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
The Ministry of Economy and Finance announced on Nov. 22 that South Korea’s maximum corporate tax rate, 25 percent, is the seventh-highest in the OECD along with those of Spain, the Netherlands and Belgium and the OECD average is 21.2 percent.“When local taxes are included, South Korea’s maximum is
The Korea International Trade Association (KITA) announced on Nov. 22 that the global market share of South Korea’s top 13 export items rose from 4.94 percent in 2019 to 5.16 percent in 2021. The share was the world’s fourth-highest in 2018, fifth in 2019 and fourth in 2021. The 13 items account for
Korea Hydro & Nuclear Power (KHNP) announced on Nov. 22 that it has signed an MOU with Candu Energy of Canada for cooperation in nuclear plant decommissioning.A signing ceremony was held at the main office of SNC-Lavalin Group in Montreal, Canada, on Nov. 21 (local time). Candu Energy is a subsidiar
Nationwide general strikes are around the corner, starting from that of the Public Transport Unions of the Korean Confederation of Trade Unions, scheduled for Nov. 23.The unionized transport workers’ demands include more laws and measures for protection from accidents, more employment in the public
The United States Court of Appeals recently ruled in favor of the South Korean government, Lockheed Martin and Airbus Defence and Space in their damage suit against Blenheim Capital.Back in 2014, the Defense Acquisition Program Administration of South Korea decided to purchase 40 F-35As from Lockhee
Kim Kee-young, vice president of the Safety Department, Korea Hydro & Nuclear Power (KHNP), has been elected as the director general of the World Association of Nuclear Operators (WANO) Tokyo Center. Kim is the first KHNP official to head the institution. He will serve for 18 months starting from Ja
The Korea Institute for Industrial Economics and Trade said in its report on Nov. 21 that the South Korean economy is estimated to grow 1.9 percent next year.“South Korea’s annual exports are estimated to decrease 3.1 percent next year with demand contraction and deteriorating semiconductor industry
The Korea Customs Service announced on Nov. 21 that South Korea’s trade deficit was US$4.418 billion for the first 20 days of this month. In this period, South Korea’s exports totaled US$33.16 billion, down 16.7 percent from a year ago. South Korea’s trade deficit is likely to continue for eight mon
The Ministry of SMEs and Startups announced on Nov. 21 that the number of South Korean startups each with sales of at least 100 billion won was 739 in 2021, up 16.7 percent from a year ago.“The 739 startups include 167 in the machinery, automotive and metal industries, 132 in computer, semiconductor
Incheon City held an investment attraction meeting in Frankfurt on Nov. 17. It was attended by more than 25 local enterprises, Incheon City Mayor Yoo Jeong-bok and Incheon Free Economic Zone (IFEZ) Authority Commissioner Kim Jin-yong.There, the authority signed a letter of intent for cooperation wit
South Korean President Yoon Suk-yeol and Dutch Prime Minister Mark Rutte met with each other on Nov. 17. At the meeting, ASML CEO Peter Wennink, Samsung Electronics chairman Lee Jae-yong and SK Group chairman Chey Tae-won promised closer cooperation.At present, both Samsung Electronics and SK Hynix
Saudi Arabian Crown Prince Mohammed bin Salman Al Saud and South Korean President Yoon Suk-yeol met with each other in the morning of Nov. 17. They agreed to expand cooperation in the fields of energy, national defense and infrastructure construction in particular.In the afternoon, the crown prince
South Korea and Saudi Arabia signed 25 investment contracts and business cooperation MOUs on Nov. 17 in line with the visit to Seoul of Crown Prince Mohammed bin Salman, the real power holder of Saudi Arabia.The crown prince arrived in Seoul on Nov. 16, one day ahead of the original schedule. The pu
Bloomberg reported on Nov. 14 that Saudi Aramco is discussing blue hydrogen supply with multiple Asian countries, and South Korea and Japan are the two currently showing the most progress.According to the report, Saudi Aramco decided to invest at least US$100 billion in the Jafurah gas field in orde
Hyundai Research Institute said in its report on Nov. 15 that the ratio of the middle class fell from 47.1 percent to 44 percent in 2020, when 12.9 percent of South Korean households fell and 9.3 percent rose from the middle class.Likewise, in 2020, the ratio of the income of the middle class to the
Prime Minister Han Duck-soo has reconfirmed his opposition to the pending amendment to the Trade Union and Labor Relations Adjustment Act advocated by opposition parties.The amendment in question is to block enterprises from resorting to provisional seizures and claims for damages, even in the case