The Korea Employers Federation announced on June 13 that Executive Vice Chairman Lee, representing the Korean business community, made a speech at the 111th International Labour Organization (ILO) Conference held in Geneva, Switzerland on June 12 (local time).Vice Chairman Lee stated, “Although the
The construction of the Shin Hanul 3 and 4 reactors will begin soon after its cancellation under the previous Moon Jae-in administration.The Korean Ministry of Trade, Industry and Energy held a meeting at the Sejong Government Office on June 12 to deliberate on and resolve the approval of an impleme
According to sources in the Korean business community on June 12, the Xing Haiming, Chinese Ambassaor to South Korea, stayed at Healing Stay Cosmos Resort, an accommodation facility operated by Korea’s Kolon Group on Ulleung Island of Korea in the East Sea, last month. While the exact price of the s
“The Korean government has not promoted a policy of decoupling from China,” Prime Minister Han Duck-soo said. Han reaffirmed the Korean government’s position that there was no decoupling from China and no reason to do so as stated by Deputy Prime Minister and Minister of Strategy and Finance Choo Ky
The United States is officially shifting its Chinese strategy from “decoupling” to “derisking.”On June 4, White House National Security Advisor Jake Sullivan said in a CNN program, “The U.S. economy does not seek to decouple from China, it seeks to derisk it.” This came more than two months after he
The income gap between workers at large companies and small and medium-sized enterprises (SMEs) widens from 1.4 times when they are in their early 20s to 2.5 times when in their early 50s.According to job administrative statistics by the Korean Statistical Information Service (KOSIS) on June 11, the
Korea and Saudi Arabia will establish a US$160-million joint fund.The fund will be set up as part of a memorandum of understanding (MOU) between Korea and Saudi Arabia on investment cooperation and support for startups, which was signed during a meeting with Korean President Yoon Suk-yeol and Saudi
As the proliferation of solar power continues, the share of renewable energy is growing, leading to concerns about the management of power that is produced in excess of demand. Critics are urging the government to swiftly establish measures to address this issue.According to sources in the electrici
Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), revealed the mutual cooperation of the Korean and Japanese business communities, stating that "we will connect the 2030 Busan World Expo (Busan Expo) with the 2025 Osaka-Kansai Expo in Japan as a single solutio
Recently, the won-dollar exchange rate has fluctuated the most among major currency exchange rates. This sharp change in the value of the won has been blamed on Korea’s trade deficit.According to the Bank of Korea (BOK)’s June Monetary and Credit Policy Report, the rate of changes in the won’s excha
The Federation of Korean Trade Unions (FKTU) announced on June 8 that it will launch an all-out struggle against the Yoon Suk-yeol administration following its decision to boycott a meeting of the Committee on Economic, Social and Labor Affairs under the Presidential Office. Following the Korean Con
The government announced on May 29 that it will discuss the resumption of Korea-Japan currency swaps, which were previously suspended in 2015, at the Korea-Japan Finance Ministers' Meeting to be held in Tokyo, Japan.Choo Kyung-ho, deputy prime minister and minister of economy and finance, respon
The South Korean government has jumped into the semiconductor power struggle between the United States and China. President Yoon Suk-yeol presided over a National Semiconductor Strategy Meeting held on the morning of June 8. During the meeting, President Yoon said, “The competition in semiconductors
Australian Strategic Materials (ASM) is a company focused on mining and processing rare earth elements and critical minerals that has a strong partnership with Korea. Business Korea conducted a written interview with ASM CEO Rowena Smith to ask her about her company’s business activities, its Dubbo
Japan is pushing to build a global supply chain alliance to take the initiative in the secondary battery industry by 2030. It laid out an ambitious plan to become the center of secondary battery development and production in partnership with the United States, the European Union and the world’s majo
Global analyst firm ECA International annually selects the most expensive cities for expatriates by compiling the ECA Index based on the costs of living including currency value and rents.This year, New York topped the list. This is due to inflation and New York’s rising accommodation costs. Hong Ko
With a recent spike in gold prices, some experts have argued that the Bank of Korea (BOK) should increase its gold reserves. but the BOK believes that maintaining U.S. dollar liquidity is preferable.According to a report on the status of the BOK’s gold reserves and the future direction of gold manag
South Korea's longstanding number one export market, China, is showing signs of waning in dominance after nearly 20 years since diplomatic ties were established between the two nations. Analysts suggest that South Korea’s growth model, which benefited from selling intermediate goods like semicon
Korean industry is experiencing the phenomenon of an exit from China and sluggish exports. While it is positive for corporate Korea to diversify export destinations, it is negative for it to post a drop in exports. Even amid a U.S.-China conflict, voices are being raised to call for attempts to prom
Hyundai Rotem is poised to initiate local production of K2 Black Panther tanks in Poland. The South Korean company is aiming to extend its cooperation with Polish companies to manufacture tanks in Poland in addition to exporting those produced domestically.On June 5, it was reported that Seo Jun-mo,