The Korea Evaluation Institute of Industrial Technology (KEIT) opened the Korea-Germany Supply Chain Technology Cooperation Center at the Fraunhofer Institute for Ceramic Technologies and Systems IKTS in Dresden, Germany, on Feb. 20 to help stabilize global supply chains in key industries.The openin
The National Pension Service (NPS) issued an explanatory statement regarding the report by domestic media on Feb. 14, titled “NPS’ Overseas Alternative Investment Assets: Solely Trusting and Passing Verification to Asset Managers.”On the same day, the media reported that the NPS is accepting the pro
The Namdong district of Incheon Metropolitan City houses the Namdong National Industrial Complex, playing a pivotal role in driving the Korean economy. The industrial complex, established in December 1989, is a key metropolitan industrial area with an annual production value of approximately 30 tril
The Fair Trade Commission (FTC) is targeting franchise businesses owned by private equity funds. In particular, tensions within the industry have escalated recently after Mom’s Touch was fined 300 million won (US$225,989) for unfair practices towards its franchisees.Yook Sung-kwon, the Secretary Gen
Governor Kim Jin-tae addressed the plenary session of the 325th Extraordinary Session of the Gangwon State Council on the 14th, delivering a New Year's speech. He expressed, "The recently discussed 4-day workweek will be a significant opportunity for the state," and asserted his determination to "th
In relation to the crash of the Marineon (MUH-1) utility helicopter in 2018, which resulted in the death of five individuals, Korea Aerospace Industries Ltd. (KAI) has been ordered by the court to compensate the state over 1.4 billion won. This first-instance verdict came after the state filed a law
This year it is projected that the annual overseas construction contract orders for South Korean companies will reach US$40 billion. It is expected that the contract amount will expand compared to previous years through projects such as nuclear power plants, renewable energy, and investment developm
As the global political environment is expected to change due to elections in major countries, Korean industries discussed trade issues such as global policy responses with the Korean government. Companies submitted recommendations to the Korean government on trade issues, including difficulties in
South Korea has climbed to the third highest position among the Organization for Economic Cooperation and Development (OECD) countries in terms of the proportion of corporate taxes to the Gross Domestic Product (GDP), marking the highest level in the last 50 years.According to the report “Current St
On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung
The share of long-time workers among all wage earners in South Korea has plummeted from its previous value to the average level of Organization for Economic Cooperation and Development (OECD) member countries, according to a survey. In particular, the proportion of wage earners who work more than 60
The number of employment insurance holders rebounded for the first time in seven months in January. However, one third or more of the increase was among foreign workers.The figure also shrank in the manufacturing industry with the exclusion of foreigners. It had been on the wane for four months sinc
It has been revealed that the National Pension Service (NPS) achieved a return on investment of over 40 percent through its investments in U.S. stocks last year. This is attributed to the historical bull market recorded in the U.S. stock market.According to the stockholding report (13F) submitted by
On Feb. 8, the Fair Trade Commission (FTC) unveiled its agenda for the year, intending to elevate the criteria for designating business conglomerates subject to disclosure. Criticism has been directed at the regulations governing the disclosure of business groups as they are unique to South Korea. T
The South Korean government has approved new projects worth 13.8 trillion won (US$11.5 billion) under the Economic Development Cooperation Fund (EDCF) to be implemented by 2026, with 6.5 trillion won to be disbursed. Established in 1987, the EDCF is a fund for concessional loans aimed at supporting
Hyosung Group Chairman Cho Hyun-joon has been named as the chairman of the Korea-Japan Exchange Committee.The Korea International Trade Association (KITA) held the Inauguration Ceremony and First Meeting of the Korea-Japan Exchange Committee at the Grand Intercontinental Hotel in the Samseong neighb
A report has emerged stating that the level of maternity and childcare leave provided by domestic companies in South Korea ranks fifth among 38 countries in the Organization for Economic Cooperation and Development (OECD). However, despite the increase in the number of individuals taking childcare l
The voices of labor unions within Samsung Group are growing louder. This is because not only are affiliate unions demanding the same wage increase through solidarity but the launch of a unified union, beyond affiliate unions, is on the horizon.On Feb. 6, the Samsung Group Trade Union Solidarity, a f
ASML Korea’s President, Lee Woo-kyung, disclosed before attending the SEMICON Korea 2024 Industry Leadership Dinner held at the Grand InterContinental Seoul Parnas in the Gangnam district of Seoul, on the last day of January, “We are looking at the year 2027 to bring in the High-Numerical Aperture (
Cho Dong-chul, the president of Korea Development Institute (KDI), publicly issued a stark warning on government debt, going so far as to state, “The country will collapse.” In particular, he cautioned that South Korea’s national debt-to-gross domestic product (GDP) ratio could skyrocket to over 250