South Korea is pushing ahead with building Asia’s first food cluster, Foodpolis, to tap into the global food industry, which is expected to be worth up to $6 trillion by 2020. The nation plans to invest 553 billion won ($524 million) in setting up the cluster by 2016. It is currently in talks with up to 160 domestic and foreign companies, colleges and research centers that are vying for a spot at Foodpolis. It has been roughly modeled after Napa Valley, California’s famous wine country, but Food

Industry Sept. 30, 2014

Ending months of bitter political confrontation, South Korea's rival parties on Tuesday reached a compromise on a controversial bill aimed at parsing the truth behind April's deadly ferry sinking.South Korea's parliament has been stuck in limbo as the ruling Saenuri Party and the main opposition New Political Alliance for Democracy (NPAD) remained locked in a bitter dispute over the terms of the proposed bill that, among other things, would set the boundaries of an independent counsel probe of t

Politics Sept. 30, 2014

Philip Morris Korea’s head Chung Il-woo (left) poses with Ahn Yoon-han, chief of a scholarship center in Yangsan, at Philip Morris Korea’s plant. (Philip Morris Korea)Philip Morris Korea said Monday that it had donated 100 million won ($95,000) to a scholarship center in Yangsan as part of its social responsibility activities. The company said the scholarships will be given to middle and high school students who show academic promise. The regional scholarship center was established in 2006 in a

Industry Sept. 29, 2014

The won-yen exchange rate is likely to drop to the 800 won level in the third quarter of next year as Japan is expected to continue quantitative easing to boost its economy, according to global financial companies like JP Morgan and Citibank. French bank BNP Paribas projected the bleakest outlook, claiming that the rate could nosedive to 700 won per 100 yen next year. The rate dropped below 960 won (92 cents) this month, the lowest since Aug. 2008, when it posted 954 won. “The weaker yen may und

Sept. 28, 2014

Daum Communications’ headquarters on Jejudo IslandA number of tech companies have moved to Jejudo Island on for its pleasant working environment and various tax incentives in recent years. The influx of high-tech companies to the island is transforming it from an agricultural and services-based economy into a center for information technology and manufacturing. Over 100 information and bio technology companies, including Daum Communications, Nexon, ESTsoft and Moneual have already relocated to J

Industry Sept. 26, 2014

Jejudo Island, a repository of natural heritage loved by both South Koreans and foreign tourists, has been transforming its economic structure into more high-tech economy in recent years. Gov. Won Hee-ryong said early this month that he aims to double the island’s gross regional domestic product to 25 trillion won ($24 billion) within five years from the current 12 trillion won. The provincial government is now pushing ahead with fostering high-tech industries including electric vehicles, bio an

Industry Sept. 26, 2014

South Korea’s annual growth in wages growth has dropped to near zero percent when adjusted for inflation, according to recent data, meaning domestic consumption will likely remain in the doldrums. The data, for the second quarter of the year, found that wages of temporary workers had dropped in real terms over hte same period. The findings were based on data compiled by the Bank of Korea and the Ministry of Employment and Labor and released on Wednesday.The average monthly pay of the nation’s em

Industry Sept. 24, 2014

Korea Rural Community Corp., an affiliate of the Ministry of Agriculture, Food and Rural Affairs, is expanding international exchanges in an effort to export the nation’s rural development model. “As a model country for achieving self-sufficiency in staple grains within a century, we hope to share our expertise and knowledge in development of the agricultural sector with other developing nations,” said KRC president Lee Sang-mu. His remark on Tuesday came during a seminar held on the sidelines o

Industry Sept. 19, 2014

The state-run Korea Productivity Center published the National Brand Competitiveness Index for 206 major brands in 59 industries in the nation early this month. The NBCI, an index that measures brand awareness, image and customer relationships, was measured based on companies’ marketing activities.This year, the KPC gathered opinions on industries’ top brands from around 100,000 consumers ― both users and nonusers ― in major cities including Seoul, Busan, Daegu, Gwangju and Daejeon. The Paris Ba

Industry Sept. 17, 2014

Apple’s ambitious mobile payment service Apple Pay may need some time to see any success in the growing local mobile payment market due to iPhone’s low penetration rate, the difficulty of building partnership with local firms and security issues. Meanwhile, Kakao, which recently launched its new Kakao Pay is expected to reign for the time being, according to market watchers. Last Tuesday, Apple unveiled Apple Pay, which lets iPhone 6 users pay in stores by holding their phones up to checkout rea

Industry Sept. 14, 2014

홍익대 전성인 교수 (Korea Herald)“한국 가계부채 심각한 경제위기 초래할 수 있어”가파른 가계부채 증가가 한국경제의 뇌관으로 급부상하고 있다. 1997년 외환 금융위기의 주범이 기업의 과다부채였다면, 가계부채가 제2의 경제위기를 초래할 수 있다는 전문가 진단이 증가하고 있다. 홍익대 전성인 교수는 최근 코리아헤럴드와의 인터뷰를 통해 “급증하는 가계부채가 심각한 경제위기를 초래할 수 있다”며 “ 현정부의 부동산 대출 규제 완화 정책이 이미 걷잡을 수 없는 가계부채를 더 부추길 수 있다 ”고 경고했다.기업대출을 통한 이자수익에 의존도가 높았던 한국의 은행들이 아시아 금융위기 이후 기업대출 규제가 강화되면서 부동산 담보대출 등을 통한 가계 대출을 기하급수적으로 늘리면서 가계부채가 가파르게 증가했다. 한국의 가계부채 증가 속도는 OECD 최대 수준이다. 가계부채는 지난 해 처음으로 1,000조원을 넘어섰고, 2008년과 2013년 사이 연평균 8.7%성장했다. 같은 기간 금융위기

한국어판 Sept. 14, 2014

The Ministry of Health and Welfare said Thursday it planned to raise prices by 2,000 won ($1.90) from January. South Korea’s tax ratio on cigarette prices is below the World Health Organization’s recommendation of 70 percent.Taxes make up about 62 percent of the price of a pack of cigarettes. The rest is comprised of retail margin and production costs (39 percent), an excise tax on tobacco (25.6 percent), funds for national health promotion (14.2 percent), local education tax (12.8 percent), val

Industry Sept. 11, 2014