[WEEKEND WRAP] JUNE 8-11

 

June 8

[Yonhap] South Korea said it has joined an inter-governmental organization on rail transportation between Europe and Asia, a move that could boost Seoul’s ambitious project to link the Trans-Siberian Railway with an inter-Korean rail line.

South Korea has long talked about linking its rail network to Russia’s Siberian rail system via North Korea, an ambitious project that would cut shipping times and logistics costs for South Korea’s Europe-bound exports.

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June 8

[Yonhap] South Korea will seek drastic deregulation and provide support to foster innovative growth, the country’s finance ministry said Friday. Innovative growth is one of key economic goals sought after by the Moon Jae-in government, along with income-led growth.

Under a set of support measures unveiled earlier, the government will provide funding and other incentives to eight key sectors such as smart farms, smart cities, financial technology, drones and electric vehicles and artificial intelligence. Earlier the government said it would focus on expanding financial support for fledgling enterprises and creating a venture-friendly environment. The minister said the government is aiming to help create over 100,000 startups this year through fiscal support and investment funds.

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June 10

[Yonhap] South Korea’s economy is expected to grow 2.8 percent with some 198,000 new jobs to be created this year, a local think tank said Sunday, a lower growth estimate compared to forecasts made by the government and central bank.

Hyundai Research Institute (HRI) said its estimate is based on the fact that both the coincident composite index and the composite leading indicators have been falling for the past year, as well as on the country’s reliance on inventory investment for growth and poor employment statistics.

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June 11

 

[Yonhap] On June 10, the Ministry of Trade, Industry and Energy announced it will give a notice of legislation by July 20 for the revision of the Special Act on Balanced National Development bill, a follow-up to the Special Act on Balanced National Development, which was revised on March 20.

The special act will materialize the development and operations of the National Innovation Cluster (National Innovation Convergence Complex) being carried out under the government’s policy of balanced national development. The National Innovation Cluster will connect key regional entities including innovative cities, industrial complexes, special R&D zones and universities and provide incentives for companies that invest in the cluster including financial support, subsidies, tax exemptions, regulatory exceptions and support for innovative projects.

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June 11

[Yonhap] Chinese commerce giant Alibaba Group said Monday it will lend full support to South Korean companies wanting to expand their presence in the world’s second-largest market. South Korea was the fourth-largest exporter on Alibaba’s cross-border e-commerce platform, Tmall Global, in 2017, following Japan, United States and Australia.

South Korea’s beauty industry, among others, has shown remarkable presence in the Chinese market, Alibaba officials said. They forecast that local brands could attain a greater market share with sophisticated products down the road.

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