Trade reaches a record high

  Last year was a success for trade in Korea after the nation reached the so-called “triple crown” - a record high in annual trade volume, exports and trade surplus. It was the second consecutive year that Korea achieved a triple crown. According to data released by the Ministry of Trade, Industry and Energy on Thursday, the nation’s trade volume for last year posted a record high of $1.99 trillion - surpassing $1 trillion for the fourth straight year - thanks to low oil prices and successful sales of Korea’s flagship export items like semiconductors, steel, ships and handheld devices. In 2014, exports posted $573 billion, up 2.4 percent compared to 2013, while imports increased 2 percent to $525.6 billion. The country’s annual trade surplus was $47.4 billion.The government said the expanded exports to Korea’s major buyers - the United States, European Union and Asean - due to free trade agreements (FTAs) contributed to boosting the overall performance of exports. But Korean exports to Japan shrank 6.9 percent year-on-year due to a weak yen and the sluggish economy there. Semiconductors, steel and mobile devices were the three export items that saw the most growth.Semiconductor exports amounted to $62.7 billion in 2014, making it the first Korean product to ship more than $60 billion. Korean semiconductor exports marked $50 billion in 2010. The export volume of locally produced oil and petrochemical products surged in 2014 after oil production and refineries built by Korean companies opened last year. However, the recent plunge in oil prices resulted in 3 percent year-on-year drop in the value of petrochemicals.Memory chips, petrochemicals, automobiles, machinery and petrochemical products were Korea’s top five most exported items for the past two years.Korea will see exports rise further in all three trade categories in 2015, according to the Trade Ministry and the Korea International Trade Association, as the global economy improves and more FTAs come into effect.The Trade Ministry on Thursday estimated that Korean exports this year will be worth $594 billion, up 3.7 percent year-on-year, while imports will reach $542 billion, up 3.2 percent. Trade surplus is also expected to rise to $52 billion.But the ministry said it is worried that oil and petrochemical exports may shrink, though other flagship items like machinery, vessels and semiconductors will continue to lead the expansion of exports.   By Kim Ji-yoon (jiyoon.kim@joongang.co.kr)   from Korea Joongang Daily (☜ Click ) 

Busan-Jinhae FEZ marks 10th year...

Busan-Jinhae FEZ marks 10th year since dedication     The Busan-Jinhae Free Economic Zone on Wednesday marked its 10th anniversary and looked back on a decade of dedication and innovation geared toward creating a truly investor-friendly area. Located at the southern end of the peninsula, the Busan-Jinhae FEZ is one of the country’s several free economic zones established with the aim of attracting overseas investment.Currently, seven out of the 20 districts in Busan-Jinhae’s five areas ― New Port, Myeongji, Jisa, Dudong and Ungdong ― have been completed, and another six are currently under construction. The remaining seven will start being developed once plans are finalized in August this year.   Busan New Port in Busan-Jinhae Free Economic Zone. (Busan-Jinhae Free Economic Zone)     “This is quite a feat when considering that the economy has not been at the top of its game during the past 10 years,” said Moon Gu-kyung, a spokesman for the FEZ. In particular, Busan-Jinhae is known for its work in developing the New Busan Port, an area that used to be a tranquil fishing town. Today, it houses a facility capable of processing more than an annual 10 million containers. The port is aiming to become one of the world’s top five by 2020.But it’s not just the port, as the 20 districts within the FEZ will be cultivated into hubs for shipbuilding, auto manufacturing, machinery, value-added logistics and more. In terms of investment, the FEZ has also come a long way, as it has successfully attracted more than $1.6 billion worth of foreign direct investment from more than 100 foreign companies and around 820 local firms. The FEZ authorities are currently attempting to attract more, especially high-tech companies. Several top manufacturers such as Bosch Rexroth and Wilo SE have already settled in. In other areas such as Myeongji, prestigious schools such as Brighton College have signed up to make a home there.“We will work to make sure that investors get their money’s worth, and let them know that we are dedicated to their operations here and will continue to be over the next 10 years,” Moon said.     By Seo Ji-yeon (jseo@heraldcorp.com) from The Korea Herald (☜ Click )

[BUTECH2015] Newsletter Vol.2

[BUTECH2015] Newsletter Vol.1

Busan-Jinhae revs up as key business

Experts advise nation’s second-biggest city to bolster its soft power and to invest more in city branding to become an attractive global city   Citizens in Busan Metropolitan City, the nation’s second-largest city, with a population of 3.56 million, were shocked in 2012 when the city came behind Incheon in a global survey to measure its competiveness. Incheon was ranked 56th, while the survey put Busan at 64th. The Economist Intelligence Unit conducted the survey on 120 cities in the world to address emerging city power. “City policymakers took the survey results seriously and started considering how to boost the city’s competitiveness and turn it into a destination for companies and travelers,” Kim Kyung-soo, a researcher at Busan Development Institute, said. More precisely, the wind of change arrived in Busan, once an isolated city located on the southeastern-most tip of the Korean Peninsula, in 2010. At the time, the central government lifted a development ban on 33 square kilometers of greenbelt area, located in the western part of the city.  An aerial view of BusanThe deregulation measure stepped up the development of the Busan-Jinhae Free Economic Zone, or the BJFEZ, partially located in the greenbelt. Despite the distance from the capital, the BJFEZ that began construction after its designation in 2004 has been attracting global export-driven high tech companies with its logistics advantage. The business zone is close to Busan’s New Port, the nation’s largest seaport and Gimhae International Airport.“The inflow of companies overtook the outflow of enterprises in 2010,’’ Kim said. Busan is becoming a destination for travelers. The city was the second most favored Korean city to visit for Chinese travelers after Seoul last year. Haeundae-gu, an eastern district of Busan, is flooded with Chinese visitors year round. Haeundae beach, sitting against the backdrop of high-rise buildings, and Shinsegae Centum City, a mega shopping complex that includes the world’s largest department store, are located within the district. The Busan Exhibition and Convention Center is emerging as a hub for a variety of business meetings and trade shows.Continued updates of the city in terms of infrastructure and soft power are attracting not only companies but also people. “The population in Busan and its satellite cities like Gimhae and Yangsan is growing, beating the outflow of people,” a city official said. Growing demand for city branding Busan’s competitiveness has improved, but it takes some time to gain the status of an international city, experts said. “It is time for the city government to bolster the city’s soft power rather than update hard power like infrastructure,” Kim said. “A growing number of people in the world care about a city’s quality of living the most rather than hard power when they choose a destination for jobs or even for temporary stays.” Secondly, more investment in city branding activities is advised to raise awareness of the city internationally. “Busan has created a couple of globally competitive festivals, including Busan International Film Festival and Busan Fireworks Festival, but the international awareness of these festivals is quite low due to the lack of a strategic approach to promotion,” Kim said. Cultural openness was stressed as another key factor for becoming an international city.“Citizens of Busan, where conservative Confucianism is deep-rooted, need to learn more about different culture and to increase global connections, in an effort to become a part of the global network,” Kim added. By Seo Jee-yeon (jyseo@heraldcorp.com)   from The Korea Herald (☜ Click )

South Korea industrial output up 3%

SEOUL: South Korean industrial output rose 3.0 per cent in December from a month earlier for a second consecutive monthly increase, state data showed Friday (Jan 30).   \"Thanks to increases in automobiles, semiconductor memory chips and their parts and components, the industrial output grew for the second straight month\", Statistics Korea said.   From a year earlier, industrial output in December was up 0.4 per cent. The increase in production in the mining, manufacturing, gas and electricity industries followed a 1.3 per cent on-month rise in November.   For the whole of 2014, industrial output was flat from a year earlier, as growth in auto and metals was offset by cuts in transport machinery and video, audio and telecom equipment. The service sector remained flat on-month but expanded three per cent from a year earlier.   - AFP/rw   from Channel News Asia (☜ Click ) 

[BUTECH2017] E-Brochure (Chinese)

This is the E-Brochure(Chinese version) of BUTECH2017. Please find the attachment.  Thank you.

[BUTECH2017] E-Brochure (Japanese)

This is the E-Brochure(Japanese version) of BUTECH2017. Please find the attachment.  Thank you.

[BUTECH2015] Newsletter Vol.2

[BUTECH2015] Newsletter Vol.1

[BUTECH2017] E-Brochure (Chinese)

This is the E-Brochure(Chinese version) of BUTECH2017. Please find the attachment.  Thank you.

[BUTECH2017] E-Brochure (Japanese)

This is the E-Brochure(Japanese version) of BUTECH2017. Please find the attachment.  Thank you.

[BUTECH2017] NEWSLETTER Vol.1

BUTECH2017, NEWS LETTER. Vol.1

[BUTECH2017] NEWSLETTER Vol.2

BUTECH2017, NEWS LETTER. Vol.1

[Butech2019] Newsletter Vol.1

BUTECH 2025 - Brochure (Eng)

Here is the E-Brochure of English version PDF file. You can download it through attached file. If you have any question to participate in "BUTECH 2025", send an e-mail to "butechman@naver.com". Thank you.​  

Trade reaches a record high

  Last year was a success for trade in Korea after the nation reached the so-called “triple crown” - a record high in annual trade volume, exports and trade surplus. It was the second consecutive year that Korea achieved a triple crown. According to data released by the Ministry of Trade, Industry and Energy on Thursday, the nation’s trade volume for last year posted a record high of $1.99 trillion - surpassing $1 trillion for the fourth straight year - thanks to low oil prices and successful sales of Korea’s flagship export items like semiconductors, steel, ships and handheld devices. In 2014, exports posted $573 billion, up 2.4 percent compared to 2013, while imports increased 2 percent to $525.6 billion. The country’s annual trade surplus was $47.4 billion.The government said the expanded exports to Korea’s major buyers - the United States, European Union and Asean - due to free trade agreements (FTAs) contributed to boosting the overall performance of exports. But Korean exports to Japan shrank 6.9 percent year-on-year due to a weak yen and the sluggish economy there. Semiconductors, steel and mobile devices were the three export items that saw the most growth.Semiconductor exports amounted to $62.7 billion in 2014, making it the first Korean product to ship more than $60 billion. Korean semiconductor exports marked $50 billion in 2010. The export volume of locally produced oil and petrochemical products surged in 2014 after oil production and refineries built by Korean companies opened last year. However, the recent plunge in oil prices resulted in 3 percent year-on-year drop in the value of petrochemicals.Memory chips, petrochemicals, automobiles, machinery and petrochemical products were Korea’s top five most exported items for the past two years.Korea will see exports rise further in all three trade categories in 2015, according to the Trade Ministry and the Korea International Trade Association, as the global economy improves and more FTAs come into effect.The Trade Ministry on Thursday estimated that Korean exports this year will be worth $594 billion, up 3.7 percent year-on-year, while imports will reach $542 billion, up 3.2 percent. Trade surplus is also expected to rise to $52 billion.But the ministry said it is worried that oil and petrochemical exports may shrink, though other flagship items like machinery, vessels and semiconductors will continue to lead the expansion of exports.   By Kim Ji-yoon (jiyoon.kim@joongang.co.kr)   from Korea Joongang Daily (☜ Click ) 

Busan-Jinhae FEZ marks 10th year...

Busan-Jinhae FEZ marks 10th year since dedication     The Busan-Jinhae Free Economic Zone on Wednesday marked its 10th anniversary and looked back on a decade of dedication and innovation geared toward creating a truly investor-friendly area. Located at the southern end of the peninsula, the Busan-Jinhae FEZ is one of the country’s several free economic zones established with the aim of attracting overseas investment.Currently, seven out of the 20 districts in Busan-Jinhae’s five areas ― New Port, Myeongji, Jisa, Dudong and Ungdong ― have been completed, and another six are currently under construction. The remaining seven will start being developed once plans are finalized in August this year.   Busan New Port in Busan-Jinhae Free Economic Zone. (Busan-Jinhae Free Economic Zone)     “This is quite a feat when considering that the economy has not been at the top of its game during the past 10 years,” said Moon Gu-kyung, a spokesman for the FEZ. In particular, Busan-Jinhae is known for its work in developing the New Busan Port, an area that used to be a tranquil fishing town. Today, it houses a facility capable of processing more than an annual 10 million containers. The port is aiming to become one of the world’s top five by 2020.But it’s not just the port, as the 20 districts within the FEZ will be cultivated into hubs for shipbuilding, auto manufacturing, machinery, value-added logistics and more. In terms of investment, the FEZ has also come a long way, as it has successfully attracted more than $1.6 billion worth of foreign direct investment from more than 100 foreign companies and around 820 local firms. The FEZ authorities are currently attempting to attract more, especially high-tech companies. Several top manufacturers such as Bosch Rexroth and Wilo SE have already settled in. In other areas such as Myeongji, prestigious schools such as Brighton College have signed up to make a home there.“We will work to make sure that investors get their money’s worth, and let them know that we are dedicated to their operations here and will continue to be over the next 10 years,” Moon said.     By Seo Ji-yeon (jseo@heraldcorp.com) from The Korea Herald (☜ Click )

Busan-Jinhae revs up as key business

Experts advise nation’s second-biggest city to bolster its soft power and to invest more in city branding to become an attractive global city   Citizens in Busan Metropolitan City, the nation’s second-largest city, with a population of 3.56 million, were shocked in 2012 when the city came behind Incheon in a global survey to measure its competiveness. Incheon was ranked 56th, while the survey put Busan at 64th. The Economist Intelligence Unit conducted the survey on 120 cities in the world to address emerging city power. “City policymakers took the survey results seriously and started considering how to boost the city’s competitiveness and turn it into a destination for companies and travelers,” Kim Kyung-soo, a researcher at Busan Development Institute, said. More precisely, the wind of change arrived in Busan, once an isolated city located on the southeastern-most tip of the Korean Peninsula, in 2010. At the time, the central government lifted a development ban on 33 square kilometers of greenbelt area, located in the western part of the city.  An aerial view of BusanThe deregulation measure stepped up the development of the Busan-Jinhae Free Economic Zone, or the BJFEZ, partially located in the greenbelt. Despite the distance from the capital, the BJFEZ that began construction after its designation in 2004 has been attracting global export-driven high tech companies with its logistics advantage. The business zone is close to Busan’s New Port, the nation’s largest seaport and Gimhae International Airport.“The inflow of companies overtook the outflow of enterprises in 2010,’’ Kim said. Busan is becoming a destination for travelers. The city was the second most favored Korean city to visit for Chinese travelers after Seoul last year. Haeundae-gu, an eastern district of Busan, is flooded with Chinese visitors year round. Haeundae beach, sitting against the backdrop of high-rise buildings, and Shinsegae Centum City, a mega shopping complex that includes the world’s largest department store, are located within the district. The Busan Exhibition and Convention Center is emerging as a hub for a variety of business meetings and trade shows.Continued updates of the city in terms of infrastructure and soft power are attracting not only companies but also people. “The population in Busan and its satellite cities like Gimhae and Yangsan is growing, beating the outflow of people,” a city official said. Growing demand for city branding Busan’s competitiveness has improved, but it takes some time to gain the status of an international city, experts said. “It is time for the city government to bolster the city’s soft power rather than update hard power like infrastructure,” Kim said. “A growing number of people in the world care about a city’s quality of living the most rather than hard power when they choose a destination for jobs or even for temporary stays.” Secondly, more investment in city branding activities is advised to raise awareness of the city internationally. “Busan has created a couple of globally competitive festivals, including Busan International Film Festival and Busan Fireworks Festival, but the international awareness of these festivals is quite low due to the lack of a strategic approach to promotion,” Kim said. Cultural openness was stressed as another key factor for becoming an international city.“Citizens of Busan, where conservative Confucianism is deep-rooted, need to learn more about different culture and to increase global connections, in an effort to become a part of the global network,” Kim added. By Seo Jee-yeon (jyseo@heraldcorp.com)   from The Korea Herald (☜ Click )

South Korea industrial output up 3%

SEOUL: South Korean industrial output rose 3.0 per cent in December from a month earlier for a second consecutive monthly increase, state data showed Friday (Jan 30).   \"Thanks to increases in automobiles, semiconductor memory chips and their parts and components, the industrial output grew for the second straight month\", Statistics Korea said.   From a year earlier, industrial output in December was up 0.4 per cent. The increase in production in the mining, manufacturing, gas and electricity industries followed a 1.3 per cent on-month rise in November.   For the whole of 2014, industrial output was flat from a year earlier, as growth in auto and metals was offset by cuts in transport machinery and video, audio and telecom equipment. The service sector remained flat on-month but expanded three per cent from a year earlier.   - AFP/rw   from Channel News Asia (☜ Click ) 

Report predicts economic recovery in ...

Korea's economy is predicted to recover from the downturn caused by the Covid-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday.    But the report by Hyundai Research Institute said the Korean economy is expected to face another downturn in the first quarter of next year if coronavirus infections increase.   A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed until the first half of 2022, the report said.​  See Original News (☜ Click)

Q3 GDP growth was surprisingly robust...

Korea reported better-than-expected growth in the third quarter largely on the back of recovery in exports and facilities investment.    The Bank of Korea (BOK) said Tuesday that the country’s GDP increased by 2.1 percent during the July-September period compared to the previous quarter, up from a preliminary forecast of 1.9 percent announced in October.   Exports, retail sales and services did better than expected, explained the central bank.   In fact, this was the sharpest growth in more than a decade — since the third quarter of 2009, when the country registered 3 percent growth quarter-on-quarter.   Compared to the same period last year, growth was negative 1.1 percent.​    from : Korea JoongAng Daily See Original News (☜Click)