SEOUL, KOREA - Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, said, "In the latter half of this year, we will be able to get out of the low-growth quagmire and achieve a 3-percent growth."
SEOUL, KOREA - Korean companies doing business with Iran welcome the latest election outcome there in which a moderate candidate Hassan Rouhani was elected as President of Iran on June 15, defeating conservative politician and current mayor of Tehran Mohammad Bagher Ghalibaf.
SEOUL, KOREA - An industrial complex will be built in Myanmar exclusively for Korean companies. In addition, an agreement to guarantee investment in order to reduce risk for companies doing business there.
SEOUL, KOREA - Amy Jackson, president of the American Chamber of Commerce in Korea, said on June 10, "Since the inauguration of the Park Geun-hye government, corporate business conditions have changed a lot and the government talks about deregulation.
SEOUL, KOREA - Last year Korea's direct investment in Australia has hit a record high at US$2.2 billion. Despite the overall decline in foreign direct investment by Korean corporations by 12.6 percent, the sum of investment to Australia rose 61.7 percent, due to, among others, an equity purchase of a liquefied natural gas development project.
SEOUL, KOREA - Korea's May foreign reserves fell in three months. The Bank of Korea said on June 5, foreign reserves as of the end of May were US$328.1 billion, down $700 million from the previous month's $328.8 billion.
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