Service

South Korea’s Top 10 Exports to the world

South Korea’s Top 10 Exports to the world!

South Korea’s Top 10 Exports to the world

South Korea is one of the largest economies in the world. A country’s export exert a deep influence on its economic growth. A healthy economy is the one where exports and imports are growing. It is even included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century. Especially when we talk about big economies like Korea. South Korea’s exports amounted to US$495.5 billion in 2016 which is a [...]

KOICA to expand collaboration with private sector to boost ODA financing

outh Korea’s official development assistance operator KOICA said Tuesday that it will strengthen partnership with the private sector to boost financing for its development aid programs for emerging countries. “The international community is putting emphasis on partnership with the private sector as a means of procuring financial sources for the development (of needy countries),” said Kim In-sik, president of the Korea International Cooperation Agency, better known as KOICA. Despite decades of past international development assistance programs, the majority of emerging economies [...]

Asiana Airlines wins Mecenat Award

Asiana Airlines, Korea’s second-largest air carrier, has won the airline division award for this year’s Mecenat Awards, the company said Tuesday. The Mecenat Award, given by the Korean Standards Association, is based on a two-month survey of 258 companies and consumers between the ages of 20 and 59 in Korea’s five largest cities. The survey includes 22 factors including business performance, human resource operations, creative management and leadership. The award is co-sponsored by the Ministry of Trade, Industry and Energy and [...]

Korea, Peru push for stronger business ties at APEC meeting

Korean Prime Minister Hwang Kyo-ahn met with Peruvian President Pedro Pablo Kuczynski on the sidelines of the Asian-Pacific summit and pushed for stronger business cooperation in key infrastructure sectors, the government said Sunday. The premier is in Lima in the place of President Park Geun-hye, to attend the 24th Asia-Pacific Economic Cooperation (APEC) summit, being held in the Peruvian capital on Saturday and Sunday. During the bilateral talks Saturday, Hwang and Kuczynski came to common ground on Korean cooperation in Peruvian [...]

Samsung BioLogics to begin IPO process this week

Samsung BioLogics, a contract manufacturer of biologic drugs under Samsung Group, will apply for preliminary approval to begin its initial public offering process this week, the Korea Exchange said Monday. The South Korean drugmaker plans to submit its application to pursue am IPO on the country’s main bourse KOSPI on Thursday, the KRX said. Under this timeline, Samsung BioLogics will likely complete its public listing by November as scheduled. Samsung BioLogics declined to comment on the potential size of the IPO. [...]

Korean exporters still face growing protectionism

South Korean companies are confronted with growing trade barriers in overseas markets as major economies toughen import rules amid a protracted economic slowdown, industry sources said Wednesday. As of the end of July, South Korean products were affected by 179 anti-dumping measures, safeguards and other import regulations worldwide, according to the sources and the state-run Korea Trade-Investment Promotion Agency. In the first seven months of this year alone, 24 new complaints involving import regulations were filed against South Korean products, but [...]

Korea's e-commerce exports up 83% in Q2

South Koreans’ direct purchases from foreign countries edged up in the second quarter of this year, with online purchases of Korean products by overseas shoppers nearly doubling, government data showed Wednesday. Koreans’ direct purchases of foreign goods via overseas online shopping malls reached 411.8 billion won ($369.3 million) during the April-June period, up 5 percent from 392 billion won a year ago, according to the data compiled by Statistics Korea. At the same time, internet-based direct sales made by overseas shoppers [...]

Seoul city starts providing allowances to young job seekers

The Seoul city government started a controversial program that provides allowances to thousands of young job seekers Wednesday, which it said aims to help people maintain basic living standards while they try to find work. The Seoul Metropolitan Government said it has selected a total of 3,000 applicants and will provide them with 500,000 won ($448) per month, for up to six months. The plan, which has been opposed by the central government, is designed to support people from ages 19 [...]

Korean shares up in late morning trading

South Korean shares traded 0.67 percent up in late Monday morning as strong foreign buying boosted local shares. The benchmark Korea Composite Stock Price Index scored 13.43 points to 2,029.62 as of 11:20 a.m. Tech shares led the gains. Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, and chip giant SK hynix advanced 1.31 percent. Auto shares were in the positive terrain. Industry leader Hyundai Motor increased 1.89 percent, and its sister company Kia Motors rose 1.3 [...]

Purchase limits at tax-free shops dampen cosmetics sales outlook

The recent decision by the South Korean customs agency to impose a purchase limit at the country’s tax-free outlets is dampening the sales outlook for local cosmetics firms which generate a major part of their sales via duty-free channels. On July 11, the Korea Customs Service notified all Korean duty-free operators — including Lotte, Shilla and Shinsegae — to limit the number of purchases made by each customer to 50 cosmetics and perfume products, and 10 bags and watches at each [...]