Ministry adds fuel to private investment plans to revitalize domestic economy

The Export-Import Bank of Korea held a meeting of its advisory committee on inter-Korean exchanges on Wednesday, the agency said, to discuss the outcome of the recent US-North Korea summit in Hanoi. A panel of eight experts gathered to discuss how the summit last month -- which ended without an agreement -- would affect inter-Korean economic cooperation as well as other matters surrounding the Korean Peninsula. Wednesday’s meeting was the 10th of its kind. Eximbank Chairman Eun Sung-s

South Korea's jobless rate rose to 4.7 percent in February despite the increased pace of hiring, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy.The unemployment rate marked the highest level for any February since 2017, when the corresponding figure stood at 4.9 percent, according to Statistics Korea.The South Korean economy added 263,000 jobs in February from a year earlier, the biggest since January 2018, when employers added 334,0

The European Union confirmed its decision to exclude South Korea from its tax haven blacklist, acknowledging the country’s efforts throughout last year to improve transparency in foreign investment, Seoul’s Ministry of Economy and Finance said Tuesday.The Economic and Financial Affairs Council, consisting of economic and finance ministers of EU member states, made its final decision to rule Korea out of the EU List of noncooperative jurisdictions for tax purposes.In December 2017, th

The South Korean economy should be able to grow 2.6-2.7 percent this year if the government maintains expansionary fiscal policies, the International Monetary Fund said Tuesday."The government's growth target of 2.6-2.7 pct is feasible this year, provided that there is a large supplementary budget," Tarhan Feyzioglu, the head of the IMF delegation, said at a press conference held in Seoul.The IMF mission visited Seoul to hold annual discussions with South Korean policymakers. The Seoul

From happiness-preaching SK chief to Hyundai head making video debut, chaebol owners seek open communication with young workforce to break from rigid work culture

SEJONG -- A team from the International Monetary Fund on Monday expressed concerns over the pace of minimum wage hikes in South Korea, the Ministry of Economy and Finance said.The delegation led by Tarhan Feyzioglu, Korea mission chief at the IMF, shared the concerns in a meeting with Finance Minister Hong Nam-ki as part of its annual meeting with South Korean policymakers.In 2017, the minimum wage spiked 16.4 percent on-year to 7,530 won ($6.60) per hour in the biggest hike in nearly two decade

The Korea Herald publishes a series of articles to review South Korea’s position in the intellectual property sector per industry, in the light of mounting challenges. This is the first installment. -- Ed.South Korea’s initiative in computer and mobile game contents has long been cited as a major growth engine backing the country’s advanced position in the global intellectual property sector.After decades of neglecting the value of IP rights, however, Asia’s fourth-larges

South Korea's trade surplus with the United States fell sharply to below the $20 billion mark last year for the first time in six years, U.S. data showed Saturday.The world's largest economy posted a deficit of $17.9 billion in trade with South Korea in 2018, down from a deficit of $23.1 billion a year earlier, according to the data released by the U.S. Census Bureau. It is the first time that the numbers have fallen this low since 2012, when the U.S. reported a $16.6 billion trade deficit with

Samsung Electronics Vice Chairman Lee Jae-yong on Friday departed for Mumbai, India, to attend the wedding ceremony of the son of the owner of an Indian telecom giant, confirmed The Korea Herald.Samsung heir Lee has been invited to the wedding of Akash Ambani, the son of Reliance Industries Chairman and Managing Director Mukesh Ambani, to be held at the Jio World Center in Mumbai on Saturday. Reliance Jio, the No. 1 telecom group in India with over 200 million subscribers, is the largest cu

South Korea's main bourse closed lower Thursday as investor sentiment was dampened by concerns over the global economic slowdown and uncertainties over trade frictions between the United States and China, analysts said. The local currency weakened against the greenback.The benchmark Korea Composite Stock Price Index shed 9.81 points, or 0.45 percent, to finish at 2,165.79. Trading volume was slim at 278.9 million shares worth 4.6 trillion won ($4.22 billion), with losers outnumbering gainers 623

Upon entering the 30th floor of the 123-story Lotte Tower, the tallest building in Korea, visitors encounter a spacious and sleek office with people working on laptops on sofas, at desks or in glass-walled private rooms.Boasting a stunning panoramic view of Seoul, the venue has an atmosphere that is both relaxing and business-like -- unlike traditional offices. It is called Workflex, a premium coworking space launched in February by construction firm Lotte E&C with the aim of providing a snu

The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc

South Korea's agricultural ministry on Wednesday announced a set of measures to promote the country's kimchi industry, which has been facing challenges from increasing production in China.Kimchi is a traditional Korean side dish, normally made of fermented cabbage, salt and hot peppers and eaten with almost all meals.The Ministry of Agriculture, Food and Rural Affairs said South Korea's exports of kimchi reached a record-high in January, at $9.1 million, up 30.5 percent on-year. The spike comes

Concerns linger on slow economic growth, sluggish industries