South Korean consortium secures first research reactor design export to U.S.

SEOUL, April 17 (AJP) - A South Korean consortium has successfully secured a contract to export research reactor technology to the United States. A research reactor is mainly used for physics experiments, radioisotope production, and training students and engineers on how a reactor is built and operated. South Korea's Ministry of Science and ICT announced on Thursday that a consortium consisting of the Korea Atomic Energy Research Institute (KAERI), Hyundai Engineering, and U.S.

April 17, 2025

Bank of Korea holds rate steady amid growing economic headwinds

SEOUL, April 17 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.75 percent on Thursday, choosing caution in the face of mounting global uncertainty, despite signs of faltering domestic growth. The decision comes as central banks around the world grapple with intensifying economic turbulence, fueled in part by an escalation in global trade tensions. The U.S. Federal Reserve earlier this week signaled a pause in its easing cycle, underscoring the fragile i

April 17, 2025

'Korean shipbuilders are key partners for American naval rebuilding'

SEOUL, April 17 (AJP) - A recent column published by the Center for Strategic and International Studies suggest that South Korean companies Hanwha Ocean and HD Hyundai Heavy Industries should play a central role in revitalizing the United States' declining shipbuilding industry. The column, authored by Park Jin-ho, a policy advisor to South Korea’s Ministry of National Defense, urges the U.S. to pursue formal partnerships with its longtime ally, citing the collapse of do

April 17, 2025

Korean wedding industry under crackdown for false advertising

SEOUL, April 17 (AJP) - South Korea’s antitrust regulator has issued warnings to several prominent wedding planning firms for engaging in false and misleading advertising. The Fair Trade Commission (FTC) disciplined three companies — IniWedding, Weddingbook, and Wedding Crowd — for promotional claims that regulators said were unsubstantiated and potentially deceptive. The firms advertised themselves as the “largest in Korea,” “industry leader,&

April 17, 2025

Naver's AI pivot signals Korea's bid for global tech prominence

Editor's Note: This article is the 14th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 17 (AJP) - Once a modest search engine born out of a Samsung SDS skunkworks project in the late 1990s, Naver Corp. has reimagined itself as South Korea's digital juggernaut. Now, the tech conglomerate is placing an ambitious bet on artificial intelligenc

April 17, 2025

Finance minister to lead delegation to Washington for critical tariff negotiations

SEOUL, April 16 (AJP) - South Korea will dispatch a high-level economic and trade delegation, led by Deputy Prime Minister and Finance Minister Choi Sang-mok, to Washington next week in a bid to avert the impact of sweeping U.S. tariffs. Choi is expected to meet with U.S. Treasury Secretary Scott Bessent on the sidelines of the G20 finance ministers' meeting in Washington. Separately, South Korea’s Industry Minister Ahn Duk-geun is scheduled to hold talks with U.S. Trad

April 16, 2025

Hyundai Mobis to showcase new technologies at Chinese auto exhibition

SEOUL, April 16 (AJP) - Hyundai Mobis, a key affiliate of Hyundai Motor Group, said Wednesday that it will unveil a suite of technologies tailored for the Chinese market at next week’s Auto Shanghai 2025. The company plans to establish a 300-square-meter private booth at the National Exhibition and Convention Center in Shanghai, one of China’s premier automotive trade fairs. The event, opening April 23, is expected to draw major global automakers and suppliers eager to c

April 16, 2025

KOTRA hosts Korea-Japan partnership event in Tokyo

SEOUL, April 16 (AJP) - South Korea held the "2025 Korea-Japan Partnership Plus Week" event on Tuesday at the Prince Park Tower Hotel in Tokyo to commemorate six decades of diplomatic relations. The event, jointly organized by the Korea Trade-Investment Promotion Agency (KOTRA) and South Korea’s Ministry of Trade, Industry and Energy, brought together government officials, industry leaders and business executives for a day of high-level talks and investment pledges

April 16, 2025

Former US congressman to lead Hyundai Motor Group's Washington office

SEOUL, April 16 (AJP) - Hyundai Motor Group has appointed former Representative Drew Ferguson, a Georgia Republican, to lead its Washington office, the South Korean automaker announced Wednesday. Ferguson, who served four terms in Congress representing Georgia’s 3rd District from 2017 to 2024, will assume the role on May 1. He will oversee Hyundai's communications with the U.S. government and Congress, as the automaker ramps up its American manufacturing presence. The a

April 16, 2025

Korean shipbuilders turn to foreign yards to deal with surging orders

SEOUL, April 15 (AJP) - South Korea’s major shipbuilders are increasingly turning to overseas shipyards to expand their production capabilities, industry sources said on Tuesday. HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Mipo Dockyard, Hanwha Ocean and Samsung Heavy Industries are acquiring or leasing docks in countries such as Vietnam, the Philippines, Singapore, China, and the United States. The strategic shift reflects the growing demand for commerci

April 15, 2025