News

South Korea to pass special bills to establish Korea Aerospace Administration (KASA) in Sacheon, South Gyeongsang Province. KASA will merge the two current space institutes, the Korea Aerospace Research Institute and the Korea Astronomy and Space Science Institute to optimise efficiency in R&D.

The Ministry of Oceans and Fisheries announced South Korea’s seaweed (gim) export reached 1 trillion won (US$763 million) in 2023.

The United States surpassed China as South Korea’s biggest exporter for the first time in 20 years. According to the Ministry of Trade, Industry, and Energy, auto exports were the main driver in South Korea’s trade surplus of $44.5 billion in 2023, amounting to $70.8 billion. With a new record of 1,172,612 units exported to the US from January to November.

South Korea to launch new visas for South Korean culture enthusiasts! To attract 30 million tourists and $3B in tourism revenue by 2027, Two new visas will be implemented, in conjunction with the Visit Korea initiative, to encourage young adults to become more familiar with Korean culture.

As of 2025, President Yoon Suk Yeol pledges to eliminate capital gains taxes in order to facilitate the growth of personal assets. Yoon intends to bring the local stock market into compliance with international norms and advance corporate ideals by eliminating the "Korea discount." Yoon also aims to alter commercial laws to reflect the interest of minor shareholders and assist investors in building and managing their assets.

Congratulations to Ahn Duk-geun! 🎉 President Yoon Suk Yeol has appointed Ahn Duk-geun as the new Minister of Trade, Industry and Energy.

POSCO has once again secured its position as the world's most competitive steelmaker for an impressive 14 consecutive years, according to the World Steel Dynamics (WSD).

Exciting news from Hyosung Heavy Industries Australia & New Zealand

The Australia-Korea Business Council (AKBC) today announced the appointment of the Hon Martin Ferguson AM as its new Chairman.

Dear AKBC Members,

As the year draws to a close, we reflect on the remarkable journey we have had throughout 2023. The Australia-Korea Business Council has been a hub of collaboration and progress, fostering dynamic connections and partnerships between Australia and Korea. It has been an eventful year filled with insightful discussions, impactful events, and meaningful networking opportunities that have propelled our bilateral relations forward.