As economic turmoil mounts, acting president faces pressure to resolve political crisis

SEOUL, January 6 (AJP) - Calls for Acting President Choi Sang-mok to play a more active role in resolving South Korea's political crisis are growing louder, as the country faces increasing economic turmoil triggered by the Dec. 3 martial law declaration. Economists and political analysts alike argue that swift action is necessary to end the deadlock and reduce uncertainty that is wreaking havoc on financial markets. At the heart of the political crisis is the stalled executio

January 6, 2025

South Korea to make largest-ever presence at CES

SEOUL, January 03 (AJP) - South Korean companies are set to make their largest-ever appearance at the Consumer Electronics Show (CES) next week, unveiling their latest advancements in artificial intelligence, smart home technology and other innovations. With 1,031 companies participating, South Korea will have the third-largest national presence at the event, following the United States (1,509) and China (1,339). The world's largest electronics trade show will be held in Las

January 3, 2025

Korean cumulative overseas construction orders top $1 trillion

SEOUL, January 3 (AJP) - South Korea's cumulative overseas construction orders surpassed $1 trillion in December 2024, marking a significant milestone since the country's first international project in 1965, the Ministry of Land, Infrastructure and Transport said on Friday. The achievement is much contributed to construction companies securing last-minute contracts in December, pushing the total past $996.5 billion recorded through November 2024, despite challenging external

January 3, 2025

Wave of price hikes hits food, drinks, beauty products

SEOUL, January 2 (AJP) - From snacks and chicken to cosmetics, South Korean consumers are facing a wave of price hikes at the start of 2025, as companies cite surging raw material costs and rising labor expenses. Puradak Chicken, a major franchise, raised prices on 10 menu items by up to 1,000 won ($0.68) on Dec. 30, attributing the increase to higher costs of raw materials, rent, and delivery app commissions. Coffee Bean Korea increased the prices of chocolate-based beverages by

January 2, 2025

South Korea lowers 2025 growth forecast to 1.8%

SEOUL, January 2 (AJP) - South Korea's government on Thursday lowered its 2025 growth forecast to 1.8 percent from 2.2 percent, citing persistent external uncertainties and slowing export growth despite easing inflation and interest rates globally. The Ministry of Economy and Finance announced the downward revision in its annual economic policy direction, signaling the possibility of supplementary budget if needed to bolster the economy. "We will review various measures,

January 2, 2025

KOTRA to run largest-ever national pavilion at CES

SEOUL, January 02 (AJP) - The South Korean government will operate its largest-ever national pavilion at this year's Consumer Electronics Show (CES), officials said Wednesday. About 900 Korean companies will participate in the world's largest electronics trade show, to be held in Las Vegas from Jan. 7–10. The Ministry of Trade, Industry, and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) will manage the unified Korean pavilion, featuring 445 companie

January 2, 2025

Hyundai Motor charts path toward sustainability amid mounting challenges

Editor's Note: This article is the first installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 2 (AJP) - South Korea’s automotive giant Hyundai Motor Group, which includes Hyundai Motor Co. and Kia Corp., is gearing up for a pivotal 2025 as it navigates mounting global competition and an industry-wide shift toward sustainable vehicles. Hyunda

January 2, 2025

Korea's exports hit record high in 2024, led by robust chip sales

SEOUL, January 2 (AJP) - South Korea's exports reached a record $683.8 billion in 2024, an 8.2 percent increase from the previous year driven by semiconductors, according to the Ministry of Trade, Industry and Energy. Chip exports, accounting for more than 20 percent of total exports, jumped nearly 44 percent to $141.9 billion, surpassing the previous record of $129.2 billion set in 2022, the ministry reported Tuesday. The country's trade surplus hit $51.8 billion, its hi

January 2, 2025

More founders of enterprises included among Korea's wealthiest stockholders

SEOUL, December 31 (AJP) - The number of founders among South Korea's 50 wealthiest stockholders has more than doubled over the past decade, increasing from five to 12, according to a report by corporate research firm Leaders Index released Tuesday. Samsung Electronics Chairman Lee Jae-yong remains at the top of the list, with shares valued at 12.17 trillion won ($9.4 billion). Despite holding the top spot, Lee’s holdings have shrunk by 15.4 percent since early 2023, she

December 31, 2024

Business leaders pay respects to Jeju Air crash victims

SEOUL, December 31 (AJP) - South Korea's corporate leaders joined the nation in mourning on Tuesday, visiting memorial altars to honor the 179 victims of Sunday's Jeju Air crash, the country’s deadliest aviation disaster in over two decades. Sohn Kyung-shik, chairman of the Korea Enterprises Federation, visited a memorial altar in front of Seoul City Hall, offering condolences to the bereaved families. Yoon Jin-sik, president of the Korea International Trade Associa

December 31, 2024