Since taking office in early July 2022, Ongjin County Mayor Moon Kyung-bok has been busy listening to the voices of his residents. This has been producing remarkable positive results.In 2023, Ongjin County paved the way for a new leap forward, including finalizing a plan for the construction of Baek
On Feb. 20, the Incheon Free Economic Zone (IFEZ) announced the inauguration of Yoon Won-seok, the former executive vice president of the Economic and Trade Cooperation at the Korea Trade-Investment Promotion Agency (KOTRA), as its 8th Commissioner. The position of Commissioner of the Incheon Free E
The National Pension Service (NPS) issued an explanatory statement regarding the report by domestic media on Feb. 14, titled “NPS’ Overseas Alternative Investment Assets: Solely Trusting and Passing Verification to Asset Managers.”On the same day, the media reported that the NPS is accepting the pro
The Namdong district of Incheon Metropolitan City houses the Namdong National Industrial Complex, playing a pivotal role in driving the Korean economy. The industrial complex, established in December 1989, is a key metropolitan industrial area with an annual production value of approximately 30 tril
The Fair Trade Commission (FTC) is targeting franchise businesses owned by private equity funds. In particular, tensions within the industry have escalated recently after Mom’s Touch was fined 300 million won (US$225,989) for unfair practices towards its franchisees.Yook Sung-kwon, the Secretary Gen
In relation to the crash of the Marineon (MUH-1) utility helicopter in 2018, which resulted in the death of five individuals, Korea Aerospace Industries Ltd. (KAI) has been ordered by the court to compensate the state over 1.4 billion won. This first-instance verdict came after the state filed a law
As the global political environment is expected to change due to elections in major countries, Korean industries discussed trade issues such as global policy responses with the Korean government. Companies submitted recommendations to the Korean government on trade issues, including difficulties in
South Korea has climbed to the third highest position among the Organization for Economic Cooperation and Development (OECD) countries in terms of the proportion of corporate taxes to the Gross Domestic Product (GDP), marking the highest level in the last 50 years.According to the report “Current St
On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung
The share of long-time workers among all wage earners in South Korea has plummeted from its previous value to the average level of Organization for Economic Cooperation and Development (OECD) member countries, according to a survey. In particular, the proportion of wage earners who work more than 60
It has been revealed that the National Pension Service (NPS) achieved a return on investment of over 40 percent through its investments in U.S. stocks last year. This is attributed to the historical bull market recorded in the U.S. stock market.According to the stockholding report (13F) submitted by
On Feb. 8, the Fair Trade Commission (FTC) unveiled its agenda for the year, intending to elevate the criteria for designating business conglomerates subject to disclosure. Criticism has been directed at the regulations governing the disclosure of business groups as they are unique to South Korea. T
The South Korean government has approved new projects worth 13.8 trillion won (US$11.5 billion) under the Economic Development Cooperation Fund (EDCF) to be implemented by 2026, with 6.5 trillion won to be disbursed. Established in 1987, the EDCF is a fund for concessional loans aimed at supporting
The voices of labor unions within Samsung Group are growing louder. This is because not only are affiliate unions demanding the same wage increase through solidarity but the launch of a unified union, beyond affiliate unions, is on the horizon.On Feb. 6, the Samsung Group Trade Union Solidarity, a f
Cho Dong-chul, the president of Korea Development Institute (KDI), publicly issued a stark warning on government debt, going so far as to state, “The country will collapse.” In particular, he cautioned that South Korea’s national debt-to-gross domestic product (GDP) ratio could skyrocket to over 250
The Ministry of Land, Infrastructure and Transport of South Korea announced on Jan. 29 that it will start accepting applications from Jan. 30 for this year’s K-City Network Global Collaboration Project. This initiative aims to establish a smart city cooperation network with foreign nations and suppo
The Ministry of SMEs and Startups (MSS) is actively moving forward with the designation of new global innovation districts this year. Simultaneously, it is focusing its efforts on strengthening global collaboration programs to foster the venture ecosystem. The ministry plans to strengthen support fo
Starting from April of this year, foreigners and overseas Koreans must reside in the country for at least six months to be eligible for health insurance as dependent beneficiaries.According to the National Health Insurance Service on Jan. 24, a revision to the Health Insurance Act will take effect f
The Ministry of Trade, Industry and Energy plans to inject 100 billion won into companies in advanced strategic industries and key supply chain sectors that are returning (U-turn) to Korea this year. This marks a 75% increase from the previous year. The corporate tax reduction period will be extende
The government is set to implement a comprehensive plan for “smart cities” incorporating new technologies. The primary focus is accelerating the entry into foreign markets through the restructuring of the “K-City Network” project. This initiative aims to strengthen the global competitiveness of Kore