Small and medium-sized Korean cosmetics companies are making a splash in the Japanese market.According to industry sources on May 23, small and medium-sized Korean beauty brands are making great achievements in the Japanese market as they are targeting online and offline simultaneously based on thei
Correction 5/27 8:20 a.m. KST: A previous version of the story incorrectly referred to a meeting on May 23.The U.S. government is mounting pressure on Korean Air to address antitrust concerns over the merger of Korean Air and Asiana Airlines.Much attention is focusing on the future of the merger. Ac
Negotiations to improve the free trade agreement (FTA) with Chile with which Korea signed the first free trade agreement (FTA) will resume after more than two years following Korean Prime Minister Han Duck-soo’s visit to Chile in 2022. Negotiations to improve the Korea-Chile FTA were held six times
Some forecast that as China imposes a purchase ban on products from Micron, a U.S. memory chip maker, China will try to make up the shortfall with the help of Samsung Electronics and SK hynix. In response, the Chinese government reiterated that it was strongly opposed to the possibility of the Unite
Korea Aerospace Industries (KAI) has signed a final contract with the Malaysian Ministry of Defense for the export of 18 FA-50 light attack aircraft on May 23 in Malaysia.The Ministry of Defense and KAI announced that Defense Minister Lee Jong-seob and Malaysian Defense Minister Mohamad Hasan attend
LIG Nex1 will be making its first appearance at the Langkawi International Maritime & Aerospace Exhibition LIMA 2023. This global exhibition takes place on the island of Langkawi, Malaysia, running from May 23 to 27.This year, the 16th instance of the LIMA event, is an international showcase in the
Following the outbreak of mad cow disease in the United States, Korean quarantine authorities have raised the level of their quarantine measures.The Korean Ministry of Agriculture, Food and Rural Affairs announced on May 21 that it confirmed the outbreak of atypical bovine spongiform encephalopathy
“Korea considers its relationship with China important,” Korean Vice Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said at a plenary session of the National Assembly’s Planning and Finance Committee, when asked about the impacts of the Korean government’s focus on the United Stat
The Federation of Korean Industries (FKI) has announced a reform plan to change its name to the Korean Businesspeople Association (KBA) and to transform itself into a think-tank-type economic organization by absorbing and integrating its research units. The organization appears to be making a concer
The United States is executing circumvention investigations again. A circumvention investigation determines whether a country or company changed the production and shipment methods for a product that the United States has imposed antidumping and countervailing duties on. While the United States is t
Lotte Construction and Hyundai Engineering have shown interest in Ukraine's post-war reconstruction and petrochemical projects.On May 16, the Ukrainian Ministry of Economic Development announced during the Korea-Ukraine Future Cooperation Meeting held at the Chamber Lounge of the Korea Chamber o
South Korea will support the reconstruction of Ukraine, which is at war with Russia. It will provide about US$130 million through the Economic Development Cooperation Fund (EDCF), a form of paid aid.Korean Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho held a bilateral meet
The Korean government and industry have begun to promote the Carbon Free Energy (CFE) system. CFE is a campaign to use 100% energy sources that do not emit greenhouse gases. It is regarded as a way to respond to the RE100 campaign, which requires 100 percent of electricity to be supplied through the
The national competitiveness ranking of Korea, invited to the Group of Seven (G7) Summit scheduled from May 19 to 21 in Hiroshima, Japan, has emerged as the sixth in the world, demonstrating a level comparable to G7 nations.On May 17, the Federation of Korean Industries (FKI) announced the findings
Yuliia Svyrydenko, first deputy prime minister of Ukraine who is visiting Korea, expressed her wish to see major Korean companies participate in projects to rebuild a postwar Ukraine.The Korea Chamber of Commerce and Industry (KCCI) in cooperation with the Embassy of Ukraine in Seoul held a meeting
The European Union (EU) has included in its draft strategy for dealing with China the need to cooperate with relevant countries in the event of an emergency involving Taiwan amid escalating tensions between the West and China over Taiwan’s independence.On May 14, Japan’s Yomiuri Shimbun newspaper re
For the first time since the enactment of the Act on Reporting and Using Specified Financial Transaction Information, a bill related to virtual assets (cryptocurrencies) has passed the National Policy Committee of the National Assembly.On May 11, the National Policy Committee voted to pass the Virtu
South Korea's inheritance and gift tax burden, in relation to its Gross Domestic Product (GDP), ranks highest among member countries of the Organization for Economic Co-operation and Development (OECD), triggering calls for a comprehensive reform of the country's inheritance tax system. Advo
The Incheon Port Authority (IPA) announced that it held the first Incheon Port Logistics Improvement Workshop with the European Chamber of Commerce in Korea Logistics & Transport Committee at the IPA’s headquarters on May 11.The workshop was attended by Choi Min-kyu, chairman of the European Chamber
Korean and Japanese business communities have decided to set up a joint steering committee to determine the direction of the Future Partnership Fund.The Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) held a press conference on the progress of the Korea-Japan Futu