The Ministry of Science and ICT announced on March 7 that R&D projects worth 500.7 billion won (US$441.8 million) would be launched this year for data, artificial intelligence (AI) and hydrogen industry growth. In addition, 73 billion won will be spent on quantum computing and quantum sensor develop
The Ministry of Science and ICT announced on Feb. 26 that it would work on a technological roadmap for the hydrogen economy with the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of Environment, the Ministry of Land, Infrastructure and Transport, and the M
The South Korean government will provide 15 trillion won (US$13.23 billion) in low-cost loans to small and medium-sized enterprises (SMEs) within the year in order to help them modernize their production facilities and increase investment in safety and environmental production measures.The governmen
The South Korean government has asked the International Monetary Fund and the World Bank to play a bigger role in having North Korea accepted as a member of the international community and accelerating the opening and development of the isolated country.The request was made by South Korea’s Deputy P
The South Korean government held the sixth Ministerial Meeting for Innovative Growth in Seoul on September 27 and released a set of deregulatory measures.The package includes the opening of duty-free shops in the arrival halls of international airports. As a pilot project, a duty-free shop will open
The Ministry of Trade, Industry & Energy announced on July 22 that the 23rd round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) takes place in Bangkok from July 23 to 27. The RCEP is a mega free trade agreement (FTA) among the 10 ASEAN member countries, South Korea, Chin
The African Development Bank (AfDB) annual meeting kicked off in Busan on May 21, providing an opportunity to discuss the industrialization of African countries and strengthen economic cooperation between South Korea and Africa.Organized jointly by Korea's Ministry of Strategy and Finance and th
The South Korean government has announced it would disclose its net foreign exchange trading history every six months and reduce the interval to every three months in one year.The government’s move is a response to pressure from the United States to reveal Korea’s foreign exchange trading history.Th
The government has come up with a set of measures to build ships that are powered by liquefied natural gas (LNG), an eco-friendly fuel, instead of bunker C oil that causes air pollution.The government held a ministerial meeting on economic affairs on July 17 to finalize the package, which is aimed a
South Korean President Moon Jae-in and UAE Crown Prince Mohammed Bin Zayed had a one-hour summit meeting on March 25, promising to work more closely together in the fields of defense and nuclear power generation.“Although there were some issues regarding the previously signed MOU for cooperation in
The South Korean government has decided to save STX Offshore and Shipbuilding Co. on condition of slashing 75 percent of its production workforce. Sungdong Shipbuilding & Marine Engineering Co. plans to file for receivership while increasing the chance of revival by asking the court to turn into a r
The Korea Development Bank (KDB) said on February 21 that GM International President Barry Engle decided to accept KDB Chairman Lee Dong-geol’s preconditions and principles for financial support for GM Korea. Although the bank did not explain what the preconditions are, these are likely to include d
It will be possible to establish domestic general hospitals in the Songdo Free Economic Zone. The government held an extended ministerial meeting with Kim Dong-yeon, deputy prime minister and minister of strategy and finance at Nuri Dream Square in Mapo-gu, Seoul on February 7.Currently, only invest
South Korea and China resumed their economic ministerial meeting in 21 months. After the 15th meeting, which took place in Beijing on February 2, South Korean Deputy Prime Minister Kim Dong-yeon said that the resumption of the meeting in about six weeks from the recent summit talks was a very meanin
The National Tax Service (NTS) of South Korea began a tax investigation of its major digital-currency exchanges that trade bitcoin, such as Bithumb and Coinone, on January 10.Coinone said, “The NTS took our data on financial transactions and related accounting books on the 10th and it seems to start
Chief Presidential Secretary Lim Jong-seok and Khaldoon Khalifa Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority, met with each other in Seoul on January 9. According to them, South Korea and the UAE are going to communicate more with each other, for even closer bilateral relations,
The South Korean government will adopt a real-name financial transaction system on cryptocurrency exchanges by the end of January next year. It will also ban banks from providing virtual account services that are currently used for trading cryptocurrencies. Until the real-name financial transaction
Baek Woon-kyu, the Minister of Trade, Industry and Energy of Korea, will visit major nations that may import nuclear power plants such as Britain, France and Czech Republic with Cho Hwan-ik president of the Korea Electric Power Corporation and Lee Kwan-seop, president of Korea Hydro & Nuclear Power
The Ministry of Commerce of China announced that Premier Li Keqiang would attend the Regional Comprehensive Economic Partnership (RCEP) summit meeting that takes place during this year’s East Asia Summit scheduled for November 12 to 16.The upcoming RCEP summit meeting is the first summit meeting in
Moon Mi-ok, Science & Technology Advisor to the President, met with Emirates Nuclear Energy Corporation (ENEC) CEO Mohamed Al Hammadi in Abu Dhabi on October 30 and they reached an agreement on the necessity of the joint business of South Korea and the UAE in the nuclear power generation markets of