A new round of South Korea- ASEAN FTA negotiations will officially begin.The Ministry of Trade, Industry and Energy announced on August 7 that Trade Minister Joo Hyung Hwan attended the 13th Korea-ASEAN Economic Ministers meeting held at Vientiane, Laos, from August 4 to 5th to officially launch a n
Gwangju Metropolitan City held a second civil committee meeting on June 8 in preparation for the 7th Asia-Europe Culture Ministers' Meeting (ASEM CMM7) in 2016.At the meeting, members of the committee were debriefed on preparations so far and they asked to make thorough preparation in every sector b
The Small & Medium Business Administration (SMBA) of South Korea and the National Development & Reform Commission (NDRC) of China signed an agreement for cooperation in the field of startup establishment and investment at the 14th Economic Ministerial Meeting between China and South Korea held in Se
LG Chem announced on May 25 that it has been selected as one of the three top prize winners of this year’s Clean Energy Ministerial (CEM) Energy Management Leadership Awards scheduled for June 2 in San Francisco.The CEM is an international ministerial meeting in which 23 countries and three internat
South Korean exporters to USA face a looming threat from recent amendments to US trade laws, i.e. Trade Preferences Extension Act of June 2015 and Trade Facilitation and Trade Enforcement Act of February 2016, which arm the Department of Commerce (“Commerce”), International Trade Commission (“ITC”)
The South Korean government is planning to raise a fund of one trillion won in order to accelerate the growth of future industries and invest 80 trillion won in the ICT convergence, culture and content industries. It is to provide a corporate tax deduction of 30%, the highest level allowed by the cu
South Korean Deputy Prime Minister Yoo Il-ho met with African Development Bank (AfDB) President Akinwumi Adesina in Seoul on March 28.At their meeting, they agreed to work closely together for the success of the upcoming Korea-Africa Economic Cooperation Ministerial Conference, share South Korea’s e
The Ministry of Science, ICT & Future Planning announced on March 6 that vice minister Choi Jae-yu had a meeting with Dr. Reginald Brothers, under secretary of the U.S. Department of Homeland Security, on March 3 for a closer bilateral cooperation in the field of cyber security. Specifically, Korea
It seems that the official negotiations between Washington and Seoul regarding the deployment of the Terminal High Altitude Area Defense (THAAD) system on the Korean Peninsula, which picked up a high speed after North Korea’s recent nuclear provocation, has caused Beijing to turn to be in favor of s
Although Korea has become the world’s sixth largest exporter for the first time, there are a number of pessimistic indicators to show the warning in export behind it. According to the data in November compiled by the MOTIE, exports of oil and petrochemical products, which are traditional main export
Deputy Prime Minister for Economic Affairs and Minister of Strategy & Finance nominee Yoo Il-ho’s direction of economic policy is drawing keen attention. The conservative financier is expected to clear his confirmation hearing smoothly.Current Deputy Prime Minister Choi Kyung-hwan, in fact, has alre
Korean Minister of Trade, Industry & Energy Yoon Sang-jik attended the Korea-Vietnam Incubator Park Opening Ceremony and the 6th Korea-Vietnam Inter-Ministerial Committee Meeting on Nov. 14 in Can Tho, Vietnam.The incubator park is the first Korean techno park built outside of Korea. Its purpose is
President Park Geun-hye presided over this year’s fourth Ministerial Meeting on Regulatory Reform on Nov. 6. There, the Ministry of Science, ICT & Future Planning, the Ministry of Trade, Industry & Energy, and the Ministry of Land, Infrastructure & Transport made presentations on the current status
The Organization for Economic Cooperation and Development (OECD) acknowledged South Korea as the most active country that pursues scientific and technological innovations.OECD Secretary-General Angel Gurría announced the OECD Science, Technology and Industry Scoreboard 2015 during this year's minist
The New Zealand Chamber of Commerce in Korea, known as “The Kiwi Chamber,” hosted a breakfast forum with Hon. Steven Joyce, New Zealand minister of economic development, science and innovation, tertiary education, skills and employment yesterday at the JW Marriott Hotel Seoul.Minister Joyce, who is
BusinessKorea met with Dr. Youngah Park, the current president of the Korea Institute of Science and Technology Evaluation and Planning (KISTEP), former lawmaker of the 18th National Assembly, and former professor of physics at Myungji University, to talk about the current direction of the institute
Senior fellow Jeffrey J. Schott at the Peterson Institute for International Economics remarked on Sept. 28 that the Korean government’s non-participation in the Trans-Pacific Partnership (TPP) in its early stage was a strategic mistake.“Korea, which is one of the first countries to be allowed into t
The Korean government has decided to invest 420 billion won (US$353.9 million) by 2019 in order to invigorate the smart device industry using the Internet of Things (IoT). It also revealed a plan to nurture 300 venture firms with specialized technology to lead the global IoT market, including those
The Korean government’s regulation information portal for foreign investors, which will be put into service on July 27, was demonstrated on July 16 at the Invest Korea Plaza located in Yangjae-dong, Seoul.The portal, which is a follow-up of this year’s third Ministerial Meeting on Regulatory Reform
As the national economy suffers from weakening domestic demand due to the Middle East Respiratory Syndrome (MERS) outbreak and sluggish exports, the Korean government is making every effort to boost the national economy.“The MERS outbreak is having a more serious impact on the economy than the shock