The Ministry of Environment of South Korea recently formed a task force in order to impose stricter regulations related to particulate matter. Under the circumstances, the concerns of local steelmakers, oil companies and chemical companies are rising. The task force is planning to include more regio
The volume of South Korean companies’ investment in China reached the lowest in three years. After controversy over China’s retaliation against South Korea for the deployment of the THAAD system, South Korean companies are lessening their investment in China.According to the Ministry of Strategy and
Domestic auto sales rebounded in July after five months. Exports also turned to growth again from a decline a month earlier.According to the Ministry of Commerce, Industry and Energy (MOCIE) announced on July 10, domestic sales of automobiles rose 8.1% year on year to 149,914 in the same period. The
Before the court’s first verdict of an ordinary wage lawsuit against Kia Motors, Korean automakers said, "If labor cost burden increases due to ordinary wages, we have no choice but to consider moving our production base overseas."“If the verdict compels Kia Motors to additionally pay about three tr
The Ministry of Science & ICT announced on August 9 that the first phase of South Korea’s lunar exploration program has been extended by two years to 2020.The goal of the first phase is to develop and launch a prototype lunar orbiter weighing 550 kg in cooperation with the NASA. The orbiter and a la
In July, Korea’s exports of information and communication technology (ICT) products reached a record high thanks to a boom in semiconductor exports. However, exports of mobile phones which dominated the global market, has been sluggish since they went downhill for 16 months in a row.According to the
The Ministry of Science & ICT and the Software Policy & Research Institute announced on August 8 that the total output of the software industry of South Korea was 50.5 trillion won (US$45.4 billion) last year, up 4.0% from a year ago. The IT service output totaled 32.1 trillion won (US$28.8 billion)
The South Korean government came up with a tax law amendment on August 2. According to the amendment, tax incentives applied to the dividend income from high-dividend stocks are terminated at the end of this year as previously scheduled. Under the circumstances, an increasing number of investors are
Although battery shipments in China that is the world's largest electric car market are on a sharp rise, China’s import of electric vehicle batteries from South Korea declined for five consecutive years. This is because the Chinese government is driving a localization policy to nurture its electric
The Ministry of Science & ICT of South Korea announced on August 6 that Dr. Jeon Ho-shik at the Green Technology Center will be dispatched to the Climate Technology Centre & Network (CTCN) Secretariat. This is the first time that a South Korean climatologist is dispatched to the CTCN.The CTCN is an
The Lotte Group began restructuring its business in China. The decision was made as the top management of the group judged that they can stand no longer as the China's economic retaliation for the deployment of the Korea-US terminal high-altitude area defense (THAAD) system has been continuing for s
The Korea Fair Trade Commission (KFTC) announced on August 3 that the number of recalls in South Korea increased from 1,586 to 1,603 between 2015 and 2016.Last year, the number of recall orders from the authorities decreased by 34 to 856 whereas those of recall recommendations and voluntary recalls
The domestic robot system is seeking to make foray into the surgical robot market which is expected to grow to 10 trillion won (US$8.86 billion) by 2021.The Ministry of Food and Drug Safety (MFDS) announced on August 3 that it has approved Revo-i, the first surgical robot system developed in South K
With the United States putting pressure on South Korea to revise the free trade agreement (FTA) between the two countries, South Korea’s trade surplus with the U.S. for the first seven months of this year plunged 35 percent. The country’s trade surplus with the U.S. in July alone also fell 9.8 perce
The Moon Jae-in administration will start raising the rate of taxation for large businesses next year. Going against the latest trend that many countries are scrambling to lower corporate taxes, the government will increase the top marginal corporate income tax rate by 3 percent points and reduce th
Daewoo Shipbuilding & Marine Engineering (DSME) exported submarines for the first time in Korea. In 1988, this rare feat was accomplished in 30 years since Korea has made a lot of efforts to develop its own submarine after receiving technology from Germany.On July 2, Daewoo Shipbuilding & Marine Eng
The Ministry of Trade, Industry & Energy announced on August 1 that South Korea’s total exports reached US$48.85 billion last month, up 19.5% from a year ago. The total exports showed a double-digit growth for the seventh consecutive month.Ship exports showed a year-on-year increase of no less than
Porsche Korea also suspended its local sales of the “Cayenne Diesel” model recalled in Europe after its environmental certificates were revoked due to an exhaust gas emission rigging deviceOn July 31, Porsche Korea sent an official letter to the dealership to discontinue Cayenne Diesel deliveries to
The Ministry of SMEs & Startups and the Korea Venture Investment Corporation announced on July 26 that they add a total of 870 billion won (US$783 million) in a new fund of funds. This has to do with the Moon Jae-in administration’s policy to concentrate on the growth of SMEs, venture firms and star
The Korean government begins working-level consultation to give US$10 billion in financial package support for infrastructure development in India.The Korean Ministry of Strategy and Finance announced on July 26 that the ministry will hold a working-level consultation with India's Ministry of Financ