The South Korean government decided to provide five trillion won for subcontractors in key industries and at least two trillion won for auto parts manufacturers. The measure is an addition to the government’s financial assistance programs worth a total of more than 175 trillion won and released afte
The South Korean government will organize a nationwide sales event, as big as the Korea Sale Festa held in autumn, from June 26 to July 12 to stimulate the domestic economy, the Ministry of Economy and Finance said on May 28.The plan is part of the government's economic policies for the second h
Deputy Prime Minister Hong Nam-ki presided over the first part of the 53rd Asia Development Bank (ADB) Annual Meeting on May 22, the Ministry of Economy and Finance said.Hong is the chair of the board of governors of this year's ADB meeting, which was delayed from May to September due to the COV
Developing an infection control industry was one of the topics discussed by ministers at the 3rd Meeting of the Central Economic Response Headquarters held on May 14.Deputy Prime Minister Hong Nam-ki, who presided over the ministerial meeting, told officials to make plans according to the three stag
The South Korean government voted on May 12 for the amendment to the enforcement decree of the Korea Development Bank Act for key industry stabilization fund establishment.According to the amendment, the 40 trillion won fund will go only to the aviation and shipping industries, instead of previously
The South Korean government is planning to give the E-9 visa for general employment permission to 56,000 foreigners next year. For reference, the number was 58,000 in 2016 and 56,000 in 2017, 2018 and this year.The number in the manufacturing sector is going to be maintained at this year’s level in
South Korean professors held a discussion meeting in Seoul on Dec. 12 and urged the government to resume the construction of Shin-Hanul Nuclear Power Plant Units 3 and 4 so that South Korea’s export competitiveness in the nuclear power generation market can be recovered.There, Soongsil University ec
The Korean government will establish a ministerial channel with the German government to strengthen industrial cooperation in the field of material and components.Minister of Trade, Industry and Energy Sung Yun-mo met with Peter Altmaier, federal minister for economic affairs and energy of Germany o
The South Korean and Japanese governments will have another round of talks related to the latter’s export curbs next month. The Seoul government is going to request the WTO to set up a panel for dispute settlement if the talks fail to reach an agreement.The Ministry of Economy and Finance of South K
The South Korean government is planning to seek measures so that it can make a declaration on waiving its developing country status in the Doha Development Agenda (DDA) negotiations.The United States is currently calling for South Korea to waive its developing country status in the ongoing multilate
The South Korean government has decided not to maintain its developing country status in the WTO. This is because the status is no longer leading to substantial practical benefits and South Korea as a developing country member of the WTO may be seen as a proxy for China with China, which wishes to c
The Japanese government officially excluded South Korea from its trade white list on Aug. 7. However, contrary to expectations, it refrained from expanding the list of items subject to export restrictions.Some experts pointed out that the Japanese government is pacing itself. The others pointed out
South Korean Foreign Minister Kang Kyung-hwa had talks with Japanese Foreign Minister Taro Kono for 55 minutes in Bangkok on Aug. 1, but failed to reach any conclusion on resolving the escalating trade dispute between the two countries.As a result, Japan is highly likely to exclude Korea from its wh
South Korean Trade Minister Yoo Myung-hee, who returned from the visit to the United States, told reporters on July 29 that she proposed to Japan's Trade Minister Hiroshige Seko that they meet on the sidelines of the ministerial conference of the 8th Regional Comprehensive Economic Partnership (
The Japanese government announced on July 1 that it would start to restrict the export of semiconductor and display materials to South Korea from July 4, causing many South Korean companies to be nervous.“Japanese companies now must obtain a permission from the Japanese government to export resist,
Tokyo has been ignoring Seoul’s proposals to hold talks to discuss Japan’s trade restrictions on South Korea. South Korean Trade Minister Yoo Myung-hee told reporters on July 29 that she proposed to Japan's Trade Minister Hiroshige Seko that they meet on the sidelines of the ministerial conferen
Korea Chamber of Commerce and Industry Chairman Park Yong-man criticized the Moon Jae-in administration and lawmakers as being incompetent and irresponsible, saying that politics is dragging down the economy.“South Korean enterprises are going through difficulties in the middle of the trade war betw
South Korean Trade, Industry and Energy Minister Sung Yun-mo said on July 1 that the Japanese government’s export restrictions targeting South Korea are an economic retaliation regarding the South Korean Supreme Court’s ruling on compensation for forced labor victims and are in violation of WTO rule
Korea Gas Corp. (KOGAS) announced on June 17 that the company has signed an energy research and technology development agreement with ExxonMobil, a U.S. energy company. The two companies concluded the agreement on the occasion of the G20 Environment and Energy Ministerial Meeting held in Karuizawa,
Chung Eui-sun, senior vice chairman of Hyundai Motors Group, urged the G20 countries to take more proactive action to unlock the hydrogen economy. He was invited to the G20 energy and environment ministerial meeting held in Karuizawa, Nagano Prefecture in Japan on June 14 in the capacity of a co-cha