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Osung Catalog
■ INDUSTRY FOCUS THE FAST-GROWING KOREAN EV PRODUCTION AND SALES South Korea’s automobile production and sales structure is rapidly shifting to electric vehicles (BEV +PHEV+FCEV).Last year, Korea produced more than 400,000 electric vehicles, and exports reached 267,000 units.In Korea, the world's fifth-largest automobile producer, the proportion of electric vehicles among automobile production reached 11%, indicating that the structure of the automobile industry is rapidly shifting to electric vehicles.The share . . .
■ [ECONOMIC OPINION] BREAK UP OF ANOTHER DMZ ON THE EAST SEA A great leap forward was made in March when President Yoon Suk-yeol took a two-day shuttle trip to Tokyo to meet Japanese politicians and business leaders.It was as surprising as was great, because the previous two presidents of Korea, president Park and Moon, had never dared to do so.It was also equally audacious, as the political consequence of the visit was far from assuring for the administration suffering a record low approval rate from the start.Despite . . .
INDUSTRY TRENDS ■ ALL INDUSTRIES In January 2023, production of all industries in Korea increased, driven by a strong rebound of the mining and manufacturing industries. Consumption increased in the service sector, but goods and retail sales were sluggish. Equipment investment fell while construction investment rose. All industries Mining & manufacturing Service Retail sales Equipment investment Construction completed . . .
LOCATION REPORT DAEGU NATIONAL INDUSTRIAL COMPLEX With the objective of developing the nation’s future growth engines, the Daegu National Industrial Complex was established to revitalize the local economy based on projects focused on cutting-edge manufacturing sectors, including next-generation electronic communication, cutting-edge machinery, future cars, and renewable energy. Currently, more than 200 companies are operating in the Complex, including 92 machinery, 84 transportation equipment and 38 electric and elec . . .
■ ECONOMIC OUTLOOK SUMMARY Korea’s real GDP is projected to grow by 1.6 percent in 2023 and by 2.4 percent in 2024, considering the recent changes in domestic and international conditions. The number of persons employed is expected to increase by 130,000 in 2023 and 150,000 in 2024. Consumer prices are forecast to rise by 3.4 percent and by 3.3 percent in 2023 and 2024, respectively. The current account is expected to record a surplus of USD 26 billion 2023 and USD 48 billion in 2024. . . .
■ FOREIGN DIRECT INVESTMENT 60% OF FOREIGNINVESTED FIRMS PLAN TO RAMP UP INVESTMENT IN KOREA According to a survey conducted by the Korea Chamber of Commerce and Industry (KCCI), together with Prof. Oh Jun-seok at Sook-myung Women's University and the Korea Trade-Investment Promotion Agency (KOTRA), it was found that six out of 10 foreign-invested companies in Korea turned out to be considering investment expansion in South Korea. Among the 95 foreign-invested firms surveyed, 64.2 percent said the . . .