Economy of South Korea

Greece and South Korea agreed to boost their bilateral cooperation in information technology, shipping and shipbuilding, energy and RES, agrifood production, culture and tourism, in the context of the 4th Meeting of the Joint Interministerial Committee on Economic Cooperation held in Athens on Thursday.

BELGRADE- Serbian PM Ana Brnabic said on Monday a new era was ahead for development of economic and political relations between Serbia and South Korea.

Hyundai Motor Group and LG Energy Solution have announced they will build a $4.3 billion electric battery plant as part of Hyundai's new electric vehicle assembly plant in southeast Georgia.

The companies will split the investment, starting production as soon as late 2025.

Samsung Electronics said yesterday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales.

The heir and de facto leader of Samsung group received a presidential pardon on Aug. 12, the latest example of South Korea's long tradition of freeing business leaders convicted of corruption on economic grounds.    

The Organization for Economic Co-operation and Development (OECD) has revised up its 2021 growth forecast for Turkey by 0.6 percentage points to 9 percent.

"In the absence of further shocks, GDP growth is projected to be 9 percent in 2021 before easing to 3.3 percent in 2022 and 3.9 percent in 2023," the OECD said in its Economic Outlook report released on Dec. 1.

Automotive production and exports in Turkey decreased by 11 percent and 27 percent, respectively, year-on-year in 2020, the country's Automotive Manufacturers Association (OSD) said on Jan. 17.

Last year, the automotive industry made the lion's share of the country's overall exports with 15 percent, the association said in a press release.

The EU's passenger car market shrank 41.5% in the January-May period this year compared to the same period last year, an industry group said on June 17. 
Automobile registrations across the 27-member bloc stood at 3.33 million in the first five months of 2020, the European Automobile Manufacturers' Association (ACEA) announced.

A new investor is needed at the Bucharest Heavy Machine Works Company Doosan IMGB SA to continue operating, as it is unacceptable for the machinery there hauled away for scrap, Minister-designate of Economy, Energy and Business Environment Virgil Popescu said on Thursday at the end of the hearings in the Parliament's select committees.

The Executive Director of the Bulgarian Small and Medium Enterprises Promotion Agency /BSMEPA/ Dr Boyko Takov is visiting the Republic of Korea to participate in the official third part of the project Knowledge Sharing Program (KSP) entitled "Interim Reporting and Policy Practitioners Workshop".