The Korea National Oil Corp. (KNOC) is in the process of selling its ADA mine lot in Kazakhstan for the purpose of asset-liability adjustment. At present, talks between the corporation and a preferred bidder are underway to be wrapped up by October.The mine lot is located in Aktobe, which is in the
Deputy Prime Minister Choo Kyung-ho remarked on July 16 that the duty-free ceiling applied to traveler belongings might be raised to US$800 so that the tourism industry can better deal with COVID-19. The current ceiling is US$600, which has been applied since September 2014.He also said that the gov
Hyundai Research Institute said in its report on July 14 that South Korea is above the average of the G7 states in terms of economic indicators but below 70 percent of them when it comes to social indicators. “The South Korean government needs to address population-related problems such as low ferti
Bank of Korea Governor Lee Chang-yong remarked on July 13 that U.S. Treasury Secretary Janet Yellen is scheduled to stay in South Korea on July 19 and 20 and various foreign exchange market stabilization measures may be discussed during her meeting with Deputy Prime Minister Choo Kyung-ho.“Although
South Korea’s trade deficit with China is growing. China has been a big importer of Korean products for the past 30 years. But Korea’s exports to China are declining as Korea’s industrial competitiveness weakens and the global supply chain goes through reorganization. Some experts predict that Korea
KEPCO KPS announced on July 10 that the company's president Kim Hong-yeon met with Gerardo Erguiza, undersecretary of the Philippine Department of Energy, on July 6 and discussed ways to cooperate in maintenance of thermal, gas-fired and renewable energy-based power generation facilities.A high-
U.K. Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng is scheduled to visit South Korea next month. The purpose of the visit is to discuss cooperation in the nuclear power industry with Minister of Trade, Industry and Energy Lee Chang-yang.The British government is plan
The Bank of Korea announced on July 7 that South Korea recorded a current account surplus of US$3.86 billion in May after a US$80 million deficit in April, its first current account deficit since April 2020. It also said that the May surplus dropped US$6.55 billion from a year ago.“In May this year,
Korea Agro-Fisheries Trade Corp. (aT) announced on July 7 that it has opened a branch in Kuala Lumpur, Malaysia.The Kuala Lumpur branch is aT’s fifth branch in Southeast Asia after those in Jakarta, Bangkok, Hanoi and Ho Chi Minh City.In particular, Malaysia is a country aT is focusing on as it inte
The South Korean government announced on July 7 that it would keep its fiscal deficit below 3 percent of South Korea’s GDP by budgetary austerity such as unprecedented government spending restructuring and government employee count and wage control.“The fiscal deficit-to-GDP ratio at the end of this
More and more experts are calling for the government to conclude currency swap agreements with the United States and Japan, as the won-dollar exchange rate is soaring and South Korea’s foreign exchange reserves are decreasing fast. At present, South Korea is in currency swap agreement with Canada, C
The Korea Institute for Industrial Economics and Trade announced on July 5 that South Korea is showing a trade deficit with the world and dependent on China by at least 50 percent when it comes to 1,088 import items and the items include lithium, magnesium, urea and manganese.Earlier, the Federation
The Ministry of Trade, Industry and Energy released a plan on clean hydrogen supply chain establishment and hydrogen industry promotion. The purpose is to build infrastructure based on R&D achievements and tax and financial supports.The plan includes technology development support from the governmen
The Ministry of Economy and Finance announced on July 5 that the Foreign Exchange Transactions Act would be revised so that foreign exchange transactions can be made much more convenient.“The mandatory prior notice on the transactions will be repealed except for those having a critical economic impa
The South Korean government confirmed on July 5 that it would raise the ratio of nuclear power generation to at least 30 percent by 2030 and resume the construction of Shin Hanul Nuclear Power Plant Units 3 and 4.At the end of 2021, a total of 24 nuclear power plants with a combined capacity of 23.3
Nomura Securities said in its recent report that the major economies including the United States, the European Union, South Korea, the United Kingdom, Japan, Australia and Canada are likely to slow down for at least one year.“Inflation is spreading, central banks are tapering, and this is leading to
The 29th South Korea-Japan Business Council meeting took place in Seoul on July 4, for the first time in three years. The meeting was attended by Federation of Korean Industries Chairman Huh Chang-soo, Lotte Group chairman Shin Dong-bin, Samsung Electronics president Lee In-yong, Hyundai Motor Compa
The Ministry of Trade, Industry and Energy announced on July 3 that South Korea’s trade deficit was US$10.3 billion in the first half of this year. It is even larger than US$9.16 billion recorded in the first half of 1997, when Asia faced a serious financial crisis. Besides, in the first half of thi
The South Korean government is planning to release a fiscal sustainability improvement plan this week. This is because South Korea’s national debt increased by more than 400 trillion won to over 1,000 trillion won for the past five years and its national debt-to-GDP ratio is currently at the highest
The Yoon Suk-yeol government’s diplomatic policies are fueling concerns among South Korean companies more closely related to consumption in China.For example, South Korean cosmetics manufacturers’ stock prices are continuing to fall. On June 30, those of Cosmax, Amore G, Amore Pacific and LG Househo