Expectations are growing about the reopening of the Kaesong Industrial Complex after the inter-Korean summit on April 27.The Korea Federation of SMEs conducted a survey on April 29 on the 124 companies that operated in the complex, which was once the symbol of inter-Korean economic cooperation. Of t
The Joint Committee for Inter-Korean Economic Cooperation is drawing attention after the inter-Korean summit on April 27 as it will become a control tower when inter-Korean economic cooperation is resumed.There are still many hurdles, such as the ongoing international sanctions on North Korea, for e
On July 27, South Korean President Moon Jae-in and North Korean leader Kim Jong-un held a summit and adopted the Panmunjom Declaration."The South and the North have agreed that main measures taken by North Korea were very meaningful and important measures for the denuclearization of the Korean Penin
The National Smart City Demonstration Complexes such as the Sejong 5-1 Life Zone and Busan Eco Delta City pursued by the government will be created by creative and innovative people such as brain engineers and start-up nurturing entrepreneurs.The 4th Industrial Revolution Committee directly under th
GM Korea’s labor and management have tentatively agreed on a restructuring plan on April 23, clearing a key hurdle on the path to the troubled company’s normalization.The two sides managed to narrow their differences on how to treat the 680 employees left after the recent voluntary retirement at the
In February, the Ministry of Strategy and Finance announced a service industry innovation plan which included the establishment of a general hospital on a site reserved for an investment-type hospital in the Incheon Free Economic Zone. The site for an investment-type hospital has been changed to a g
South Korea has avoided being designated as a currency manipulator by the US. However, the US government demanded that Korea quickly disclose its foreign exchange market intervention, the Korea will take greater risk.The US Treasury Department included Korea, China, Japan, Germany, Switzerland, and
CBRE Korea, a global commercial real estate service company, held its “CBRE Forum 2018” to share insights on commercial real estate market trends in the Asia-Pacific region this morning at the Four Seasons Hotel in Seoul.Over 200 real estate investors and industry experts, including Ben Duncan, CEO
Artist Kim Nam-ho, who invented the world’s first luminous paints and is famous for paintings shining on their own, held a solo exhibition from April 5 to 11 in the lava cave of the Dolbitna Art School located in Hallim-eup, Jeju.The exhibition was proposed by Yoon Arte Director and World-OKTA Shang
The Korea Expressway Corporation announced on April 4 that it kicked off a consulting project for traffic congestion mitigation in Mauritius on March 30.The opening ceremony for the project with a total value of 12 billion won was attended by Mauritius Prime Minister Pravind Jugnauth and local gover
South Korean automakers and tire producers are becoming domestic companies in name only. Among three domestic tiremakers – Hankook Tire Co., Kumho Tire Co. and Nexen Tire Corp. – Kumho Tire will be sold to a foreign company. Also, Hyundai Motor Co. and Kia Motors Corp. are the only automakers that a
Financial authorities are carrying out a special audit for Samsung Biologics Co. on accounting fraud allegation while opening the possibility of innocence. A senior official from the financial authorities said on March 1, “Since we haven’t finished the special audit for Samsung BioLogics, nothing ha
Samsung Electronics will open an artificial intelligence (AI) R&D center in France. Samsung Electronics’ AI research and development hub will be built in Europe after Korea and North America.According to foreign media outlets such as Reuters on March 29, Sohn Young-kwon, chief strategy officer (CSO)
The open-air yard of Incheon Port, the gateway port for the Seoul metropolitan area is filled with rectangular containers that symbolize “Export Korea.” It is easy to find a container car running on a road near a port. Incheon Port handles 50% of the import and export traffic in the metropolitan are
Naver Corp. will join hands with the Hong Kong University of Science & Technology (HKUST), one of the best universities in the world, to set up an artificial intelligence (AI) research center. After acquiring the Xerox Research Centre Europe (XRCE) in Grenoble, France, for 200 billion won (US$213.8
South Korean Trade Minister Kim Hyun-chong announced on March 26 that the U.S. government’s additional 25% tariff will not be applied to 2.68 million tons of South Korean steel, which is equivalent to 74% of the steel South Korea exported to the U.S. last year. Earlier, American steel companies dema
According to the maritime industry and Chosun Biz on March 26, Hyundai Merchant Marine (HMM) decided to stop negotiations for route services to the east coast of North America with Israeli shipping company ZIM, and accordingly there will be no national flag carrier to provide the services for a whil
Seoul has become the arena for competition among global business hotels. Not only domestic hotel chains but also foreign ones are scrambling to construct and open new business hotels to attract more customers who are on a business trip.According to hotel industry sources on March 25, a considerable
Korean cryptocurrency exchange Upbit will launch Korea’s first cryptocurrency index.Dunamu operating Upbit announced on March 22 that the company developed the UBCI (Upbit Crypto Index), a standard index that can measure market conditions by suggesting a standard on coin quotes.Upbit is aiming to pr
A follow-up negotiation for the Korea-China free trade agreement (FTA) began to tear down barriers against South Korea’s entry into China's service market and prevent retaliation against South Korea for the deployment of the THAAD System on the Korean Peninsula. A lot of attention is being paid to t