Free Trade Zones

Yonhap News Summary | Yonhap News Agency

The following is the first summary of the main stories released by Yonhap News Agency on Thursday.

Yoon says it’s in everyone’s interest to end DSME strike quickly

SEOUL — President Yoon Suk-yeol said Thursday that people want to see a quick end to a strike at Daewoo Shipbuilding & Marine Engineering Co. (DSME) and allowing that will help everyone.

DSME contractors have been on strike since June 2, occupying a shipyard on Geoje Island on the south coast and causing up to hundreds of billions of won in losses to the company.

South Korea to expand financial and manpower support to promote chipmaker investment

SEOUL (Reuters) – South Korea will offer more tax incentives and financial support to chipmakers and train 150,000 experts in the field to encourage companies to press ahead with their investment plans without a hitch, it said on Thursday. the Ministry of Industry.

Big tech companies including Samsung Electronics Co. and SK hynix Inc. have pledged to invest a total of 340 trillion won ($258.69 billion) in their countries over the next five years, amid fierce competition for technological prowess and growing problems with supply chain disruptions.

FDI in free economic zones soar 164% in first half: data

SEOUL – Pledged foreign direct investment (FDI) in South Korea’s Free Economic Zones (FEZ) more than doubled in the first half of this year to a three-year high amid the post- pandemic, according to data released Thursday.

The country’s nine free zones received $560 million in FDI commitments in the January-June period, up 164 percent from a year earlier, according to data compiled by the Ministry of Commerce, of Industry and Energy.

South Korea’s sea freight down 5.1% in second quarter amid Ukraine crisis

SEOUL – Freight handled at South Korean seaports fell 5.1% year-on-year in the second quarter of this year amid global supply disruptions due to the protracted crisis in Ukraine and the lockdown by China‘s major cities during the COVID-19 pandemic, the oceans ministry said. Thursday.

Cargo handled in the country’s ports stood at 373.98 million tonnes in the April-June period, up from 394.17 million tonnes a year earlier, according to the Department of Oceans and Fisheries.

(LEAD) New infections top 70,000 for 3rd day as subvariant spreads

SEOUL — South Korea’s new coronavirus cases remained above 70,000 for the third straight day on Thursday due to the spread of a highly contagious omicron subvariant.

The country reported 71,170 new COVID-19 infections, including 320 from overseas, bringing the total number of cases to 19,009,080, the Korea Disease Control and Prevention Agency (KDCA) said.

AfDB cuts South Korea’s 2022 growth outlook to 2.6 percent

SEOUL – The Asian Development Bank (ADB) on Thursday cut its 2022 growth outlook for the South Korean economy to 2.6% amid the ongoing Ukraine crisis and aggressive monetary tightening by major countries.

The Manila-based bank’s latest estimate is lower than the 3% growth forecast made in April. The AfDB, however, maintained its earlier forecast of the country’s 2.6% growth for next year.

(Yonhap Interview) Remembrance Wall Reminds Freedom Isn’t Free: Tilelli

WASHINGTON — The names of more than 40,000 fallen soldiers carved into the Memorial Wall are tangible proof of the strong U.S.-South Korean alliance that will forever remind people of the cost of their freedom, the former commander said. of US Forces Korea, John Tilelli, on the latest addition. at the Korean War Memorial in Washington.

The wall, bearing the names of the 43,808 American and South Korean soldiers who made the ultimate sacrifice during the Korean War, will be unveiled next Wednesday, marking the 69th anniversary of the end of the 1950-53 war.