The Korean business community has been strongly opposing the Yellow Envelope Bill (an amendment to Article 2-3 of the Trade Union Act), saying it will disrupt Korea’s labor relations and industrial ecosystems. But the majority Democratic Party passed the bill in a plenary session of the National Ass
The Board of Audit and Inspection of Korea (BAI) is reportedly closely examining whether there were any unfair privileges taken or solicitation involved in the process of the government’s shares returning to the private sector. This scrutiny pertains to the massive policy fund-supported restructurin
The slow growth of South Korea’s per-capita income widened its income gap with the Group of Seven (G7) countries. In 2020, the nation surpassed Italy in the GNI per capita standings, celebrating its economic takeoff to rival G7 economies. But South Korea stayed above Italy for only one year, and its
Starting next year, foreign residents in South Korea seeking eligibility for health insurance as dependent beneficiaries must have a minimum of 6 months of residency.According to the Ministry of Health and Welfare and the National Health Insurance Service on Oct. 26, an amendment to the Health Insur
Over the past seven years, the Korea Fair Trade Commission (KFTC) has fined big Korean companies more than 4 trillion won for violating the Fair Trade Act and other laws.Among them, the KFTC imposed the largest amount of fines (265.5 billion won for nine cases) on Hyundai Motor Company. The amount o
Incheon Free Economic Zone (IFEZ) celebrates its 20th anniversary on Oct. 15, marking two decades of steering South Korea’s economic growth.Incheon Free Economic Zone (IFEZ), composed of Songdo, Cheongna, and Yeongjong International Cities, was designated as South Korea’s first free economic zone on
It has been revealed through an investigation that the Korea Coast Guard’s utilization rate of Russian-made helicopters has fallen short of 50 percent this year. The primary reason attributed to the decline is the disruption in parts supply, which has been exacerbated by the ongoing conflict between
Last month, during the United Nations General Assembly, President Yoon Suk-yeol proposed the Carbon Free Alliance (CFA). Leading corporations such as Samsung Electronics, SK Hynix, and Hyundai Motor, which previously committed to RE100 (100% renewable energy), have now joined the alliance. The shift
The government has officially confirmed the decision to double penalties for stock price manipulation gains as fines starting from January next year. However, it has decided to exclude cases where the prosecution has raised investigation concerns. The Korea Exchange (KRX) has also decided to expand
The government is set to invest 400 billion won (US$301.66 million) next year and a total of 2.2 trillion won over the next five years to establish geographical zones dedicated to creating specific industries at world-class level. To boost the venture ecosystem, it plans to increase the external fun
The Supreme Court of Korea has justified the Korea Fair Trade Commission (KFTC)’s decision to punish Citibank and JPMorgan Chase for allegedly colluding to bid on a currency swap contract. The ruling means that if a bidder cooperates with another participant during a bidding process to agree on the
Korea has more than 40,000 imported cars worth more than 200 million won registered as company vehicles. Among them, nearly 8,000 were to the tune of over 300 million won per car. On the other hand, the number of imported cars under 50 million won has descended.The nation had 40,483 imported cars wo
The Ministry of Land, Infrastructure, and Transport (MOLIT) announced on Aug. 29 that it will initiate an inspection of the Social Overhead Capital (SOC) projects being undertaken in the Saemangeum region of Jeollabuk-do, or North Jeolla Province. The ministry intends to examine the necessity, feasi
The Korean government is approving the sale of national core technologies to foreign companies, national core technology transfers, or foreign investment in national core technology holding organizations after receiving reports on them. The number of such cases has more than tripled over the last fi
Australian Strategic Materials (ASM) is a company focused on mining and processing rare earth elements and critical minerals that has a strong partnership with Korea. Business Korea conducted a written interview with ASM CEO Rowena Smith to ask her about her company’s business activities, its Dubbo
As a gateway to Korea, Incheon is a city open to the world as it boasts both Incheon Port and Incheon International Airport. It is growing into a world-class city with a population of 3 million, including wide plains and mountains, the sea, and numerous islands large and small. Business Korea conduc
Whatever you imagine when you think of a school headmaster, Guðmundur Hegner Jónsson is likely to surprise you. Originally from Iceland and standing close to two meters in height, he has dug up the world’s past as an archaeologist, recorded in the same studio as The Beatles, and speaks four language
Incheon City Mayor Yoo Jeong-bok has returned after a hiatus of four years. He was the mayor of the city from July 2014 to June 2018 and reelected in June this year. At his inaugural ceremony on July 1, he remarked that the city will turn its huge potential into reality based on the core values of b
Remi Eriksen, CEO of DNV, recently had an interview about the longstanding relationship between his company and Korea. DNV is the world’s largest international accredited registrar and classification society and is headquartered in Norway. It provides services to a range of industries, including the
Incheon City Mayor Park Nam-chun took office in July 2018. Since then, the city has accelerated its growth as a hub of Korea's future industries. The following is a recent interview with him, whose term is scheduled to end on June 30. – Ed.What would you pick as your best achievements as the may