Headline, June 2, 2021

“The entire international community must unite to make effective decisions on green, sustainable development”

The following article is based on materials provided by the Embassy of the Republic of Uzbekistan in Seoul to The Korea Post media for publication. The Korea Post marks its 36th anniversary this year, owns and operates five media, 3 in English and 2 in the Korean language.--Ed.  On May 30, President Shavkat Mirziyoyev of Uzbekistan, at the invitation of President Moon Jae-in of Korea, took part in the Second International Summit “Partnership for Green Growth and Global Goals 2030” (P4G), in Seoul, via videoconference. President Shavkat Mirziyoyev of Uzbekistan speaks at the Second International Summit “Partnership for Green Growth and Global Goals 2030” (P4G) in Seoul via videoconference. The agenda of the two-day forum included issues of overcoming the consequences of climate change, green recovery and ensuring carbon neutrality, as well as the achievement of the UN Sustainable Development Goals and the implementation of the provisions of the Paris Climate Agreement. The event was attended by the heads of state and government, high-level representatives of the leading countries of the world, heads of authoritative international organizations.

Approaches of the Uzbek government to overcome barriers to socio-econoic development

he following are excerpts from an article by Abdunarzarova N. of the Republic of Uzbekistan which was contributed to The Korea Post media by the Embassy of Uzbekistan in Seoul. The Korea Post is 36 years old this year, and owns and operates 3 English and 2 Korean-language news publications.--Ed. Today, domestic and foreign experts agree that the large-scale structural reforms undertaken in the Republic of Uzbekistan have mitigated the negative socio-economic consequences of the global coronavirus pandemic. It has been noted that the government's decisive response allowed Uzbekistan to demonstrate positive economic growth of 1.6%. Source: CIS Statistical Committee Figure 1 shows that Uzbekistan experienced positive GDP growth rates during the pandemic compared to Central Asia and Russia as a whole. In addition, experts make an optimistic forecast that the results of the reforms will allow the republic to not only achieve a recovery of its economy in 2021 but also to achieve tangible economic growth of around 5%. At the same time, the republic has experienced higher inflation rates than the aforementioned countries, which may pose certain risks for future macroeconomic stability.

Approaches of the Uzbek government to overcome barriers to socio-econoic development

The following are excerpts from an article by Abdunarzarova N. of the Republic of Uzbekistan which was contributed to The Korea Post media by the Embassy of Uzbekistan in Seoul. The Korea Post is 36 years old this year, and owns and operates 3 English and 2 Korean-language news publications.--Ed.

Today, domestic and foreign experts agree that the large-scale structural reforms undertaken in the Republic of Uzbekistan have mitigated the negative socio-economic consequences of the global coronavirus pandemic. It has been noted that the government's decisive response allowed Uzbekistan to demonstrate positive economic growth of 1.6%.

Figure 1 shows that Uzbekistan experienced positive GDP growth rates during the pandemic compared to Central Asia and Russia as a whole. In addition, experts make an optimistic forecast that the results of the reforms will allow the republic to not only achieve a recovery of its economy in 2021 but also to achieve tangible economic growth of around 5%. At the same time, the republic has experienced higher inflation rates than the aforementioned countries, which may pose certain risks for future macroeconomic stability.

Yomiuri: S. Korea, US, Japan Coordinating Trilateral Summit in June

A Japanese newspaper reported on Wednesday that the presidents of South Korea, the U.S. and Japan are discussing a plan to hold a trilateral summit this month. The Yomiuri Shimbun quoted a Japanese government official as saying that arrangements are being made to hold the meeting in time for the Group of Seven(G7) summit to be held in the U.K. from June 11 to 13, adding that Washington has taken the lead. South Korea is not a member of the G7, but has been invited as a guest. Yomiuri said the summit, if held, will affirm the three countries’ cooperation on North Korean nuclear and missile issues while U.S. President Joe Biden will explain the details of his government’s North Korea policy and coordinate related policies with Seoul and Tokyo. The last summit among South Korea, the U.S. and Japan was held in September 2017.

Pentagon: US Commitment to Defend S. Korea Unaffected by Missile Guidelines Lifting

Washington has reaffirmed its commitment to defend South Korea following the lifting of the bilateral missile guidelines. Pentagon spokesperson John Kirby said in a media briefing on Tuesday that “nothing about this” changes the Seoul-Washington alliance or the U.S.’ commitment to that alliance, adding it is a “defensive alliance.” President Moon Jae-in agreed with U.S. President Joe Biden to abolish the decades-long missile guidelines restricting the range and payload of missiles developed in Seoul during their first summit in Washington last month and announced the joint decision at a press conference following the summit. With the agreement, South Korea has obtained complete missile sovereignty for the first time in 42 years. North Korea on Monday denounced the end to the U.S. missile guidelines on South Korea as a "stark reminder" of the hostile U.S. policy toward the North and its "shameful double-dealing."

4 S. Korean Crew Aboard Fishing Boat Kidnapped in West Africa

Four South Korean crew members on a fishing boat off the shores of Benin in west Africa were kidnapped by pirates operating in the Gulf of Guinea. The South Korean Foreign Ministry said on Tuesday that a tuna fishing vessel carrying a total of 36 crew members was attacked by assailants in nearby waters at 7:30 p.m. local time on Monday. Among the crew, the pirates kidnapped four South Koreans and a foreign national. It is not yet clear how many Koreans were initially on board and who the abducted crews are. A senior official of the ministry said it is communicating with a South Korean diplomatic mission in the region and local authorities to further grasp the situation and plans to take necessary measures. The incident took place less than two weeks after another group of sailors aboard a fishing boat, including its South Korean captain, was kidnapped in waters off Ghana, also in western Africa.

N. Korea creates 'first secretary' post in revised party rules

North Korea created a new No. 2 position at the ruling Workers' Party right behind leader Kim Jong-un, and a close aide to the leader could have taken up the "first secretary" post, sources said Tuesday. The position was created as the party held a rare congress in January and revised its rules to include a paragraph that the party's Central Committee should elect the "first secretary," according to the sources. During the same congress, Kim was elected general secretary of the party. Kim used to hold the "first secretary" title from 2012-2016. The installation of the No. 2 position appears to be aimed at lessening Kim's burden in managing party affairs. The sources said that the person elected to the position will be able to preside over key party meetings on behalf of the leader. Previously, only five standing members of the party's politburo, including Kim, were entitled to preside over party meetings. Given that the title carries the word "first," the position appears to carry the No. 2 status in the North. Jo Yong-won, a close aide to Kim and current standing member of the politburo, appears to have been elected to the post, sources said.

Unification minister reiterates 'unwavering commitment' to Mount Kumgang tourism project

Unification Minister Lee In-young reiterated his commitment Tuesday to resume a long-suspended tourism project to North Korea's Mount Kumgang when he met with the head of Hyundai Group, which used to run tours to the scenic mountain. "We remain unwavering in our commitment to push ahead with projects like allowing individual tours to Mount Kumgang as soon as the coronavirus situation improves," Lee said during the meeting with Chairwoman Hyun Jeong-eun of Hyundai Group. Lee voiced hope that the two Koreas could expand the cross-border project to allow individuals, beginning with families separated by the 1950-53 Korean War, to visit other regions, such as the eastern coastal town of Wonsan. He also said the recent summit meeting between President Moon Jae-in and U.S. President Joe Biden has created "sufficient" conditions to resume the long-stalled dialogue with North Korea. In response, Hyun said her group has "great expectations" since the latest summit meeting and voiced hope that the two Koreas can resume tours to Mount Kumgang and reopen the Kaesong Industrial Complex at an early date.

S. Korea's intelligence chief to return home after weeklong trip to U.S.: sources

South Korea's intelligence chief is expected to return home Tuesday after a weeklong trip to the United States that apparently focused on discussions with his counterparts on North Korea, sources said. National Intelligence Service (NIS) Director Park Jie-won had been in the U.S. since his departure on May 26. His trip drew keen attention as it came just days after President Moon Jae-in and U.S. President Joe Biden held a summit and agreed to use diplomacy to resolve the North's nuclear standoff. Though his schedules in the U.S. were not confirmed, he apparently met his counterparts, including CIA Director William Burns, and exchanged views on North Korea. Some speculated that Park could meet North Korean diplomats while staying in New York but Unification Minister Lee In-young earlier said that such a meeting might not take place.

P4G summit ends with Seoul redoubling climate role

A global climate summit wrapped up its two-day run Monday, with host nation South Korea pledging stronger environmental action and a green recovery from the COVID-19 crisis, as the country seeks a bigger role in the global fight against climate change. The Partnering for Green Growth and the Global Goals 2030, or P4G, summit brought world leaders together to discuss public-private partnerships toward carbon neutrality and sustainable growth. Due to the coronavirus situation, the meeting was mostly online, with a mix of recorded and live addresses at Dongdaemun Design Plaza in Seoul. After hosting its first multilateral international session on the environment, South Korea identified its stronger green pledges and expanded role in environmental issues as major achievements of the summit. “Through the summit, South Korea pledged to the international society to support developing countries’ green recovery and strengthened climate actions to achieve carbon neutrality,” said Environment Minister Han Jeoung-ae on Tuesday during a briefing on the outcome of the summit.

Korea has potential to lead world in wind power: Orsted APAC president

The Korea Herald is publishing a series of interviews with the lineup of speakers who will discuss solutions to the climate crisis at the H.eco Forum, which is scheduled to be held virtually on June 10 under the theme “We Face the Climate Clock.” – Ed. South Korea is a relative latecomer to renewables. Asia’s fourth-largest economy, however, still has time to catch up with its competitors and lead the world in offshore wind power, according to Matthias Bausenwein, who leads Asia-Pacific operations for Orsted, a Danish offshore wind giant. “If the government and companies work together, with effective systematic support, there is enormous potential that Korea can grow as one of the leaders in wind power,” he said in an interview with The Korea Herald. What differentiates Korea from neighboring countries is “its already existing supplier base” as well as “the solid infrastructure with a strong technology foundation to develop new businesses,” he said.

Swedish envoy touts first-mover advantage in green transition

Achieving net-zero greenhouse gas emissions is now a global initiative, and those realizing that ambition earlier than others will see more than clear air, clean water and nice nature, the Swedish ambassador to Korea says. “It’s not only the government, civil society and individual consumers, but actually driven these days very much by enterprises by the private sector because they see that there is a gain in being a first mover,” Ambassador Jakob Hallgren said during an interview with The Korea Herald. The Swedish envoy, whose government aims to make his country carbon neutral by 2045, said industries are scrambling to find ways to make their businesses run on renewable energy to “reap profits” from more sustainable green growth.

“That’s where the world is going and it’s better to be ahead of that curve,” Hallgren said, referring to the Sweden-Korea Green Transition Alliance announced in May. Thirteen Swedish companies based in Korea pledged to support Seoul’s initiative to achieve carbon neutrality by 2050.

4 S. Korean crew members kidnapped in waters off Benin

Four South Korean nationals have been kidnapped in an apparent pirate attack in waters off the western African country of Benin, officials said Tuesday. The kidnapping happened at about 7:30 p.m. (Benin time) when the group approached a fishing boat carrying a total of 36 crew members aboard, Seoul officials said. he pirates took off only with the four Koreans and another foreign crew member. A foreign ministry official here said the ministry is working with the diplomatic missions near the location and related authorities to figure out the situation thoroughly and take necessary steps. The latest abduction came after a Korean captain and four other crew members of a fishing boat were taken by pirates in the sea off Ghana last month.

President may review paroling or pardoning Samsung chief

Observers are paying attention to a luncheon meeting, Wednesday, between President Moon Jae-in and the leaders of the country's "top four" conglomerates, over whether the President will drop a hint on pardoning or paroling imprisoned Samsung chief Lee Jae-yong. The meeting is the first in Moon's final year in office, and will be participated in by Hyundai Motor Group Chairman Chung Euisung, LG Group Chairman Koo Kwang-mo, SK Group Chairman Chey Tae-won and Samsung Electronics Vice Chairman Kim Ki-nam. Expectations for a "special measure" are high as the four groups contributed to the successful May 21 summit between Moon and his U.S. counterpart President Joe Biden by pledging massive investments in the semiconductor, electric vehicle battery and automobile sectors in America. "Under the circumstance, there's a fair chance that the release of Lee, in the form of either a pardon or on parole, will be brought up during the luncheon," commented Shin Yul, a political science professor at Myongji University. He noted that Moon personally has been open to releasing Lee, as seen in his remarks during a nationally-televised press conference, May 10, when he said he would take into account the public consensus regarding the Samsung chief.

Will Korea be able to see a president under age 40?

Calls are growing from both the ruling and opposition parties to amend the Constitution, as it disallows people under 40 years old from running for a presidential election. These calls come amid a young politician's rise in the conservative main opposition People Power Party's (PPP) ongoing leadership race, and ask the political circles to embrace a generational shift. Lee Jun-seok, 36, who was a former Supreme Council member of the PPP, has emerged as a leading candidate to become the conservative party's next chairman. Since 1962, a year after the May 16 military coup through which former President Park Chung-hee seized power, the country's Constitution has stipulated that a candidate's minimum age on the day of the presidential election must be at least 40. Rep. Lee Kwang-jae, a three-term lawmaker of the ruling Democratic Party of Korea (DPK), who officially declared his bid for the next presidential election scheduled for March, wrote on his Facebook page Monday, "Discussions should begin to improve an outdated system so that people in their 20s and 30s can also become the leader of this country."

N.Korea Denounces Lifting of S.Korean Missile Restrictions

Nuclear-armed North Korea is spitting feathers after U.S. President Joe Biden lifted all restrictions on South Korea's missiles. In its first response to the South Korea-U.S. summit in late May, North Korea on Monday called the decision a "deliberate and hostile act." Kim Myong-chol, an international affairs commentator for the North's official Korean Central News Agency, accused the U.S. of trying to "spark off an arms race on the Korean Peninsula and in its surrounding areas and check the development" of North Korea. He said the end of the missile restrictions "is a stark reminder of the U.S. hostile policy toward [North Korea] and its shameful double-dealing." "Now that the U.S. and the South Korean authorities made clear their ambitions of aggression, they are left with no reasons whatsoever to fault [North Korea] bolstering its capabilities for self-defense." He threatened to "counter the U.S. on the principle of strength for strength and good faith in kind. The escalated tension on the Korean Peninsula will lead to instability of the forces threatening [North Korea]."

Samsung Biologics Aims to Produce mRNA Vaccine Ingredients

Samsung Biologics plans to add a production line so it can produce all ingredients for Moderna's mRNA vaccine under license without recourse to other suppliers. The move will allow Samsung to be ready to produce the vaccine by the first half of next year. Samsung Biologics CEO John Rim said Monday, "With this extended capability, we hope to support our partners in bringing novel mRNA vaccines and therapeutics to market at a faster pace." Samsung will spend W200 to 300 billion to add the new production line at its factory in Songdo (US$1=W1,110). Earlier, Samsung agreed to start manufacturing the vaccine in the third quarter this year, but that involves little more than bottling ingredients that have been manufactured elsewhere. The entire process involves both producing the mRNA vaccine and the "delivery vehicle," i.e., encasing the mRNA in globules of fat so it can be safely injected. Once equipped with a full production line, Samsung will be able to manufacture various mRNA vaccines under license like Pfizer and CureVac.

Moon Loyalist Appointed Prosecutor-General

President Moon Jae-in on Monday pushed through the appointment of Kim Oh-soo as his new prosecutor general despite multiple allegations of wrongdoing in past Justice Ministry scandals. Kim, whose two-year term starts on Tuesday, is the 33rd ministerial-level official Moon has appointed over objections from the opposition. The ruling Minjoo Party called a meeting of the parliamentary Legislation and Judiciary Committee, which it dominates, and rubberstamped Kim's appointment in just three minutes. Kim's confirmation hearing was called off halfway through last week when it deteriorated into a slugfest between ruling and opposition lawmakers. A former vice justice minister, Kim is seen as deeply implicated in the ministry's machinations to oust his predecessor, Yoon Seok-youl, and shield figures close to Moon from corruption investigations.

N. Korea no longer pursues unification through revolution in S. Korea

North Korea deleted a phrase about instigating a revolution in South Korea leading to the unification of the peninsula from the rules of the Workers’ Party of Korea (WPK) in the WPK Congress this past January, the Hankyoreh has learned. A review by the Hankyoreh on Monday found that a section stating that the “WPK’s objective” is “carrying out the task of a democratic revolution for the national liberation of the Korean people” had been deleted from the newest version of the WPK rules. The new version of the WPK rules was adopted on Jan. 9, the fifth day of the 8th WPK Congress. This represents the de facto abolition of the North’s advocacy of North Korean-led “revolutionary unification” and a fundamental shift in the North’s perspective on inter-Korean relations. North Korea had maintained support for revolutionary unification for nearly 80 years since founder Kim Il-sung’s proposal of a “democratic base” on Dec. 17, 1945.

S. Korea to vaccinate 1 million reservists, members of civil defense with vaccines US provided

The COVID-19 vaccines that the US pledged to supply to South Korean troops at a recent South Korea-US summit are to be the single-dose vaccine produced by Janssen. The vaccines will be enough for one million people or roughly twice the 550,000 that was initially announced. The South Korean government plans to administer them to reservists, civil defense forces, and military-related workers aged 30 and over beginning on June 10. The Central Disaster and Safety Countermeasure Headquarters (CDSCH) announced Sunday that based on working-level discussions, the amount that the US agreed to provide to the South Korean military on May 21 was finalized at 1,012,800 doses of the Janssen vaccine. The vaccines are to be supplied on a first-come, first-served reservation basis to 538,000 reservists, 3.04 million civil defense troops, and 137,000 other individuals involved in national defense and foreign affairs who are born before Jan. 1, 1992.

Former S. Korean top diplomats call for dialogue with N. Korea on joint military drill with US

The “obstacle” of joint military exercises between South Korea and the US needs to be removed through behind-the-scenes inter-Korean dialogue by no later than June for the results of South Korean President Moon Jae-in’s recent summit with his US counterpart Joe Biden to translate into improved North Korea-US relations and a resumption of the Korean Peninsula peace process, two foreign policy veterans said. In a conversation with the Hankyoreh on Thursday, National Unification Advisory Council executive vice chairperson Jeong Se-hyun and Sejong Institute chairperson Moon Chung-in said the South Korean government should “pursu[e] Panmunjom [behind-the-scenes] dialogue at the special envoy level with North Korea during the first part of June.” Jeong, a former Minister of Unification, called on Seoul to take preemptive action with the joint military exercises scheduled for August, saying that “any hope of inter-Korean and North Korea-US relations improving during President Moon Jae-in’s term evaporates if they go ahead.”

South Korea takes one step closer to space development

South Korea’s homegrown space launch vehicle Nuri, which is set to be launched in October, has been erected on its launch pad. Although it is a qualification model (QM) instead of a flight model (FM), this is the first time that a fully assembled model of Nuri rocket was connected to a launch pad in that both models are manufactured using the same shape and design structure. The Ministry of Science and ICT and the Korea Aerospace Research Institute (KARI) said on Tuesday that they will carry out certification tests for the second launch pad, on which Nuri rocket will be launched, at the Naro Space Center in Goheung, South Jeolla Province. Once certification tests are completed successfully by July, Nuri rocket is expected to be launched into the space in October as scheduled. The QM of Nuri rocket was erected at 90 degrees to the vertical structure called “umbilical tower.” The 48-meter structure supplies propellants and gases to the launch vehicle on the pad.

"Housing prices, its debt, and aging populations are causing S. Korea's instability"

OECD Secretary-General Angel Gurria from Mexico will resign on June 1 after having led the organization since 2006. At the video press conference on Friday hosted by the French government, the longest-serving OECD secretary-general talked about how he has seen South Korea in the last 15 years. He will be succeeded by Mathias Cormann, a former Australian finance minister. Gurria said South Korea that he experienced as an OECD secretary-general symbolizes one of the most dramatically changed countries. “South Korea’s development in technology like in semiconductors, IT, and artificial intelligence are impressive,” said the secretary-general. “I used to tell several governments that I am proud of South Korea’s success and its secret should be shared with others.”

Mauricio Pochettino expresses his desire to leave PSG

Mauricio Pochettino, who is rumored to make a return to Tottenham Hotspur, reportedly expressed his desire to leave Paris Saint-Germain (PSG). Goal.com said on Monday that Pochettino has informed PSG of his desire to leave. Reasons for his desire to leave the club include lower-than-expected performance of the club, for example, the team’s Champions League exit in semifinals, and discord with the club over Pochettino’s limited power related to player recruitment. Pochettino is known to be interested in leading Tottenham and Real Madrid. The Spurs are already in contact with Pochettino. The Argentine manager, who served as Tottenham manager from 2014 to 2015, is believed to take little time adapting to the Spurs since he understands the strengths and weaknesses of the players. But the fact that Tottenham is losing key players could serve as a hurdle for Pochettino’s return.

South Korea to Receive 1 Million Doses of the Janssen Vaccine Provided by the U.S.

One million doses (for one million people) of the Janssen vaccine given by the United States government will arrive in South Korea this week. This is nearly twice as many doses (550,000) initially promised at the bilateral summit, and the South Korean government plans to administer the vaccines to members of the reserve forces and civil defense aged 30 and older on a first-come, first-served basis.In a press briefing at the government office in Seoul on May 30, Jung Eun-kyeong, head of the COVID-19 vaccination response team (chief of the Korea Disease Control and Prevention Agency) said, “The U.S. administration promised to give us 1,012,800 doses of the Janssen vaccine in close working-level discussions between the two governments following the bilateral summit.” She further said, “For swift inoculation, we will send our military aircraft to the U.S. in early June and bring the vaccines to our country.” Thanks to the Janssen vaccines from the U.S. administration, South Korea has now secured vaccines for a total of 100 million people. Disease control authorities decided to administer the Janssen vaccine to members of the reserve forces (538,000), civil defense (3 million), people related to national defense and foreign affairs (137,000) including civil servants in the defense and foreign ministries and military families. Authorities plan to receive reservations for the vaccines on a first-come, first-served basis for up to 1 million people. Those who fail to make the reservations will be vaccinated according to the vaccination plan for July-September.

Limit the Earth’s Temperature Increase to 1.5°C above Pre-Industrial Levels: P4G Adopts the Seoul Declaration

On May 31, the 2021 P4G Seoul Summit adopted the Seoul Declaration, which stated that leading countries in climate action and developing countries would take part in a wide range of responses to the climate crisis. In the declaration, members of the Partnering for Green Growth and the Global Goals (P4G) agreed to limit the Earth’s temperature increase to 1.5°C above pre-industrial levels (1850-1900) in line with the Paris Agreement through green recovery, to accelerate the energy transition away from fossil fuels, and to resolve the problem of marine plastics. President Moon Jae-in pledged to act as the bridge between advanced and developing nations and promised to expand support for the international community. The Seoul Declaration was supported by 38 of the 47 countries, nine of the 21 international organizations, and three individuals that took part in the P4G summit. It recognized the gravity of the climate crisis and stated the international community’s actions to overcome the problem. However, it is not binding as the Paris Agreement. The declaration stated, “We recognize the climate crisis as an urgent global threat whose impacts reach beyond the environment agenda to include economic, social, security and human rights-related challenges,” and claimed that “the pandemic should be overcome through green recovery.”

South Korea North Korea Nuclear

South Korean protesters holding banners with illustrations of U.S. President Donald Trump march toward Yongsan Garrison, a U.S. military base, during a rally to oppose his war rhetoric on North Korea, in Seoul, South Korea, Monday, Aug. 14, 2017. Chinese President Xi Jinping made a plea for cool-headedness over escalating tensions between the U.S. and North Korea in a phone conversation with President Trump on Saturday, urging both sides to avoid words or actions 2that could worsen the situation. The signs read "Stop, the joint military exercises between the U.S. and South Korea, and the deployment of an advanced U.S. missile defense system, THAAD,".(AP Photo/Ahn Young-Joon)

S. Korea unveils homegrown space rocket for first time

South Korea unveiled Tuesday a fully assembled model of its homegrown space rocket for the first time since the country began its development in 2010. The real-life qualification model (QM) of the space launch vehicle named Nuri was transported and erected on its launch pad at the Naro Space Center in Goheung, 294 miles south of Seoul, for testing for one month, the Ministry of Science and ICT announced on Tuesday. The procedure will test rocket fueling and an interface with the launch pad, which was also developed with local technology. This is the last testing procedure before the official launch of an actual rocket in October this year. The actual flight model (FM) of the three-stage space rocket will be used to place a 1.5-ton satellite into orbit 373 to 497 miles in altitude in October. The FM rocket’s third stage has been assembled, while the other two stages are currently being built, according to the science ministry.

Seoul may mull second extra budget as tax revenue is expected exceed by $15 bn

South Korea’s ruling Democratic Party’s proposal for a second extra budget this year is gaining momentum as the government is forecast to collect $15 billion more than expected in tax revenue this year thanks to the hot asset market and stronger-than-expected economic rebound. According to multiple sources from the government and National Assembly on Sunday, the country’s tax revenue is projected to exceed 300 trillion won ($269.1 billion) this year, up 15 trillion won from last year’s 285.5 trillion won and 17 trillion won from the government’s revenue estimate of 282.7 trillion won. The government`s tax revenue estimate for this year had been conservative as the budget was drawn up during the peak of Covid-19 havoc in summer last year.

Korea’s exports hit monthly record in May, gaining 46%, strongest in 32 years

South Korean exports surged by the raging pace of 46 percent in May, a double-digit monthly gain unseen since August 1988, as mainstay chips, automobiles and petrochemicals rode on faster-than-expected recovery in the global economy amid vaccination progress. According to data released by the Ministry of Trade, Industry and Energy on Tuesday, the country’s outbound shipments totaled $50.73 billion in May – a monthly record and up 45.6 percent on year or the strongest since August 1988. Exports have been strengthening for the seventh month in a row and soaring over 40 percent for two straight months for the first time. Exports had gained 41.2 percent in April. Outbound shipments topped $50 billion despite 21 working days – three days shorter than in April. Daily exports also jumped 49 percent to $2.42 billion, reaching over $2.4 billion for the first time since 2018.

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