Search results for Industry and Trade
Finance
Hana Bank agrees financial cooperation with Uzbekistan, seeks to set up representative office this year
Hana Bank is seeking to set up a representative office in Uzbekistan as it moves to enter the Central Asian financial market. The bank said it signed a memorandum of understanding on investment and finance cooperation with Uzbekistan’s Ministry of Investment, Industry and Trade on Sept. 11. The agreement was arranged ahead of the first Korea-Central Asia summit in Seoul on Sept. 16. The two sides plan to identify cooperation opportunities and support market entry.
Industry
Final stage of U.S. investment talks: Can South Korea win duty-free export cap for chips?
Detailed talks over $200 billion of South Korea’s $350 billion investment package for the United States are entering a final stage, with Industry Minister Kim Jeong-gwan travelling to meet U.S. Commerce Secretary Howard Lutnick. Observers say Seoul needs to secure a written duty-free export quota for semiconductors proportional to investment as Washington designs chip tariffs to push more local production. Uncertainty remains over formulas and product coverage, while the government discusses responses across agencies.
Industry
South Korea says U.S. sets 12.5% \'forced labor\' tariff; next is overproduction
The United States has finalised a 12.5% tariff on South Korean products over forced labor, leaving 2.5 percentage points before a 15% cap set in last year’s trade agreement. The U.S. Trade Representative said the measure, imposed under Section 301, applies across 60 economies and takes effect on July 24. South Korea is in the first group with Japan and Switzerland. Seoul says the U.S. reaffirmed the 15% combined cap as a separate overproduction probe continues.
