S. Korea to spend three quarters of 2025 budget before July

SEOUL, December 18 (AJP) - South Korea plans to frontload 75 percent of its 2025 annual budget in the first half of next year, as the government seeks to counter economic uncertainties stemming from the Dec. 3 martial law declaration and recent presidential impeachment. The Ministry of Economy and Finance announced on Tuesday in a cabinet meeting that 431.1 trillion won (US$299.7 billion) of the total 574.8 trillion won budget would be allocated for the first six months of 2025, wit

December 18, 2024

Local governments eager to produce salmon in South Korea

SEOUL, December 18 (AJP) - The salmon industry, often likened to the semiconductor sector for its critical global role, faces escalating challenges. With a global market worth approximately 60 trillion won (about $45 billion), both farmed and wild salmon populations are struggling to adapt to environmental and economic pressures. In Scotland, salmon farms reported record losses in 2023, with over one million farmed salmon perishing during a single farming cycle due to rising sea tem

December 18, 2024

Korean firms' growth slows amid sluggish demand for chips in PCs, smartphones

SEOUL, December 17 (AJP) - South Korean companies' growth slowed in the third quarter as weak demand for regular semiconductors used in PCs and smartphones and a downturn in the petrochemical sector hit the manufacturing industry. According to data released by the Bank of Korea on Tuesday, combined sales of 23,137 companies subject to external audits rose 4.3 percent year-on-year in the July-September period. While growth increased from 1.2 percent in the first quarter to 5.3

December 17, 2024

IKEA cancels plans to build major logistics center near Seoul

SEOUL, December 17 (AJP) - IKEA Korea has decided to cancel its plans to build Asia's largest integrated logistics center in Pyeongtaek, south of Seoul. According to a regulatory filing on Tuesday, the company has abandoned its plans to build a logistics hub in the Poseung district of the city. The company will also sell the land, which spans 102,000 square meters and is valued at about 55.5 billion won ($38.6 million). IKEA Korea explained the decision was due to changes in

December 17, 2024

Number of foreign workers in South Korea tops 1 million for first time

SEOUL, December 17 (AJP) - The number of foreign workers in South Korea surpassed 1 million for the first time this year, with many concentrated in mining and manufacturing jobs, according to government data released Tuesday. The Statistics Korea report showed that as of May, the resident foreign population aged 15 and older totaled 1.561 million, a 9.1 percent increase from a year earlier. Among them, 1.01 million were employed, up 9.4 percent year-on-year. The steady rise in fo

December 17, 2024

'Buldak' maker Samyang to establish plant in China

SEOUL, December 17 (AJP) - Samyang Foods, known for its "Buldak" spicy chicken-flavored instant noodles, is set to establish its plant in China. The Korean food maker announced on Monday its plans to establish its production subsidiary and first overseas plant in China. The Chinese subsidiary will be set up through its Singaporean branch, Samyang Singapore Pte. Ltd. Samyang Foods disclosed an investment plan of about 64.7 billion won (US$45 million) for the Singaporean

December 17, 2024

South Korean conglomerates make record investment in battery sector

SEOUL, December 17 (AJP) - South Korean conglomerates have made the largest equity investments in secondary battery companies in the past three years, according to data from a corporate analysis firm on Tuesday. According to a report by Leaders Index, 354 of the top 500 conglomerates by revenue have acquired a total of 1,368 equities, with investments amounting to 12.8 trillion won (US$8.9 billion). Secondary battery investments accounted for 4.7 trillion won, or 36.7 percent of

December 17, 2024

South Korea faces growing semiconductor competition from regional rivals

SEOUL, December 16 (AJP) - South Korea’s semiconductor industry is confronting intensifying competition from regional players like Taiwan, Singapore, and Malaysia as global powers race to dominate the burgeoning artificial intelligence chip market, according to a recent report by the Korea Trade-Investment Promotion Agency (KOTRA). The report, which analyzed export competition trends from 2019 through the third quarter of 2024, found that China remains South Korea’s cl

December 16, 2024

Impeachment sparks debate over extra budget

SEOUL, December 16 (AJP) - South Korea’s central bank has called for parliamentary discussion for approval of a supplementary budget as the government convenes emergency meetings to address economic concerns following the impeachment of President Yoon Suk Yeol. In a report released Sunday, the Bank of Korea stressed the importance of bipartisan cooperation to mitigate economic uncertainties exacerbated by domestic political instability and global market volatility. “T

December 16, 2024

S. Korean government pledges swift action to stabilize financial markets

SEOUL, December 16 (AJP) - The South Korean government vowed on Monday to accelerate key economic policies aimed at bolstering financial markets, which have shown signs of stabilization following the impeachment of President Yoon Suk Yeol on Dec. 14. Finance Minister Choi Sang-mok addressed the nation’s top financial officials during an emergency meeting that included Bank of Korea Governor Rhee Chang-yong. These meetings, held daily since the economic turmoil triggered by Y

December 16, 2024