Samsung and Hyundai Motor, South Korea’s two biggest conglomerates in terms of market capitalization and sales, accounted for nearly a third of the combined operating incomes of local firms in 2012, data showed Monday, the latest sign that wealth is concentrated among a handful of conglomerates in Asia’s fourth-largest economy.The combined net operating income of the country’s top 10 business groups reached 61.2 trillion won ($57.9 billion) in 2012, which is equivalent to 43.2 percent of the tot

Attracting foreign direct investment emerges as a policy priority

Korea’s Saemaeul Undong, or New Community Movement, is often dismissed as an outdated legacy of the past administration. But the concept has been increasingly catching the attention of the global community, which sees the campaign as an efficient blueprint for jump-starting rural development. This is why the Organization for Economic Cooperation and Development decided to launch an in-depth study on Korea’s rural development experiences, according to an official.“Many countries in the developing