Business Services

‘Public diplomacy essential for stronger Korea-US ties'

Over the course of his US presidential campaign, Donald Trump spared no criticism against the country’s free trade pact with South Korea. Calling it a “disaster” and a “job killer,” the populist politician threatened to pull out of the treaty once he took office. But the US president was not the first to express such a negative view about the deal. Ever since negotiations kicked off in 2007, Trump-like rhetoric had resonated with South Koreans, particularly among liberal politicians and [...]

Korea needs to cut reliance on US economy: think tank

South Korea should reduce its reliance on the US economy and push to galvanize domestic demand as the world’s No. 1 economy is expected to continue its slow growth down the road, a state think tank said Friday. In a report on the future of the US economy, the Korea Institute for International Economic Policy forecast its annualized average growth rate to hover below 2 percent until 2060 due mainly to its population aging and the slowing pace of technological [...]

S. Korean, Spanish foreign ministers agree to work together to press NK

The top diplomats of South Korea and Spain have agreed to work together to pressure North Korea into giving up its nuclear weapons program, the foreign ministry here said Thursday. The North Korean nuke issue and its human rights violations were among the main topics of discussion when South Korean Foreign Minister Yun Byung-se and Spanish Minister of Foreign Affairs Alfonso Dastis held talks in Madrid on Wednesday. Yun arrived in Spain for a three-day visit on Wednesday, the first trip [...]

Samsung, Reliance Jio to connect rural India

Samsung Electronics said it will team up with India’s Long Term Evolution mobile operator Reliance Jio Infocomm to build more high-speed wireless communication networks in India’s remote regions as well as major cities. Tapping the rapidly growing telco market in India, South Korea’s tech giant clinched an exclusive deal with Jio in 2012 to supply 4G LTE network equipment. After two years of network building across India between 2014 and 2016, the Indian telco firm launched the service in September [...]

Korea's exports rise 20.2% in Feb.

South Korea’s exports jumped 20.2 percent last month from a year earlier expanding at the fastest clip in five years on rising oil prices and recovering world trade, government data showed Wednesday. Outbound shipments came to $43.2 billion in February, up from $35.9 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. (Yonhap) The February rate of increase was the largest on-year gain since February 2012 when it posted a 20.4 percent monthly jump. It is the first [...]

Korea's experience can be role model of Asian development

South Korea will play a bigger role in Asia’s investment in sustainable infrastructure through its experience of economic development and constant investment in basic facilities, a senior official at an international institution said. “I would say that Korea is a very important member of our bank,” Danny Alexander, vice president of the China-led Asia Infrastructure Investment Bank, said in an interview with Yonhap News Agency in Seoul Monday. “Korea’s experience of the last 50 years of rapid economic development and [...]

Mattis vows to deploy THAAD ‘without a hitch’

US Defense Secretary James Mattis on Thursday reaffirmed plans to deploy its advanced missile defense system in South Korea this year “without a hitch,” singling out North Korea’s nuclear and missile program as a top priority for the new Donald Trump administration. Mattis arrived here as part of his first overseas trip designed to cement the bilateral alliance despite some jitters over Washington’s security commitment to its top Asian ally. With Pyongyang’s evolving threats topping the agenda, he is set [...]

Korea to expand FTA network to offset US protectionism

South Korea’s policymakers are scrambling to cope with rapid changes in global trade conditions as new US President Donald Trump has put into practice his protectionist pledges. Measures drawn up at their meeting last week focused on expanding the country’s network of free trade agreements with the rest of the world, increasing imports from the US and winning more contracts to build massive infrastructure facilities abroad. An escalation in the trade conflict between the US and China, Korea’s two biggest trading [...]

S. Korea set to expand imports from US

South Korea said Thursday that it will consider importing more US products this year as part of its efforts to adjust its trade schemes to new trade policies by the Donald Trump administration. The government unveiled the 2017 overseas economic policy plans at a minister-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, focusing on increasing policy resilience against rising uncertainties and trade protectionism. “This year, we face the so-called G-2 risks — the United States and China, the two [...]

US, South Korea need to further strengthen alliance against many challenges: Mark Lippert

Time is of the essence in dealing with geopolitical and security challenges facing the Northeast Asian region, the outgoing top US envoy to South Korea said Friday, adding that the current situation warrants more efforts by Washington and Seoul to strengthen their alliance. Ambassador Mark Lippert noted that he remains optimistic about the future of the two allies, citing a strong foundation and mechanisms that will help them iron out any differences of opinions taking place under any administration. He made [...]