KOSPI hits record high on hopes of US rate cuts, tax relief

SEOUL, September 10 (AJP) - South Korea’s benchmark KOSPI index closed at a record high on Wednesday, lifted by heavy foreign and institutional buying amid optimism about potential U.S. interest rate cuts and speculation that the government may ease capital gains taxes for large shareholders. The KOSPI gained 54.48 points, or 1.7 percent, to finish at 3,314.53, surpassing the previous record set more than four years ago. Foreign investors led the rally, with net purchases

September 10, 2025

South Korea launches AI push in robotics, self-driving cars

SEOUL, September 10 (AJP) - South Korea unveiled an ambitious plan on Wednesday to transform its manufacturing sector through artificial intelligence, launching a project that brings together more than 1,000 companies, universities and research institutions. The initiative, led by the Ministry of Trade, Industry and Energy, aims to bridge what officials call a weak link in the country’s industrial base: the lack of collaboration between manufacturers and fast-growing AI firm

September 10, 2025

Chinese firms challenge Coupang's grip on Korea's e-commerce market

SEOUL, September 10 (AJP) - Coupang, South Korea’s homegrown e-commerce champion, has turned profitable and doubled its sales in recent years. But its dominance faces a new test: the rapid advance of Chinese discount platforms offering rock-bottom prices and building out local logistics networks. AliExpress, owned by Alibaba, and Pinduoduo’s Temu have surged in popularity among Korean consumers drawn to their ultra-low prices. AliExpress now counts nearly 10 million m

September 10, 2025

Korean e-commerce companies forge alliances to counter Chinese rivals

SEOUL, September 10 (AJP) - South Korea’s e-commerce industry is shifting from cutthroat rivalry to strategic cooperation as domestic players seek to blunt the advance of low-cost Chinese platforms. Naver, the country’s dominant search engine, and Market Kurly, a premium fresh-grocery delivery service, recently unveiled “Kurly N-Mart" joint project. The venture links Naver’s platform with Kurly’s logistics network and offers free overnight delive

September 10, 2025

Iranian Embassy in Seoul showcases culture through music, history and dialogue

SEOUL, September 10 (AJP) - The Embassy of the Islamic Republic of Iran in Seoul hosted a cultural event on September 9, presenting Iran's history, arts, and traditions to South Korean guests through presentations, music, and dialogue. Dr. Fatemeh Yousefi opened by placing Iran geographically and historically at the crossroads of Asia. She said, "Iran has more than seven thousand years of history and civilization," pointing to UNESCO-listed sites such as Persepolis a

September 10, 2025

OpenAI opens office in South Korea, its largest market in Asia-Pacific

SEOUL, September 10 (AJP) - OpenAI, the San Francisco artificial intelligence company behind ChatGPT, has opened an office in Seoul, its third in Asia and 12th worldwide. “Our mission is to ensure that artificial general intelligence benefits all of humanity,” Jason Kwon, OpenAI’s chief strategy officer, said at a press briefing in Seoul, Wednesday. “We can’t achieve that mission unless we are partnering closely with countries like Korea.” So

September 10, 2025

PHOTOS: Welcome mat for Chinese tourists

SEOUL, September 10 (AJP) - South Korea is rolling out the welcome mat for Chinese tourists, announcing visa-free entry for tour groups of three or more people starting September 29. The move, announced on Sept. 7, aims to capitalize on the upcoming influx of visitors, particularly during China's "Golden Week" holiday in October. The announcement has sent a clear signal to the domestic retail industry, which is now in a race to prepare for the expected surge. Busi

September 10, 2025

South Korea maintains top spot in higher education among OECD countries

SEOUL, September 9 (AJP) - More than half of South Koreans hold college or higher degrees, according to a report released by the Ministry of Education on Tuesday. About 56.2 percent of adults aged 25 to 64 in the country had completed higher education, maintaining the top spot for 17 consecutive years among the 38 member countries of the Organization for Economic Cooperation and Development (OECD), whose average stood at 41.9 percent. The gap becomes even more pronounced among th

September 9, 2025

Hyundai Motor unveils compact electric concept car

SEOUL, September 09 (AJP) - Hyundai Motor Company introduced its first compact electric vehicle concept under its Ioniq brand on Tuesday, signaling the automaker’s move into smaller car segments as it broadens its electric lineup. The vehicle, called the “Concept Three,” debuted at the IAA Mobility 2025 show in Munich, Europe’s largest auto fair. It marks Hyundai’s entry into the compact electric market, following the rollout of mid-size and large EVs i

September 9, 2025

Korean petrochemical industry looks to shipbuilding playbook for survival

SEOUL, September 09 (AJP) - LG Chem’s new partnership with Toyota Tsusho Corporation is being hailed by industry analysts as a blueprint for South Korea’s petrochemical sector, which is struggling to withstand a flood of low-cost Chinese competition. Announced Tuesday, the agreement gives Toyota Tsusho a 25 percent stake in LG Chem’s cathode materials plant in Gumi. Analysts say this will help restructure the joint venture in a way that allows the facility to compl

September 9, 2025