The IMF updated its world economic outlook on Jan. 31. According to it, the global economy is expected to grow 2.9 percent this year, 0.2 percentage point higher than the previous estimate in October.The IMF changed its U.S. growth forecast from 1 percent to 1.4 percent, eurozone from 0.5 percent to
The South Korean government announced on Jan. 31 that it would build an investment cooperation platform with the UAE so that its US$30 billion investment South Korea recently attracted can be carried out effectively.The platform will consist of a regular contact channel between the two countries and
The South Korean government extended limited visa issuance to Chinese and the Ministry of Foreign Affairs of China expressed its discontent.On Jan. 2, the South Korean government suspended short-term visa issuance to Chinese with COVID-19 spreading again in China. The suspension is until Jan. 31 and
The Incheon Free Economic Zone (IFEZ) used to be an island, sea, tidal flat, and reclaimed land, but now it has been transformed into an ultra-modern city with sky-high skyscrapers and a population of 410,000. After being designated as Korea's first free economic zone in 2003, a great change has
Land, Infrastructure and Transport Minister Won Hee-ryong met with Investment Minister Khalid A. Al-Falih in Saudi Arabia on Jan. 24.Land, Infrastructure and Transport Minister Won Hee-ryong recently visited the UAE to sign 48 MOUs for closer cooperation in infrastructure development.In the UAE, Sou
The Korea Fair Trade Commission reported to President Yoon Suk-yeol that it would discuss how to improve rules and regulations applied to conglomerates.The discussion is likely to cover separation between industrial capital and financial capital. According to the current law, a general holding compa
The South Korean government announced on Jan. 26 that newly approved Economic Development Cooperation Fund (EDCF) projects would be 3.8 trillion won this year, 3.9 trillion won next year and 4 trillion won in 2025 and EDCF budget execution would be 1.5 trillion won, 1.7 trillion won and 1.8 trillion
Busan Metropolitan City has been selected as the main guest city of the 834th Hamburg Port Anniversary, the biggest port festival in Europe, the city government announced on Jan. 24.The Hamburg Port Festival attracts more than one million visitors every year. This year's festival will be held fo
The Korea Chamber of Commerce and Industry and 12 South Korean business groups, including Samsung, SK, Hyundai Motor, LG, Lotte and Hanwha, hosted Korea Night 2023 in Davos, Switzerland.The event was to help Busan become the venue of Expo 2030. South Korean President Yoon Suk-yeol attended it, too.T
The Ministry of SMEs and Startups announced on Jan. 18 that new startup investment funds totaled 10.7286 trillion won last year, up 13 percent from a year ago. The total exceeded 10 trillion won for the first time and this year’s total is estimated to be smaller than last year’s as the amount showed
The Korean Defense Acquisition Program Administration (DAPA) announced on Jan. 17 that the KF-21 Boramae, a Korean-made fighter jet, has successfully completed its first supersonic flight.According to DAPA, the first KF-21 prototype broke Mach 1.0 for the first time at an altitude of about 40,000 fe
Korea Electric Power Corp. (KEPCO) has signed an agreement with the UAE’s Emirates Nuclear Energy Corp. (ENEC) to expand nuclear power for sustainable energy security and strengthen cooperation in developing net-zero technologies.On Jan. 15 (local time), KEPCO CEO Cheong Seung-il, who accompanied Ko
The South Korean government announced on Jan. 16 that a new Foreign Exchange Transactions Act would become effective in the second half of next year after it is outlined this month. The new act, which will be the first revision in 24 years, is to reduce regulations related to foreign exchange transa
The South Korean government announced on Jan. 15 that the UAE decided to invest US$30 billion in South Korea, mainly in the fields of nuclear power generation, energy, national defense and future industries.South Korean President Yoon Suk-yeol is currently staying in the UAE along with the heads of
Korea Hydro & Nuclear Power (KHNP) announced on Jan. 15 that it has signed a memorandum of understanding (MOU) with the Emirates Nuclear Energy Corp. (ENEC) of the UAE for cooperation in net zero acceleration under the Joint Declaration on Korea-UAE Comprehensive Strategic Energy Partnership.KHNP CE
The South Korean government is aiming to reach a GNI per capita of US$40,000 by 2027 based on reforms in the five sectors of pension, labor, education, financial and service. Its top priority is labor reform, in that frequent illegal strikes have incurred huge economic losses while hindering investm
Deputy Prime Minister Choo Kyung-ho remarked on Jan. 12 that the government would announce a foreign exchange market improvement plan next month and the plan would include market hour extension and foreign financial institutions’ participation in the market.At present, the domestic foreign exchange
The Ministry of Trade, Industry and Energy announced that South Korea’s annual nuclear power generation would be 201.7 TWh and its ratio to the total would be 32.4 percent in 2030 according to its long-term plan finalized on Jan. 12.In addition, LNG-based power generation and renewable energy-based
The Chinese government suspended short-term visa issuance for South Koreans after the South Korean government applied mandatory COVID-19 testing to those entering South Korea from China. The mandatory testing has been applied since Dec. 30 along with limited visa issuance and limited flight expansio
The Korea Institute of Geoscience and Mineral Resources (KIGAM) announced on Jan. 11 that it has found lithium mines in six regions in South Korea, including Uljin. Reserves calculation is scheduled to be completed within this year.The institute said that it is already capable of turning lithium int