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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Finance chief says 2026 economic policy to focus on people's livelihoods

Finance Minister Koo Yun-cheol said Wednesday that the government's economic policy for this year will focus on stabilizing people's livelihoods. "The starting point of a major economic leap forward is a solid foundation for the people's livelihood," Koo said while presiding over an inaugural meeting of ministers. The government has designated the "livelihood economy" as its top policy priority for this year and newly established a ministerial meeting to coordinate related measures. Koo noted that stabilizing livelihoods will eventually help boost domestic demand, inject vitality into the economy and serve as a foundation for narrowing income and asset gaps. "(We) will make all-out efforts together with relevant ministries to ensure that food prices for the public are structurally stabilized," Koo said, stressing that stabilizing food prices is the top priority for livelihoods. As part of such efforts, the government will take preemptive measure in response to the recent spread of avian influenza and the growing number of laying hens being culled, he added. Korea confirmed an additional ca

Jan 7, 2026By Yonhap
Finance chief says 2026 economic policy to focus on people's livelihoods

Korea to create $138 mil. fund for underdeveloped regions in 2026

The government will create a 200 billion-won ($138 million) fund this year to ensure a steady supply of investment capital for regions struggling with population decline and a weakening industrial base, the finance ministry said Wednesday. The fund's structure will be expanded to include a total of six participating institutions, up from three in 2025, according to the Ministry of Economy and Finance, with the newly added institutions expected to invest a combined total of about 50 billion won. Taking into account 277.2 billion won in unspent funds from the previous year, which has a two-year investment period, the government expects total available investment capacity to reach approximately 477.2 billion won this year. The fund is expected to be launched in April following consultations with the new investment institutions, the ministry said. The government also plans to provide advanced training and consulting services for local governments, and regularly host networking events involving fund managers, investors and local authorities.

Jan 7, 2026By Yonhap
Korea to create $138 mil. fund for underdeveloped regions in 2026

Ruling party, gov't pledge 'proactive' fiscal policy to prop up consumption

The ruling Democratic Party of Korea (DPK) and the government on Wednesday pledged to maintain a "proactive" fiscal policy this year in a bid to prop up private consumption and revive the economy. Finance Minister Koo Yun-cheol said the government will put its focus on supporting people's livelihoods and self-employed people through a "proactive fiscal policy, including boosting total demand." Koo made the remarks as the government and the DPK held a meeting on this year's economic policies. Koo stressed that the government will foster the semiconductor, defense and biotechnology industries while stepping up the transition to an ultra-innovative economy driven by AI transformation and green transition. The government will spare no effort to overcome challenges, such as rising protectionism, disruptions in global supply chains and the weakening of traditional industries, Koo added.

Jan 7, 2026By Yonhap
Ruling party, gov't pledge 'proactive' fiscal policy to prop up consumption

Gov't to expand tariff-rate quota on mackerel amid price hike

The oceans ministry said Tuesday it plans to expand imports of mackerel through the tariff-rate quota system and release government reserves amid soaring prices. Starting this month, the Ministry of Oceans and Fisheries said it plans to release 2,000 tons of mackerel from its stockpiles with a 30 to 50 percent discount, while importing 20,000 tons with zero tariffs. The tariff-rate quota system allows certain volumes of imports to benefit from lower tariff rates within a specified limit. The tariff on mackerel is currently set at 10 percent. The quota represents a twofold rise from 10,000 tons allocated in 2025. South Korea has been making efforts to diversify mackerel imports from Britain and Chile, following reduced production in Norway, which accounts for roughly 80 to 90 percent of total imports.

Jan 6, 2026By Yonhap
Gov't to expand tariff-rate quota on mackerel amid price hike

Korea, Cambodia to boost tax cooperation to fight illegal fund transfers

Korea's tax agency said Tuesday it has signed an agreement with Cambodia to strengthen information-sharing efforts aimed at combating illegal fund transfers and offshore tax evasion. The agreement was signed by Lim Kwang-hyun, commissioner of the National Tax Service (NTS), and his Cambodian counterpart, Kong Vibol, during their meeting in Seoul on Monday, the NTS said. Lim emphasized the importance of active cooperation between the countries' tax authorities to effectively respond to cross-border crimes, including illegal transfers of funds and offshore tax evasion through the concealment of income and assets. The NTS said it has been holding regular working-level meetings with Cambodian tax officials to bolster information-sharing mechanisms, noting that Cambodia is not a signatory to the multilateral agreement on the automatic exchange of financial account information. The Seoul government has intensified scrutiny of alleged money laundering following a governmentwide review of Korean nationals suspected of involvement in online scams operated by criminal organizations based in the So

Jan 6, 2026By Yonhap
Korea, Cambodia to boost tax cooperation to fight illegal fund transfers

Regulator seeks tighter oversight of major retail platforms

Korea's financial regulator said Thursday it will move to strengthen oversight of major retail platforms in coordination with other government agencies following a recent data breach involving e-commerce giant Coupang. Financial Supervisory Service (FSS) Gov. Lee Chan-jin said in a New Year's address that the regulator plans to pursue institutional reforms to apply supervisory frameworks for large retail platforms similar to those used for financial institutions. The remarks were widely seen as aimed at Coupang, which said the breach affected about 3,000 user accounts, far fewer than its initial estimate of 33.7 million disclosed in late November. The government, however, rejected the revised figure last week, saying about 33 million customers were affected. Coupang is not classified as a financial services provider and has therefore remained outside the scope of direct supervision by financial authorities. The FSS has since joined a public-private investigation into the incident.

Jan 1, 2026By Yonhap
Regulator seeks tighter oversight of major retail platforms

Korea to extend visa fee waiver for group tourists from 6 countries until June

Korea will extend the waiver on visa processing fees for an additional six months for group tourists from six countries, including China, the finance chief said Wednesday. Under the plan announced by Finance Minister Koo Yun-cheol, the fee exemption for C-3-2 visas, which was originally set to expire Wednesday, will continue until the end of June next year. The six countries covered by the extension are China, India, Vietnam, the Philippines, Indonesia and Cambodia. Koo said the plan is "to maintain momentum in inbound tourism." Currently, processing fees for C-3-2 visas are set at 18,000 won ($12.46).

Dec 31, 2025By Yonhap
Korea to extend visa fee waiver for group tourists from 6 countries until June

Gov't to expand heating bill support for vulnerable people

The government announced a set of measures Wednesday to help vulnerable people cope with a spike in heating and energy bills amid the winter cold. The measures were unveiled during an economy-related ministers' meeting presided over by Finance Minister Koo Yun-cheol amid growing public concern over rising heating costs, according to the finance ministry. Vulnerable groups, including people with disabilities, national merit recipients and basic livelihood security beneficiaries, will receive discounts on electricity bills of up to 16,000 won ($11.10) per month and reductions in city gas bills of up to 148,000 won per month through March, the ministry said. In addition, about 200,000 energy voucher recipient households that use kerosene or liquefied petroleum gas (LPG) will receive an extra 147,000 won on average, raising total support to 514,000 won per household. The government will also provide coal briquette vouchers worth 472,000 won per household to those using briquette boilers while supporting the replacement of outdated heating facilities for 3,000 households. Korea, which depends

Dec 31, 2025By Yonhap
Gov't to expand heating bill support for vulnerable people

Korean stock market finishes 2025 on high note

The benchmark KOSPI made a stunning turnaround to close 2025 as the highest-gaining index among major economies, surpassing the 3,000- and 4,000-point milestones after posting its largest increase in 26 years. The index ended the year at 4,214.17 points on Tuesday, down 0.15 percent from the previous session, securing a 75.62 percent gain from the end of 2024. In 2024, it fell 9.63 percent to close at 2,399.49 points. The 75.62 percent gain was the highest among leading global markets, with little chance of being outpaced. As of Monday, Israel’s TA-125 had gained 52.49 percent, while Hong Kong’s Hang Seng Index had risen by 27.79 percent. Japan’s Nikkei 225 had grown by 26.65 percent, and the Nasdaq and S&P 500 from the United States had climbed 22.18 percent and 14.49 percent, respectively. In its own history, KOSPI’s 2025 increase ranks as the third-largest, following the 93 percent surge in 1987 — driven by the so-called “three lows” in oil prices, interest rates and the currency exchange rate — and the 83 percent rise in 1999 during the dot-com bubble. Secondary bourse

Dec 30, 2025By Yi Whan-woo
Korean stock market finishes 2025 on high note

Gov't to announce road map for Seoul's inclusion in global index MSCI early next year

The government will unveil a comprehensive road map early next year aimed at ensuring Korea's inclusion in the developed market index of global index provider Morgan Stanley Capital International (MSCI), a ranking finance ministry official said Tuesday. First Vice Finance Minister Lee Hyoung-il made the remarks while presiding over a government-wide task force meeting focused on the inclusion, as well as plans to improve foreign investors' access to the country's equity and currency markets. Officials from the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service attended the meeting. The government is seeking to boost foreign investment through measures such as inclusion in the MSCI developed market index as part of a broader push to revitalize the stock market and usher in what it calls the "KOSPI 5,000 era," referring to the benchmark Korea Composite Stock Price Index (KOSPI). Earlier this year, MSCI kept Korea in its emerging market group, citing the limited convertibility of the Korean won in offshore currency mar

Dec 30, 2025By Yonhap
Gov't to announce road map for Seoul's inclusion in global index MSCI early next year
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