The domestic chemical industry has responded to the government‘s push toward active domestic investments and job creation demands as major chemical companies have vowed to expand large-scale investment projects totaling some 10 trillion won ($8.8 billion), the government said Thursday. 　According to the Ministry of Trade, Industry and Energy, S-Oil, Lotte Chemical and Hanwha Total Petrochemical signed a memorandum of understanding with the provincial government to invest in the Daesan Petr

Economy Sept. 14, 2017

With Asia home to more than half of the world’s urban population, the depletion of natural resources, diminishing water quality, increased air pollution and adverse climate change effects are considered some of the biggest threats to humanity that experts are looking to combat amid growing urbanization across the continent. 　Therefore, Kim Jae-hyun, minster for the Korea Forest Service, is stressing the need for the government to use Korea’s vast greenery to improve the country&rsquo

Economy Sept. 13, 2017

The rate of labor force participation for young Koreans last year ranked near the bottom among developed nations, according to the Organization for Economic Cooperation and Development on Tuesday. 　Data from the OECD showed that the labor force participation rate for Koreans between the ages of 25 and 29 was 76.7 percent last year. The figure ties with Chile for the 31st spot among the OECD’s 35 members.　The OECD’s definition of labor force participation rate is calculated by dividin

Economy Sept. 12, 2017

Despite ongoing disparities in Korea’s export market concerning China’s business blackballing tactics and continued ambiguity regarding the Korea-US Free Trade Agreement, the BSI for the export industry reached 84 points last month, according to the Bank of Korea’s Business Survey Index on Monday. 　The index shows that the export industry outperformed domestic companies by nine points.　The BSI is an economic indicator compiled to grasp business conditions for the current month

Economy Sept. 11, 2017

South Korea will play against the 2018 FIFA World Cup hosts Russia next month, the national football governing body said Friday.   The Korea Football Association (KFA) said the men's national team will take on Russia in Moscow on Oct. 7. The KFA said the exact kickoff time and match venue will be announced later.  (Yonhap)   The Taeguk Warriors, led by head coach Shin Tae-yong, secured their spot at the 2018 World Cup on Tuesday following a scoreless draw with Uzbekistan in Tashkent. The result

Soccer Sept. 8, 2017

　A number of German investors in Korea have voiced skepticism regarding the new Moon Jae-in administration’s income-led growth economic policies, and to what extent it will lead to increased labor productivity while adding fiscal burdens for businesses.　More than 100 representatives of the Korean-German Chamber of Commerce and Industry member companies gathered together in Seoul last week for the KGCCI half-year economic outlook seminar, according to the chamber’s statement on Thursd

Economy Sept. 8, 2017

Washington appears to be retracting US President Donald Trump’s claims that the US is looking to terminate the Korea-US Free Trade Agreement, said a report by Inside US Trade on Thursday. 　According to the publication, White House officials have assured key lawmakers that the US government will not be pursuing talks of withdrawing from the 5-year-old trade deal amid opposition by lawmakers and government officials from both countries. 　“The plan to terminate the agreement had been di

Economy Sept. 7, 2017

In honor of the late Shin Yong-ho, the founder of Kyobo Life, the company announced it is holding a commemorative concert and a memorial photo exhibition this month to celebrate 100 years since its founder’s birth. 　Regarded as one of the most respected Korean entrepreneurs of the 20th century, Shin’s dedication to learning and national education made him a pioneer in the country’s insurance and publication industry, the company said. Shin Yong-ho, the late founder of Kyobo Life (Kyobo Life)The

Industry Sept. 6, 2017

Promotion systems at more than 35 percent of Korean companies still largely prioritize employee seniority over job skills, according to data released by career portal site Job Korea on Wednesday. 　Job Korea surveyed 1,057 employees regarding their companies’ promotion systems and found the top result of 35.5 percent of respondents said their companies base promotions on years of service.　Of the total respondents, 29.3 percent answered their companies promoted personnel under the criteria of empl

Industry Sept. 6, 2017

Following US President Donald Trump’s statements over the weekend regarding the US’ possible withdrawal from the Korea-US Free Trade Agreement, the American Chamber of Commerce in Korea said it fears the move may lead to anti-American sentiment here. 　“Termination of the agreement will have a severe damaging effect on the economy, and we are also concerned about a deterioration of the relationship between the US and Korea, leading to anti-American sentiment,” said a press

Economy Sept. 5, 2017

Amid continued ambiguity regarding the fate of the Korea-US Free Trade Agreement, some industry experts are predicting high odds that US President Donald Trump may actually terminate the trade deal, following North Korea’s escalating threats, which are adding tension to the political and economic climate between South Korea and the US. 　“While some people view Trump’s threats as being bluffs, in my expert opinion, Trump deciding to back out of the Korea-US Free Trade Agreement

Economy Sept. 4, 2017

Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said on Friday the government intends to propose revisions to Korea’s Labor Standards Act in an effort to further clarify the legal scope regarding ordinary wages, amid intensifying legal confrontation between the labor and the management.　“We plan to further strengthen business roadmaps and add support to the wage system restructuring in order to prevent any unnecessary labor-management disputes,“ Ki

Market Sept. 1, 2017

Vasudev Tumbe, vice president and CFO of Ssangyong Motor Company, has been elected as the new chairman of the Indian Chamber of Commerce in Korea, according to a statement by ICCK. 　Tumbe worked with Mahindra & Mahindra for more than 30 years and was vice president of financing and accounts in the company’s Automotive Division before coming to Korea in 2013 as vice president and CFO of Ssangyong Motor Company.ICCK Chairman Vasudev Tumbe (ICCK)　“India is one of the most promising markets in the w

Industry Sept. 1, 2017

The Korea Chamber of Commerce and Industry, a leading business lobby group, on Thursday expressed support for the government’s recent decision to restructure the nation’s fiscal policy for a fundamental paradigm shift.　“The economic community agrees that it is necessary to shift the fundamental paradigm of the economy,” said its Chairman Park Yong-maan, during a meeting with Paik Un-gyu, minister of trade, industry and energy, and other chamber officials in Seoul. 　&ldquo

Economy Aug. 31, 2017

　Daewoo E&C, the Korea Environmental Industry & Technology Institute and the Center for Eco-Smart Waterworks System signed a memorandum of understanding with Bangkok’s Metropolitan Waterworks Authority on Aug. 29 at the MWA Office in Bangkok, Thailand, according to an announcement by Daewoo E&C. 　The MWA is responsible for the production and supply of tap water in Bangkok. Under the agreement, each organization agreed to share their know-how and expertise on waterworks systems by hosting network

Industry Aug. 31, 2017