Tag - S.Korea Business News

KITA pledges efforts to boost Korea's exports

A local association of exporters in South Korea on Thursday vowed all-out efforts to boost the country’s exports this year, despite what it called many lingering risks at home and abroad. “The ongoing political turmoil continues to have a great impact on our economy and exports,” said Kim In-ho, head of the Korea International Trade Association. “The country failed to achieve its goal to expand exports quantitatively and reach $1 trillion in trade last year, but I believe we have showed [...]

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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 [...]

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Korea’s exports grow for three straight months

Korea’s exports grew for a third consecutive month in January to show the first double-digit growth in four years, preliminary data showed on Wednesday, offering hope to the country’s ailing economy. In January, the country’s exports jumped 11.2 percent on-year, the first double-digit growth since January 2013, by logging $40.3 billion, according to the Ministry of Trade, Industry and Energy. Increase in semiconductors and petrochemicals shipments boosted the exports. Outbound shipments of semiconductors amounted a record high of $6.4 billion as both [...]

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SKT tests China’s Huawei LTE equipment amid controversy

South Korea’s No. 1 mobile carrier SK Telecom has purchased Long Term Evolution network equipment produced by China’s Huawei Technologies for testing before signing a final deal, amid concerns over hacking risks and Korean suppliers losing competitiveness, according to sources Sunday. An industry source familiar with the matter told The Korea Herald that SKT ordered the Digital Unit and Remote Radio Head, known as DU&RRH in industrial terminology, from Huawei last month to conduct a set of quality tests before [...]

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Trump's security adviser casts bright future for Seoul-Washington alliance

US National Security Advisor Mike Flynn on Sunday held a phone conversation with his South Korean counterpart Kim Kwan-jin, expressing hope over the development of the Seoul-Washington alliance. South Korea’s presidential office said Flynn suggested that the two countries maintain close ties on key security issues. Kim also congratulated US President Donald Trump for his inauguration and said South Korea wishes to keep thorough cooperation with the new Washington administration, especially on urgent issues, including North Korean nukes. The phone conversation was [...]

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Korean shares climb high on foreign buying

South Korean shares continued to advance on large cap gains and foreign buying to reach a new high in over 18 months Thursday. The local currency also significantly gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index added 11.97 points, or 0.58 percent, to 2,087.14, breaching the 2,080 mark for the first time since July 21, 2015, when the index stood at 2,083.62. Trading volume was high at 546.5 million shares worth 4.65 trillion won ($3.92 billion), [...]

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Samsung BioLogics eyes multiple supply deals

Samsung BioLogics is in discussions with over 15 global pharmaceutical firms on multiple supply deals, the company’s CEO said, as the biopharmaceutical unit of South Korea’s Samsung Group expands its presence in the global pharmaceutical market. “Samsung BioLogics already inked deals worth US$2.9 billion with six global pharmaceutical firms to supply a total of nine products,” said Kim Tae-han on Tuesday. “The company is currently in negotiations with over 15 firms to supply more than 30 products.” The remarks were made [...]

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Korea's finance minister meets with Wall Street heavyweights

South Korea’s finance minister met with leaders of global investment banks in Wall Street to brief them on the country’s recent economic situations and its fiscal policy road map, his office here said Wednesday. In a meeting with Goldman Sachs CEO Lloyd Blankfein in New York on Tuesday (US time), Finance Minister Yoo Il-ho stressed Asia’s fourth-largest economy has been running steadily and smoothly despite the impeachment of President Park Geun-hye in December, according to the finance ministry. He said the [...]

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Flynn likens Korea-US alliance to 'sticky rice cake'

Incoming US National Security Advisor Mike Flynn vowed to further strengthen the US alliance with South Korea, likening the relationship to a “sticky rice cake,” an official said Tuesday. Sticky rice cake is often used as a metaphor for an inseparable bond in Korean culture. Flynn made the remark when he met with his South Korean counterpart Kim Kwan-jin Monday for talks that focused on ways to move relations between the two countries forward and how to deal with North Korea, [...]

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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 [...]

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