The South Korean government on Friday held the first Korea-Indonesia Automotive Dialogue, in line with the administration’s New South Policy initiative, according to the Ministry of Trade, Industry and Energy.The event, held at Lotte Hotel Seoul, took place as a follow-up to President Moon Jae-in’s state visit to the Southeast Asian state in November last year. After signing a memorandum of understanding on bilateral industrial cooperation, top officials of both states have sought to expand part

Industry Aug. 24, 2018

The South Korean government and ruling party on Thursday agreed to propose what they called “the largest-ever” job creation-focused budget for next year, gesturing to spend more funds into supporting low-income clusters.“Considering the favorable tax revenues and sound fiscal soundness, we decided to operate next year’s budget as expansively as possible for the sake of job creation, social safety network and regional economy revitalization,” Rep. Kim Tae-nyeon, chie

Economy Aug. 23, 2018

South Korea’s financial regulator has submitted a bill to the National Assembly to allow tech firms -- such as game developer Nexon and Netmarble Games -- to become major shareholders of internet-only banks, officials said Wednesday.The Financial Services Commission recently submitted the revision bill of the upcoming law on internet-only banks, seeking to ease the separation of banking and commerce, according to industry sources.While attending a related parliamentary committee Wednesday,

Market Aug. 22, 2018

South Korea’s trade deficit for intellectual property rights reached an all-time low during the first half of this year, fueled by increasing demand for computer and mobile games and the consequent boom of franchising rights and copyrights, central bank data showed Tuesday.The country’s trade loss in the intellectual properties account stood at $600 million as of the end of June, down from $910 million a year ago, according to preliminary data released by the Bank of Korea.This was the lowest de

Industry Aug. 21, 2018

Concerns have been mounting recently that despite the government’s continued efforts, the secondary stock market Kosdaq may continue to struggle throughout the year due to sluggish investor sentiment here and external trade challenges.The Kosdaq index on Thursday dived into the 740s, nearing the year’s record-low of 744.11, a figure observed on July 25, according to the nation’s bourse Korea Exchange and Ministry of SMEs and Startups on Sunday.The index soon rebounded to the 77

Economy Aug. 19, 2018

The Export-Import Bank of Korea will finance a copper mine project in Peru, seeking to support South Korean companies in securing strategic resources in the overseas market, officials said Thursday. The state-run bank on Thursday signed an agreement to inject some $200 million into the development of the Mina Justa Copper Mine in Peru, a project by local firms Minsur and Copec.Minsur, the mining arm of the South American state’s largest conglomerate Breca, is currently the world&rsquo

Market Aug. 16, 2018

Counterfeits of famous foreign brands have been on a steady decline here, reflecting growing awareness of trademark protection, data showed Wednesday.The number of trademark invalidation trials filed by foreign entities against local copycats has been on a downward trend since 2015, according to data compiled and released by the Intellectual Property Trial and Appeal Board.The IPTAB is a special administrative tribunal affiliated with the Korean Intellectual Property Office that handles disputes

Industry Aug. 15, 2018

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 22nd installment. -- Ed.In an era of technological evolution, in which content is constantly integrated, disassembled and reinvented, the conventional exclusivity of copyright is under pressure as creators seek lower barriers to produce their work and realize innovation.But a drastic expansion of the public domain could also infringe the rights of creators. That is why the Culture

Industry Aug. 12, 2018

In addition to the series of slack economic indices, the latest statistics on bank loans has added further weight to burgeoning speculations that South Korea’s central bank is likely to shelve its policy rate hike action this month, holding off the inevitable decision to later in the year.The loan balance for private businesses as of the end of July stood at 304.6 trillion won ($272.6 billion), up 2.5 trillion won from a month earlier, marking the steepest on-month jump in four months, acc

Economy Aug. 9, 2018

The Korea Herald is publishing a series of articles featuring inter-Korean relations to mark the paper’s 65th anniversary that falls on Aug. 15. Following is the fifth installment. - Ed.The possibility that the long-reclusive North Korea may open up its market for extensive development is likely to act as hopeful momentum for South Korea’s economy, which has stalled in slow growth and sluggish employment.Despite all the alluring factors, however, rosy promises of the inter-Korean eco

Economy Aug. 7, 2018

South Korea’s Deputy Prime Minister and Finance Minister Kim Dong-yeon on Monday urged Samsung for further efforts in improving governance and discarding unfair trade, while working for job creation and innovative growth, in his first visit to the plant run by the conglomerate.Heir to the group and Vice Chairman of Samsung Electronics Lee Jae-yong was on hand to accompany Kim on his visit, which came on the heels of a meeting between Lee and President Moon Jae-in at the company’s Indian plant on

Industry Aug. 6, 2018

South Korea’s tax burden this year is likely to surpass 20 percent of gross domestic product for the first time, on the back of the government’s expansionist fiscal operations, officials said Sunday.The nation’s tax income this year is estimated at 365 trillion won ($323.6 billion), up 5.5 percent from the previous year, according to data compiled by the Ministry of Economy and Finance and Ministry of Interior and Safety.Of the estimated total, national taxes will account for 2

Economy Aug. 5, 2018

South Korea’s economy found itself in a prolonged deadlock in July, as its long-stalled domestic market failed to gain upward momentum, in contrast to the steady growth of the outbound sector, data showed Wednesday.The static trend of the market price index also weakened the recent speculations that the central bank may increase the policy rate within the year. The country’s exports in July stood at $51.88 billion, growing 6.2 percent on-year and rebounding from the slight fall in th

Economy Aug. 1, 2018

South Korea’s Finance Ministry has changed its formal English name, seeking to better convey its role as the nation’s headquarters for financial policies and economic affairs, officials said Wednesday.The former Ministry of Strategy and Finance was renamed as the Ministry of Economy and Finance, starting Wednesday, the ministry said in a press release. “The latest change in the English name was based on internal feedback, surveys conducted on key foreign organizations and forei

Economy Aug. 1, 2018

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 21st installment. -- Ed.In contrast to copyright, which is recognized as a tangible and exclusive protection for creators, the notion of public domain -- where works are shared freely without intellectual property ownership restrictions -- is often dismissed as a cost-free, and therefore less valuable, source of knowledge.A challenge for the modern world, however, is that demand is

Industry July 29, 2018