SEOUL, Jan. 3 (Korea Bizwire) — South Korea has introduced a revised subsidy scheme for electric buses in 2025, offering additional financial incentives to manufacturers of hydrogen and school buses while implementing stricter criteria to prioritize safety and transparency. The move is seen as a response to concerns over the growing presence of Chinese-made electric [...]
SEOUL, Jan. 2 (Korea Bizwire) — The Ministry of Food and Drug Safety (MFDS) announced significant reforms to streamline drug approval processes in 2025, including reducing the time required for registering imported active pharmaceutical ingredients (APIs) and simplifying compliance procedures for low-risk manufacturers. A dedicated task force will now handle new drug approvals, increasing company consultations [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s Ministry of Environment announced on January 1 a series of policy changes for 2025, including enhanced subsidies for young buyers of electric vehicles (EVs) and expanded environmental initiatives. Young individuals aged 19 to 34 purchasing their first EV will now receive a 20% additional subsidy on top [...]
SEOUL, Jan. 2 (Korea Bizwire) — Acting President Choi Sang-mok directed the government on Thursday to expedite the provision of emergency living expenses to the families of victims of the tragic plane crash that claimed 179 lives. Choi’s order comes after the Jeju Air plane, carrying 181 people, belly-landed and exploded at an airport in [...]
SEOUL, Jan. 2 (Korea Bizwire) — South Korea’s economy is forecast to expand 1.8 percent this year, the government said Thursday, emphasizing “stable management” as its primary policy focus amid unprecedented levels of uncertainty. The latest projection for Asia’s fourth-largest economy falls below the Bank of Korea’s forecast of 1.9 percent and the estimates of [...]
SEOUL, Jan. 2 (Korea Bizwire) — Acting President Choi Sang-mok said Thursday the government will consider implementing additional measures to stimulate the economy in the first quarter, if necessary, amid projections of slow growth for the year. “Considering significant domestic and international uncertainties, (the government) will reassess overall economic conditions during the first quarter, including [...]
SEJONG, Jan. 2 (Korea Bizwire) – South Korea is streamlining its building energy efficiency evaluation system by integrating the Building Energy Efficiency Rating System into the Zero Energy Building (ZEB) Certification Program, the Ministry of Land, Infrastructure, and Transport announced on January 1. The changes are part of the Third Green Building Master Plan (2025–2029), [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s Ministry of Environment announced on January 1 its 2025 hydrogen vehicle subsidy plan, allocating funds to support the purchase of 11,000 hydrogen passenger cars, 2,000 hydrogen buses, and 10 units each of hydrogen-powered trucks and street-cleaning vehicles. The finalized subsidy guidelines, to be published on January 2 [...]
SEOUL, Jan. 1 (Korea Bizwire) — Power companies in South Korea will face tougher carbon emissions rules starting in 2026, with a significant increase in the portion of greenhouse gas allowances they must purchase at auction. The move is part of the government’s plan to strengthen its emissions trading system and accelerate efforts to combat climate [...]
SEOUL, Dec. 31 (Korea Bizwire) — South Korea will implement a new trade rule this week focusing on offering broader support for companies impacted by free trade agreements (FTAs) and other trade pacts, the industry ministry said Tuesday. The Act on Addressing Changes in Trade Environment, an upgraded version of the Act on Trade Adjustment [...]