The South Korean government vowed Thursday to toughen regulations against leaks of the nation’s key technologies, including artificial intelligence, chips and panels, amid growing concerns that Korea may lose industrial competitiveness to rivals without the proper protection of its core technologies.During a Thursday meeting presided by Prime Minister Lee Nak-yon, the government released a set of measures to prevent leaks of the nations’ industrial technologies.  (Yonhap)The key aspect of the me

The state-run Korea Trade-Investment Promotion Agency (Kotra) predicted the nation’s export growth would slow down in the first quarter of this year due to the possibility of prolonged trade conflicts between the US and China and growing uncertainties in Europe in the wake of Brexit. Kotra said Wednesday the nation’s export leading indicator dropped 5.5 points to 52.1 points in the first quarter of this year from the previous quarter, based on a survey done on around 2,200 foreign buyers and exp

South Korea’s exports set a new high of $600 billion in 2018 mainly driven by a strong performance in chips, petrochemicals and machinery, according to the government on Tuesday. The Ministry of Trade, Industry and Energy said the nation’s trade volume hit a record high of $1.1 trillion, having a trade surplus of $70 billion. Exports stood at $605 billion, up 5.5 percent from 2017, and imports recorded $534 billion, an 11 percent rise during the same period. Chip exports played a key role in exp

The nation’s largest companies including Samsung have improved transparency in their corporate governance by cutting the links of cross-shareholding structures often blamed for strengthening control of the founders’ descendants over the conglomerates, the antitrust watchdog said Friday.On Friday, the Fair Trade Commission announced 15 companies -- out of the nation’s largest 60 firms -- that have voluntarily made efforts in either improving ownership structure or corporate governance, or easing

South Korean conglomerates, including Samsung Electronics and Hyundai Motor, have set aside around 7.7 trillion won ($6.8 billion) to help reduce the wage gap between large and small companies, joining efforts for mutual growth initiated by the privately run Korea Commission for Corporate Partnership. A total of 21 companies and public organizations agreed to allocate the money for the next three years, said the privately run commission on Tuesday. The organization was set up in 2010 to address

South Korean prosecutors will speed up their probe into the alleged accounting fraud of Samsung Biologics, focusing on securing evidence as to whether Samsung’s now-defunct control tower was involved. Investigators plan to summon former and incumbent employees of the biotechnology firm within the week, according to sources Sunday. The prosecution raided the main office of Samsung BioLogics in Songdo, Incheon, over the allegation that the company had illegally inflated the company’s value. Separa

South Korea must increase its efforts to enforce laws against bribery of foreign public officials, as enforcement is weak in view of the size of the nation’s economy and its export-oriented nature, said a report released Thursday by the Organization for Economic Cooperation and Development.“The decrease in foreign bribery enforcement (in Korea) since 2011 is a cause for concern, especially in view of the size of the Korean economy, its export-oriented nature, and the geographical and industrial

It is easy to misread Kim Sang-jo, the chairman of the Fair Trade Commission, who is well known as an erudite economist and a passionate anti-chaebol activist. Ever since he was named to head the nation’s top watchdog in June 2017, views have clashed between those that forewarned an end to the heyday of South Korea’s conglomerates and those that impugned whether the “chaebol sniper” would live up to his nickname. Halfway through his three-year tenure, Kim has completed the exhausting task of con

Hyundai Heavy Industries said Tuesday it has signed a contract with the Defense Acquisition Program Administration for depot maintenance of the third unit (1,800 tons) of the Chang Bogo-II submarine. Under the contract worth 55.5 billion won ($49 million), the Korean shipbuilder is slated to deliver the submarine to the Korean Navy by 2020. The depot maintenance project is designed to replace and repair parts of the interior of the submarine. Hyundai Heavy Industries already completed depot main

In line with the South Korean government’s push to strengthen diplomatic and economic ties with Southeast Asia, Korean entrepreneurs are increasingly seeking new opportunities in the region to benefit from its fast-growing economies, which have a combined population of 630 million and a combined gross domestic product of $2.4 trillion. The New Southern Policy is the Moon Jae-in administration’s key foreign economic policy and reflects its strong commitment to prosper together with the ASEAN coun

Hyundai Heavy Industries has completed building an eco-friendly power plant in Colombia’s northern port city of Santa Marta, with its own dual-fuel engine, HiMSEN, according to the Korean shipbuilder on Sunday. In February of last year, Hyundai Heavy Industries won an $80 million contract from Colombian private power company Axia to build a 93-megawatt power plant. Termonorte power plant constructed by Hyundai Heavy Industries in Colombia (HHI)The firm said its own dual-fuel engine HiMSEN has si

A continued battle between the US and China to fight for global technological hegemony may pose higher risks to Korea’s two-biggest memory chipmakers, Samsung Electronics and SK hynix, next year, according to a report released by the Korea International Trade Association on Monday.During the latest G-20 summit, the US and China temporarily agreed to a cease-fire over their prolonged trade war. However, it will not be easy for the two nations to reach a sustainable agreement as the essence of the

The fear of losing jobs due to automation will not become reality, as innovation will continue to create jobs, according to World Bank Group Senior Director Michal Rutkowski. Still, nations should consider how to better protect workers in the changing work environment driven by technology advances, he added. The notion that automation makes traditional jobs obsolete has always been a source of frustration for blue-collar workers. With the advancement of artificial intelligence and robotics, the

Top exporters including Samsung Electronics, Pubg, L&F and Intellian Technologies on Friday received awards out of 1,264 exporters that have contributed to the nation’s achievement of $600 billion in exports this year. They received awards at an annual ceremony held by the Korea International Trade Association to mark the 55th Day of Trade.  KITA CEO Kim Young-ju (Yonhap)The event was attended by President Moon Jae-in, Minister of Trade, Industry and Energy Sung Yun-mo, KITA CEO Kim Young-ju and

In South Korea, the image of massage services has long been negative, viewed in relation to illicit sexual service providers. Either that, or massages were seen as the prerogative of the elite at posh and luxurious spas.Now, with growing interest in health services amid increasingly sedentary lifestyles and the consequent branching out of massage to become more affordable and accessible, it has become a common way to relieve stress and pain for many Korean urbanites. In Seoul, you can easily fin

Representatives of South Korea, China and Japan are to discuss a regional free trade deal in Beijing from Thursday to accelerate negotiations on market liberalization for products, services and investment, the Seoul government said Wednesday. The two-day negotiations will be attended by senior trade officials representing the three nations, who will discuss ways to open up goods and services markets and lower other trade barriers, the Ministry of Trade, Industry and Energy said. This is the 14th

The Korea International Trade Association is hosting a two-day trade fair from Tuesday to match global retail buyers and local exporters in Seoul. The 11th Korea Grand Sourcing Fair 2018, sponsored by the Ministry of Trade, Industry and Energy, the Ministry of Oceans and Fisheries and KB Kookmin Bank, is taking place at the Coex Convention and Exhibition Center with 118 buyers from 24 nations and around 600 Korean companies. KITA CEO Kim Young-ju (front left) talks with buyers at the 11th Korea

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the twelfth installment. -- Ed.Regulation is a topic that frequently comes up among foreign companies doing business in Korea. And that makes sense, as Korea ranks 51st among 67 countries on the FDI Regulatory Restrictiveness Index compiled by the Organization for Economic Cooperation and Development. However, James Kim, chairman of the American Ch

South Korean exporters should diversify their markets and products, as uncertainties in world trade due to conflicts between the US and China could continue, and slow growth in emerging nations could weigh down markets, according to trade experts at a seminar in Seoul on Friday. “A slow growth rate in China and emerging nations, alongside the US, Europe and Japan, could increase the external risks” of the export-led nation that constitutes the world’s fifth-largest export economy, said An Sung-b

Governments and companies both play important roles in improving the well-being of citizens, said renowned academics on Wednesday, the second day of the sixth OECD World Forum that kicked off under the theme of the future of well-being. Jeffrey D. Sachs, a professor of economics at Columbia University, said that to improve the well-being of people, trust between the government and society should be rebuilt. “As the world is facing many challenges, such as environmental harms, risks of wars and n