The Bank of Korea announced on Jan. 22 that South Korea’s GNI per capita is estimated to have exceeded US$31,000 last year. The central bank explained that the actual figure may change in that the latest nominal GDP is yet to be announced and the reference year that is applied to the national accoun

South Korea’s exports are falling at a faster pace than expected from the beginning of the year, fueling concern that the country’s economic growth rate could fall to the mid-2 percent range this year. The nation’s trade surplus, which has continued for 83 months in a row, is also under threat.Korea

The Incheon Free Economic Zone (IFEZ) has become a role model for development of free economic zones in Uzbekistan.Kim Jin-yong, president of the Incheon Free Economic Zone Authority, and Kasymov Ilzat Ablahatovich, vice governor of Tashkent State in Uzbekistan, signed an MOU on promoting the develo

Key bills related to biotech industry globalization remain pending in the National Assembly. Experts point out there should be no more procrastination.The bills include those on advanced biopharmaceuticals and in vitro diagnostic devices. The National Assembly failed to pass the bills last year. Thi

The European Union has urged the South Korean government to ratify the International Labour Organization (ILO) core conventions included in the EU-South Korea free trade agreement (FTA). The Ministry of Employment and Labor of South Korea and a European Commission delegation met in Seoul on Jan. 21.

These days, China is narrowing its gap with South Korea at a rapid pace in the manufacturing sector by maintaining low labor costs and making huge R&D investments. Analysts say China is already ahead of South Korea when it comes to future technologies such as big data, autonomous driving and artific

The amount of exports by Korean small and medium-sized enterprises (SMEs) and the aggregate number of Korean exporters both hit a record high last year.The Ministry of SMEs and Startups (MSS) released a report titled “Trend of SME Exports in 2018” on Jan. 20. The report said that the amount of expor

South Korean manufacturers are increasing their overseas production amid the ongoing trade war between the United States and China. The companies, which are highly dependent on exports, are trying to avoid trade protectionism by doing so.According to the Bank of Korea, South Korea’s net exports base

Although the Korean peninsula is suffering from fine dust from China, the Chinese government is shirking its responsibility. It is completely ignoring a compensation lawsuit filed by a Korean civic group and postponing the announcement of the results of joint research carried out by Korea, Japan and

After the British parliament overwhelmingly rejected Prime Minister Theresa May’s Brexit deal on Jan. 15 (local time), the United Kingdom is poised for a “no-deal” Brexit on March 29. Accordingly, the South Korean government has decided to accelerate the conclusion of a free trade agreement (FTA) wi

President Moon Jae-in has urged heads of large and mid-sized companies to do more for win-win cooperation with small and medium-sized enterprises (SMEs)."In order to secure global competitiveness, not only large companies but their partner companies must develop the whole business ecosystem together

The controversy over the Korean government’s nuclear phase-out policy has been rekindled by ruling Democratic Party lawmaker Song Young-gil who recently called for resumption of the construction of Shin Hanul Nuclear Reactors No. 3 and No. 4.“Climate change threatens the existence of humankind more

The ruling Democratic Party said on Jan. 15 that it would soon announce a comprehensive package of plans to revitalize the Korean capital market after discussion with the government.In particular, it promised to decide as soon as possible whether to lower or abolish the securities transaction tax .

The South Korean government is planning to develop a prototype of a wearable “bionic arm” that can move and feel according to the user’s intention within this year.A bionic arm is modeled after human skins, muscles, skeletons and joints. The government plans to complete the development of a prototyp

North Gyeongsang Province Governor Lee Cheol-woo, who is on a visit to the United States to attend Consumer Electronics Show (CES) 2019, went to Silicon Valley to meet executives of global medical device firm Siemens Healthineers, semiconductor equipment firm Lam Research and software firm GE Digita

The fear of being held responsible for accidents prevented a South Korean state-run firm from signing a multibillion dollar deal with the United Arab Emirates (UAE) for long-term maintenance of the Barakah nuclear power plant, it was learned belatedly.The UAE intended to sign a private long-term mai

S. Korea’s household loans rose by nearly 75 trillion won (US$67 billion) last year. Its growth rate slowed down compared to a year earlier but mortgage loans from banks increased at a rapid pace. Bank lending to large corporations showed an increase for the first time in four years with restructuri

Employees working for small and medium-sized enterprises (SMEs) in South Korea were paid, on average, 68.6 percent of the wages of their counterparts in large firms in 2017, a report showed on Jan. 10. Their disparity showed a slight improvement compared to a year earlier but there was still the pol

Korea National Oil Corp. (KNOC) is pushing hard to attract investment in its blue-chip assets and liquidate overseas resources development projects that are incurring losses.KNOC president Yang Su-yeong, who took office in March last year, held a press conference on Jan. 7 and said, “Currently, we a

Merlin Entertainments, a British company specializing in location-based entertainment, announced on Jan. 7 (local time) that it has entered into a partnership agreement with the Gangwon Provincial Government to build a LEGOLAND Park in South Korea, scheduled to open by 2022.LEGOLAND Korea will be si