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Tag Archives: South Korea

South Korea, Thailand set to streamline agricultural trade

BANGKOK: Thailand and South Korea yesterday agreed to increase technology transfers in the agricultural area, cooperate more closely in trade facilitation and training and promote the Thailand 4.0 Model. Agriculture Minister Chatchai Sarikulya and South Korea’s Minister for Agriculture, Food and Rural Affairs Kim Jae-Soo signed a memorandum of understanding (MoU) in Sejong, South Korea to support agricultural trade, knock ... Read More »

South Korea, Japan to start talks on new fx swap agreement

SEOUL: South Korea and Japan said they will start talks on a new currency swap agreement after the countries’ finance ministers met in Seoul on Saturday to bolster defenses against global financial uncertainties. “South Korea offered to start talks on a currency swap agreement as part of boosting economic cooperation with Japan,” South Korea Finance Minister Yoo Il-ho said in a ... Read More »

Saudi Arabia’s Falih seeks to expand oil cooperation with China, South Korea

RIYADH: Just two months after his appointment as Saudi Arabia’s oil minister, Khalid al-Falih last week visited China and South Korea, seeking ways to expand trade flows and explore investment prospects, in a sign that OPEC’s top producer is intensifying efforts to expand its presence in key Asian oil buyers. Falih, who was only appointed oil minister in early May, ... Read More »

Free trade agreement between China, South Korea

SEOUL: The free trade agreement (FTA) between China and South Korea will officially come into force from Sunday, providing an opportunity for the two countries to push forward their already-close cooperation partnership further. Seoul’s trade ministry said Saturday that the free trade accord will take effect from Dec. 20. It is widely anticipated here to expand presence of South Korean ... Read More »

South Korea, India customs sign AEO-MRA deal

SEOUL: India and South Korea signed an Authorised Economic Operator Mutual Recognition Agreement (AEO-MRA) on the sidelines of the 11th Asia Europe meeting of directors general-commissioners of customs (ASEM) currently underway. The agreement was signed between India’s Central Board of Excise and Customs chairman Najeeb Shah and South Korea’s Customs Commissioner Kim Nak Hoe. “MRAs recognise the AEO programme of ... Read More »

South Korea to hold information session on doing business with Iran

SEOUL: South Korea said Tuesday it will hold an information session next week to help local businesses make inroads into Iran after the lifting of international sanctions on the Middle Eastern nation. The Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy plan to hold a joint session on Aug. 5 to help firms better understand the ... Read More »

South Korea to help Ha Noi to plan city’s urban development

HA NOI: South Korea will help Ha Noi survey some 3,000ha of land along the banks of the Hong (Red) River to plan the city’s urban development. The Ha Noi People’s Committee has approved the report of the South Korean-sponsored technical support project, “Strategy on urban development planning along Red River’s banks from Thang Long Bridge to Long Bien Bridge.” ... Read More »

South Korea plans to transform Busan into world’s No. 2 transshipment cargo port by 2020

SEJONG: South Korea plans to transform Busan into the world’s No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday. The move could enable the country’s largest sea port to outstrip Hong Kong for the second place slot among the world’s transshipment harbors and place it below Singapore, the Ministry of Ocean ... Read More »

South Korea import 24,000T of rapeseed meal from India

SEOUL: South Korea will import 24,000 tonnes of rapeseed meal from India in the next two months. The move came after the prices of edible oil in Germany and other European market shot up in the past few weeks. According to reports, South Korean food grain group Korea Feed Association on Thursday bought 12,000 tonnes of Indian rapeseed meal at ... Read More »

South Korea looks strengthen ailing exports sector

SEOUL: South Korean Finance Minister Choi said yesterday that the government will announce a comprehensive exports promotion plan next week. This comes as South Korea looks to strengthen the ailing exports sector which has fallen by 5% y/y in H1 this year. The outlook for Q3 remains challenging given the lack of growth momentum in both exports and the MERS-hit ... Read More »

South Korea looks strengthen ailing exports sector

SEOUL: South Korean Finance Minister Choi said yesterday that the government will announce a comprehensive exports promotion plan next week. This comes as South Korea looks to strengthen the ailing exports sector which has fallen by 5% y/y in H1 this year. The outlook for Q3 remains challenging given the lack of growth momentum in both exports and the MERS-hit ... Read More »

South Korea choose Airbus Group SE for $1.3 billion contract to supply air-refueling tankers

SEOUL: South Korea chose Airbus Group SE for a 1.5 trillion-won ($1.3 billion) contract to supply air-refueling tankers, in the government’s latest move to bolster air defenses against North Korea. The A-330 Multi-Role Tanker Transport built by the Airbus Defence & Space beat Boeing Co.’s KC-46 and Israel Aerospace Industries Ltd.’s Multi Mission Tanker Transport in terms of performance and ... Read More »

South Korea to increases coal import tax on 1 July 2015

SEOUL: Indonesia’s coal exports to South Korea likely to face headwinds on 1 July 2015, when South Korea’s revised coal import tax kicks in. The tax, announced on 5 June, will now be KRW 24,000/t (USD 21.36/t) of coal with a calorific value (cv) above 5,000 Net as Received (NAR), versus KRW 19,000/t, and up to KRW 22,000/t (USD 19.58/t) ... Read More »

Govt approves agreement for supplying up to 16.5MT of iron ore to steel plants in Japan, South Korea

SEOUL: The government today approved the renewal of agreement for supplying up to 16.5 million tonnes (MT) of high grade iron ore to steel plants in Japan and South Korea over three years till March 2018. “The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to renew long term agreement with Japanese and South Korean steel mills ... Read More »

Govt approves agreement for supplying up to 16.5MT of iron ore to steel plants in Japan, South Korea

SEOUL: The government today approved the renewal of agreement for supplying up to 16.5 million tonnes (MT) of high grade iron ore to steel plants in Japan and South Korea over three years till March 2018. “The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to renew long term agreement with Japanese and South Korean steel mills ... Read More »

South Korea imports US$627.4 million in textiles, garments from Vietnam

HA NOI: Viet Nam is the second largest textile and garment exporter to South Korea, making up one-fourth of South Korea’s garment market, after China. South Korea imported US$627.4 million (S$840 million) in textiles and garments from Viet Nam in the first four months of this year, according to the Viet Nam Textile and Apparel Association (Vitas). The turnover marks ... Read More »

South Korea agrees to hold talks with Japan over import ban on fishery goods

SEJONG: South Korea has agreed to hold talks with Japan next week over its import ban on Japanese fishery goods that followed Japan’s nuclear accident, the Seoul government said Monday. The bilateral talks will be held in Geneva on June 24 with the possibility of being extended one day, according to the Ministry of Trade, Industry and Energy. The move ... Read More »

South Korea posts trade surplus for 40th month in a row in May

SEJONG: South Korea posted a trade surplus for the 40th month in a row in May as imports dropped at a faster pace than exports, customs data showed Monday. According to the data by the Korea Customs Service (KCS), the country’s trade surplus reached US$6.3 billion last month, down from $8.53 billion in April, but significantly higher than $4.97 billion ... Read More »

South Korea axes four coal plants, plans two new nuclear units

SEOUL: South Korea has axed plans to build four coal-fired power plants and will boost its nuclear reactor fleet by two more units, as it looks to increase the share of nuclear and gas in power generation and cut reliance on coal. The planned changes to the country’s long-term power supply plan, which will take the number of planned nuclear ... Read More »

South Korea inflation at 0.5%, deflation fears persist

SEOUL: South Korea’s inflation rate remained way below the central bank’s target range in May as low crude oil prices depressed consumer price gains, government data showed Tuesday. Inflation stood at 0.5 percent from a year earlier, Statistics Korea said, adding to fears of deflation in Asia’s fourth-largest economy. The rate was marginally higher than the 0.4 percent recorded in April, ... Read More »