The government has recouped 63.5 percent of the public funds it spent to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial regulator said Thursday.The government has retrieved 107 trillion won ($104 billion) of 168.7 trillion won used from the public funds as of the end of March, according to the Financial Services Commission.The recovery rate was slightly up from 63.4 percent at the end of 2013, it added.The massive amounts of public funds were poured in

South Korea and China will hold a fresh round of negotiations for a bilateral free trade agreement next week, the government said Thursday.The 11th round of South Korea-China FTA talks will be held from Monday through Friday in China’s Sichuan, according to the Ministry of Trade, Industry and Energy.“The two sides are set to hold comprehensive, in-depth discussions on all areas of FTA from products, service and investment to regulations and cooperation,” it said in a press release.The negotiatio

South Korea and Vietnam opened a fresh round of negotiations Tuesday for a bilateral free trade agreement as the countries seek to conclude their negotiations before the end of the year.The fifth round of FTA negotiations will be held in Seoul until Friday, according to the Ministry of Trade, Industry and Energy.“At the fifth round of negotiations, the two countries will hold in-depth discussions in each area, including products, service, investment, country of origin, customs and cooperation,”

South Korea will lower entry barriers to its free economic zones and remove regulations on profit reinvestment, the trade ministry said Monday.Following a special meeting over the weekend, the Ministry of Trade, Industry and Energy said firms will be allowed to set up business in South Korea’s FEZs by entering into a contract with the zone operators. Under the current regulation, the firms must have prior approval from the ministry.In all, the government will eliminate 17 of the existing 58 regu

The South Korean stock market is expected to continue its climb next week on the back of a continued foreign buying, although its gains may be capped due to profit-taking, analysts said Saturday.   The benchmark Korea Composite Stock Price Index (KOSPI) finished at 2,013.44 points on Friday, up 2.9 percent from a week earlier.   The main index, backed by massive foreign buying, continued to gather ground through the week, reaching this year's all-time high on Friday.   Analysts said a series of

Advanced economies are shifting to a recovery track, South Korea's top central banker said Friday, recounting the discussions at a Bank for International Settlements (BIS) meeting held earlier this week.Bank of Korea (BOK) Governor Lee Ju-yeol said that participants at the BIS meeting maintained their view on the economic recovery from a month earlier, citing positive indicators in countries such as China, Japan and the United States.After attending a G20 meeting in April, Lee said that major ec

Roberto Azevedo, director-general of World Trade Organization, will visit Korea on Thursday and Friday, the Ministry of Trade, Industry and Energy said Wednesday. On the invitation from Trade Minister Yoon Sang-jick, Korean Azevedo is expected to meet high-ranking officials who will determine how widely to open up the country’s rice market. “Azevedo is expected to share his views on trade issues including ways to boost multilateral trade arrangements, negotiations for the Doha Development Agenda

South Korea will remove nearly one-third of government regulations on trade and foreign investment, and ease other restrictions that hamper investment, the government said Monday.Of the 62 regulations that currently apply to trade or foreign investment 19, or 30.6 percent, will be completely eliminated before the incumbent Park Geun-hye administration’s five-year term ends in February 2018, according to the Ministry of Trade, Industry and Energy.The decision came at a public hearing chaired by V

South Korea will remove nearly one third of government regulations on trade and foreign investment, and ease other restrictions that hamper investment, the government said Monday.Of the 62 regulations that currently apply to trade or foreign investment, 19 or 30.6 percent will be completely eliminated before the incumbent Park Geun-hye administration's five-year term ends in February 2018, according to the Ministry of Trade, Industry and Energy.The decision came at a public hearing chaired by Vi

South Korea ranked 33rd in per-capita gross domestic product in 2013, with its global standing rising eight notches over the past five years, data showed Monday.According to the data by the International Monetary Fund, South Korea's per-capita nominal GDP came to $24,329 last year, which was the 33rd highest in the world. This is up from 34th in 2012 and 41st in 2008. Luxembourg topped the list with $110,423 last year, followed by Norway with $100,318, Qatar with $100,260 and Switzerland with $8