The Ministry of Land, Infrastructure and Transport announced on Dec. 1 that foreigners owned 0.26 percent of South Korea’s territory at the end of the first half of this year. It is 260,747,000 square meters in area and 32.455 trillion won in appraised value.In six months, the ratio increased by 0.5
The Ministry of Trade, Industry and Energy announced on Dec. 1 that South Korea’s trade deficit was US$7.01 billion in November this year, when its exports decreased 14 percent year on year to US$51.91 billion and imports increased 2.7 percent to US$58.93 billion. Its trade deficit continued for eig
Korea Hydro & Nuclear Power (KHNP) submitted its bid to the Czech government on Nov. 28 regarding the nuclear power plant construction project in Dukovany.The project is to build a PWR nuclear power plant and KHNP will compete with Westinghouse Electric Company and EDF. The contract will be signed i
The Bank of Korea said in its report on Nov. 30 that South Korea’s trade surplus with China is somewhat overvalued and that with the United States is somewhat undervalued in terms of contribution to domestic added value and income.“These days, global production and supply chains are becoming increas
The Bank of Korea announced on Nov. 30 that in October, South Korea’s export volume index fell 3.4 percent year on year to 116.43 to fall in four months and import volume index rose 5.3 percent year on year to 130.29.Its U.S. dollar-based export value index fell in 24 months. Specifically, the index
The opposition Democratic Party of Korea is pushing ahead with Trade Union and Labor Relations Adjustment Act amendment, with nationwide strikes poised to paralyze multiple industries.The Environment and Labor Committee of the National Assembly tabled the amendment at its meeting on Nov. 30. The ame
Cargo transport workers’ general strike entered its seventh day on Nov. 30. That day, seven industrial associations, including the Korea International Trade Association, the Korea Petroleum Association, and the Korea Iron & Steel Association, had a press conference against the strike.“The current da
South Korea and Saudi Arabia held their first housing cooperation forum on Nov. 29. It was hosted by the Ministry of Municipal and Rural Affairs of Saudi Arabia and the Ministry of Land, Infrastructure and Transport of South Korea and attended by the heads of the ministries and more than 200 entrepr
The government has issued the first ever return-to-work order against cargo transport workers on strike. Attention is focusing on whether it will be a signal for labor reform based on the "rule of law in handling labor affairs” that President Yoon Suk-yeol has emphasized ever since taking office.At
The Korean government issued on Nov. 29 a return-to-work order to the striking cargo transport workers in the cement sector as their general strike entered its sixth day, dealing a heavy blow to major domestic industries.President Yoon Seok-yeol said, “The government inevitably issues an order to re
The Financial Services Commission has decided to repeal the mandatory foreign investor registration introduced in 1992.“The South Korean stock market is currently the only major stock market where foreign investor registration is mandatory,” it said, adding, “The registration will be replaced with i
The Korea Institute of Geoscience and Mineral Resources (KIGAM) held a seminar in Kazakhstan and signed an agreement with the Committee of Geology of Ministry of Ecology, Geology and Natural Resources of Kazakhstan on Nov. 22.According to the agreement, the institute and the committee will conduct j
Cargo transport workers’ general strike is going on for four days. The government and the workers are going to meet on Nov. 28, although their demands are still clashing.According to the Ministry of Land, Infrastructure and Transport, container handling at 12 ports across the country has dropped to
South Korean President Yoon Suk-yeol hosted a meeting on defense exports at Korea Aerospace Industries on Nov. 24. There, the government said that South Korea would become the world’s fourth-largest arms exporter with a global market share of at least 5 percent by 2027.According to the government, t
The South Korean government announced on Nov. 24 that the ratio of nuclear power generation to the total would be increased to 32.4 percent by 2030, renewable energy-based power generation would be increased to at least 100 GW by 2036, and the ratio of coal-based power generation would be reduced to
Cargo transport workers of the Korean Confederation of Trade Unions started a nationwide general strike on Nov. 24. It is their second general strike of this year after the first in June.The workers’ core demand is continuous minimum income guarantee for the purpose of overwork and overload preventi
South Korea’s nation brand ranking rose by eight steps to fifth place over the past two years, but the competitiveness indices of the South Korean government and corporations dipped by four notches from 23rd place to 27th, according to data released by the Korea International Trade Association (KITA
An economic delegation from Luxembourg will visit Korea from Nov. 27-29. Headed by Crown Prince Guillaume Jean Joseph Marie of Luxembourg and Minister of Economy Franz Fayot, the delegation consists of more than 87 representatives of public and private institutions and companies in the space and ICT
The Ministry of Trade, Industry and Energy released a supply chain diversification strategy at its meeting on Nov. 23, which was hosted by President Yoon Suk-yeol.The strategy is to reduce supply chain risks by relying less on China. The government is planning to assist in relocation of South Korean
A delegation of the Czech government visited the Barakah Nuclear Power Plant in the United Arab Emirates (UAE) on Nov. 21. The 12-member delegation headed by Deputy Minister of Industry and Trade Tomas Ehler is planning to have a meeting with Korea Hydro & Nuclear Power (KHNP) there.The visit and th