Economy - The Korea Times

InterviewKorean CEO in her 20s creates jobs for foreign workers amid high youth unemployment

Kim Jin-young is defying the odds at a time when many of her Gen Z peers in Korea are grappling with surging unemployment rates, not only by securing a job for herself, but also by creating jobs for others — specifically foreigners. At just 26, Kim is the founder and CEO of Kowork, a fast-growing job platform dedicated exclusively to connecting skilled foreign professionals with employment opportunities in Korea. She founded the company five years ago while still a junior in college, and according to her, Kowork is the first platform in Korea focused solely on serving this niche. Today, the company has grown to a team of 12 employees and continues to expand its presence in Korea’s challenging job market. “I’ve had a longstanding interest in creating a society where anyone — regardless of age, origin or background — can have a fair opportunity, and that interest naturally extended to foreign talent as well,” Kim said during a recent telephone interview with The Korea Times. Much of Kowork’s work centers on helping companies in Korea hire people using the E-7 visa, meant for

Sep 11, 2025By Yi Whan-woo

Korean CEO in her 20s creates jobs for foreign workers amid high youth unemployment

KOMSCO to strengthen ICT collaboration with global security solutions firm SICPA

The Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) and global security solutions company SICPA agreed to enhance cooperation on information and communications technology (ICT), KOMSO said Thursday. The agreement comes as KOMSCO is accelerating efforts for a sweeping business transformation by linking decades of expertise as the country’s manufacturer of banknotes and circulating coins with ICT. Headquartered in Switzerland, SICPA is a global leader in security ink solutions applied to the majority of currencies worldwide. The company has recently expanded its ICT business by providing digital platforms based on data watermarking and data intelligence technologies, supporting digital identity security, online payments and real-time digital welfare subsidy distribution solutions. “Under the circumstances, the agreement is a testament to KOMSCO’s internationally recognized ICT capabilities and also its position as a reliable partner for SICPA to share its expertise in digital transformation,” KOMSCO CEO Sung Chang-hoon said. He also said KOMSCO is establishing it

Sep 4, 2025By Yi Whan-woo

KOMSCO to strengthen ICT collaboration with global security solutions firm SICPA

Jefferies, KB Securities execs find momentum in Korea’s market reform drive

Structural reforms in Korea’s stock market are expected to improve global investor sentiment, supported by President Lee Jae Myung’s control over both the executive and legislative branches, as well as a rare policy shift toward strengthening minority shareholder rights, according to two senior executives from Jefferies and KB Securities Tuesday. Christopher Wood, global head of equity strategy at multinational investment banking company Jefferies, called the Lee administration a “catalyst” for market reforms, which could draw in more investors domestically and internationally. Peter Kim, head of the global business group at KB Securities, highlighted the empowerment of minority shareholders’ rights, calling it a “big breakthrough” that results from a rare three-way consensus among the government, companies and investors. Both executives tasked with global investment made their remarks on the opening day of 2025 KB-Jefferies Korea Conference, amid the Lee administration’s reform drive to tackle long-standing undervaluation of domestic stocks. “The election of a left-win

Sep 2, 2025By Yi Whan-woo

Jefferies, KB Securities execs find momentum in Korea’s market reform drive

Duty free stores struggle with falling sales amid foreign tourists' shifting shopping trends

Duty free stores in Korea are struggling with declining sales due to shifting shopping behaviors among foreign tourists, who are increasingly turning to trend-setting retail chains offering affordable prices, data showed Monday. The sales downturn is particularly striking given the full recovery in inbound tourism and record-breaking numbers of international visitors, suggesting that traditional duty free goods — including luxury items — are fast losing their appeal. According to the Korea Duty Free Shops Association, duty free stores nationwide posted combined sales of 6.36 trillion won ($4.56 billion) in the first half of 2025, down from 7.39 trillion won in 2024 and 11.65 trillion won in 2023. Monthly sales also showed sluggish performance. After starting at 954.3 billion won in January, sales climbed to 1.18 trillion won in April but slipped back to 1.08 trillion won in June and declined further to 920 billion won in July. July sales fell 8.6 percent from a year earlier. To cope with declining sales, two leading duty-free operators — Shilla Duty Free and Shinsegae Duty Free —

Sep 1, 2025By Yi Whan-woo

Duty free stores struggle with falling sales amid foreign tourists' shifting shopping trends

Market focus shifts to fundamentals as uncertainties ease after Korea-US summit

The first summit between President Lee Jae Myung and U.S. President Donald Trump helped ease tensions and uncertainties in the domestic financial market, paving the way for investors to shift their attention to fundamentals such as corporate earnings, market analysts said Tuesday. Park Sang-hyun, an analyst at iM Securities, described the talks as “a partially successful defensive summit,” noting that Korea’s approach focused more on safeguarding interests than on extracting concessions from the U.S. “No contentious issues were raised regarding trade or economic cooperation, and President Trump did not put forward new demands,” Park said. “Potentially sensitive topics, such as alliance modernization and defense cost-sharing, were also largely absent from the press conference, which was another positive sign.” The domestic financial market had been somewhat unsettled this month due to the Korea-U.S. tariff talks and the summit. With both matters concluding without major surprises, much of the uncertainty has now been resolved, Park said, adding that market attention is incr

Aug 26, 2025By Jun Ji-hye

Market focus shifts to fundamentals as uncertainties ease after Korea-US summit

Listed companies concerned about possible NPS pressure over fatal accidents

An increasing number of listed companies are concerned that the National Pension Service (NPS) may use its shareholder rights against them, as part of the government’s broader push to penalize firms involved in fatal workplace accidents, according to industry officials, Monday. The Lee Jae Myung administration has been considering new measures to enforce the Serious Accidents Punishment Act, which took effect in January 2022. The law dictates criminal liability for CEOs and senior executives in the event of one or more deaths, two or more injuries requiring over six months of treatment, or three or more occupational diseases within a year. In addition, the Lee administration has been reviewing non-criminal sanctions such as restrictions on corporate lending, exclusion from public procurement bids and other administrative actions that could severely impact company operations. Speculation is mounting that the government may leverage the NPS’ influence to press listed companies found responsible for fatal accidents. The NPS, a state-run pension operator, holds stakes of 5 percent or more

Aug 25, 2025By Yi Whan-woo

Listed companies concerned about possible NPS pressure over fatal accidents

Korea grapples with declining ATM use in rapid shift to cashless society

Park Eun-sook, a convenience store owner in Seoul’s financial district of Yeouido, says she increasingly considers removing the automated teller machine (ATM) that was installed in her store 15 years ago. “Back then, several people withdrew cash late at night on weekdays — usually for a couple of drinks at street stalls,” Park said, referring to vendors that serve snacks and alcoholic beverages from tents or other mobile structures. “But I hardly see those withdrawals anymore. Even the stalls, which used to accept only cash for convenience, now take credit cards or accept mobile bank transfers," she said. Park’s experience reflects a broader shift toward a cashless society, with ATM usage rapidly declining in Korea. According to data released by the Bank of Korea (BOK), Wednesday, the amount of cash withdrawn or transferred using ATMs and other cash machines totaled 12.07 trillion won ($8.62 billion) in June, a 10.7 percent decrease from a year earlier. The figure was the lowest since February 2000, when it was 10.97 trillion won. The number of ATM transactions also fell to 21

Aug 20, 2025By Yi Whan-woo

Korea grapples with declining ATM use in rapid shift to cashless society

Liberation Day Bread a sell-out success, blending history with heartfelt flavor

“Liberation Day Bread,” launched by the Korea Minting and Security Printing Corp. (KOMSCO) in collaboration with Daejeon’s beloved bakery Sungsimdang to commemorate the 80th National Liberation Day, was a sell-out success, the state-run minting company said Tuesday. Both based in Daejeon, KOMSCO and Sungsimdang developed the special treat as a meaningful tribute to this year’s Liberation Day, aiming to bring the spirit of the historic occasion closer to people’s everyday lives. The product — a limited-edition box containing four madeleines — was available at all Sungsimdang stores through Sunday. Sales surpassed 3,000 per day in the lead-up to the Aug. 15 holiday, with particularly strong demand over the weekend. The popularity surpassed last year’s figures, when 21,870 products were sold during the first weeks of the campaign and total sales revenue exceeded 100 million won ($71,900). This year’s success was attributed to a more thoughtfully crafted product design, inspired by the Denny Taegeukgi, the oldest surviving prototype of the Korean national flag. KOMSCO explain

Aug 19, 2025By Lee Yeon-woo

Liberation Day Bread a sell-out success, blending history with heartfelt flavor

Dormant credit cards nearly double over fierce competition to woo customers

The number of credit cards that go unused after being issued has nearly doubled over the past five years, driven by fierce competition among card issuers to attract a larger and more diverse customer base through partnerships with top-tier business brands. According to the Credit Finance Association on Monday, the number of dormant credit cards — defined as those unused for over a year and temporarily suspended — reached 20.01 million across 19 financial firms in the first half of the year. This represents a near-twofold increase from 10.68 million in 2020, largely attributed to the surge in co-branded cards, or private label credit cards (PLCCs), which are designed to offer tailored benefits for purchases at specific partner companies with strong customer loyalty. Prominent partner brands include e-commerce giant Coupang, leading beauty retailer CJ Olive Young and coffeehouse chain Starbucks, among others. PLCCs typically feature the logo or design of the partner brand and provide deferred payment options, favorable payment terms, generous reward points and discounts on future purch

Aug 19, 2025By Yi Whan-woo

Dormant credit cards nearly double over fierce competition to woo customers

Intense heat waves drive up seafood prices, spotlighting need for stronger climate response

Seafood prices, including fish and shellfish, have been fluctuating widely this summer due to repeated heat waves, government data showed Friday. The scorching temperatures also increase the risk of mass deaths among farmed fish, making further price hikes likely for sashimi-grade species such as flatfish and rockfish. Data from Statistics Korea showed that the fish and shellfish price index rose 7.6 percent in July from the same month last year, marking the largest increase in two years and five months since it rose 8.1 percent in February 2023. The rate of increase exceeded that of all agricultural, livestock and fishery products, which climbed 2.1 percent, and the fresh food index, which gained 2 percent. By product, yellow croaker prices jumped 13.4 percent from a year earlier, while mackerel and oysters rose 12.6 percent and 12.7 percent, respectively. Shrimp prices climbed 9 percent, dried seaweed 8.2 percent and dried squid 6.6 percent, all surpassing the overall inflation rate. In particular, peak summer heat could push farmed seafood prices sharply higher, as higher water tempera

Aug 15, 2025By Jun Ji-hye

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