Korea Forest Service Minister Nam Sung-hyun took office in May, declaring forest renaissance. The following is Business Korea’s recent interview with him. -- Ed.What is the concept of forest renaissance?The Korea Forest Service is making various efforts to advance forest management, which is to maxi
The Federation of Korean Industries announced on Oct. 26 that the ratio of workers aged between 15 and 29 in the domestic manufacturing sector fell 6.1 percentage points to 14.8 percent from 2011 to 2021 whereas the ratio of those older than 49 increased from 18.9 percent to 31.9 percent.“Aging of m
Korea Hydro & Nuclear Power (KHNP) is expected to sign a letter of intent with Poland on Oct. 31 regarding nuclear power plant construction. Multiple nuclear power plants are planned to be built in Poland and those are expected to be built by Westinghouse Electric Co. and KHNP. Polish Deputy Prime M
Democratic Party of Korea lawmaker Lee Sung-man remarked on Oct. 24 that the number of South Korean business ventures was 35,950 at the end of last month, down 6.1 percent from a year ago.According to him, 59.6 percent of the business ventures are in the manufacturing sector, followed by 21.3 percen
The Korea International Trade Association announced on Oct. 24 that South Korea’s intermediate goods imports from China totaled more than US$9.98 billion in May, but fell to US$8.5 billion last month.According to the association, those from Taiwan, Australia and Malaysia are taking the place. Specif
Poland is rapidly increasing its arms purchase from South Korea. Some are expressing concerns over whether it can pay trillions of won.Hyundai Rotem and Hanwha Defense signed US$5.76 billion contracts with Poland in August to export 180 K2 tanks and 48 K9 howitzers. In the long term, Poland is plann
The International Monetary Fund (IMF) recently announced that South Korea’s government debt-to-GDP ratio would reach 54.1 percent at the end of this year.At the end of 2017, the ratio was 40.1 percent. In the same five-year period, the ratio of 35 advanced economies is estimated to rise from 71.6 pe
Incheon Free Economic Zone (IFEZ) Authority announced on Oct. 21 that it will hold an international symposium on smart city online at the Gyeongwonjae Ambassador Incheon Hotel in Songdo International City, Incheon on Oct. 25.This annual symposium marks its fifth anniversary this year and will consis
The Bank of Korea said in its report on Oct. 23 that Russia’s retaliation may cause the international oil price to fluctuate, with a Russian crude price cap recently announced by the European Union and G7.Russia mentioned production cuts and export restrictions immediately after the announcement. Ac
The Joe Biden administration announced the American Battery Materials Initiative on Oct. 19. According to the initiative, the U.S. Department of Energy will provide US$2.8 billion for 20 EV battery manufacturers in the 12 states including Alabama, Kentucky and Georgia. The subsidized companies will
Korea Hydro & Nuclear Power (KHNP) is expected to sign a letter of intent with Poland's state-run power company PGE Polska Grupa Energetyczna and private firm ZEPAK within two weeks regarding a new nuclear power plant construction project. The project is to replace ZEPAK’s lignite power plant in
The South Korean government announced on Oct. 18 that it has increased the number of national key strategic technologies and techniques in the material, component and equipment industries from 100 to 150.In 2019, the Japanese government implemented export restrictions against South Korea in the semi
South Korea’s exports to China, which form a key part of the South Korean economy, are on the decline as the Chinese economy is slowing down. Exports to China decreased year on year in each of June, July, August and September and South Korea posted a trade deficit with China in each of May, June, Ju
Deputy Prime Minister Choo Kyung-ho announced on Oct. 14 that non-taxation on non-residents’ and foreign corporations’ interest income and transfer income derived from government and monetary stabilization bond investment would become effective on Oct. 17.The measure was scheduled to take effect nex
The World Bank announced on Oct. 16 that South Korea’s nominal GNI per capita was US$34,980 in 2021, when that of Italy was US$37,510. For reference, in 2020, South Korea (US$32,930) topped Italy (US$32,380) to outdo a G7 state for the first time ever.In 2020, Italy’s economic growth rate was negati
The possibility of South Korea’s credit crisis is rising, with interest rates going up and its economy slowing down. Its default risk indicators are surging, along with both household and corporate debts and interest burdens. Bloomberg recently reported that the Japanese and Chinese currencies are d
The U.S. Department of Energy recently had a meeting with LG Energy Solution, SK On, Samsung SDI, Lotte Chemical and POSCO Chemical to exchange opinions on the Inflation Reduction Act.The act is to limit EV subsidies to those equipped with batteries containing less Chinese materials and components a
The IMF recently estimated the 2022 GDP per capita of South Korea at US$33,590 and that of Japan at US$34,360, down 4 percent and 12.6 percent year on year, respectively.According to the IMF, this year’s difference between the two is likely to the smallest since its records began. It also said that
People Power Party lawmaker Yoon Han-hong remarked on Oct. 11 that North Korean hackers sent 75 billion won to South Korean cryptocurrency exchanges.“It is likely that the money flowed back into the North after a surge in value,” he said, adding, “The abnormal overseas remittances the Financial Supe
The total amount of tax in default by foreigners exceeds 160 billion won, but the Korean government has virtually given up on collecting about 130 billion won of the total for such reasons as taxpayers’ departures. In addition, some 600 foreigners had tax in default exceeding 50 million won, with 34