SEOUL, Dec. 5 (Korea Bizwire) — South Korea aims to become the third-largest cosmetics exporter in the world by 2022 through extensive investment in research and development (R&D) and concerted marketing efforts, the government said Thursday. The country’s makeup products are globally competitive, with growth buoyed by popularity of the Korean Wave and the growing [...]
SEOUL, Dec. 5 (Korea Bizwire) — A crackdown on illegally parked vehicles will be strengthened starting next year in 16,700 school zones spread across the country. The Ministry of the Interior and Safety said Wednesday that it will strengthen its crackdown on illegal parking and resident reports in child protection zones next year following its [...]
SEOUL, Dec. 4 (Korea Bizwire) — South Korea said Wednesday it will double the size of key food industries by 2030 to serve as a new growth engine by easing regulations and revamping related policies. Under the plan, South Korea plans to focus on five major foodstuff industries, namely customized, functional, ready-to-eat, environmentally friendly and [...]
SEJONG, Dec. 4 (Korea Bizwire) — South Korea plans to set up a fund of 300 billion won (US$252 million) to help fintech startups become unicorns with a valuation of more than US$1 billion, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers in Seoul to discuss how [...]
SEOUL, Nov. 26 (Korea Bizwire) — The government and the ruling Democratic Party agreed at a bilateral meeting Tuesday to significantly increase next year’s budget for children’s road safety. The government’s budget for the installation of speed cameras and traffic lights in school zones nationwide, for instance, will be increased by 100 billion won (US$85.2 [...]
SEOUL, Nov. 25 (Korea Bizwire) — The government has stepped up efforts to expand the use of electronic documents in order to secure national competitiveness by limiting social costs and the leakage of personal information due to paper use. South Korea’s state-run cybersecurity body, the Korea Internet & Security Agency (KISA) said Sunday it will [...]
SEOUL, Nov. 25 (Korea Bizwire) — The government has accused global tech giant Google Inc. of tax evasion and taking advantage of local game companies. The National Tax Service (NTS) said Wednesday that it will conduct a tax probe into suspected tax evasion and aggressive tax evasion offshore. In particular, for the first time, multinational [...]
SEOUL, Nov. 14 (Korea Bizwire) — The government’s plan to turn three categories of elite high schools into general ones in 2025 is being met by fierce opposition. Among those opposed, groups of lawyers who graduated from the said elite high schools have vowed to take legal action. Kim Yun-sang, a lawyer and a former [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea announced plans to kick-start the so-called reverse annuity mortgage market Wednesday in an effort to help support elderly homeowners financially. The measure, unveiled by a pan-governmental task force on population policy, would lower the age limit for applicants for reverse annuity mortgages to 55 from the current [...]
SEJONG, Nov. 11 (Korea Bizwire) — The South Korean government will arrange events to encourage the development of technologies for cooperative autonomous driving. The Ministry of Land, Infrastructure and Transport will hold a cooperative self-driving week Monday through Friday, where it will conduct an infrastructure inter-compatibility test and demonstrate technology for a platoon driving system. [...]