• Trade News
  
  KOREA-CHINA-JAPAN
  HOLD 11TH ROUND
  OF NEGOTATIONS
  ON FTA
•    The 11th round of negotiations of the Korea-Japan-China Free Trade Agreement (FTA) was held in Beijing, China from January 9 to 11.
     Assistant Minister of Trade, Industry and Energy Sang-jin Lee, Chinese Vice Minister of Commerce Wang Shouwen and Japanese Deputy Minister for Foreign Affairs Katakami Keiichi led the respective delegations.
     This round of negotiations is the first high-level negotiation among the three countries since the 10th round of negotiations held in Seoul last June.
     Following the Korea-China-Japan Commerce Minister’s Meeting held on October 29, 2016, the negotiation highlighted the importance of the
• trilateral free trade agreement and reaffirmed the three countries’ determination to accelerate the negotiation process.
     Most notably, the three parties discussed various measures needed to speed up the trade process for the commodity market, while laying the groundwork for negotiations in the investment and service sector.
     They also promised to proceed negotiations on finance, telecommunications, intellectual property rights and e-commerce. Based on the results of this round of negotiations, the parties will also accelerate discussions on the full-scale access to their respective markets.

• Government & Policy
  
  KOREA ESTABLISHES
  KRW 3.5 TRILLION
  FUND FOR STARTUPS
•    On January 18, the Ministry of Science, ICT and Future Planning announced that it would partner with the Small and Medium Business Administration to establish a KRW 3.5 trillion (USD 2.9 billion) fund to help job-seekers launch 50,000 new startups.
     The fund aims at creating more jobs and promoting investment. It will focus on establishing infrastructure for basic science, new-growth sectors and assisting venture firms.
     The ministry will also help 500
• startups expand overseas and continue to operate the 17 creative economy innovation centers as a growth strategy amid rapid industrial, technological transformation.
     In addition, the government will help international entrepreneurs from across the world pitch their business ideas in South Korea. Last year, the ministry hosted the accelerator program K-Startup Grand Challenge, the first of its kind, to help foreign startups to begin their businesses here.

• KOREA TO
  RESTRUCTURE
  INDUSTRIES IN 2017
•    At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho on January 25, the Korean government announced that it would revamp the shipbuilding, steelmaking, shipping and petroleum sectors this year.
     Shipyards are expected to cut workforces by 24 percent and reduce combined docks by 43 percent by 2018, while investing KRW 180 billion (USD 154.3 million) into research and development on new shipbuilding
• technology and services. The steelmaking and petrochemical industries will also reduce its supply glut to redesign and diversify companies’ business portfolios.
     The government also restructured the two state-run policy lenders—the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank)—to intensify its risk-management efforts and tighten loans to expand its credit assessment system to foreign debtors.

• KOREA GRAND SALE
  TO KICK OFF
•    From February 20 to 28, South Korea will kick off a nationwide shopping campaign focusing on winter tourism to promote the 2018 Pyeongchang Winter Olympics.
     Under the campaign, ski resorts in Pyeongchang and other counties in Gangwon Province will provide up to 50 percent discounts on the use of lifts, gondolas and skiing equipment. Korean Air Lines Co., Asiana Airlines
• Co. and Jeju Air will also offer discounts on tickets and accommodation during the period.
     Shilla Stay, a budget hotel affiliated with Hotel Shilla Co., will provide a 50 percent discount while foreigners can get a 30 percent discount on entrance tickets to N Seoul Tower. Hundreds of hotels, duty-free shops and retailers will join the campaign.