SEJONG, May 1 (Korea Bizwire) — South Korea has designated the southwestern city of Yeosu as an “industrial crisis response area” to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, [...]
SEOUL, May 1 (Korea Bizwire) — Lee Jae-myung, the presidential candidate for South Korea’s main opposition Democratic Party, has unveiled a sweeping set of labor policy proposals, vowing to support companies that adopt a 4.5-day workweek and gradually shift the nation toward a four-day workweek system. In a statement released via Facebook on April 30, [...]
SEOUL, April 30 (Korea Bizwire) — In a major policy shift to improve animal welfare and oversight, the South Korean government announced Tuesday that it will establish a horse welfare monitoring center and introduce mandatory horse registration starting in 2026. The Ministry of Agriculture, Food and Rural Affairs unveiled its five-year plan (2025–2029) aimed at enhancing [...]
SEOUL, April 30, (Korea Bizwire) — When a fire breaks out, every second can mean the difference between life and death. In South Korea, officials have zeroed in on a critical benchmark: reaching the scene within seven minutes of the emergency call. Beyond that window, authorities say, conditions become catastrophic. Within eight minutes, a typical [...]
SEOUL, April 29 (Korea Bizwire) — South Korea will set up a long-term strategy this year to commercialize autonomous marine vehicle technology as part of efforts to innovate the shipping industry, the oceans minister said Tuesday. “Autonomous ships utilizing cutting-edge digital technologies, such as artificial intelligence (AI), will play a significant role in improving maritime [...]
SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
SEOUL, April 29, (Korea Bizwire) — South Korea’s overall disability employment rate saw a modest improvement in 2024, but private-sector companies continue to lag behind their mandatory hiring targets, government data showed Monday. According to the Ministry of Employment and Labor, as of the end of 2024, the average disability employment rate across 32,692 public [...]
SEOUL, April 29, (Korea Bizwire) — South Korea will restrict the import of wild animals to a designated “white list” of 900 species starting later this year, while requiring permits for businesses that hold or sell large numbers of wildlife, the Ministry of Environment announced Monday. The ministry unveiled draft amendments to the Enforcement Decree [...]
DAEJEON, April 28 (Korea Bizwire) — South Korea’s Korea Advanced Institute of Science and Technology (KAIST) announced Monday that it has completed the first phase of establishing the Kenya Advanced Institute of Science and Technology (Kenya-AIST) in Kenya’s Konza Technopolis, marking the culmination of a decade-long overseas development initiative. The project, aimed at creating a premier [...]
SEOUL, April 28(Korea Bizwire) — Despite aggressive efforts to attract outstanding foreign talent to bolster its science and engineering sectors, South Korea is facing challenges in persuading international students to settle in the country after graduation, a new government report shows. On April 27, the National Research Foundation of Korea released findings from its study on [...]