Seoul, March 29 (IANS) Finance Minister Koo Yun-cheol said on Sunday that the government could expand a mandatory five-day vehicle rotation system to the private sector if global oil prices rise to US$120-130 per barrel as part of nationwide energy-saving efforts amid an escalating conflict in the Middle East.”If the situation worsens, we may have to raise the national resource crisis alert to Level 3,” Koo told a KBS television interview. “In that case, we would extend the vehicle rotation syst…
Latest Korea Chamber of Commerce and Industry News & Updates
Seoul, March 27 (IANS) South Korean stocks opened sharply lower on Friday on increased risk-off sentiment following renewed concerns over tensions in the Middle East.After opening 2.93 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 204 points, or 3.74 percent, to 5,256.46 in the first 20 minutes of trading, reports Yonhap news agency.Overnight, U.S. markets suffered a sharp drop, as U.S. President Donald Trump gave mixed signals about where Washington stands in its n…
Seoul, Feb 21 (IANS) The US Supreme Court’s decision to strike down President Donald Trump’s emergency “reciprocal” tariffs has raised fresh uncertainty for South Korea’s trade outlook, according to experts on Saturday, though major Korean companies are unlikely to make abrupt changes to their U.S. investment strategies.The U.S. court ruled against Trump’s use of the 1977 International Emergency Economic Powers Act (IEEPA) to justify the reciprocal tariffs and other IEEPA duties, prompting quest…
Seoul, Jan 20 (IANS) Excessive regulations on large companies may have cut the country’s gross domestic product (GDP) by up to 111 trillion won ($75.2 billion) in 2025, a major business lobby argued on Tuesday, calling on the government to ease regulatory burdens on firms seeking to expand.The Korea Chamber of Commerce and Industry (KCCI) made the assessment in a report, noting that the so-called “growth penalty,” which refers to additional tax and regulatory burdens imposed on companies as they…
Seoul, Jan 13 (IANS) Around 40 per cent of South Korean manufacturers expect economic conditions to deteriorate this year amid increased volatility in the foreign exchange (FX) market, a poll showed on Tuesday.According to the poll conducted recently by the Korea Chamber of Commerce and Industry (KCCI) on 2,208 manufacturing firms, a total of 40.1 percent of respondents said they expect a deterioration in economic conditions, reports Yonhap news agency.In detail, 14.7 per cent of respondents poi…
Seoul, Dec 30 (IANS) South Korean President Lee Jae Myung will make a State Visit to China early next week for summit talks with Chinese President Xi Jinping, Cheong Wa Dae said Tuesday, with the leaders expected to discuss ways to strengthen strategic cooperation and bilateral economic ties. Lee is scheduled to depart for Beijing on Sunday for summit talks with Xi. On next Tuesday, Lee will travel to Shanghai before returning home on Wednesday, presidential spokesperson Kang Yu-jung said in a b…
Seoul, Dec 29 (IANS) South Korea must move fast to secure global competitiveness in artificial intelligence (AI) through aggressive investments in 2026, the country’s leading business lobbies said on Monday, highlighting AI as a key growth sector for the nation.”In order to secure global-level competitiveness in the AI and green transformation sectors, it is essential to build the capability to pursue major investment projects swiftly,” Chey Tae-won, chairman of the Korea Chamber of Commerce and…