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
Democratic Party of Korea lawmaker Koh Yong-jin remarked on Oct. 6 that Russia’s overdue loan repayment to South Korea was US$34.97 million at the end of June this year. Russia is supposed to repay US$280 million to South Korea by 2025.The South Korean government lent US$1.47 billion to Russia in 19
U.S. President Joe Biden sent a letter to South Korean President Yoon Suk-yeol on Oct. 4. He said in the letter that he is well aware of South Korea’s concerns over the Inflation Reduction Act and he is open to discussions regarding the matter.According to the act, a U.S. subsidy of up to US$7,500 p
Daewoo E&C is seeking to enter the Uzbekistan construction market with strong support from its parent, Jungheung Group.The group's vice chairman Jung Won-ju visited Uzbekistan with Daewoo E&C officials to explore new business opportunities and exchange opinions with key Uzbek government official
The Ministry of Trade, Industry and Energy announced on Oct. 5 that reported foreign direct investment (FDI) in South Korea was US$21.52 billion for the first three quarters of this year. The amount increased 18.2 percent year on year and topped US$20 billion for the first time.The FDI increased des
People Power Party lawmaker Park Soo-young said on Oct. 4 that a South Korean special purpose company recently sold its offshore wind power development project in the Saemangeum area to a Thai company by signing a US$50 million stock sale agreement.According to the lawmaker, the total area of the pr
Lawmaker Kim Kyung-man remarked on Oct. 4 that five state-run power companies are planning to sell half of their equity in PT Bayan Resources TBK for 748 billion won by next year. At present, each of Korea Western Power, Southern Power, East-West Power, Midland Power and South-East Power owns 4 perc
The Korea Institute for Industrial Economics and Trade said in its report on Oct. 3 that exports from the South Korean defense industry hit an all-time high of US$7.25 billion last year and are expected to exceed US$20 billion this year.Korea's annual arms exports topped US$1 billion for the fir
The South Korean government is strengthening its cooperation with Germany, the European Parliament and Japan in response to the U.S. Inflation Reduction Act.The Ministry of Trade, Industry and Energy of South Korea and the Ministry for Economic Affairs and Climate Action of Germany recently discusse
The Bank of Korea announced on Sept. 29 that South Korea’s net barter terms of trade index was 82.49 last month, down 10.3 percent from a year ago, down 0.3 percent from the previous month, and the lowest since records began in January 1988.According to the bank, this deterioration in terms of trade
The National Pension Service (NPS) Investment Management announced on Sept. 29 that its overall return on investment was negative 4.69 percent at the end of July this year, up 3.31 percentage points from the previous month.Its return on investment was negative 15.39 percent in the domestic stock mar
The Korean government plans to boost domestic automakers' electric vehicle (EV) production to 3.3 million units by 2030 and increase their global market share to 12 percent. The plan is part of the government's vision for the automobile industry unveiled by Lee Chang-yang, minister of trade,
The Korean government has presented a blueprint to make Korea a major digital powerhouse by 2027. It plans to usher in the 6G era in 2026 ahead of other countries and become the No. 1 country in the world in terms of digital infrastructure. This is a policy roadmap to realize the so-called New York
South Korean Prime Minister Han Duck-soo, who attended the funeral of the late Japanese Prime Minister Shinzo Abe, stressed on Sept. 28 the importance of bilateral cooperation between South Korea and Japan in global supply chains such as the U.S.-led Chip 4 alliance. “Japan is leading the global sem
The Ministry of Science and ICT announced on Sept. 28 that South Korea’s plan to launch satellites using Russian launch vehicles cannot be realized, with South Korea joining international sanctions on Russia.According to the plan, South Korea’s KOMPSAT-6 multipurpose satellite is scheduled to be lau
U.S. Vice President Kamala Harris met with South Korean Prime Minister Han Duck-soo in Tokyo on Sept. 27. She said that the U.S. government is well aware of South Korea’s concerns over the impact of the Inflation Reduction Act on electric vehicle (EV) manufacturers, and the two governments will cont
The National Tax Service announced on Sept. 26 that this year’s reported overseas financial accounts total 64 trillion won, up 8.5 percent from a year ago. “It is the largest since 2018 and the second-largest in history,” it said, adding, “The number of account holders increased 25.4 percent to 3,92
Even Korea’s six main industries that buttress the national economy are shaking from their foundations due to a rise in the exchange rate, high interest rates and soaring raw material prices.Many experts are concerned that Korean companies in the so-called six core sectors -- semiconductors, electri