SEOUL, Feb. 1 (Korea Bizwire) — The city of Gwangju and Hyundai Motor Co. signed an investment agreement on Wednesday to build a vehicle assembly plant in Gwangju. South Korean President Moon Jae-in was also present at the signing ceremony. The feat comes after a series of delays over one of the articles included in [...]
SEOUL, Feb. 1 (Korea Bizwire) — South Korea’s exports moved down 5.8 percent in January from a year earlier, government data showed Friday, due mainly to weaker performances by chips and petrochemical goods. Outbound shipments came to US$46.3 billion for January, down from $49.2 billion posted a year earlier, according to the data compiled by [...]
SEJONG, Jan. 29 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it plans to provide more incentives to overseas companies operating in the country and induce them to carry out more foreign direct investment (FDI). The Ministry of Industry, Trade, and Energy, which hosted meetings with officials from foreign companies here, said it is [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Koreans’ financial literacy was slightly lower than the average of the Organization for Economic Cooperation and Development (OECD) countries last year, a survey showed Monday. The financial literacy of South Korean people aged between 18 and 79 came to 62.2 points in 2018, according to the survey by the Bank of Korea [...]
SEOUL, Jan. 28 (Korea Bizwire) — Experts argue that South Korea should be better prepared for the incoming gig economy which has begun to take root in the country. Choi Ki-san and Kim Su-han from the Bank of Korea said that the gig economy may spread throughout the country at a faster speed than anticipated [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s private consumption grew at the fastest rate in seven years in 2018, data showed Sunday. According to the Bank of Korea, South Korea’s private consumption grew 2.8 percent in 2018, marking the highest figure since the 2.9 percent posted in 2011. The country’s growth in terms of [...]
SEOUL, Jan. 24 (Korea Bizwire) – The state-run Korea Trade-Investment Promotion Agency (KOTRA) said Thursday that exports are anticipated to grow 3.8 percent on-year to US$628.2 billion in 2019. It would mark the second consecutive year that South Korea exports top the $600 billion mark. Last year, the country’s shipments came to $605.5 billion, up [...]
SEOUL, Jan. 24 (Korea Bizwire) — The total amount of investment in startups reached a record high last year amid hopes of lucrative returns and policy backup, government data showed Thursday. A total of 3.43 trillion won (US$3.04 billion) was invested in startups last year, up 43.9 percent from the previous record high of 2.38 [...]
SEOUL, Jan. 24 (Korea Bizwire) — The Bank of Korea (BOK) again cut its growth forecast for the 2019 economy to 2.6 percent Thursday, following a 0.1 percentage point slash in October, in a clear sign of gloomy growth prospects going forward. The number is 0.3 percentage point lower than the central bank’s original forecast [...]
SEOUL, Jan. 18 (Korea Bizwire) — More than half of South Koreans think this year’s minimum wage hike will have a negative effect on the economy, a survey showed Friday. The poll of 1,002 adults nationwide by Gallup Korea found 52 percent of people predict negative economic effects from the latest minimum wage increase. Only [...]