Journalist
김혜준(Candice Kim)
candicekim1121@ajupress.com
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Foreign residents in South Korea rise to all-time high, exceeding 2.7 million SEOUL, July 27 (AJP) - The number of foreign nationals residing in South Korea has surged to an all-time high, surpassing 2.73 million, driven by a post-pandemic rebound in entries for academic, employment, and tourism purposes. As of the end of June this year, the total foreign resident population in the country reached 2,732,797, according to data released by the Ministry of Justice's Korea Immigration Service, Sunday. This figure represents a 1.5 percent increase, or 40,068 people, compared with the previous month. The rising numbers reflect a steady recovery from the pandemic-induced slowdown. The foreign population in South Korea rebounded to over 2.51 million in 2023, and continued to climb to approximately 2.65 million last year. After reaching roughly 2.72 million in March of this year, the total saw slight dips to around 2.71 million in April and 2.69 million in May, before setting a new record of over 2.73 million last month. Of the total, long-term residents comprise the majority. Registered foreign nationals accounted for 1,559,975, while foreign citizens of Korean descent who have reported their domestic residence numbered 552,419. Short-term visitors, including tourists, made up 620,403. By nationality, Chinese citizens constituted the largest group, with 972,176 individuals, representing 35.6 percent of all foreign residents. Vietnam followed with 341,153, then the United States with 196,664, Thailand with 173,710, and Uzbekistan with 98,457. A significant concentration of registered foreign residents, more than half, were found to be living in the Seoul metropolitan area. Other major regions included Yeongnam, with 317,286 people (20.3 percent); Chungcheong, with 200,939 (12.9 percent); and Honam, with 136,990 (8.8 percent). 2025-07-27 10:15:34 -
Korea-US trade talks end second day without agreement, more internal discussions needed SEOUL, July 26 (AJP) - Korean Industry Minister Kim Jeong-kwan and U.S. Commerce Secretary Howard Lutnick concluded their second day of intensive trade negotiations Saturday at Lutnick's private residence in New York, according to trade sources Saturday. The talks followed Thursday's meeting at the Commerce Department in Washington as both sides work toward reaching an agreement before the August 1 deadline for reciprocal tariff implementation. Kim presented revised proposals based on discussions from a trade strategy meeting held at the presidential office on Friday, offering more advanced positions than Thursday's initial negotiations. The Korean delegation reportedly made additional approaches on contentious issues including U.S. investment commitments and agricultural products such as beef and rice. However, sources indicated that Lutnick continued to demand greater concessions from South Korea despite the revised proposals. Trade sources said the negotiation results require additional internal discussions, suggesting significant gaps remain between the two sides. Kim reported the outcome of Friday's additional talks with Lutnick to Seoul, and the presidential office is expected to hold another trade strategy meeting on Saturday chaired by the chief of staff to discuss Korea's response direction for achieving a tariff negotiation settlement. Kim had originally been scheduled to return to Korea on Friday but may remain in the United States along with Trade Representative Yeo Han-gu to oversee intensive last-minute negotiations as the deadline approaches. The presidential office is considering having both officials stay to lead comprehensive U.S. negotiations given the time constraints and the need for continued high-level engagement. Both countries are conducting intensive negotiations with the goal of reaching a trade agreement before August 1, when President Donald Trump's moratorium on reciprocal tariff implementation expires. The extended talks in New York demonstrate the urgency both sides feel to resolve outstanding trade issues, though significant differences appear to remain on key investment and agricultural market access commitments. 2025-07-26 16:33:22 -
LG Electronics to boost Mexico, U.S. production to counter tariffs SEOUL, July 26 (AJP) - LG Electronics said Friday it will expand production in Mexico and the United States to respond to reciprocal tariffs taking effect August 1, while considering price increases as part of its strategy to counter rising costs. The South Korean appliance maker outlined its tariff response plans during a second-quarter earnings conference call, warning that policy volatility and weakening consumer sentiment are dampening home appliance demand outlook. The company said it faces cost pressures from 50 percent steel tariffs and reciprocal tariffs, which will create greater market price uncertainty in the second half. LG Electronics plans to begin washing machine production at its Mexicali, Mexico facility in September to provide flexibility in responding to tariff impacts. The company will expand supply from both U.S. and Mexican production sites once reciprocal tariffs take effect on August 1. LG Electronics currently manufactures washing machines and dryers at its Tennessee plant, while producing home appliances and televisions in Mexico and refrigerators and washing machines in Vietnam. The company said it will maintain its current production system while operating regional product supply bases in the U.S. based on competitiveness considerations. Regarding potential price increases, executives said decisions would be made carefully after considering policy changes, economic trends and discussions with distribution channels. The company's vehicle components business through LG Magna is also expanding international production, with the Mexico plant accounting for 30 percent of sales in the first quarter and expected to reach the low 40 percent range by the fourth quarter. LG Magna's Hungary plant, completed in December 2024, is scheduled to begin operations in mid-2026. The air conditioning division reported order backlogs growing three times compared to the previous year, driven by data center demand. LG Electronics expects shipping costs to improve in the second half compared to the first half, citing completed maritime freight bidding for second-half contracted volumes and declining sea freight rates starting in July. The company is also conducting early shipments of sales volumes and expanding regional production ratios as part of its U.S. tariff response measures, while mixing existing and new shipping companies to secure additional freight competitiveness. 2025-07-26 15:02:33 -
Amorepacific's Aestura brand expands to Canada and Australia markets SEOUL, July 26 (AJP) - Amorepacific's dermatological skincare brand Aestura announced Friday it will launch in Canada and Australia in August, expanding its global presence following its February entry into the U.S. market. The Korean beauty company will distribute products through Sephora stores in both countries as part of its exclusive partnership with the global cosmetics retailer. The brand will focus on its Atobarrier 365 product line in the new markets, launching eight products including the flagship Atobarrier 365 cream, bubble cleanser, serum, hydro essence, lotion, soothing cream, mist and body lotion. The company will also offer a bestseller trial kit alongside the main product range. The Atobarrier 365 cream has sold over 7 million units since its launch. Aestura first entered international markets in September 2023 with Japan, followed by Vietnam, Thailand and the United States. The brand initially gained traction in the U.S. through Amazon before officially launching through Sephora in February 2025. The company said the products performed well on Amazon rankings prior to the official Sephora launch. In an interview with this publication, an Amorepacific representative said the company does not disclose brand-specific sales figures when asked about expected revenue from the Canadian and Australian markets. The representative noted that Aestura products had gained popularity through cross-border purchases on Amazon before the official U.S. launch, with the Atobarrier cream receiving particularly positive reception. "Aestura as a brand has heritage from Taepyeongyang Pharmaceutical. Based on Amore research, we will continue to approach with the mindset of always thinking about customers with sensitive skin," the company representative told this publication. The brand plans to continue expanding into additional global markets following the Canada and Australia launches, targeting consumers seeking dermatological skincare solutions. 2025-07-26 11:34:06 -
Korea pushes for rapid AI infrastructure buildout to compete globally SEOUL, July 25 (AJP) - South Korea must fast-track the construction of domestic AI data centers and secure tens of thousands of high-performance graphics processing units (GPUs) within the next two years if it is to join the ranks of the world’s top three artificial intelligence powers, the country’s science minister said. During a visit to Naver’s AI data center in Sejong, Science and ICT Minister Bae Kyoung-hoon outlined the government’s ambitious plans to acquire 50,000 GPUs — a key component in training and deploying advanced AI models — while warning that the pace of deployment would be critical to maintaining competitiveness. “We are no longer in a position to take a phased approach,” Bae said, referring to earlier plans to begin with an initial 10,000 GPUs. “Speed is everything. If we are serious about becoming an AI powerhouse, we must act decisively within the next two to three years.” The minister stressed that the government would support rapid development of domestic AI infrastructure, with a focus on self-reliance rather than dependence on foreign cloud service providers. He emphasized that AI data centers must meet high standards in technical performance, operational capability and price competitiveness. He also encouraged companies to integrate internal data with AI systems to strengthen Korea’s digital sovereignty. The meeting drew a wide array of industry and academic representatives, many of whom raised concerns about mounting regulatory hurdles. Among them were construction and power-related restrictions, as well as resistance from local communities over data center development. NHN Cloud CEO Kim Dong-hoon urged authorities to shorten the review process for power system impact assessments. Samsung SDS President Lee Jun-hee called for more flexible regulations around data center design, while Kakao Vice President Kim Se-woong suggested tax incentives and alternative financing models. Korea Data Center Association Chairman Kang Jung-hyup warned of the risk of “Korea passing” — the possibility of international firms bypassing South Korea as an AI hub — and called for more aggressive policy support. In response, Minister Bae pledged that the government would reflect industry feedback in policy formulation, including through streamlined licensing, targeted tax breaks and eased power supply regulations. He also addressed the government’s broader 100 trillion won ($73 billion) AI investment blueprint, saying future policy would focus on execution and industry alignment rather than headline figures. 2025-07-25 14:04:50 -
South Korea fails to bridge tariff divide with US ahead of looming deadline SEOUL, July 25 (AJP) - South Korean and U.S. trade officials failed to reach a breakthrough on tariff negotiations during high-stakes talks in Washington on Friday, leaving Seoul with limited time to secure a deal before a key deadline next week. South Korean Industry Minister Kim Jeong-kwan and Trade Representative Yeo Han-gu met with U.S. Commerce Secretary Howard Lutnick for 80 minutes, but the discussions ended without agreement, according to a statement from South Korea’s Ministry of Trade, Industry and Energy. The meeting came after the abrupt cancellation of a separate session between South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol and U.S. Treasury Secretary Scott Bessent, raising tensions around the negotiations. Minister Kim reportedly urged tariff relief on South Korean exports, particularly automobiles, and called for reciprocal tariff exemptions. He also proposed deeper cooperation in key manufacturing sectors such as semiconductors, shipbuilding and batteries, arguing that closer ties in strategic industries should be taken into account when resolving tariff issues. While both sides reaffirmed their intent to reach a “mutually beneficial agreement,” no concrete progress was announced. The urgency is mounting ahead of the August 1 expiration of a moratorium on reciprocal tariff measures imposed under U.S. President Donald Trump. In remarks to CNBC ahead of the meeting, Secretary Lutnick signaled growing pressure on South Korea to make concessions. “Korea, like Europe, very much wants to make a deal,” he said, citing Japan’s recent tariff agreement with the United States as a benchmark. Under that deal, Japan agreed to cut tariffs on key exports, including autos, from 25 percent to 15 percent. In exchange, Tokyo pledged $550 billion in long-term U.S. investment. Foreign media reports suggest Washington is now seeking a similar commitment from Seoul, estimated at roughly $400 billion. With less than a week before the tariff freeze lifts, trade analysts warn that South Korea faces a narrowing window to safeguard its export competitiveness while navigating rising U.S. demands for investment and deeper industrial cooperation. The South Korean trade ministry said additional negotiations would resume “as soon as possible,” though it declined to provide a specific timeline. 2025-07-25 13:38:08 -
South Korea lags in government support for waste battery recycling SEOUL, July 24 (AJP) - South Korea risks falling behind in the rapidly expanding global waste battery recycling industry due to insufficient government support, the Korea Enterprises Federation warned Thursday, urging bold policy and financial intervention to secure the nation's competitiveness in a critical sector. According to a new report by the business lobby group, the global market for recycling end-of-life batteries is projected to grow at an average annual rate of 17 percent, ballooning from $10.8 billion in 2023 to $208.9 billion by 2040. The key driver behind this growth is the anticipated surge in retired mobility batteries — used primarily in electric vehicles — which are expected to rise from 170,000 units in 2023 to more than 42 million by 2040. Recycling waste batteries, the federation said, could significantly reduce production costs for critical minerals such as lithium, cobalt, and nickel, while also lowering supply chain risks by decreasing dependence on imports from a small number of countries, including China, Australia, and the Democratic Republic of Congo. But while countries such as the United States, Japan, and those in the European Union have ramped up public funding for battery recycling, South Korea’s level of support remains “woefully inadequate,” the federation said. The U.S. government, for example, has earmarked $3.1 billion for commercializing battery manufacturing and recycling facilities as well as supporting research into critical mineral reuse. The European Union has pledged up to 960 million euros for battery recycling initiatives, and Japan has invested more than 120 billion yen since 2020 in recycling and circular economy projects led by major corporations. By comparison, South Korea’s Korea Environment Corporation has allocated just 1.5 billion won ($1 million) to support electric vehicle battery collection infrastructure, offering companies a maximum of 100 million won per year — a fraction of the funding seen in peer economies. The report called for a comprehensive overhaul of South Korea’s waste battery strategy, outlining three priority areas: expanding public procurement incentives, creating a dedicated customs classification for waste batteries, and strengthening the nation’s post-use battery management systems. “The global battery ecosystem is undergoing rapid transformation,” said Lee Sang-ho, head of the federation’s economic and industrial division. “Without more aggressive institutional and financial support, Korea risks losing its edge in one of the most strategically important industries of the future.” 2025-07-24 17:12:30 -
![[K-Tech] SK hynix posts record earnings on surging AI memory demand](https://image.ajunews.com//content/image/2025/07/24/20250724105738138830_518_323.jpg)
[[K-Tech]] SK hynix posts record earnings on surging AI memory demand SEOUL, July 24 (AJP) - SK hynix reported its strongest-ever quarterly results on Thursday, fueled by surging demand for high-performance memory chips used in artificial intelligence applications. The South Korean chipmaker posted second-quarter revenue of 22.23 trillion won (about $16.3 billion), with operating profit reaching 9.21 trillion won ($6.8 billion) and net income rising to 6.99 trillion won ($5.1 billion), eclipsing its previous record set in the final quarter of 2024. The company achieved an operating margin of 41 percent and a net profit margin of 31 percent — among the highest in the global semiconductor industry. SK hynix attributed the stellar performance to robust sales of both DRAM and NAND flash products, driven by rising demand from global technology firms investing heavily in AI infrastructure. In particular, sales of its high-bandwidth memory (HBM) products, including the advanced HBM3E 12-layer chip, played a pivotal role in driving revenue. "Our strong results reflect SK hynix’s leadership in AI memory and our disciplined focus on profitability," the company said in a statement. It noted that NAND flash shipments outpaced expectations across multiple sectors, while DRAM sales surged on the back of growing adoption of HBM solutions. The strong quarter bolstered the company’s financial position. Cash holdings rose by 2.7 trillion won from the previous quarter to 17 trillion won, while net borrowings declined by 4.1 trillion won. The company’s debt ratio stood at 25 percent, with a net debt ratio of just 6 percent. Inventory levels remained stable, aided by steady customer demand and ramped-up manufacturing of finished products. SK hynix expects momentum to continue through the second half of the year, as major customers prepare new product launches and expand AI model deployments. To meet rising demand, the company said it will roughly double HBM output this year compared to 2024 and expand production of AI-specific memory formats such as server LPDDR modules and next-generation GDDR7 chips for GPUs. In a conference call with analysts, executives confirmed that the company plans to increase capital expenditures above earlier projections, with the majority of new investments dedicated to HBM-related equipment. The company has already sold out its 2025 HBM supply and is in final-stage negotiations with key clients — including Nvidia — to secure next year’s orders. SK hynix is currently supplying its HBM3E 12-layer products to Nvidia and other major players and is preparing to begin mass production of its sixth-generation HBM4 chips in the second half of this year. The company also signaled plans to optimize production by using its Chinese facilities for legacy DRAM manufacturing, while shifting advanced memory output to other sites. It emphasized that operations in China will remain compliant with international regulations and continue supporting customers with long-term demand for DDR4 products. In light of the U.S. government's recent approval for Nvidia's export of its H20 AI chip to China, SK hynix expressed cautious optimism about increased memory demand tied to those shipments. President Song Hyun-jong said the company would move ahead with preemptive investments to secure HBM capacity, citing clear demand visibility into 2026. “SK hynix aims to become a Full Stack AI Memory Provider,” he said, “by delivering timely, high-performance, and high-quality products that meet the evolving needs of the global AI ecosystem.” 2025-07-24 16:06:24 -
China's BYD edges out Tesla, reshaping global auto order Editor's Note: This article is the 28th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, July 23 (AJP) - BYD, the Chinese electric vehicle manufacturer that began as a modest battery startup three decades ago, reported record revenue of 777.1 billion yuan ($107 billion) for 2024, overtaking Tesla’s $97.7 billion. The milestone comes as BYD sold 4.27 million new energy vehicles last year — a 41 percent jump from 2023 — making it the world’s fourth-largest automaker by volume. The achievement marks a stunning ascent for a company founded in 1995 with just 20 employees in the southern Chinese city of Shenzhen. That company, started by 29-year-old chemical engineer Wang Chuanfu, initially made rechargeable batteries to undercut expensive Japanese nickel-cadmium cells. BYD — short for “Build Your Dreams” — entered the automotive industry in 2003 with the acquisition of a struggling local carmaker, setting the stage for Wang’s long-term vision of integrating battery technology into the future of transportation. At the time, the notion of electric cars as a mainstream product was far-fetched. But Wang’s strategy gained critical validation in 2008 when Warren Buffett’s Berkshire Hathaway bought a 9.89 percent stake for $230 million. The deal, encouraged by Buffett’s longtime partner Charlie Munger, gave BYD a credibility boost during the global financial crisis and helped accelerate its EV ambitions. As of mid-2024, Berkshire still held a 6.9 percent stake, despite gradually reducing its position amid soaring share prices. A key technological leap came in 2020 with the introduction of the company’s Blade Battery, a lithium iron phosphate design known for its high energy density, safety, and low cost. Produced by BYD’s battery arm, FinDreams, the Blade Battery became a defining feature of the company’s competitive edge, allowing it to offer EVs at significantly lower prices without compromising on quality. That technological self-sufficiency is central to BYD’s model. About 75 percent of its vehicle components — from semiconductors to electric motors — are produced in-house. The company operates more than 30 industrial parks globally and employs over 900,000 people, making it China’s largest private-sector employer after several state-owned enterprises. The numbers reflect the scale of its success. BYD’s net profit for 2024 surged 34 percent to 40.25 billion yuan, with cash reserves reaching a record 154.9 billion yuan. Interest-bearing debt, meanwhile, fell to just 4.9 percent of total liabilities — one of the lowest ratios in the global auto industry. The company’s R&D spending also rose sharply, reaching 54.2 billion yuan, exceeding its annual profit by more than a third. BYD’s product lineup is as diversified as it is expansive. The Dynasty series, with bestsellers like the Han sedan and Tang SUV, targets mass-market consumers. The Ocean line — including the Dolphin hatchback and Seal sedan — caters to younger drivers. At the higher end, Denza, Yangwang, and Fangchengbao serve the luxury and off-road markets, with prices ranging from under $10,000 to over $100,000. Globally, BYD has become a formidable rival to Tesla. In the first half of 2024, it captured 21 percent of global EV sales, nearly double Tesla’s 11 percent. BYD produced 1.78 million fully electric vehicles last year, slightly edging out Tesla’s 1.77 million. In the final quarter of 2024, it outsold Tesla by 100,000 vehicles, intensifying the race for market leadership. International sales are growing rapidly. Overseas deliveries rose 72 percent to 417,204 vehicles last year, generating more than 220 billion yuan in revenue. BYD now operates or is building manufacturing plants in Thailand, Indonesia, Brazil, Hungary, Turkey, and Mexico — part of a strategy to reduce logistics costs, bypass trade restrictions, and localize production. Europe has become a critical proving ground. The company sponsored the 2024 UEFA European Football Championship and launched advertising campaigns across the continent. With compact EV models and rapid-charging technologies, BYD is positioning itself to challenge legacy players like Volkswagen and BMW. But it faces headwinds, including the European Union’s potential tariffs on Chinese-made EVs, which could complicate pricing strategies in an already competitive market. BYD’s ambitions go well beyond transportation. It has become a comprehensive clean energy provider, manufacturing solar panels and large-scale energy storage systems. This diversification leverages its battery expertise while reducing reliance on vehicle sales. Research and innovation remain at the heart of BYD’s growth engine. The company employs more than 104,000 R&D workers and holds over 48,000 patents. Its latest breakthrough, the Super e-Platform, claims to deliver 400 kilometers of range with just five minutes of charging — double the peak speed of Tesla’s current Supercharger network. Still, challenges loom. BYD has set an ambitious target of 5 to 6 million vehicle sales in 2025. But intensifying competition from both legacy automakers and startups, potential trade friction, and the need to maintain margins while scaling globally could test the company’s resilience. Yet few companies have upended a global industry so quickly or so decisively. From a modest factory floor in Shenzhen to the top of the world’s EV rankings, BYD is no longer just building its dreams — it’s driving them. 2025-07-24 10:38:28 -
S. Korea sees 11th straight monthly rise in births, but population still declines SEOUL, July 23 (AJP) - South Korea’s birth rate rose for an 11th consecutive month in May, offering a rare glimmer of hope for the world’s fastest-aging society. According to data released Wednesday by Statistics Korea, 20,309 babies were born in May, up 3.8 percent from the same month a year earlier. It was the highest growth rate for May since 2011 — and the strongest monthly increase since the agency began compiling such data in 1981. From January through May, births totaled 106,048, marking a 6.9 percent increase year-on-year and surpassing 100,000 for the first time in recent years. The country’s total fertility rate — the average number of children a woman is expected to have in her lifetime — edged up to 0.75 in May, a slight increase from 0.73 the previous year. Still, it remains far below the replacement level of 2.1, and among the lowest in the world. Government officials credited the uptick to a rise in marriages, a larger cohort of women in their early 30s, and an expansion of central and local policies aimed at easing the financial burdens of child-rearing. Marriage registrations in May rose 4 percent to 21,761 — the highest figure for the month since 2019 — marking 14 straight months of year-on-year increases. Firstborn children accounted for 61.9 percent of all births. Second children made up 31.8 percent, while third or subsequent births comprised 6.3 percent. Divorces, meanwhile, fell to 7,413 in May — a 6.4 percent drop and the lowest number for the month since 1997. Yet despite the modest progress, South Korea’s overall population continued to decline. The number of deaths in May, 28,510, outpaced births by 8,202. Deaths were nearly unchanged from a year earlier, decreasing by just seven cases. While the rising birth numbers suggest a potential demographic shift, experts caution that sustained gains will be needed to reverse South Korea’s deepening population crisis. Without more robust growth, the country faces long-term challenges ranging from labor shortages to pension system strain and declining economic dynamism. 2025-07-23 17:35:26