Journalist

Kim Seong-se
  • South Korea hit hard by rising costs as Middle East conflict drags on, think tank warns
    South Korea hit hard by rising costs as Middle East conflict drags on, think tank warns SEOUL, March 16 (AJP) - A prolonged conflict between the U.S. and Iran could drive up energy and logistics costs for South Korea, with a 10-percent rise in global oil prices projected to push domestic manufacturing production costs up by an average of 0.71 percent, a report released by a state-run think tank on Monday suggests. The Korea Institute for Industrial Economics and Trade (KIET) warned that ongoing tensions around the Strait of Hormuz, a critical chokepoint for roughly one-fifth of the world's oil supply, have already pushed oil prices higher, and further escalation there could intensify supply disruptions and inflationary pressures on South Korea's energy‑intensive industries. Oil prices have jumped sharply since U.S.‑led airstrikes on Iran late last month, as the conflict has escalated into a broader regional war with the U.S. vowing further strikes and Iran responding with retaliatory attacks. Dubai crude oil has risen more than 40 percent, to about US$103 a barrel from around $72 before the fresh conflict began in the already volatile region. With Middle Eastern crude accounting for about 70 percent of South Korea's oil imports, and most shipments passing through the strategically important Strait of Hormuz, cost pressures on the country are intensifying further. Exporters also face uncertainty. South Korea's shipments to the Middle East have grown steadily since 2020, though the region accounts for just about three percent of total exports. Even so, the institute warned that shipping disruptions could hit exporters directly or indirectly through higher freight costs, delivery delays, and broader supply chain disruptions. The institute called for steps to stabilize energy supply chains through various measures including diversifying import sources and tapping strategic oil reserves, given South Korea's heavy reliance on Middle Eastern crude and liquefied petroleum gas. "If the rise in global oil prices is prolonged, higher manufacturing costs and mounting price pressures could fuel inflation and raise the possibility of stagflation," said Hong Seong‑uk, the KIET's head. 2026-03-16 16:35:13
  • Trade chief seeks stronger ties with Mercosur countries amid global uncertainty
    Trade chief seeks stronger ties with Mercosur countries amid global uncertainty SEOUL, March 5 (AJP) - Trade Minister Yeo Han-koo on Thursday met with ambassadors from four Mercosur countries to discuss ways to enhance cooperation. Formed in 1991, Mercosur is a South American trade bloc comprising Argentina, Brazil, Paraguay and Uruguay. Thursday's talks follow President Lee Jae Myung's summit with Brazilian President Luiz Inácio Lula da Silva in Seoul late last month, as South Korea looks to expand economic and trade ties with the bloc. Citing Mercosur's abundant critical minerals such as lithium and nickel, Yeo called the bloc a "very important partner" as global trade faces "unprecedented" shifts amid rising protectionism and the strategic use of resources. Yeo said that strengthening trade ties with South America's largest economic bloc, home to about 270 million people with a combined gross domestic product of US$2.9 trillion, is essential for boosting investment and exchanges, as well as for providing companies with a stable, forward-looking business environment. He also warned that overreliance on specific regions for trade exposes the global economy to significant risks, stressing the need to diversify supply chains. With the four Mercosur countries also facing growing pressure to navigate challenges including U.S. tariff measures, he added that closer cooperation with South Korea would be needed. He also called for support for South Korean companies operating in Mercosur including steelmaker POSCO's lithium plant in Argentina. 2026-03-05 13:58:39
  • South Korea targets $740 billion in exports this year
    South Korea targets $740 billion in exports this year SEOUL, February 25 (AJP) - South Korea is aiming to boost exports by diversifying markets, extending its growth streak into a second consecutive year. At a meeting in Seoul on Wednesday, Minister of Trade, Industry and Energy Kim Jeong-gwan unveiled plans to reach an export target of $740 billion this year. The goal follows last year's record $709.7 billion, which was driven by a historic surge in semiconductor exports. Citing growing uncertainty in the global trade environment following a U.S. Supreme Court ruling that found the International Emergency Economic Powers Act (IEEPA) unlawful, the ministry said it will respond by aggressively diversifying exports as it aims to become one of the world's five largest exporting countries. The ministry aims to nurture eight key export sectors such as consumer goods, power equipment, bio health, defense, nuclear power, automobiles, ships, and steel by hosting expos and other activities. The ministry will also expand cooperation among relevant agencies to secure Canada's submarine project, while pursuing new orders for nuclear power plants. Among a range of measures, a record 275 trillion won will be allocated to help exporters secure liquidity and to support roughly 500 firms with overseas shipments exceeding $10 million, along with additional support for those in strategic and advanced industries including artificial intelligence (AI)-related technologies. Kim said, "Amid unprecedented global uncertainty, we will turn this crisis into an opportunity through a proactive strategy to diversify our export markets." 2026-02-25 16:44:26
  • Seoul ready to push economic ties with New Delhi to new level - trade minister
    Seoul ready to push economic ties with New Delhi to new level - trade minister SEOUL, February 20 (AJP) -A deeper economic cooperation with India has become more important than ever for South Korea as the global trade environment undergoes rapid change, Seoul's Trade Minister Yeo Han-koo said Thursday. Speaking at the Korea-India Economic Cooperation Conference at Lotte Hotel Seoul, Yeo described India as “a central country” in South Korea’s New Southern Policy and “a leader of the Global South.” He said there is significant room for growth in bilateral trade, noting that South Korea’s annual trade with 11 ASEAN countries — whose combined gross domestic product is similar to India’s — totals about $200 billion, while Korea-India trade currently stands at around $25 billion. The event, held under the theme “The Future of Korea-India Economic Cooperation for Shared Prosperity,” focused on future directions for bilateral cooperation. India, the world’s most populous country, is drawing attention as a next-generation manufacturing base and supply-chain hub, backed by a large domestic market and annual economic growth of 6 to 7 percent. The congress drew around 200 figues, including Indian Ambassador to South Korea Gourangalal Das and Rajat Kumar Saini, CEO of the National Industrial Corridor Development Corporation, along with government officials and representatives from companies and institutions from the two countries. The Indian envoy in an interview with AJP last month said New Delhi was in talks with Seoul to arrange a state visit by South Korean President Lee Jae Myung to elevate strategic partnership between the two countries to encompass new-growth area. In a presentation session, the Korea Institute for International Economic Policy said India is sustaining rapid growth based on its young and abundant population, financial stability and active industrial strategy. The institute called for stronger cooperation in advanced industries and supply chains to deepen bilateral ties. South Korean companies operating in India in areas such as advanced manufacturing, consumer goods and content shared their local experiences and business results. Indian government officials outlined the country’s investment environment, incentives and policies to promote shipbuilding and marine industries, pointing to new opportunities for cooperation. A panel discussion involving participants from the Korea Trade-Investment Promotion Agency, the Korea Institute for Advancement of Technology and the POSCO Research Institute also explored ways to maximize synergies through strategic cooperation among government, industry and research. Panelists said South Korea and India should work together in areas where their strengths are complementary, including artificial intelligence, advanced manufacturing, and space and aviation. Yeo said Seoul will expand partnerships with India in AI, digital technology, supply chains, green energy and manufacturing to meet the demands of a new trade era. He added that South Korea will work closely with New Delhi to swiftly conclude key pending issues, including negotiations to upgrade the Korea-India Comprehensive Economic Partnership Agreement, to create the best possible environment for cooperation. 2026-02-20 07:48:32
  • Popular bakery chain slapped with over 800 million won in fines for labor violations
    Popular bakery chain slapped with over 800 million won in fines for labor violations SEOUL, February 13 (AJP) - LBM, the operator of popular bakery chain London Bagel Museum, was slapped with a fine of 810 million Korean won (about US$580,000) over widespread labor law violations, the Ministry of Employment and Labor said on Friday. The bakery was found to have committed multiple violations of labor laws and relevant regulations, including 564 million won in unpaid wages for overtime and night-time and holiday shifts, and was ordered to take corrective action. Revelations emerged in July last year after a worker in their 20s in Incheon was found dead. The family sought compensation, alleging the worker faced heavy workloads of up to 80 hours a week while preparing to open the bakery's new store and handling operations. The family later withdrew after reaching a settlement with London Bagel Museum, but the ministry conducted a three-month investigation from late October, raiding all branches and interviewing employees to check compliance with labor laws and identify any violations. The investigation uncovered some 61 violations including workplace harassment, unpaid overtime, pay-related irregularities, workplace safety issues, restrictions on annual leave and rest time, and other breaches. Under relevant regulations in South Korea, companies with more than 50 employees must hire a person to take care of workplace safety and also provide medical checkups, but the company failed to comply. Other violations included humiliating practices such as demanding that employees write formal apologies for workplace mistakes and read them aloud to coworkers, as well as deducting pay for arriving late in the morning. The ministry requested that the company submit a plan with corrective measures and vowed to oversee its implementation. Labor Minister Kim Young-hoon said, "I feel a heavy sense of responsibility that the company's rapid growth came at the expense of long hours and unpaid labor by young workers." He added that the ministry will expand inspections to ensure companies do not focus solely on growth while failing to protect workers' basic rights. 2026-02-13 16:03:35
  • Trade chiefs from South Korea, US to meet in Seoul amid Trumps renewed tariff pressure
    Trade chiefs from South Korea, US to meet in Seoul amid Trump's renewed tariff pressure SEOUL, February 10 (AJP) - With the U.S. renewing tariff pressure, attention is turning to an upcoming working-level meeting between trade officials in Seoul this week. The Ministry of Trade, Industry and Resources announced Tuesday that its minister Yeo Han-koo is set to hold talks with visiting deputy U.S. Trade Representative (USTR) Rick Switzer on Wednesday. The meeting was initially intended to address non-tariff barriers (NTBs), which are measures other than tariffs that restrict imports or exports to protect domestic industries. However, it is now expected to cover all outstanding trade-related issues after U.S. President Donald Trump's abrupt threat to raise tariffs back to 25 percent late last month. Seoul and Washington reached a tariff-related border deal during Trump's visit here in late October last year, in which the two sides agreed to lower reciprocal tariffs from 25 percent to 15 percent in return for massive investment in the U.S. During a parliamentary hearing the previous day, Foreign Minister Cho Hyun told lawmakers that the U.S. would seek to raise tariffs on South Korea to reduce its trade deficit "if there is no progress in talks." Yeo said, "We will closely communicate with the U.S. side to seek a mutually beneficial solution in collaboration with relevant ministries." 2026-02-10 15:23:37
  • Korea Midland Power teams up with US firm for gas combined-cycle projects
    Korea Midland Power teams up with US firm for gas combined-cycle projects SEOUL, February 03 (AJP) - Korea Midland Power Co. (KOMIPO) has signed a memorandum of understanding with a U.S.-based power plant operations and maintenance (O&M) specialist to cooperate on gas combined-cycle power projects in the United States. The agreement, signed on Jan. 29 local time, aims to combine KOMIPO’s plant operating experience with the U.S. partner’s workforce management and engineering capabilities, KOMIPO said Tuesday. The companies plan broad cooperation to enhance competitiveness in bidding for U.S. gas combined-cycle projects while reducing operational risks and improving efficiency. KOMIPO currently operates three large-scale solar projects in Texas as well as an energy storage system project in California. The company also began construction on the 350-megawatt Lucy solar project on Jan. 27 as part of a consortium of South Korean firms. The utility said it intends to build on its renewable energy operating experience to expand into gas combined-cycle generation, diversifying its business portfolio in the North American power market. “This agreement provides a foundation for KOMIPO to enter the U.S. gas combined-cycle market in a stable manner,” the company said in a press release. “Based on mutual trust and operational know-how, we will continue expanding our energy business across North America.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-03 16:00:17
  • Customs watchdog seizes over 100,000 knockoffs of South Korean brands, mostly Chinese
    Customs watchdog seizes over 100,000 knockoffs of South Korean brands, mostly Chinese SEOUL, January 27 (AJP) - About 117,000 counterfeit items copying South Korean brands were seized last year, the Korea Customs Service said on Tuesday. The seizure came after the customs watchdog launched an intensive crackdown on knockoffs that capitalize on the global popularity of South Korean goods and products. These counterfeit goods were found in cargo and express parcels shipped through foreign online shopping platforms. By country of origin, China accounted for 97.7 percent of such shipments, followed by Viet Nam at 2.2 percent and Hong Kong at 0.1 percent. By product, cosmetics made up 36 percent and toys and stationery 33 percent. To prevent possible damage to South Korean companies, the KCS plans to strengthen international cooperation with overseas customs authorities and investigating distribution networks in countries most affected by counterfeit goods. The KCS' chief Lee Myeong-gu described infringement of intellectual property as a "crime that threatens the achievements of South Korean businesses," vowing to expand efforts for collaboration with overseas customs agencies. 2026-01-27 11:29:50
  • Foreign workers visa applications for this year to begin late this month
    Foreign workers' visa applications for this year to begin late this month SEOUL, January 15 (AJP) - The Ministry of Employment and Labor said Thursday it will accept applications for new employment permits under its E-9 visa program in five rounds this year, allowing companies facing labor shortages to hire foreign workers. The first round of applications will run from Jan. 26 to Feb. 10, followed by additional rounds in April, July, September, and November. According to the ministry, companies can apply depending on their business conditions and staffing needs. Starting this year, North Jeolla Province will be newly added to the areas where hotels and other accommodation facilities can hire E-9 workers. The hiring cap per manufacturing factories outside the Seoul metropolitan area will also rise to 30 percent, up from 20 percent. In crop cultivation, greenhouse horticulture and specialty-crop operations with facilities smaller than 1,000 to 2,000 square meters will be allowed to hire up to eight workers. Grain and other food-crop cultivation will also be eligible. A separate quota temporarily operated for shipbuilding will be merged into the manufacturing quota. The first-round quota is allocated for 15,784 workers, with 11,275 for manufacturing, 2,382 for agriculture and livestock, 1,495 for fisheries, 492 for construction and 140 for service industries. 2026-01-15 16:37:00
  • South Korea draws record FDI in 2025 as investor sentiment improves
    South Korea draws record FDI in 2025 as investor sentiment improves SEOUL, January 07 (AJP) - South Korea’s foreign direct investment (FDI) reached a record high last year, rebounding strongly in the second half after a sluggish start, government data showed on Wednesday. FDI commitments in 2025 rose 4.3 percent from a year earlier to $36.05 billion, the highest level on record, according to the Ministry of Trade, Industry and Energy. Funds actually received increased 16.3 percent to $17.95 billion, the third-highest total to date. The ministry said the recovery came despite a 14.6 percent year-on-year decline in the first half, attributing the turnaround to improved investor sentiment following the launch of a new government. It cited restored confidence in the economy, reduced policy uncertainty and stronger expectations linked to the government’s push on artificial intelligence and investment promotion efforts tied to the Asia-Pacific Economic Cooperation summit in Gyeongju. Greenfield investment for new or expanded facilities rose 7.1 percent to a record $28.59 billion, the ministry said. The investment included “quality” projects in advanced industries, such as Amazon Web Services’ artificial intelligence data center and Amkor Technology’s semiconductor back-end processing facilities, the ministry said. By sector, manufacturing investment rose 8.8 percent to $15.77 billion, reflecting increased investment in key materials used in advanced industries. Investment in chemicals surged 99.5 percent to $5.81 billion, while metals jumped 272.2 percent to $2.74 billion. Electrical and electronics investment fell 31.6 percent to $3.59 billion, and machinery, equipment and medical precision dropped 63.7 percent to $850 million. Investment in services rose 6.8 percent to $19.05 billion, driven by expanded investment in areas such as AI data centers and online platforms. By country, U.S. investment surged 86.6 percent to $9.77 billion. Investment from the European Union rose 35.7 percent to $6.92 billion. Japanese investment fell 28.1 percent to $4.40 billion, while Chinese investment declined 38 percent to $3.59 billion. 2026-01-07 15:46:08