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Korea records highest ever current account surplus
Feb 08, 2013
Korea posted the highest ever current account surplus in 2012, despite difficult economic conditions around the world, as the Korean wave and overseas construction projects helped generate a surplus in the country’s service account for the first time in 14 years. According to a r...


Korea ranks first in ship orders for second year
Jan 22, 2013
Despite a slow economy and lower demand for new ships, Korea's shipbuilding orders topped the world for the second consecutive year in 2012 in terms of both volume and monetary value. According to the Ministry of Knowledge Economy (MKE) and the Korea Shipbuilders' Association (KO...


World's first underground thermal power plant to be bui...
Jan 07, 2013
A large underground thermal power plant will be built in Korea for the first time in the world. According to Korea Midland Power (KOMIPO), Seoul Thermoelectric Power Plant in Mapo District, western Seoul, will be retired in 2017 and remodeled into a cultural and sports complex in...


Korea to become eighth biggest trading partner
Dec 03, 2012
Korea is highly likely to become the world's eighth biggest trading partner, a government report said recently. The country's annual trade volume is projected to exceed USD one trillion this year for the second time. "Korea's exports have stagnated a little this year due to worse...


Korea’s medical tourism only gets better
Nov 30, 2012
The Korea International Medical Tourism Convention 2012 (KIMTC 2012) was held for three days starting on October 8 at KINTEX in Ilsan. Marking its fifth year, more than 100 overseas agencies from 16 countries visited the convention which offered over 50 booths consisting of clini...


Services account surplus expected this year due to K-po...
Nov 22, 2012
The growing influence of K-pop coupled with the huge success of Psy's "Gangnam Style" seems to have helped push Korea's services account into the black. Korea's services account, which shows the difference between a nation's total exports and imports of services, has almost alway...


Korea lifts hurdle for opening casinos
Sep 24, 2012
Foreign investors will now face fewer hurdles to open new casinos in Korea. A recent revision of an ordinance for free economic zone (FEZ) special laws lifted a major hurdle for foreign investment in opening a foreigners-only casino in the country's FEZs. On September 18, the Min...


Korea gets rating upgrades by all three agencies
Sep 20, 2012
Korea's sovereign credit rating was raised by Standard & Poor's by one notch on September 14. In a period of only three weeks, the country has seen upgrades by all three global credit rating agencies. The consecutive upgrades are expected to further improve foreign currency f...


"Healing" is in the minds of consumers around the world
Sep 12, 2012
Reflecting consumers’ growing interest in a peaceful and practical lifestyle, a report by Korea Trade-Investments Promotion Agency found that the proven selling code worldwide is "healing.” The result was released by Korea Trade-Investments Promotion Agency (KOTRA) in a report on...


Foreign media taken by surprise after sovereign rating ...
Sep 11, 2012
Last week's upgrade of Korea's sovereign debt rating by Fitch Ratings to AA-, a step higher than Japan and China's, shows a vote of confidence in the country's economy, as reported throughout the foreign media. The successive upgrade by Moody's Investors Service and then by Fitch...