One-on-one meetings of top finance policymakers resume as two countries thaw ties

South Korea seeks to attract 100 trillion won ($76.55 billion) of investment in the country's free economic zones and create 450,000 jobs there by 2032 to make them global hubs of advanced industries and businesses, the industry ministry said Thursday. Under the draft of the comprehensive 10-year development plan, the government aims to attract the investment from domestic and foreign entities in key leading sectors and build smart, eco-friendly international cities in cooperation with muni

South Korea's business sentiment slightly fell for July amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Thursday. Local companies' business sentiment index for July came to 75, down from 76 tallied for the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The worsened o

Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday. The combined sales of 25 major offline and online retailers came to 15 trillion won ($11.5 billion) last month, compared with 14.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The on-year increase came after people resumed outdoor activities as they returned to pr

South Korea's consumer sentiment hit the highest in 13 months in June, as post-pandemic activities gathered pace and inflation eased, central bank data showed Wednesday. The composite consumer sentiment index stood at 100.7 in June, up from 98 the previous month, marking the fourth consecutive month of rise, according to the survey from the Bank of Korea. Also, the June reading is the highest since 102.9 in May last year. A reading above 100 means optimists outnumber pessimists. The central

South Korea's finance minister said Wednesday the country's second-half economic policy will primarily focus on revitalizing exports and investment, along with further stabilizing prices. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, as South Korea plans to announce the country's economic policy for the July-December period next week. "Over the first half, inflation has clearly slowed, and the job market has rema

Eyes on whether minimum wage for 2024 will surpass 10,000 won

Posco International Corp. said Tuesday it has signed an agreement with a Danish investment company to work together on the development of offshore wind power and cooperate in other green businesses. The memorandum of agreement was signed with Copenhagen Infrastructure Partners on Monday, under which they will work to develop offshore wind power projects in Pohang, an industrial city located 262 kilometers southeast of Seoul, Posco International said in a release. They will work together to find

Finance Minister Choo Kyung-ho expressed his concern for the Korean economy as China’s reopening has had only a limited impact, falling below expectations. "The chip industry is yet to recover and the reopening of China, a country which we have a lot of trade with, has not shown much effect,” Choo said at a meeting held with the local business industry on Monday. Representatives of midsized businesses here attended the meeting, including Korea’s largest sauce maker Sempio

Individual investors flock to Japanese stocks, foreign exchange gains, but export-dependent businesses on high alert to maintain price competitiveness

Korea failed to win developed market status on the global stock indices provided by Morgan Stanley, despite the hopes of being reclassified from an emerging market. Morgan Stanley, the index operator of Morgan Stanley Capital International, announced its 2023 Annual Market Classification Review results Thursday. The MSCI is a widely followed global stock market index. Korea will remain on the emerging market index without any changes, despite its efforts to move up to the developed market inde

South Korea's financial system remains relatively stable, but a variety of factors -- higher rates, a delay in economic recovery and an extended slump in the real estate market -- may pose risks to its stability, a central bank report said Wednesday. According to the report from the Bank of Korea, debt repayment burdens have soared in tandem with rising market rates, and borrowers will face heightened difficulties in repaying debts if economic recovery is delayed further than expected. A de

South Korea will push for a 'circular economy' of key resources, focusing on recycling in major industries, such as steel, petrochemicals and batteries, with the goal of cutting carbon emissions, the government said Wednesday. Under the drive named the "CE 9" project, the country will focus on seeking sustainable growth in nine segments: petrochemicals, steel, non-ferrous metals, batteries, electronics, fabrics, cars, machinery and cement, according to the Ministry of Trade,

South Korea's exports rose 5.3 percent on-year in the first 20 days of June, although shipments of semiconductors remained sluggish, data showed Wednesday. The country's outbound shipments reached $32.9 billion in the June 1-20 period, compared with $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 11.2 percent on-year to $34.5 billion during the period, resulting in a trade deficit of $1.6 billion. In May, South Korea's overa

South Korea's producer prices declined for the second consecutive month in May as a fall in the prices of industrial goods led the overall decline, offsetting a gain in the prices of agricultural products and utilities, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.3 percent in May from a month earlier, following a 0.1 percent on-month dip in April, according to the data from the Bank of Korea. From a year earlier, the index ro