U.S. President Donald Trump and North Korean leader Kim Jong-un meet to talk about the denuclearization of North Korea in Hanoi, Vietnam, from Feb. 27 to 28. To this end, Kim arrived in Vietnam after a 66-hour long train journey which would only take six hours by air. Will this become a prelude of a
Jang Jeong-min, governor of Ongjin County, expects easing military tension on the Korean Peninsula will lead to the creation of a peace zone and a joint fishing area of both Koreas in the West Sea in the near future. In addition, he hopes improved relations between the two Koreas will make it more d
The Incheon Metropolitan City is one of the most dynamic cities in Korea. In 2017, its population surpassed 3 million and its gross regional domestic product (GDRP) ranked second among the nation's seven special and metropolitan cities. It beat Busan, the nation's second biggest city with a
International credit rating agency Fitch Ratings said on Jan. 23 that South Korea’s private investment and exports are likely to slow down, forecasting its economic growth for 2019 and 2020 at 2.5 percent each. That day, the Bank of Korea and the South Korean government forecast this year’s economic
Korea Aerospace Industries Ltd. (KAI) is planning to develop a new mid-size civilian airplane with less than 100 seats in consideration of the rapid growth in civilian aircraft market in Northeast Asia.The plan was disclosed by KAI CEO Kim Jo-won who held a press conference under the theme of “aeros
South Korean President Moon Jae-in has made a lot of efforts for North Korean leader Kim Jong-un’s visit to Seoul. On the plane flying back to Seoul after his recent brief encounter with U.S. President Donald Trump during the G20 summit in Argentina, the South Korean President told reporters that th
For Choi Moon-soon, governor of Gangwon Province, 2018 must be a memorable year. In February and March, he hosted the PyeongChang Olympic and Paralympic Winter Games, which significantly enhanced the global recognition of the host city and province. In the June local elections, the governor was re-e
South Korea’s ruling party and the government are going to remove the overseas resources development function of the Korea Resources Corp. (KORES) while allowing it to develop natural resources in North Korea. The government explained that this is intended to promote inter-Korean economic cooperatio
Lee Seon-kwon, head of the North Korean Committee for the Peaceful Reunification, put pressure on South Korean entrepreneurs to promise investment in North Korea during the inter-Korean summit held in Pyongyang in September.Lee said at a luncheon in Pyongyang, “How can you sit back and enjoy the Nae
The U.S. government has reportedly requested certain South Korean business groups to report their business plans related to North Korea. The heads of these business groups visited North Korea in September this year for the third inter-Korean summit.According to industry sources, the Embassy of the U
Celebrating its 15th anniversary on Oct. 15, the Incheon Free Economic Zone Authority (IFEZA) has unveiled a new IFEZ vision and strategy. Based on its vision of becoming a "Global Business Frontier,” the IFEZA presented five goals for the IFEZ: a top business hub in Northeast Asia, a leading base o
The two Koreas agreed on Oct. 15 to kick off a joint project to modernize and link their railways and roads across their borders in late November or early December.The agreement was reached during high-level talks between South Korean Unification Minister Cho Myung-kyun and his North Korean counterp
The South Korean government has asked the International Monetary Fund and the World Bank to play a bigger role in having North Korea accepted as a member of the international community and accelerating the opening and development of the isolated country.The request was made by South Korea’s Deputy P
U.S. State Secretary Mike Pompeo said on October 3 that sanctions on North Korea will be maintained until denuclearization. That day, the North said the U.S. should ease the sanctions if it wanted any progress in their negotiations. Under the circumstances, the South Korean government reportedly pro
Korea’s top financial regulator said on Sept. 19 that inter-Korean economic cooperation will create an opportunity for mutual growth between foreign and South Korean financial companies.Referring to the Pyongyang North–South Joint Declaration adopted on Sept. 19, Financial Supervisory Service (FSS)
“I hope to learn more and build trust through this opportunity,” said Lee Jae-yong, vice chairman of Samsung Electronics in a meeting with Ri Yong-nam, deputy prime minister of North Korea, in Pyongyang on September 18.Lee is visiting Pyongyang as a member of the special entourage for the third inte
On September 18 when the third inter-Korean summit was held, the Korean stock market saw ups and downs of the stocks involved in economic cooperation between North and South Korea. Some stocks such as POSCO M-Tech surged amid a sharp increase in trading volume, but many stocks related to inter-Korea
Hyundai Motor senior vice chairman Chung Eui-sun flew to the United States to address Washington’s move to impose tariffs on imported cars. He became the company’s senior vice chairman two days ago, and chose the U.S. as the destination of his first business trip after the promotion.He could not acc
South Korea's top business leaders, including Samsung Electronics vice chairman Lee Jae-yong, will accompany President Moon Jae-in to Pyongyang for the upcoming inter-Korean summit on September 18.The other members of the entourage include SK Group chairman Choi Tae-won, LG Group chairman Koo Gw
South Korea’s two major air carriers – Asiana Airlines Inc. and Korean Air Lines Co. – are moving to reorganize their fleet for Chinese passengers as the Chinese government has lifted the restrictions on group tours to South Korea.The two companies will introduce larger-capacity airplanes for Chines