[WEEKEND WRAP] APRIL 20-23

 

 

Apr 20

[Yonhap] South Korea’s venture minister said Friday that the government is committed to expanding support for smaller companies to help them expand overseas, as it moves to boost innovative growth and tackle the high youth unemployment rate in the country.

South Korea’s government has been seeking to nurture venture companies and startups, a part of its policy to support smaller businesses and reduce the youth unemployment rate.

Read more here.

 

Apr 20

[Yonhap] South Korea and the Inter-American Development Bank (IDB) signed a memorandum of understanding to work together to build a smarter energy infrastructure in Latin America.

Under the agreement, the two sides will cooperate in building the energy storage system connected with solar and wind power in the energy-strapped islands or isolated areas in Latin America and the Caribbean. They will also seek ways to adopt the energy-efficient technologies in public buildings in Barbados, an eastern Caribbean island. The ministry said the MOU is expected to provide greater export opportunities to Korean companies in the advanced energy sector.

Read more here.

 

Apr 21

[Yonhap] North Korea’s decision to halt nuclear tests is expected to ease uncertainties related to geopolitical risks in the South Korean economy. Pyongyang’s state media said it will stop nuclear and missile tests and dismantle its nuclear test site in a shift of policy focus to the economy.

The move boosted hopes among local investors about easing of tensions on the Korean Peninsula, which have been cited as a key reason for undervalued local stocks over the past decades, dubbed the “Korea Discount.” Experts say the mood of detente could improve South Korea’s ratings outlook by alleviating so-called “North Korea risks,” such as possibilities of a war on the Korean Peninsula and abrupt change in the Pyongyang regime.

Read more here.

 

Apr 22

[Yonhap] South Korea is speeding up the development of its own global positioning system (GPS) that will be more accurate and offer greater coverage for users. The Ministry of Land, Infrastructure and Transport said it will hold talks with representatives from the U.S. Space and Missile Systems Center (SMC) at the headquarters of the International Civil Aviation Organization in Montreal this week on the Korea Augmentation Satellite System, or KASS.

KASS is Seoul’s take on the Satellite Based Augmentation System that is designed to reduce errors in finding a precise location using GPS. It is expected to go into service in the latter half of 2020 and provide full coverage for Korea.

Read more here.

 

Apr 23

[Yonhap] The number of foreigners who visited South Korea rose 10.7 percent on-year in March, ending 12 straight months of decline.

The total number of inbound visitors came to 1.37 million last month, up from 1.23 million a year earlier, according to the data from the Korea Tourism Organization. It marked the first on-year increase after the number of Chinese tourists visiting here began to tumble in March 2017 amid a diplomatic row between Seoul and Beijing over the deployment of a U.S. missile defense system in South Korea. The tourism promotion agency attributed the latest growth to the gradual improvement in ties between the two countries, as well as South Korea’s efforts to attract more visitors from countries other than China.

Read more here.

 

The Latest at IK