The government decided Thursday to expand support for low income families struggling to pay gas bills by offering energy vouchers and discounts as rapidly growing energy costs have become the center of political debate. President Yoon Suk Yeol’s economic secretary Choi Sang-mok said the value of energy vouchers given to 1.17 million households classified as economically vulnerable would be doubled to 304,000 won ($246). The range of discounts for gas bills will also be doubled to 18,000 w

Politics Jan. 26, 2023

President Yoon Suk Yeol said Wednesday that South Korea should conform its labor and regulatory policies to global standards in order to survive in the competitive global market. “Unless we align our system with global standards (in regard to) regulation and labor, (global companies) will not invest in our country and it will be difficult for Korean companies to compete in the global market,” Yoon told his ministers at the meeting on Wednesday. The remark came at the meeting held aft

Politics Jan. 25, 2023

DAVOS, Switzerland -- President Yoon Suk Yeol wrapped up his eight-day visit to the United Arab Emirates and Switzerland by seeking to boost the economy by drawing massive investments and encouraging global entrepreneurs to invest in Korea. His foreign policy moves, however, have been tainted by a diplomatic spat with Iran after calling the country "the UAE's enemy." Iran went further and raised issue with its frozen funds in Seoul as well as Yoon's recent remarks on nucl

Foreign Affairs Jan. 20, 2023

President Yoon Suk Yeol stressed global cooperation and solidarity to overcome multiple global crises, and reaffirmed his willingness to return to nuclear power policies that his predecessor sought to scrap during his speech at the World Economic Forum in Davos, Switzerland, Thursday. This year’s Davos forum, under the theme of “Cooperation in a Fragmented World,” was marked by the absence of leaders of major economies, including US President Joe Biden and Chinese President Xi

Politics Jan. 19, 2023

DAVOS, Switzerland -- Vestas announced plans to invest $300 million in Korea at a ceremony held Wednesday at a hotel in Davos, Switzerland, with President Yoon Suk Yeol attending, according to the presidential office Thursday. Yoon attended the investment declaration ceremony of wind turbine manufacturer Vestas in Switzerland. Vestas is a Danish company that ranks first in the world in terms of wind power installation. Vestas plans to establish a large-scale turbine parts production plant in K

Foreign Affairs Jan. 19, 2023

DAVOS, Switzerland -- On the second day of President Yoon Suk Yeol's visit to Switzerland, a day before attending the World Economic Forum, he had a lunch meeting with CEOs from global companies to discuss Korea’s competitiveness and investment environment. The Wednesday luncheon was attended by the heads of six major Korean companies -- Samsung, SK, Hyundai, LG, Lotte and Hanwha. Fifteen CEOs from foreign companies, including Intel, IBM, Qualcomm, Shell, JP Morgan, Mubadala Investmen

Politics Jan. 19, 2023

ZURICH, Switzerland -- President Yoon Suk Yeol is set to debut at the World Economic Forum's annual meeting on Thursday in Davos, Switzerland, amid the notable absence of the leaders of the two largest economies, the US and China, against a backdrop of growing nationalism and deglobalization. While there are simmering questions over the forum’s validity in boosting globalization, experts say Davos is still a "good opportunity" for Asia’s fourth-largest economy to incre

Foreign Affairs Jan. 18, 2023

ZURICH, Switzerland/DUBAI -- President Yoon Suk Yeol, who arrived in Switzerland on Tuesday evening, met with Koreans living in Zurich, vowing to make greater efforts for a new 60 years with Switzerland based on the trust and cooperation the two nations have built, before leaving for Davos. Upon arriving in the city, Yoon and first lady Kim had dinner with around 80 Korean residents in a hotel. An estimated 4,000 Koreans live in Switzerland. In an opening speech, Yoon said South Korea “sol

Politics Jan. 18, 2023

DUBAI, United Arab Emirates -- Touting himself as the “salesman of South Korea,” President Yoon Suk Yeol wrapped up his four-day state visit to the United Arab Emirates on Tuesday, sending home $30 billion of business agreements with the lucrative economy, before heading to the World Economic Forum in Davos, Switzerland, to talk international affairs. The presidential office viewed Yoon’s visit to the UAE as “the first step toward the first year of the new Middle East bo

Foreign Affairs Jan. 17, 2023

The presidential office said South Korea is seeking to export nuclear power plants to the UK in cooperation with the United Arab Emirates on the occasion of President Yoon Suk Yeol’s visit to the UAE. A senior official of the presidential office told reporters on Monday evening (local time) on the condition of anonymity that President Yoon said during his visit to the Barakah nuclear power plant, "Team Korea"’s technological experience led to the success of the Barakah nu

Politics Jan. 17, 2023

ABU DHABI, United Arab Emirates -- President Yoon Suk Yeol and Emirati leader Sheikh Mohammed bin Zayed Al Nahyan adopted a joint declaration to deepen the special strategic partnership between the two countries on Monday. It stated the Middle East country’s promise to invest $30 billion to Asia’s fourth-largest economy, the presidential office said. Under the declaration, the two countries agreed to strengthen strategic cooperation in areas, including economy, energy, nuclear ener

Politics Jan. 17, 2023

ABU DHABI, United Arab Emirates -- President Yoon Suk Yeol visited the Barakah nuclear power plant in the United Arab Emirates, accompanied by Emirati leader Sheikh Mohammed bin Zayed Al Nahyan on Monday, reconfirming close energy ties with the UAE on the third day of his state visit. The Barakah nuclear power plant was the first nuclear power plant in the country and the first overseas nuclear power plant designed and built by Korea. The nuclear power plant is being jointly constructed by Hyu

Foreign Affairs Jan. 16, 2023

ABU DHABI, United Arab Emirates -- First lady Kim Keon Hee went on her solo events, attending a dinner invitation by Sheikha Fatima bint Mubarak Al Ketbi, mother of the Emirati leader Sheikh Mohammed bin Zayed Al Nahyan and meeting Minister of Culture and Youth Noura Al Kaabi, the presidential office said Monday. On Sunday evening, Kim had the dinner at the presidential palace Qasr Al Watan with the UAE leader's mother who is also the widow of the late President Khalifa bin Zayed Al Nahyan.

Foreign Affairs Jan. 16, 2023

ABU DHABI, United Arab Emirates — President Yoon Suk Yeol visited Korean troops stationed in the United Arab Emirates to encourage the soldiers, telling them the UAE is “our brother” and that its security was the security of South Korea, the presidential office said Sunday. President Yoon and first lady Kim Keon Hee visited the Akh unit, which has been dispatched by South Korea since 2011 to train UAE special forces at the request of the UAE government. Yoon told the troops the

Defense Jan. 16, 2023

ABU DHABI, United Arab Emirates -- President Yoon Suk Yeol received the highest level of courtesy during his visit to the United Arab Emirates, where he was invited for the first state visit by a Korean leader. Before the summit with Emirati President Sheikh Mohammed bin Zayed al-Nahyan for closer economic cooperation, Yoon was received in a large-scale official welcoming ceremony Sunday morning, the second day of his visit to the nation. At the beginning of the ceremony, seven UAE fighter jets

Foreign Affairs Jan. 15, 2023