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S. Korea to invest W830b for industrial technology development in 2026
South Korea plans to spend 830 billion won ($561.2 million) on research and development of industrial technologies next year as part of efforts to bolster the country's competitiveness in advanced industries amid escalating global competition, the Industry Ministry said Thursday. The Ministry of Trade, Industry and Energy will review its investment plan with experts to better support R&D projects in artificial intelligence, quantum computing, mobility, semiconductors and other cutting-edge techn
April 10, 2025 -
S. Korea to host working level meeting on international clean energy discussions
South Korea is set to host a senior working-level meeting of a global forum on clean energy this week to lead international discussions on expanding the use of eco-friendly energy sources to tackle climate change, Seoul's Industry Ministry said Thursday. The 16th Clean Energy Ministerial working-level meeting will take place in Seoul for three days until Saturday, with the attendance of some 280 senior government officials from 24 member nations and international organizations, as well as energy
April 10, 2025 -
Korean bonds on track for WGBI inclusion in 2026
Authorities say 5-month delay aims to give global investors more time to prepare for Korean bond exposure Korea's inclusion in the World Government Bond Index, a key global benchmark for sovereign fixed-income performance, has been confirmed, though the entry date has been postponed by five months, according to the Finance Ministry on Wednesday. The timeline for the full integration into the WGBI, managed by Financial Times Stock Exchange Russell, remains unchanged, with completion still set for
April 9, 2025 -
‘Completely misinterpreted,’ economist criticizes Trump’s 'reciprocal' tariffs
Tariff rate on S. Korea should be 10 percent, if correctly calculated, economists say The Donald Trump administration's "reciprocal" tariff rates are based on misinterpreted ideas and incorrect values, Brent Neiman said in an opinion piece published by The New York Times on Monday. Neiman is a Treasury official in the Biden administration and co-author of trade-related academic research cited by the Trump White House in reciprocal tariff rates. In the article, Neiman publicly rebutted the govern
April 9, 2025 -
S. Korea to invest W60b in securing materials, components technologies for future industries
South Korea will funnel 60 billion won ($40.4 million) by 2028 into expanding infrastructure for the development of materials and components technologies essential for advanced industries, such as artificial intelligence, the Industry Ministry said Wednesday. The investment will be used to build research facilities and equipment for the development and testing of technologies related to materials and components essential for AI, advanced bio and other future industries, according to the Ministry
April 9, 2025 -
Finance minister pledges swift support amid economic difficulties, US tariff threats
Finance Minister Choi Sang-mok said Wednesday that South Korea's economy, already facing structural challenges, is being further weighed down by what he referred to as the "tariff storm," pledging swift support measures. "Our economy, which is grappling with structural difficulties, such as intensifying global industrial and technological competition and delayed domestic recovery, is now facing yet another storm in the form of tariffs," Choi said while presiding over a meeting of economy-related
April 9, 2025 -
S. Korea adds nearly 200,000 jobs in March; yet construction, manufacturing sectors decline
South Korea added nearly 200,000 jobs in March, but employment in the construction and manufacturing sectors continued to decline, data showed Wednesday. The number of employed people reached 28.59 million last month, up 193,000 from a year earlier, according to the data compiled by Statistics Korea. The country had posted a net increase of 135,000 jobs in January, reversing a 52,000 decrease in the previous month. In February, South Korea added 136,000 new positions. The employment rate for peo
April 9, 2025 -
Korean won closes at 16-year low amid US-China trade war
The South Korean won's value against the dollar weakened to its worst in over 16 years Tuesday as investors shifted to low-risk assets amid the escalating tension in the US-China trade war. The local currency closed daytime trading with its value per dollar standing at 1,473.2 won, weakening by 5.4 won from the previous trading session. In terms of daytime close, the won plunged to its weakest value since the 1,483.5 won on March 13, 2009. After nosediving by 33.7 won per dollar on the previous
April 8, 2025 -
Seoul shares snap 4-day losing streak on tech, defense gains
Seoul shares ended higher Tuesday, snapping their four-session losing streak, helped by gains in tech and defense industry stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 6.03 points, or 0.26 percent, to close at 2,334.23, bouncing back from a 5.57 percent drop the previous day amid concerns over a global trade war. Trade volume was moderate at 548.25 million shares worth 8.9 trillion won ($7.16 billion), with gainers outnumbering losers 54
April 8, 2025 -
Korea to roll out W10tr extra budget next week
Finance Minister Choi Sang-mok announced Tuesday that the government will roll out the details of its proposed supplementary budget worth 10 trillion won ($6.8 billion) next week. Roughly 3 trillion to 4 trillion won of the extra budget will be allocated to help the country respond to the US government's “reciprocal” tariffs. “Further details of the supplementary budget will be revealed next week after finalizing the plan through a discussion with related departments,” Choi said at a meeting wit
April 8, 2025 -
S. Korea's national fiscal deficit surpasses W100tr won in 2024
South Korea's fiscal deficit surpassed 100 trillion won ($68 billion) last year, primarily due to a shortfall in tax revenue driven by a sharp decline in corporate income tax collections, the finance ministry said Tuesday. The government's fiscal balance, excluding surpluses from major social security funds, such as the National Pension, recorded a deficit of 104.8 trillion won in 2024, according to the ministry's annual settlement report. This marks a significant increase compared with the init
April 8, 2025 -
Financial watchdog chief calls for measures for market stability, financial prudence
The chief of South Korea's financial watchdog said Tuesday the country needs to map out all feasible measures for the market stability and prudence of financial institutions amid increased volatility. In a meeting with staff, Lee Bok-hyun, governor of the Financial Supervisory Service, said the United States' reciprocal tariffs are feared to cause a global trade war, which will lead to an economic slump and further stir market volatility. "We need to analyze the impacts from the looming tariff w
April 8, 2025 -
Trade minister heads to Washington for tariff negotiations, as over 50 countries seek talks
South Korea's top trade official, Trade Minister Cheong In-kyo, left for Washington Tuesday to engage in tariff negotiations with US administration officials. The visit follows the announcement of a 25 percent "reciprocal" tariff on South Korean imports by US President Donald Trump, set to take effect Wednesday, US time. Trump's recent imposition of sweeping tariffs have prompted over 50 countries to reach out to begin related negotiations, according to White House National Economic Council Dire
April 8, 2025 -
S. Korea's top economic officials warn of continued financial market volatility
South Korea's top economic policymakers said Tuesday that volatility in the country's financial and foreign exchange markets is expected to persist, pledging to maintain close monitoring of the situation with heightened vigilance. The remarks were made during an emergency meeting convened by Finance Minister Choi Sang-mok, with the participation of the heads of the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of Economy and Fin
April 8, 2025 -
Seoul shares open sharply higher on bargain hunting
South Korean stocks got off to a strong start Tuesday on bargain hunting following a sharp drop the previous day. The benchmark Korea Composite Stock Price Index added 47.93 points, or 2.06 percent, to 2,376.13 in the first 15 minutes of trading. The index nose-dived 5.57 percent Monday on panic selling out of concerns over an escalating global trade war triggered by US reciprocal tariffs. In the United States, major stocks finished mixed as US President Donald Trump remained firm on tariffs, wa
April 8, 2025