South Korea should work on establishing more artificial intelligence infrastructure to attract global tech firms, otherwise it could be in danger of AI dependence on other countries, said SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry. “Among the things that Korea must proactively do in its AI strategy is creating a lot of AI-related infrastructure, starting with AI data centers,” Chey told reporters during a press conference F

Industry July 21, 2024

The head of the Federation of Korean Industries, the country’s major business lobby has said another term for former US President Donald Trump would be favorable for Korean companies operating there, as he would not discriminate against foreign firms that invest in the country. Ryu Jin, the FKI chairman who also serves as the chairman of Poongsan Corp., suggested that Trump’s win in the November presidential election may offer a better business environment for Korean firms than tha

Economy July 15, 2024

Nuveen, the investment manager of the US Teachers Insurance Annuity Association with $1.2 trillion in assets under management, is seeking to broaden its investor base in the Korean market from big institutions to retail investors by launching funds to invest in unlisted medium-sized companies. Retail investors are now seeking unconventional opportunities in the alternative market to expand their portfolios beyond their typical investment vehicles, such as stocks and bonds. Chang Jae-ho, Nuveen&#

Economy July 10, 2024

Four out of 10 South Korean conglomerates are considering investing in artificial intelligence over the rest of the year, as they expect AI technology would drive production efficiency, a survey by a leading business lobbying group showed on Monday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that 10.6 percent said they set up capital investment plans tied to AI in the s

Economy July 8, 2024

South Korean shares hit the highest level in nearly two and half years on Thursday, with much-awaited tax incentive plans for the Korean government’s program to boost the stock market taking shape. The benchmark Kospi rose 1.11 percent to close at 2,824.94, reaching the highest since January in 2022. Institutional and foreign investors were net buyers of shares worth 1.11 trillion won ($803.8 million) and 321.5 billion won, respectively, while retail investors sold off 1.41 billion of sh

Market July 4, 2024

The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd

Market July 3, 2024

South Korea’s won-dollar trading on the first day with extended trading hours has gotten off to a smooth start with ample liquidity and no significant increase in volatility, the country’s financial authorities said Tuesday. Starting from Monday, Korea has extended won trading hours to make the currency more tradable and accessible to global investors. Dollar-won trading hours are changed to 9 a.m. to 2 a.m., compared to 9 a.m. to 3:30 p.m. earlier. Choi Sang-mok, Korea's depu

Market July 2, 2024

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors. “At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong

Companies June 28, 2024

Top economic policymakers from South Korea, the United States and Japan agreed to deepen their trilateral cooperation on semiconductors and key minerals supply chains in a meeting held in Washington on Wednesday. Korean Minister of Trade, Industry and Energy Ahn Duk-geun, US Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade and Industry Saito Ken held the inaugural three-way ministerial meeting to discuss measures to promote the development of core and emerging techno

Economy June 27, 2024

The business communities of Korea, the United States and Japan gathered together in Washington, DC to launch and formalize a trilateral business dialogue, according to the Federation of Korean Industries on Thursday. The FKI, an association for Korean industries, hosted the inaugural Korea-US-Japan Business Dialogue on Wednesday, the first private consultation between the three countries in collaboration with the US Chamber of Commerce and Japan Business Federation, also called Keidanren. At the

Industry June 27, 2024

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, said on Thursday it launched a task force to prepare for business leaders’ meetings to be held on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled to take place here next year. As the 2025 APEC chair, Korea is expected to serve as a bridge between developed and developing economies among 21 member countries, facilitating economic and technological cooperation and capacity building rela

Industry June 27, 2024

Mirae Asset Global Investments' assets exceeded 340 trillion won ($244.7 billion), with over 40 percent being managed on behalf of overseas clients, boasting extensive overseas footholds buoyed by its signature exchange-traded funds. In 2003, the firm’s aggressive market expansion began with Mirae Asset Group founder and Chairman Park Hyeon-joo’s long-term vision to stand shoulder-to-shoulder with global investment banking groups like Goldman Sachs and Merrill. “Over the p

Companies June 26, 2024

Kakao Bank has yielded the result of its first overseas investment, as Indonesian digital bank Superbank officially launched Wednesday. With the launch, Superbank becomes the first bank concentrating on digital financial services in Indonesia, supported by major shareholders that include Korean internet-only lender Kakao Bank, Southeast Asia's biggest mobility application Grab, Indonesian media conglomerate EMTEK Group and Singaporean telecommunications giant Singtel. In September last year

Industry June 19, 2024

This article is the first installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega election year around the world. -- Ed. South Korean companies used to respond belatedly to regulatory changes in overseas markets, but now they predict and monitor potential legislative shifts in advance, showing the economy’s improved capability to do business in overseas mar

Economy June 17, 2024

The Bank of Korea looks increasingly likely to push back the start of its interest rate-cutting cycle as late as October as the country enters the last mile in its inflation fight while the US dials back its rate cut forecasts, experts said Thursday. The country’s recent data showing signs of weakening inflation, coupled with a rebound in exports, has increased anticipation for rate cuts by the Bank of Korea. The borrowing rates were kept at 3.5 percent for the 11th consecutive session i

Economy June 13, 2024