Hong Kong has long been a financial hub in Asia but it is now seeking investment to nurture innovative technologies such as artificial intelligence and robotics, said the head of an investment promotion agency in Seoul.“Hong Kong is now very much focused on innovation and technology. We genuinely think that greatly fits with Korea having very advanced companies in the areas -- both large and small -- at a global level,” said Stephen Phillips director-general of Invest Hong Kong, in an interview

Industry July 15, 2018

When you think of Paju, a city in Gyeonggi Province northwest of Seoul, the first thing that comes to mind is its vicinity to the de facto border with North Korea. Driving along Jayuro toward Paju on a good day, you can even get a glimpse of the northern side. Paju, through which the Imjin River flows into the Han River, was loved by ancient sages. As if to live up to its heritage, the city has developed into a cultural site for visitors in recent decades. At the heart of the city’s culture are

Culture July 12, 2018

The nation’s antitrust watchdog launched an on-site investigation Wednesday into two local units of German automakers, Audi Korea and Mercedes-Benz Korea, in relation to their alleged manipulation of emissions-related software.According to an industry source, the Fair Trade Commission sent its investigators to the local headquarters of the two firms, with the aim of looking into whether Audi and Mercedes-Benz’s Euro-6 diesel models violated the advertising act of the nation’s fair trade law. The

Industry July 11, 2018

 공정거래위원회가 11일 아우디와 벤츠에 대한 현장조사에 착수했다.업계 관계자에 따르면 공정위는 배출가스 관련 시험결과를 조작한 혐의를 받는 아우디와 벤츠에 대해 유로6 경유차에 대한 표시광고법 위반여부를 확인하기 위한 절차에 들어갔다. 공정위는 아우디와 벤츠의 경유차가 “유로6 배출가스 허용 기준을 충족한다”는 내용이 허위광고인지에 초점을 맞춰 조사를 진행하고 있다. 유로6는 유럽연합이 도입한 경유차 배기가스 규제단계의 명칭이다. 　공정위는 2016년에도 배출가스 저감 장치를 조작하고 거짓 광고를 한 혐의로 아우디폴크스바겐코리아에 시정명령과 함께 과징금 373억2600만원을 부과하고, 전•현직 고위임원 5명을 검찰에 고발한 바 있다. 공정위가 아우디와 벤츠의 표시광고법 위반 혐의를 입증하면 관련 매출의 최대 2%에 달하는 과징금을 부과하고 검찰에 고발할 수 있다. 이번 조사는 3년 전 발생한 폭스바겐의 디젤게이트 사태 이후 최근 또다시 불거진 배출가스 조작에 독일 정부가 아우디·벤

한국어판 July 11, 2018

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the ninth installment. -- Ed.Managing risks has been a tricky task for foreign companies operating in South Korea, where personal relations largely overpower official ones and the culture is relatively secluded as well as cautious toward the unfamiliar. On top of it, disparity between the reality here and formal procedures upheld by headquarters ba

Industry July 10, 2018

North Korea’s trade volume fell 15 percent last year on-year to reach $5.5 billion due mainly to stronger sanctions imposed by the United Nations Security Council, according to state-run Korea Trade-Investment Promotion Agency on Monday. According to the KOTRA report, North Korea’s export volume stood at $1.7 billion last year, a 37.2 percent fall from the previous year, and imports came to $3.7 billion, a 1.8 percent rise, during the same period. Its trade deficit rose 125.5 percent to $2 billi

Industry July 9, 2018

Samsung projected on Friday that it generated 58 trillion won ($51 billion) in sales and 14.8 trillion won in operating profits in the second quarter, the first quarter-on-quarter fall in seven quarters. The decline came from weak smartphone sales despite record high chip earnings, according to analysts. Although the tech behemoth’s earnings are expected to rebound in the third quarter due to the rise of chip demand, the company’s long-term outlook does not look rosy. The tech firm’s market lead

Industry July 6, 2018

South Korea’s antitrust watchdog said Tuesday it found 18 holding companies of conglomerates generated income more from brand royalties, rental properties and consulting fees than dividend income.  The main source of holding companies’ income should be dividends from their affiliates but they generated income from other sources for the benefit of their controlling families and as a means to tighten their grip on power, according to the Fair Trade Commission.  (Yonhap)The FTC found holding compan

Industry July 3, 2018

US aircraft solutions provider Honeywell is tapping deeper into the growing Korean aviation market with its new connected aircraft and flight efficiency solutions that help save fuel costs. In the last five years, Korea’s air traffic has increased by an average of 6.9 percent per year, outpacing the global average of 5.6 percent, according to government data. Honeywell expects this growth to be sustainable, as Korea is focusing on attracting more visitors to the country. “South Korea remains a p

Industry July 2, 2018

The South Korea government has delivered its opposition to the Trump administration’s gestures to up tariffs on imported cars, claiming the tariff hike may negatively boomerang on the US economy, according to Seoul’s Trade Ministry on Sunday. 　Reflecting the growing anxiety of the local auto industry, Minister of Trade, Industry and Energy Paik Un-gyu visited Washington last week to deliver Seoul’s stance on the issue to the related US politicians and business representatives. During consecutive

Industry July 1, 2018

South Korea’s antitrust watchdog is likely to retain its exclusive right to charge businesses despite prosecutors’ claim that it should be abolished with intent to expand their investigation power, based on a report by a special committee.On Thursday, the special committee dedicated to reforming the nation’s fair trade law announced the results of a three-month review. The highlight was whether to abolish the Fair Trade Commission’s exclusive right to charge businesses. Under the current law, pr

Industry June 28, 2018

During a forum on Tuesday, experts on North Korea shared views that overheated expectations of inter-Korean economic cooperation should be moderated, as companies may have to wait a long time before seeing the benefits of economic ties. Following the historic US-North Korea summit earlier this month and the inter-Korea summit in April, media outlets and analysts have expressed an optimistic economic outlook for the two Koreas, while industries and governments busily set up task forces to embrace

Industry June 26, 2018

South Korea is taking the initiative in forest welfare, with the aim of maximizing economic value of forests for the public, according to the chief of the Korea Forest Welfare Institute. “The focus of Korea’s forests has transformed over the 40 years from simple afforestation to forest resources to sustainable forest management,” said Yoon Young-kyoon, president of the Korea Forest Welfare Institute, in an interview with The Korea Herald.Yoon Young-kyoon, president of the Korea Forest Welfare In

Industry June 25, 2018

Southeast Asia can offer market and business opportunities to South Korea with its young, digitally connected and growing middle class in return for Korea’s sharing of its quickly developed economic strategies, according to a high-ranking official from the Association of Southeast Asian Nations Economic Community. “Korea will benefit from ASEAN’s dynamism, creativity and growth potential, as the regional production networks are fast expanding,” said Aladdin D. Rillo, deputy secretary-general for

Industry June 22, 2018

The nation’s antitrust watchdog chief underlined that prosecutors’ recent raid of the Fair Trade Commission is unrelated with the FTC’s move to overhaul its fair trade law, which includes the abolition of its exclusive right to charge businesses. “Following the raid by the prosecution, there have been news reports that imply conflicts between the prosecutors and the FTC, spreading unnecessary rumors,” FTC chief Kim Sang-jo said in a statement Friday. “Prosecutors’ latest investigation targets th

Industry June 22, 2018