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South Korea moves to curb ‘free labor’ under comprehensive wage system The labor ministry earlier this month announced guidelines to eradicate so-called “free labor” linked to comprehensive wage contracts, following targeted on-site inspections of 100 youth-heavy workplaces in the IT and service sectors since February. The announcement was followed by a two-month inspection starting Tuesday, based on anonymous tips from workers, targeting 300 workplaces in the […] The post South Korea moves to curb ‘free labor’ under comprehensive wage system appeared first on Korea Pro.

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Why South Korea’s record trade surplus signals a strategic step backward March’s record export figures and strong trade data in the first 20 days of April show that the Iran war is not weakening South Korea’s economy in the way many expected, but instead reinforcing the sectoral and market concentrations Seoul has spent years trying to reduce. This is giving South Korea short-term resilience while pushing […] The post Why South Korea’s record trade surplus signals a strategic step backward appeared first on Korea Pro.

6 hours ago 0 0 0 0

South Korea moves to curb ‘free labor’ under comprehensive wage system The labor ministry earlier this month announced guidelines to eradicate so-called “free labor” linked to comprehensive wage contracts, following targeted on-site inspections of 100 youth-heavy workplaces in the IT and service sectors since February. The announcement was followed by a two-month inspection starting Tuesday, based on anonymous tips from workers, targeting 300 workplaces in the […] The post South Korea moves to curb ‘free labor’ under comprehensive wage system appeared first on Korea Pro.

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South Korea businesses face hard choices as energy disruption persists South Korea’s latest emergency economic response shows that even as Seoul secures additional crude and naphtha, a more consequential question for business remains: Which part of existing operating models become harder to defend if energy flows are impaired, logistics stay unpredictable and government intervention grows more active? Finance Minister Koo Yun-cheol on Friday convened another […] The post South Korea businesses face hard choices as energy disruption persists appeared first on Korea Pro.

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South Korea seeks oil cooperation with Brazil, Mexico amid supply risks South Korea’s foreign minister Cho Hyun held separate phone calls this week with his Brazilian and Mexican counterparts, discussing ways to expand energy and supply chain cooperation as Seoul seeks to mitigate risks stemming from disruptions in the Middle East, the foreign ministry said on Thursday. In a call on Wednesday with Brazilian Foreign Minister […] The post South Korea seeks oil cooperation with Brazil, Mexico amid supply risks appeared first on Korea Pro.

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South Korea, Europe expand FTA into supply chains and economic security South Korea and the European Union (EU) agreed to deepen cooperation on trade, supply chains and technology at a joint meeting in Seoul on Friday, finalizing the text of a digital trade agreement and advancing efforts to update existing trade rules under their bilateral free trade agreement, the Ministry of Trade, Industry and Resources said. […] The post South Korea, Europe expand FTA into supply chains and economic security appeared first on Korea Pro.

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South Korea faces export-readiness trade-off amid Gulf defense push South Korea’s presidential chief of staff Kang Hoon-sik said this week that Seoul has secured priority crude oil and naphtha supplies from Gulf producers through the end of the year, a development that highlights a growing constraint on the country’s defense export ambitions as rising demand from the same partners collides with limits in industrial […] The post South Korea faces export-readiness trade-off amid Gulf defense push appeared first on Korea Pro.

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KOSPI tops 6,000 as markets reprice risk despite Iran war tensions South Korean stocks surged on Wednesday, with the benchmark Korea Composite Stock Price Index (KOSPI) closing above the 6,000 mark for the first time since the outbreak of the U.S.-Iran conflict in late February, as easing oil prices and expectations of renewed diplomacy supported risk appetite. The KOSPI rose 123.64 points, or 2.07%, to 6,091.39 […] The post KOSPI tops 6,000 as markets reprice risk despite Iran war tensions appeared first on Korea Pro.

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South Korea businesses face hard choices as energy disruption persists South Korea’s latest emergency economic response shows that even as Seoul secures additional crude and naphtha, a more consequential question for business remains: Which part of existing operating models become harder to defend if energy flows are impaired, logistics stay unpredictable and government intervention grows more active? Finance Minister Koo Yun-cheol on Friday convened another […] The post South Korea businesses face hard choices as energy disruption persists appeared first on Korea Pro.

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South Korea secures oil supply, locking in higher costs and tighter logistics South Korea has secured crude oil and naphtha volumes through the end of the year, but the agreements lock the economy into higher costs and more constrained supply chains as it reroutes imports away from disrupted Middle Eastern shipping lanes. The government’s procurement effort reduces the risk of immediate shortages, but replaces it with longer […] The post South Korea secures oil supply, locking in higher costs and tighter logistics appeared first on Korea Pro.

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South Korea’s research sector grows, but structural limits persist South Korea’s Ministry of Science and ICT said on Tuesday that the country’s research industry expanded in 2024, with total revenue reaching about $19.3 billion (28.6 trillion won), up 3.6% from a year earlier, while employment rose 2.2% to around 190,000 workers. The number of firms in the sector increased 6.1% to 21,007, according to […] The post South Korea’s research sector grows, but structural limits persist appeared first on Korea Pro.

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South Korea seeks oil cooperation with Brazil, Mexico amid supply risks South Korea’s foreign minister Cho Hyun held separate phone calls this week with his Brazilian and Mexican counterparts, discussing ways to expand energy and supply chain cooperation as Seoul seeks to mitigate risks stemming from disruptions in the Middle East, the foreign ministry said on Thursday. In a call on Wednesday with Brazilian Foreign Minister […] The post South Korea seeks oil cooperation with Brazil, Mexico amid supply risks appeared first on Korea Pro.

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South Korea businesses face hard choices as energy disruption persists South Korea’s latest emergency economic response shows that even as Seoul secures additional crude and naphtha, a more consequential question for business remains: Which part of existing operating models become harder to defend if energy flows are impaired, logistics stay unpredictable and government intervention grows more active? Finance Minister Koo Yun-cheol on Friday convened another […] The post South Korea businesses face hard choices as energy disruption persists appeared first on Korea Pro.

5 days ago 0 0 0 0

South Korea faces export-readiness trade-off amid Gulf defense push South Korea’s presidential chief of staff Kang Hoon-sik said this week that Seoul has secured priority crude oil and naphtha supplies from Gulf producers through the end of the year, a development that highlights a growing constraint on the country’s defense export ambitions as rising demand from the same partners collides with limits in industrial […] The post South Korea faces export-readiness trade-off amid Gulf defense push appeared first on Korea Pro.

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Middle East disruption reshapes LNG shipping demand for South Korean yards South Korea’s shipbuilders are positioned to benefit from disruptions to Middle East energy flows as longer and less predictable shipping routes reduce effective fleet capacity and increase demand for liquefied natural gas (LNG) carriers. While increased demand for carriers will strengthen shipbuilders’ ability to set prices, it remains to be seen if they can keep […] The post Middle East disruption reshapes LNG shipping demand for South Korean yards appeared first on Korea Pro.

5 days ago 1 1 0 0

South Korea and Poland upgrade ties as defense, industrial links deepen South Korean President Lee Jae Myung and Polish Prime Minister Donald Tusk agreed on Monday to upgrade bilateral relations to a “comprehensive strategic partnership,” pledging closer cooperation in defense, industry and advanced technologies during talks in Seoul. The meeting marked the first bilateral visit by a Polish prime minister to South Korea in 27 years […] The post South Korea and Poland upgrade ties as defense, industrial links deepen appeared first on Korea Pro.

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KOSPI tops 6,000 as markets reprice risk despite Iran war tensions South Korean stocks surged on Wednesday, with the benchmark Korea Composite Stock Price Index (KOSPI) closing above the 6,000 mark for the first time since the outbreak of the U.S.-Iran conflict in late February, as easing oil prices and expectations of renewed diplomacy supported risk appetite. The KOSPI rose 123.64 points, or 2.07%, to 6,091.39 […] The post KOSPI tops 6,000 as markets reprice risk despite Iran war tensions appeared first on Korea Pro.

5 days ago 1 0 0 0

South Korea seeks oil cooperation with Brazil, Mexico amid supply risks South Korea’s foreign minister Cho Hyun held separate phone calls this week with his Brazilian and Mexican counterparts, discussing ways to expand energy and supply chain cooperation as Seoul seeks to mitigate risks stemming from disruptions in the Middle East, the foreign ministry said on Thursday. In a call on Wednesday with Brazilian Foreign Minister […] The post South Korea seeks oil cooperation with Brazil, Mexico amid supply risks appeared first on Korea Pro.

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Lee Jae Myung’s Israel posts reveal risks of communicating with social media President Lee Jae Myung’s recent social media posts on Israel have triggered a public rebuke from Tel Aviv and a response from South Korea’s foreign ministry. Much of the media attention has focused on the content of Lee’s posts. The more important issue is how they were communicated. Lee’s social media posts over the weekend […] The post Lee Jae Myung’s Israel posts reveal risks of communicating with social media appeared first on Korea Pro.

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South Korea secures oil supply, locking in higher costs and tighter logistics South Korea has secured crude oil and naphtha volumes through the end of the year, but the agreements lock the economy into higher costs and more constrained supply chains as it reroutes imports away from disrupted Middle Eastern shipping lanes. The government’s procurement effort reduces the risk of immediate shortages, but replaces it with longer […] The post South Korea secures oil supply, locking in higher costs and tighter logistics appeared first on Korea Pro.

6 days ago 0 0 0 0

South Korea faces export-readiness trade-off amid Gulf defense push South Korea’s presidential chief of staff Kang Hoon-sik said this week that Seoul has secured priority crude oil and naphtha supplies from Gulf producers through the end of the year, a development that highlights a growing constraint on the country’s defense export ambitions as rising demand from the same partners collides with limits in industrial […] The post South Korea faces export-readiness trade-off amid Gulf defense push appeared first on Korea Pro.

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South Korea braces for prolonged disruption after US-Iran talks fail South Korea’s presidential office said on Sunday it had convened an emergency economic review meeting following the collapse of initial ceasefire talks between the U.S. and Iran, warning that uncertainty surrounding the Korean economy remains elevated as tensions in the Middle East persist. The meeting, chaired by policy chief Kim Yong-beom, assessed the risk of […] The post South Korea braces for prolonged disruption after US-Iran talks fail appeared first on Korea Pro.

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South Korea’s research sector grows, but structural limits persist South Korea’s Ministry of Science and ICT said on Tuesday that the country’s research industry expanded in 2024, with total revenue reaching about $19.3 billion (28.6 trillion won), up 3.6% from a year earlier, while employment rose 2.2% to around 190,000 workers. The number of firms in the sector increased 6.1% to 21,007, according to […] The post South Korea’s research sector grows, but structural limits persist appeared first on Korea Pro.

6 days ago 0 0 0 0

KOSPI tops 6,000 as markets reprice risk despite Iran war tensions South Korean stocks surged on Wednesday, with the benchmark Korea Composite Stock Price Index (KOSPI) closing above the 6,000 mark for the first time since the outbreak of the U.S.-Iran conflict in late February, as easing oil prices and expectations of renewed diplomacy supported risk appetite. The KOSPI rose 123.64 points, or 2.07%, to 6,091.39 […] The post KOSPI tops 6,000 as markets reprice risk despite Iran war tensions appeared first on Korea Pro.

6 days ago 1 0 0 0

South Korea secures oil supply, locking in higher costs and tighter logistics South Korea has secured crude oil and naphtha volumes through the end of the year, but the agreements lock the economy into higher costs and more constrained supply chains as it reroutes imports away from disrupted Middle Eastern shipping lanes. The government’s procurement effort reduces the risk of immediate shortages, but replaces it with longer […] The post South Korea secures oil supply, locking in higher costs and tighter logistics appeared first on Korea Pro.

1 week ago 0 0 0 0

Middle East disruption reshapes LNG shipping demand for South Korean yards South Korea’s shipbuilders are positioned to benefit from disruptions to Middle East energy flows as longer and less predictable shipping routes reduce effective fleet capacity and increase demand for liquefied natural gas (LNG) carriers. While increased demand for carriers will strengthen shipbuilders’ ability to set prices, it remains to be seen if they can keep […] The post Middle East disruption reshapes LNG shipping demand for South Korean yards appeared first on Korea Pro.

1 week ago 1 0 0 0

South Korea and Poland upgrade ties as defense, industrial links deepen South Korean President Lee Jae Myung and Polish Prime Minister Donald Tusk agreed on Monday to upgrade bilateral relations to a “comprehensive strategic partnership,” pledging closer cooperation in defense, industry and advanced technologies during talks in Seoul. The meeting marked the first bilateral visit by a Polish prime minister to South Korea in 27 years […] The post South Korea and Poland upgrade ties as defense, industrial links deepen appeared first on Korea Pro.

1 week ago 0 0 0 0

South Korea’s research sector grows, but structural limits persist South Korea’s Ministry of Science and ICT said on Tuesday that the country’s research industry expanded in 2024, with total revenue reaching about $19.3 billion (28.6 trillion won), up 3.6% from a year earlier, while employment rose 2.2% to around 190,000 workers. The number of firms in the sector increased 6.1% to 21,007, according to […] The post South Korea’s research sector grows, but structural limits persist appeared first on Korea Pro.

1 week ago 0 0 0 0

Lee Jae Myung’s Israel posts reveal risks of communicating with social media President Lee Jae Myung’s recent social media posts on Israel have triggered a public rebuke from Tel Aviv and a response from South Korea’s foreign ministry. Much of the media attention has focused on the content of Lee’s posts. The more important issue is how they were communicated. Lee’s social media posts over the weekend […] The post Lee Jae Myung’s Israel posts reveal risks of communicating with social media appeared first on Korea Pro.

1 week ago 0 0 0 0

Middle East disruption reshapes LNG shipping demand for South Korean yards South Korea’s shipbuilders are positioned to benefit from disruptions to Middle East energy flows as longer and less predictable shipping routes reduce effective fleet capacity and increase demand for liquefied natural gas (LNG) carriers. While increased demand for carriers will strengthen shipbuilders’ ability to set prices, it remains to be seen if they can keep […] The post Middle East disruption reshapes LNG shipping demand for South Korean yards appeared first on Korea Pro.

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