economic slump at home and aboar
There are growing concerns over the different voices of the two heads of the United States and South Korea with the North Korean threat escalating.“South Korea is finding, as I have told them, that their talk of appeasement with North Korea will not work.” US President Donald Trump twitted on Septem
The South Korean economy has been led by “two top” players – semiconductor and automobile. However, the semiconductor industry is struggling as the car industry is facing crisis due to the court’s ruling on ordinary wages and plunge in sales in China caused by China’s retaliation over the deployment
The government of Libya spurring the reconstruction of the country after the civil war requested Korean builders to resume construction work in Libya as soon as possible.Libyan Deputy Prime Minister Ahmed Omar Maiteeq attended the Global Infrastructure Cooperation Conference (GICC) held by the Minis
According to a report on August’s exports and imports (estimates based on customs clearance) released by the Ministry of Trade, Industry and Energy, Korea’s exports in August swelled 17.4% year on year to US$47.1 billion. This means double-digit growth has continued for eight consecutive months in f
Financial companies, such as Kyobo and Mirae Asset, are keeping an eye on who will take the helm to supervise financial business groups. The subtle difference in the supervision details of the Financial Supervisory Commission (FSC) Korea Fair Trade Commission (KFTC) can greatly affect them.According
The Ministry of Land, Infrastructure & Transport of South Korea announced on September 3 that it holds Global Infrastructure Cooperation Conference (GICC) 2017 from September 4 to 6 at the COEX Intercontinental Hotel located in Seoul.The annual international conference has been held since 2013 so th
Iran is increasingly limiting imports of foreign cars to protect its auto industry.According to the Iranian English Economic Daily Financial Tribune and KOTRA on August 31, the Trade Promotion Organization (TPO) under the Ministry of Industry and Trade of Iran has stopped issuing import permits for
As Lee Yong-sung, chairman of the Korea Venture Capital Association (KVCA), has been reappointed, BusinesKorea sat down with him once again to hear about what has been done during his first term as the chairman. He said, “The era of new investment worth 3 trillion won (US$2.64 billion) a year, which