Economy

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  ​Producer prices hit 14-year high in 2022, but fall for second straight month in December SEOUL -- Producer prices hit a 14-year high last year, driven by runaway inflation arising from high global oil and gas prices and the falling value of the Korean won against the U.S. dollar. According to the Bank of Korea (BOK) on January 20, the producer price index jumped 8.4 percent in 2022 from a year before, marking the highest growth since 2008 when the index surged 8.6 percent. Prices of manufactured goods climbed 11.7 percent. Particularly coal and petroleum products 2023-01-20
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  LG Chem seeks to lead anticancer medicine market through acquisition of US biopharmaceutical company AVEO SEOUL -- To gain a competitive edge in the global anticancer medicine market, LG Chem, a chemical unit of South Korea's LG Group, will acquire AVEO Pharmaceuticals, an American oncology-focused biopharmaceutical company, on January 20. By the end of 2027, the chemical company will invest about $1.6 billion in the biopharmaceuticals sector. LG Chem said the investment was made through a Boston-based life science subsidiary to establish a special purpose corporation and acquire a 2023-01-19
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  Industry ministry offers $65 million in R&D support for medium-sized firms SEOUL -- The South Korean government plans to spend 80.2 billion won ($65 million) supporting research and development (R&D) for medium-sized companies to increase their exports. On January 19, the Ministry of Trade, Industry and Energy announced the plan after Second Vice Minister Park Il-jun held a meeting with business representatives at the building of MCNEX, a company specializing in components and materials, in Songdo, Incheon, just west of Seoul. The ministry said th 2023-01-19
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  Danish wind turbine maker to invest $300 million in Korea to build parts factory SEOUL -- Vestas Wind Systems, the world’s top producer of wind turbines, has decided to invest $300 million (370 billion won) in South Korea to build a turbine parts factory. The Danish company has also disclosed a plan to move its Asia-Pacific headquarters from Singapore to Korea. Henrik Andersen, president and CEO of Vestas, announced the decision during a ceremony for strengthening partnership in sustainable energy solutions at a hotel in Davos, Switzerland, on January 1 2023-01-19
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  S. Korea's health watchdog approves Lunit's breast cancer solution to be exported SEOUL -- Lunit INSIGHT DBT, a solution specializing in detecting breast cancer developed by South Korea's medical artificial intelligence company Lunit, has received a green light from South Korea's health authorities to be exported to countries around the world. Lunit aims to secure its foothold in the United States and European market through the solution. The new solution is an upgraded version of Lunit INSIGHT MMG capable of analyzing x-rays and medical images of breast 2023-01-19
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  South Korea to provide policy financing for display sector SEOUL -- The South Korean Ministry of Trade, Industry and Energy plans to provide 900 billion won ($726.86 million) in policy financing for the display industry this year to improve its technological competitiveness and increase display exports. First Vice Trade Minister Jang Young-jin disclosed the plan on January 18 after holding a meeting with representatives of Samsung Display, LG Display, and other companies making related materials, parts and equipment at the Korea Chamber of 2023-01-18
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  SK on partners with KAIST to kick-start incubation program for battery researchers SEOUL -- SK on, the batter-making wing of South Korea's SK Group, has partnered with a prominent state research institute to kick-start an incubation program designed to nurture battery researchers. When postgraduates finish their battery specialist course at the institute, they will be hired by SK on to continue their research. Currently, it has become a trend among major South Korean battery makers such as SK on, Samsung SDI, and LG Chem to partner with prominent state techno 2023-01-18
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  S. Korea and Vietnam open technology research center in Hanoi SEOUL -- South Korea and Vietnam held a ribbon-cutting ceremony for the Vietnam-Korea Institute of Science and Technology (VKIST) in the Vietnamese capital of Hanoi on January 17. The VKIST is one of Vietnam’s largest research and development (R&D) centers which has been under construction with South Korea’s official development assistance (ODA) worth $70 million since 2014. The dedication ceremony was held at Hoa Lac Hi-tech Park in Hanoi with some 150 dignitar 2023-01-18
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  Medytox becomes first S. Korean biopharmaceutical firm to build botulinum toxin factory in UAE SEOUL -- Medytox, a Seoul-based botulinum toxin producer, will become the first South Korean company to build a manufacturing facility for botulinum toxin products in the United Arab Emirates (UAE). The biopharmaceutical company aims to secure its foothold in the Middle Eastern market. The decision on the construction of the factory was made while company CEO Jung Hyun-ho was accompanying South Korean President Yoon Suk-yeol who was on a four-day state visit from January 14 2023-01-17
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  Korean, UAE firms sign contracts, MOUs worth $6.1 billion SEOUL -- Domestic companies are vying to strike a deal with United Arab Emirates’ firms after the UAE promised to invest $30 billion (about 37 trillion won) in South Korea. On January 16, the Ministry of Trade, Industry and Energy held a Korea-UAE business forum in Abu Dhabi to help South Korean corporations look for UAE partners as part of efforts to increase exports to the Middle Eastern country and explore business opportunities there. The business forum came after Pre 2023-01-17
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  CMG Pharmaceutical acquires animal nutritional supplement developer targeting pet healthcare market SEOUL -- CMG Pharmaceutical, a unit of South Korea's CHA biomedical group, will make a foray into the pet nutrition supplement market by acquiring ING Medix, a domestic animal nutritional supplement provider. The pharmaceutical company's distribution network will be used to sell various types of products such as softly chewable supplements. The number of South Koreans who own pets have consistently increased. When the first wave of the coronavirus pandemic swept across the 2023-01-17
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  ​Seoul to launch metaverse-based counseling services for students struggling in school SEOUL -- A metaverse-based counseling platform will be adopted in Seoul to help young students maintain their composure while facing various types of struggles such as academic concerns and friendship problems. Without revealing their faces, students can communicate with teachers using avatars capable of recognizing different emotions. Amid the coronavirus pandemic, the number of young people feeling positive emotions has significantly decreased. In a 2021 survey of 862 people aged 2023-01-16
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  Foreign investors become net buyers this month, leading Korean stock market SEOUL -- Foreign investors have become net buyers on the main Seoul stock exchange this month, ramping up share prices. According to the Korea Exchange (KRX), foreigners’ net purchase was estimated at 2.88 trillion won ($2.33 billion) between January 2 and 13. The net buying trend was in contrast to their net selling of 1.69 trillion won last month, boosting the benchmark KOSPI by 6.7 percent from 2,236.40 on December 29 to 2,386.09 on January 13. Foreign portfolio in 2023-01-16
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  UAE decides to invest $30 billion in South Korea SEOUL -- The United Arab Emirates (UAE) has decided to invest $30 billion (about 37 trillion won) in South Korea’s nuclear power, energy and defense sectors, the presidential office said on January 15. The decision came during a summit between President Yoon Suk-yeol and his UAE counterpart Mohamed bin Zayed Al Nahyan in Abu Dhabi. The office quoted the UAE president as telling Yoon that the Middle Eastern country has made the investment decision with confidence in the 2023-01-16
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  Korea-Singapore digital partnership pact to take effect on January 14 SEOUL -- The bilateral Digital Partnership Agreement (DPA) between South Korea and Singapore will take effect on January 14, the Ministry of Trade, Industry and Energy said. The implementation of the agreement comes after the two countries exchanged documents stating that each state has completed the due process of approving the pact. In November, Korea and Singapore signed the DPA, a trade pact which is aimed at stepping up cooperation in the field of digital trade and industry. 2023-01-13
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  BOK raises interest rate again to 3.5% to tame inflation SEOUL -- The Bank of Korea (BOK) increased its key interest rate by 0.25 percentage point to 3.5 percent to tame inflation on January 13. It marked the seventh consecutive rate hike by the central bank since April 2022. “We concluded that it was necessary to increase the interest rate to ensure price stability as inflationary pressure still remains high and prices are expected to stay above the target rate for a considerable period of time,” the BOK’s rate-setting 2023-01-13
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  ​Korea to increase nuclear energy reliance to 32.4% by 2030 SEOUL -- South Korea has decided to increase the proportion of nuclear energy to 32.4 percent of its total power generation by 2030 and further to 34.6 percent by 2036, according to a long-term energy plan released by the Ministry of Trade, Industry and Energy on January 12. The ministry also plans to raise the share of renewable energy to 21.6 percent by 2030, down 8.6 percentage points from the 30-percent target set by the previous Moon Jae-in administration. The proportion will 2023-01-13
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  Kakao Entertainment attracts $963.8 million investment from global funds SEOUL -- Kakao Entertainment Corp., South Korean tech giant Kakao Corp.’s entertainment and media unit, has attracted investment worth 1.2 trillion won ($963.8 million) from two global sovereign wealth funds, the company said on January 12. According to the company, Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s Pwarp Investment PTE have decided to invest 600 billion won equally in Kakao Entertainment. Kakao said that the sum is the largest invest 2023-01-12
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  Businesses worried about China's potential retaliation following pandemic-related visa dispute SEOUL -- South Korean businesses are concerned about a potential trade retaliation by China following Beijing’s decision to suspend short-term visas issuance and transit visa exemption for South Korean and Japanese citizens. Such concerns have arisen since the Chinese immigration office said on January 10 that South Korean and Japanese travelers cannot enjoy transit visa exemption which is to allow them to stay in a Chinese city for 72 hours to 144 hours while transiting thro 2023-01-12
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  Number of jobs increases by 810,000 in 2022, hitting 22-year high SEOUL -- The number of jobs increased by 810,000 to 28.08 million last year from a year before, boosted by stable economic growth and a return to normal life from the COVID-19 pandemic, according to Statistics Korea. The increase was the largest since 2000 when the number climbed by 882,000. The previous record was set in 1987 when the figure rose by 849,000. Gong Mi-suk, director in charge of social data at the statistical office, said that the boom in the job market was attri 2023-01-11