U.S. State Department Under Secretary Jose Fernandez met with Lee Do-hoon, Second Vice Minister of Foreign Affairs of South Korea, in Seoul on Jan. 10. At the following press conference, they said that the alliance between the two countries is becoming one of advanced technology beyond an economic o
South Korean President Yoon Suk-yeol is scheduled to visit the UAE this week. Samsung Electronics chairman Lee Jae-yong, Hyundai Motor Group chairman Chung Eui-sun, SK Group chairman Chey Tae-won and Hyosung Group chairman Cho Hyun-joon are scheduled to accompany him.According to the Korea Internati
The Bank of Korea announced on Jan. 10 that South Korea’s current account deficit was US$620 million in November last year. Its goods account deficit was US$1.57 billion whereas the deficit was US$1.48 billion in October last year and the surplus exceeded US$6 billion in November 2021.Goods exports
Korea Hydro & Nuclear Power (KHNP) and the Ministry of Energy and Mineral Development of Uganda are discussing South Korea’s participation in Uganda’s nuclear power plant construction project.The US$9 billion project is to build two 1,000 MW reactors. The IAEA approved the project in May last year a
The South Korean government announced on Jan. 8 that hydrogen produced in Malaysia and the UAE would be imported in 2027 and later for the purpose of power generation and export after conversion into ammonia.The hydroelectric power generation-based hydrogen in Malaysia is scheduled to be supplied by
The Ministry of Justice announced on Jan. 5 that the annual E-7-4 visa quota has been adjusted from 2,000 to 5,000 so that shipbuilders can employ more foreign workers. In addition, it changed rules so that a shipbuilder can apply for a visa for foreign welder invitation starting from its second yea
Incheon Port Authority (IPA) aims to increase the container traffic volume at Incheon Port to 3.45 million TEUs in 2023. Last year, the port attained 3 million TEUs in container traffic volume for six consecutive years.IPA pledged in its business plan for 2023 that it will make another takeoff this
Korea Water Resources Corp. (K-water) announced on Jan. 5 that it is participating in CES 2023 along with 14 Korean water companies.The state-run water resource company introduced 10 innovative water technologies at the fair. It is participating in the event together with 14 Korean water companies,
The Defense Acquisition Program Administration announced on Jan. 5 that KF-21 Prototype 3 successfully completed its first flight.Various tests are planned with the third prototype, including those related to maneuvering, structural load, speed and altitude. The first prototype was tested mainly for
Major Korean industries such as displays, batteries and shipbuilding are facing a threat from China.Chinese companies are overtaking Korean companies in the global market by increasing their price competitiveness based on support from the Chinese government.The combined global market share of the th
The Ministry of Trade, Industry and Energy announced on Jan. 3 that foreign direct investments in South Korea totaled US$30.45 billion (3,463 cases) last year, the largest since records began in 1962. The figures were US$29.51 billion and 3,088 cases in 2021. The investments are reported ones.Actual
The U.S. News & World Report released its Most Powerful Countries list on Dec. 31 after collecting opinions from 17,000 persons in 85 countries. This year, South Korea rose from eighth to sixth and Japan fell from sixth to eighth.“South Korea is one of those with the largest gross national savings a
President Yoon Suk-yeol attended the Korea Chamber of Commerce and Industry’s New Year opening ceremony together with the heads of multiple business groups.They include SK Group chairman Chey Tae-won, Samsung Electronics chairman Lee Jae-yong, Hyundai Motor Group chairman Chung Eui-sun, LG Group cha
South Korea’s trade deficit amounted to an all-time high of US$47.2 billion last year, when it recorded an annual trade deficit for the first time since 2008. Last year, South Korea’s exports set a new record. However, soaring energy prices more than offset the performance.The Ministry of Trade, Ind
By Jung Suk-yeeThe Bank of Korea announced on Dec. 29 that South Korea’s export value index was 124.58 last month, down 11.3 percent from a year ago. The index fell for the second consecutive month after 6.6 percent in October, the first fall in 24 months.Last month, its export volume index fell 6.3
The Ministry of SMEs and Startups announced on Dec. 29 that a total of 834,617 persons worked for 37,686 startups in South Korea at the end of last year and the numbers changed from 817,297 and 39,101 in one year.In 2021, the number of such persons exceeded the top four conglomerates’ employee count
The Ministry of Employment and Labor is planning to change rules so that foreigners with the E-9 visa for non-professional work can stay longer in South Korea.According to the current rules, foreigners with the visa for employment in, for example, manufacturing, agriculture and construction must lea
The South Korean government announced on Dec. 28 that it would reduce regulations related to foreigners’ economic activity participation, with the aging of the population accelerating.According to the government, South Korea’s total fertility rate is continuing to fall and estimated to reach 0.7 in
The Central European Institute of Asian Studies conducted opinion polls on adults in 56 countries, including 1,364 Koreans, from 2020 to this year, asking about their perceptions about China. The institute announced that South Koreans’ anti-China sentiment is the strongest among the 56 nations.Speci
The European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to adversely affect South Korea’s exports in the industries including steel and aluminum. The test implementation of the mechanism is scheduled for October next year and it will be fully implemented in 2026. The climate change