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. firm MPR has signed a contract for the initial design phase of the "Next-Generation Research Reactor Project" commissioned by the University of Missouri through an international competitive bidding process. The project involves designing a new high-performance 20-megawatt thermal output research reactor for the University of Missouri. The initial design phase focuses on analyzing preliminary design information, including construction site conditions and environmental impact assessments, before proceeding to the conceptual design of the research reactor. The KAERI consortium participated in the bidding for this project and was selected as the final negotiation partner in July 2024, with the contract for the first phase of the project being finalized today. The Ministry of Science and ICT attributed the successful contract to the technological capabilities developed through investments in the research reactor field, the efforts of KAERI researchers in technology development and export, and collaboration with Hyundai Engineering, which has extensive experience in nuclear projects, and U.S.-based MPR. This marks the first time a South Korean consortium has exported research reactor design technology to the United States, demonstrating Korea's growing prominence in the global nuclear industry and its ability to compete in high-tech nuclear exports to established nuclear powers. 2025-04-17 14:50:31

'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 domestic shipbuilding capacity and the urgent need to bolster naval strength in the face of China's maritime expansion. “One of the urgent tasks the U.S. administration needs to address is the collapse of the U.S. shipbuilding industry, but this cannot be reversed by the United States alone,” Park wrote. “The most effective alternative is to cooperate with allied countries like South Korea in the shipbuilding sector.” Park pointed to China’s growing naval capabilities as a driving concern, noting that Beijing is projected to field 435 warships by 2030 — far outpacing the U.S. Navy’s current fleet of 290 ships. Meanwhile, America’s industrial base has dwindled, with fewer than 20 operational shipyards today compared to more than 300 in the early 1980s. Without structural reform to maritime policy, including laws such as the Jones Act, Park warned, “The once world-leading U.S. shipbuilding capability cannot be restored.” In contrast, South Korea has launched approximately 3,000 commercial and naval vessels over the past decade. Park cited this track record in recommending Hanwha Ocean and HD Hyundai Heavy Industries as ideal strategic partners. Hanwha Ocean, he noted, is already operating in the United States through its acquisition of the Philadelphia Shipyard, where it provides maintenance, repair, and operations (MRO) services for the U.S. Navy. Meanwhile, HD Hyundai Heavy Industries has announced plans to invest up to $200 million to develop small modular reactor (SMR)-powered ships in collaboration with U.S.-based TerraPower by 2030. The two companies are also working together on Korea’s first fully electric propulsion destroyer, incorporating domestic technologies including a Korean-built Aegis combat system — developments Park suggested could offer the U.S. faster and more efficient results than its own shipbuilders. “Cooperating with South Korea, which has been a reliable ally for 70 years, is the best solution to urgently revive the collapsing U.S. shipbuilding industry and maintain U.S. maritime leadership,” Park concluded. He added that Korean investment could also help ease supply chain disruptions and other systemic issues in the U.S. industrial base. 2025-04-17 11:19:42

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. The forum sought to align bilateral industrial cooperation with opportunities emerging from the upcoming 2025 Osaka Expo, with a particular focus on supply chain resilience and technological collaboration. The day began with the Korea-Japan Economic Cooperation Forum, co-hosted by South Korea’s Ministry of Foreign Affairs. KOTRA President Kang Kyung-sung and South Korean Ambassador to Japan Park Cheol-hee delivered opening remarks, emphasizing the strategic importance of economic partnership. The forum featured keynote addresses from Ahn Ho-young, a former South Korean ambassador to the United States, and Kanehara Nobukatsu, former Japanese Deputy Chief Cabinet Secretary. Later in the day, six Japanese firms — including companies in semiconductor materials and logistics — announced investment commitments totaling $44 million. KOTRA said the agreements would bolster South Korea’s technological competitiveness and strengthen supply chain stability in sectors where it remains highly dependent on external sources. “These investments mark a significant step toward reducing vulnerabilities in critical industries,” the agency said in a statement. A parallel event focused on innovation-driven collaboration, co-hosted with South Korea’s Ministry of Land, Infrastructure and Transport, brought together 40 South Korean firms specializing in artificial intelligence, digital governance, and smart cities. They were joined by 32 Japanese companies in advanced manufacturing sectors such as semiconductors and secondary batteries. The session concluded with memorandums of understanding valued at $19 million, covering initiatives from AI-powered poultry farming to next-generation battery production equipment. 2025-04-16 14:37:01

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 commercial vessels worldwide and the limited ability of South Korean yards to accommodate the increasing orders. HD Korea Shipbuilding & Offshore Engineering has begun constructing four 115,000-ton bulk carriers ordered by Hong Kong-based SITO Shipping at its Subic facility in the Philippines. The company is also building four vessels of the same class for Japan’s Nissen Kaiun at the same site. The Subic shipyard — approximately 110 kilometers northwest of Manila — was leased in May 2024 from U.S. private equity firm Cerberus Capital. Originally used for maintenance and repairs, the dock was converted to full-scale shipbuilding operations by the end of last year. All eight vessels are slated for delivery in 2028. Meanwhile, HD Hyundai Mipo Dockyard is investing more than 100 billion won ($75 million) to expand its operations in Vietnam. The company’s joint venture with the Vietnam Shipbuilding Industry Corporation, known as HD Hyundai Vietnam Shipbuilding, plans to raise its annual output from 15 to 23 vessels by 2030. The expansion comes amid a growing number of orders from European and African tanker operators. Hanwha Ocean is also expanding its international footprint. The company recently acquired Singapore-based marine equipment manufacturer Dynameq Holdings through a public offering and subsequently installed a new management team. Hanwha plans to manufacture 29 offshore plant topside modules at the Singapore facility while retaining hull construction at its primary shipyard in Geoje, South Korea — part of a broader strategy to establish a global production network. In the United States, Hanwha has secured contracts to build seven vessels at the Philadelphia Shipyard, which it acquired from Norwegian industrial group Aker in December 2024. The company is investing in significant upgrades at the site, anticipating a possible surge in U.S. demand. The Trump administration is reportedly weighing port fees on vessels made in China and has blacklisted China State Shipbuilding Corporation. Samsung Heavy Industries is pursuing a more collaborative model, exploring partnerships with shipyards across Southeast Asia and subcontracting to Chinese facilities for select European contracts. Recently, Samsung assigned the construction of four crude oil carriers — ordered by Greece’s Centrofin Management — to Chinese shipbuilder Pax Ocean. In a separate deal in November 2024, Samsung outsourced four Suezmax tankers ordered by Greek operator Dynacom Tankers to a yard in Zhoushan, in China’s Zhejiang Province. 2025-04-15 17:06:41

Trump signals possible tariff exemption for auto parts SEOUL, April 15 (AJP) - U.S. President Donald Trump said Tuesday that he is considering temporary exemptions to tariffs on imported auto parts, citing the need to give American automakers more time to shift supply chains and ramp up domestic production. Speaking alongside President Nayib Bukele of El Salvador during a bilateral meeting at the White House, Trump said his administration is exploring ways to ease pressure on the U.S. auto industry as it adapts to sweeping trade measures. “We’re looking for ways to help the car companies,” Trump said. “They need a little time.” The president did not specify how long any potential exemptions might last or which companies might qualify. However, his remarks suggest that tariffs set to take effect next month on critical components — including engines, transmissions and powertrains — could be delayed. The administration imposed a 25 percent tariff on imported automobiles beginning April 3, part of a broader strategy aimed at boosting domestic manufacturing and addressing what the White House describes as persistent trade imbalances. Industry analysts said a temporary reprieve on parts tariffs could offer near-term relief for U.S. manufacturers, who rely heavily on components produced in Canada, Mexico and Asia. When asked whether the administration would consider exemptions for Apple products, including iPhones, Trump gave a noncommittal response. He referred to his recent discussions with Apple’s chief executive, Tim Cook, saying, “I don’t want to hurt anybody.” The president was more definitive on pharmaceuticals, stating that tariffs on certain imported drugs would proceed shortly. “Tariffs move things quickly,” he said, reiterating his belief that higher import duties could accelerate the return of manufacturing to U.S. soil. Still, Trump’s evolving stance on tariffs has drawn criticism from economists and trade experts. The administration’s shifting posture has left trading partners uncertain and businesses hesitant to make long-term investment decisions. 2025-04-15 13:31:39

BYD begins deliveries of Atto 3 electric cars in South Korea SEOUL, April 14 (AJP) - BYD Korea has commenced customer deliveries of its compact electric SUV, the Atto 3, marking the brand's formal entry into South Korea's EV market, the company announced Monday. Originally launched on Jan. 16, deliveries of the Atto 3 had been delayed pending completion of a government subsidy evaluation by the Ministry of Environment. That review concluded in early April, clearing the way for sales to begin in earnest. The Atto 3 is available in two trims: the base model is priced at 31.5 million won ($23,000), while the higher-tier Atto 3 Plus retails for 33.3 million won. With the inclusion of a national subsidy of 1.45 million won and additional local incentives, BYD Korea said consumers may be able to purchase the vehicle for under 30 million won, depending on their municipality. To support its rollout, BYD Korea has established a network of authorized service centers in 12 major cities across the country. The company plans to expand that network to more than 25 centers by year’s end. The SUV has already generated strong interest among South Korean consumers. BYD Korea reported that pre-orders reached 1,000 units within one week of launch, driven by the vehicle’s mix of competitive pricing and robust feature set. 2025-04-14 17:04:52

Hyundai E&C shortlisted for nuclear projects in Finland, Slovenia SEOUL, April 14 (AJP) - Hyundai Engineering & Construction announced Monday that it has been shortlisted for nuclear power projects in Finland and Slovenia, marking a notable advance beyond its existing operations in Bulgaria. In Finland, a consortium led by Hyundai E&C and Westinghouse Electric Company of the United States was selected as one of three finalists for an Early Works Agreement (EWA) with Fortum, the state-owned Finnish energy firm. The agreement is part of Fortum’s effort to enhance national energy independence through the construction of new nuclear facilities. Fortum’s selection followed a series of feasibility studies involving several global nuclear technology providers. The Hyundai-Westinghouse consortium will now move forward with detailed site investigations and technical assessments as the project progresses toward full development. “This project once again demonstrates our strong business capabilities,” Hyundai E&C said in a statement, adding that the company intends to build a “close cooperative relationship with the client” and to establish a competitive edge ahead of the final construction contract. Simultaneously, the consortium is advancing in Slovenia, where it has been named a finalist for the Krsko Nuclear Power Plant Unit 2 (JEK2) project. The initiative, led by Slovenia’s state-owned GEN Energija, calls for the construction of a new large-scale nuclear reactor adjacent to the existing Unit 1 facility, roughly 80 kilometers east of the capital, Ljubljana. Hyundai and Westinghouse will conduct layout feasibility studies for the reactor through the third quarter of this year, laying the groundwork for a bid on the future engineering, procurement, and construction contract. Hyundai E&C entered into a strategic partnership with Westinghouse in 2022 to jointly pursue large-scale nuclear opportunities worldwide. The partnership quickly yielded results, securing a design contract for Bulgaria’s Kozloduy nuclear power plant later that year. 2025-04-14 16:18:01

Young adults face toughest job market in 12 years in South Korea SEOUL, April 14 (AJP) - Employment among South Koreans in their late 20s dropped sharply in the first quarter of 2025, marking the steepest quarterly decline in more than a decade, according to government data released Monday. The number of employed individuals aged 25 to 29 fell by 98,000 compared with the same period last year, the Korean Statistical Information Service (KOSIS) reported. The last time employment in this age group declined so severely was in the third quarter of 2013, when it fell by 103,000. The data underscores a deepening trend of labor market instability for young adults. Employment in this demographic has contracted for nine consecutive quarters, beginning in early 2023. The pace of decline has intensified in recent months, from a loss of 44,000 jobs in the third quarter of 2024 to 62,000 in the fourth quarter, culminating in the nearly 100,000-job drop at the start of this year. While South Korea’s aging population and shrinking youth cohort have played a role, the decline far outpaces demographic changes alone. The number of economically active individuals in their late 20s has declined more sharply than the population itself, and both the unemployment rate and the absolute number of jobless individuals in this group have risen. The number of economically inactive people — those neither working nor seeking employment — increased by 16,000 in the first quarter, reversing a four-year trend. Within that group, the subset classified as “resting,” or voluntarily disengaged from the labor market, grew by 18,000. It was the fourth consecutive quarter of increases for this category. Economists point to a combination of structural and cyclical factors behind the downturn. Job losses have been particularly severe in manufacturing and construction — industries traditionally viewed as gateways to stable employment for younger workers. Compounding the problem is a growing corporate preference for experienced hires over new graduates. “Along with structural demographic challenges, the increasing emphasis on experience among employers has left many young adults economically inactive or unable to gain a foothold in the job market,” a finance ministry official said. “We need to develop incentives and support systems that help young people find jobs that align with their skills and transition into the workforce during their twenties.” 2025-04-14 15:10:50

Hyundai, Kia post record quarterly sales in India SEOUL, April 14 (AJP) - Hyundai Motor and Kia Corp. posted their highest-ever quarterly sales in India, the world’s third-largest automobile market, during the first three months of 2025. According to data from the Society of Indian Automobile Manufacturers (SIAM), the two companies sold a combined 229,126 vehicles in the first quarter, a 1.5 percent increase from the 225,686 units sold during the same period last year. The growth reflects the companies’ sustained momentum in India, where combined annual sales have risen from 555,486 vehicles in 2019 to more than 850,000 units in recent years. In 2023, the two brands sold 857,111 vehicles, followed closely by 850,433 in 2024. Hyundai captured a 13.0 percent market share in the first quarter, while Kia accounted for 6.4 percent, giving the group a combined 19.4 percent of the Indian auto market. Maruti Suzuki, the country’s dominant domestic carmaker, retained the top spot, followed by Hyundai in second place and Kia in sixth. The sales surge has been largely driven by the popularity of sport utility vehicles, particularly models developed and marketed specifically for Indian consumers. SUVs made up 80 percent of Hyundai and Kia’s combined sales, totaling 181,758 units. Hyundai’s Creta, a compact SUV first launched in 2015 and tailored to local preferences, led the pack with 48,449 units sold. Other notable performers included Hyundai’s Venue (31,195 units) and Exter (17,330), as well as Kia’s Sonet (22,497) and Seltos (19,441). The recently introduced Syros, a compact SUV launched in February, also saw strong initial demand, recording 15,986 unit sales. India has emerged as a critical market for global automakers, ranking third globally behind China and the United States. Hyundai has doubled down on its India strategy in recent years. In 2023, it acquired General Motors’ Talegaon plant in Pune, Maharashtra, and plans to begin production there in the second half of 2025 with an annual capacity of 200,000 vehicles. Hyundai already operates a factory in Chennai, while Kia manufactures from its facility in Anantapur, Andhra Pradesh. The companies have also expanded their footprint through local partnerships and strategic initiatives. Last October, Hyundai listed its Indian subsidiary on the Indian securities market — the automaker’s first overseas public offering. In December, Hyundai and Kia signed a memorandum of understanding with the Indian Institute of Technology to establish the Hyundai Innovation Center, aimed at fostering mobility solutions tailored for Indian consumers. 2025-04-14 11:19:28

Korea opens pavilion at Osaka Expo, highlighting technology, tradition, sustainability SEOUL, April 13 (AJP) - South Korea opened its national pavilion at the Osaka-Kansai Expo, Sunday, aiming to showcase its technological innovation, cultural heritage, and vision for a sustainable future over the course of the six-month international event. Organized by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency, the opening ceremony marked the start of a 184-day exhibition set within one of the expo’s signature structures, the Grand Ring, on Yumeshima, a man-made island in western Osaka. Held under the theme “Designing Future Society for Our Lives,” the 2025 Osaka Expo runs through October 13 and features participation from 158 countries, regions, and international organizations. South Korea’s pavilion comprises three exhibition halls and seeks to deliver a message of authentic connection — bridging tradition and modernity, people and technology, and Korea with the world. Spanning 3,501 square meters, the pavilion features a large media facade displaying Korea’s four seasons, cultural legacy, and advanced technologies through immersive visual storytelling. Architectural elements such as hanbok garments and traditional lanterns are used to express the subtle elegance of Korean aesthetics. The South Korean government has planned more than 30 official events centered around “Korea Day” on May 13. Highlights include a Korea-Japan friendship banquet, a K-pop and J-pop concert titled “Korea Day M Concert,” a reenactment of the historic Joseon Tongsinsa diplomatic voyage, and themed events promoting Korean food and tourism. Korean officials say the expo offers a prime opportunity to promote Korean innovation and soft power on a global stage, while also serving as a platform for renewed Korea-Japan cultural and diplomatic engagement. This year marks the 60th anniversary of the normalization of diplomatic ties between the two countries. 2025-04-13 16:01:35