Nongshim to establish European headquarters in Amsterdam Advertisement of Nongshim's instant noodle Shin Ramyun on a tram in Amsterdam, Netherlands/ Courtesy of Nongshim SEOUL, February 18 (AJP) - South Korean food company Nongshim announced plans to establish its European headquarters in Amsterdam this March, a move aimed at bolstering its presence in the region's growing instant noodle market. According to Nongshim, the new subsidiary, Nongshim Europe B.V., will take advantage of the Netherlands' extensive logistics infrastructure, including the Port of Rotterdam — Europe's busiest — as well as the country's well-developed rail and road networks. The expansion comes as Europe's instant noodle market, valued at approximately $2 billion in 2023, has experienced rapid growth, with a compound annual growth rate of 12 percent over the past five years. Nongshim has outpaced the broader market, recording an average annual sales increase of 25 percent during the same period, with growth accelerating to 40 percent in 2024. As the largest instant noodle company in South Korea, Nongshim aims to leverage Europe's diverse consumer tastes, where regional preferences shape brand dominance across different markets. The company also plans to strengthen its foothold in major European retail chains. “Our diverse product lineup, from Shin Ramyun to Shin Ramyun Toomba, positions us well to capture the European market,” a Nongshim representative said. “By expanding distribution and developing localized products, we are confident in achieving our $300 million sales target by 2030.” To support its international growth, Nongshim is constructing a dedicated export facility in Busan, expected to boost the company’s annual production capacity to 2.7 billion units by late 2026. 2025-02-18 10:41:38

Biotech firm DYD develops saliva-based diabetes test kit DYD's diabetes diagnosis kit/ Courtesy of DYD SEOUL, February 17 (AJP) - South Korean biotechnology company DYD announced plans on Monday to introduce a diabetes diagnostic kit capable of detecting the disease through saliva samples in under one minute. The device aims to provide a less invasive alternative to traditional blood-based testing. The diagnostic kit measures glycated albumin, a key biomarker for diabetes, using semiconductor biosensor technology that integrates next-generation surface technology with antibody conjugation techniques. DYD’s platform has already received technology certification from the Ministry of Trade, Industry and Energy in South Korea. Additionally, the company has completed reproducibility verification through clinical trials conducted at Maryland Medical Center in the United States. The saliva-based testing method offers significant advantages over conventional blood-based diagnostics. “We aim to provide a more convenient and accurate monitoring environment for diabetes patients worldwide through our entry into the global diagnostic kit market,” a DYD spokesperson said. 2025-02-17 16:15:45

South Korea launches safety certification system for EV batteries Electric vehicles plugged at a charging station in Incheon Airport, Feb. 17, 2025. Yonhap SEOUL, February 17 (AJP) - The Korean government on Monday introduced a mandatory certification system for electric vehicle (EV) batteries, a move aimed at strengthening safety regulations following a high-profile battery fire last year. The new policy requires all EV batteries to undergo 12 stringent safety tests, including assessments for thermal shock, combustion resistance, and overheating prevention. These tests will be conducted by the Korea Automobile Testing & Research Institute before the batteries can be approved for installation in vehicles. The initiative builds upon a pilot program launched in September with Hyundai Motor’s IONIQ 9, amid growing concerns over the previous self-certification system that allowed automakers to assess battery safety with government oversight occurring only after incidents. “The battery certification system represents a risk-sharing partnership between the government and industry in response to emerging technologies,” a spokesperson from the Ministry of Land, Infrastructure and Transport said. Under the new framework, either automakers or battery manufacturers can apply for certification. The system also introduces a tracking mechanism that assigns unique identification numbers to batteries, enabling authorities to monitor them from production through disposal. The regulatory overhaul comes in the wake of an Aug. 1, 2024, fire that broke out in the underground parking garage of an apartment complex in Incheon. The blaze, which originated from an unplugged Mercedes-Benz electric vehicle, triggered widespread public concern over EV safety and prompted urgent calls for stricter oversight of battery technology. 2025-02-17 14:59:48

US conducting cross-border subsidy probe into Korean pharmaceutical capsules U.S. President Donald Trump arrives in Daytona Beach to attend the Daytona 500 race held in Florida, Feb. 16, 2025. Reuters-Yonhap SEOUL, February 17 (AJP) - The United States has launched a countervailing duty investigation into pharmaceutical hard capsules exported from Vietnam-based facilities operated by South Korean companies, the Korea Trade-Investment Promotion Agency (KOTRA) reported on Monday. The move comes as the Trump administration intensifies its sweeping tariff offensive, targeting both allies and adversaries. Trade analysts expect stricter enforcement of existing import regulations, including anti-dumping and countervailing duties. The U.S. Department of Commerce initiated the investigation in November, following a policy revision in March that broadened the scope of countervailing duty laws to include cross-border subsidies. The updated regulations aim to curb foreign government subsidies that could distort competition in the U.S. market. Under the revised framework, subsidies from third countries are now treated as equivalent to those provided by the exporting country. The inquiry into pharmaceutical capsules is part of a broader expansion of U.S. trade scrutiny. American officials have also widened an investigation into South Korean epoxy resins, a critical material used in semiconductors, automobiles, aerospace, and medical industries. Authorities are examining whether Korean companies sourced raw materials for epoxy resins at below-market prices from Chinese state-owned enterprises or firms operating under Chinese government directives. As of late last year, the United States had 53 active import restrictions against South Korea, including ongoing investigations. These comprised 37 anti-dumping cases, 12 countervailing duty cases, two safeguard measures, and two circumvention probes. Steel and metal products faced the highest number of trade measures, with 36 cases. Plastics, rubber, and textiles each accounted for four cases, while the electronics sector was the subject of three investigations. “The second Trump administration is expected to employ all available trade enforcement tools to address deficits and bolster domestic manufacturing,” a KOTRA official said. The administration has already enacted additional tariffs, including a 10 percent levy on Chinese goods and 25 percent duties on steel and aluminum. Officials have signaled plans to escalate the use of tariffs as a strategic economic weapon. 2025-02-17 13:59:35

Korean business delegation heads to Washington amid trade tensions Acting President Choi Sang-mok (middle in grey suit) poses for a photo with Korea Chamber of Commerce and Industry delegation led by SK Group Chairman Chey Tae-won (Choi's left), Feb. 16, 2025. Courtesy of the Ministry of Economy and Finance SEOUL, February 17 (AJP) - A high-profile delegation of South Korean business leaders, led by Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), is set to visit Washington this week, marking the first major private-sector mission since President Donald Trump began his second term. The visit comes as the Trump administration signals plans to impose retaliatory tariffs on nations with value added tax (VAT) systems, a move that could affect South Korea’s 10 percent VAT rate relative to the United States’ 6.6 percent. The delegation includes executives from South Korea’s 20 largest conglomerates, among them Cho Hyun-sang, vice chairman of HS Hyosung, and Kim Won-kyung, president of Samsung Electronics. Leading the group is Chey, who also serves as chairman of SK Group. “We need you to thoroughly explain our investment achievements in the United States and explore opportunities for collaboration with the new administration,” South Korea’s acting president and finance minister, Choi Sang-mok, told the delegation during a dinner meeting on Sunday. The mission aims to reinforce South Korea’s standing as a key investor in the United States, having funneled approximately $160 billion into greenfield projects since 2017, particularly in the automotive, semiconductor, and battery industries. A gala dinner is planned for Wednesday at the Great Hall of the Thomas Jefferson Building, with roughly 150 guests expected, including members of Congress, state governors, and senior administration officials. The business leaders will also meet with White House economic policymakers on Thursday to discuss cooperative initiatives, including increased imports of American energy, partnerships in shipbuilding, and the development of semiconductor supply chains. Other South Korean business groups are also engaging with U.S. counterparts amid the evolving trade landscape. The Korea International Trade Association is pursuing a “bottom-up” strategy, working with state governments where Korean firms have a significant presence to shape federal policy. Meanwhile, the Federation of Korean Industries is preparing to host a U.S.-Korea investment forum next month and plans to dispatch its think tank chief to Washington to strengthen ties with American policymakers. 2025-02-17 10:57:52

Meta in talks to acquire Korean AI chip startup Furiosa AI Furiosa AI's next-generation processor RNGD/ Courtesy of Furiosa AI SEOUL, February 12 (AJP) - Meta Platforms Inc. is engaged in discussions to acquire South Korean artificial intelligence chip startup Furiosa AI, potentially strengthening its semiconductor capabilities amid the global AI competition, sources familiar with the deal said Wednesday. Founded in 2017 by former Samsung Electronics and AMD engineer June Paik, Furiosa AI specializes in developing AI inference processors for data center servers. The Seoul-based company debuted its first AI accelerator chip, also known as "NPU," "Warboy" in 2021, followed by its next-generation processor "RNGD" engineered to handle large language model (LLM) AI in August last year. Industry experts note that Furiosa AI's second-generation NPU RNGD surpasses market leader Nvidia's GPU L40S and even the high-end version of the U.S. tech giant's H100 in terms of performance-per-watt ratio for inference operations. The firm has secured about $115 million in funding to date, including a recent $1.5 million investment from venture capital CRIT Ventures in early February. The potential acquisition is in line with Meta's strategy to decrease its reliance on Nvidia's costly AI chips. The social media behemoth is already partnering with American semiconductor manufacturer Broadcom to develop custom AI processors. Meta has also recently unveiled plans to invest up to $65 billion in AI infrastructure and data center expansion this year. 2025-02-12 16:02:03

Seoul unveils ambitious makeover plan for Dongdaemun areas The Dongdaemun Design Plaza (DDP), Feb. 5, 2025/ Yonhap SEOUL, February 12 (AJP) - The Seoul Metropolitan Government on Wednesday announced an ambitious master plan to rejuvenate the areas surrounding the Dongdaemun Design Plaza (DDP), a former stronghold of South Korea’s fashion industry that has struggled in recent years. The initiative, set to begin next month and slated for completion by late 2026, aims to breathe new life into the aging commercial hub through a series of urban renewal projects and infrastructure upgrades. The Dongdaemun area, which emerged in the 1990s as the country’s premier destination for fashion wholesale and retail, has seen a steep decline, buffeted by shifting consumer habits and the economic fallout of the COVID-19 pandemic. As part of the revitalization effort, city officials plan to introduce green corridors connecting the DDP with nearby Hullyeon Park and other scattered green spaces. The plan also envisions new residential developments to counteract the effects of urban hollowing. The redesign seeks to address the district’s fragmented architecture, creating a more seamless pedestrian experience between the landmark plaza and surrounding commercial areas. “We are committed to laying the groundwork for new industries while transforming this district into one of downtown Seoul’s premier landmarks,” said Cho Nam-jun, head of the city’s Urban Planning Bureau. 2025-02-12 15:33:37

South Korea-Cuba diplomatic relations mark one year, but trade remains stagnant Getty Images Bank SEOUL, February 12 (AJP) - Nearly a year after establishing diplomatic relations, South Korea and Cuba have yet to see a significant expansion in trade, with annual commerce hovering around $20 million. The primary hurdle remains the longstanding U.S. sanctions on Cuba, which continue to constrain the Caribbean nation’s access to global markets. Trade volumes between South Korea and Cuba have shown little improvement since they formalized ties on Feb. 14 last year. The economic embargo imposed by Washington decades ago has effectively isolated Cuba from international commerce, limiting opportunities for growth in bilateral trade. Cuba’s economy, heavily reliant on food and energy imports, recorded a gross domestic product of $28.9 billion last year, with a per capita GDP of $2,730. The nation posted $1.7 billion in exports against $9.8 billion in imports, resulting in a trade deficit of $8.1 billion. Industry experts point to persistent U.S. sanctions, foreign exchange shortages, and payment risks as primary obstacles to trade expansion. “Despite the establishment of diplomatic relations, U.S. sanctions against Cuba remain a significant barrier to deepening trade ties,” an official from the Korea Trade-Investment Promotion Agency said. “We need to gradually enhance economic cooperation through Official Development Assistance in key Cuban sectors, such as agricultural food production, renewable energy, and resource recycling.” South Korean firms have maintained a presence in Cuba since the mid-1990s, exporting automobiles, electronics, and tires — often through third-party agents. The energy sector has emerged as a key area of cooperation. Power generation has played a pivotal role in bilateral relations, with Hyundai Heavy Industries supplying 464 containerized diesel generators to Cuba between 2005 and 2010. At its peak, the company held roughly 30 percent of Cuba’s power market. Korean consumer brands remain well-positioned in the Cuban market. Samsung Electronics and LG Electronics continue to command premium standing among consumers, while Hyundai Motor and Kia vehicles remain popular in the rental car sector. However, since 2015, South Korean automakers have ceded market share to Chinese competitors. Bilateral trade reached a high of $70 million in 2017 during the Obama administration’s diplomatic thaw with Cuba. However, trade volumes plunged to $13.8 million in 2022 amid the pandemic before rebounding to $35.7 million last year. South Korea’s exports to Cuba include plated steel, automobiles, zinc-coated steel, auto parts, and machinery, while it imports metals, tobacco, and food products in return. 2025-02-12 11:07:39

Hanwha Aerospace becomes first Korean defense firm to surpass 10 trillion won revenue A K9A2 Thunder self-propelled howitzer on display at a convention held in Washington, Oct. 15, 2024. Yonhap SEOUL, February 11 (AJP) - South Korean defense contractor Hanwha Aerospace posted record annual revenue of 11.2 trillion won ($7.71 billion) in 2024, becoming the first domestic firm in the sector to surpass the 10 trillion won milestone. The company’s operating profit soared 190.2 percent year-over-year to 1.7 trillion won, while net profit climbed 160.5 percent to 2.5 trillion won, according to a regulatory filing on Tuesday. Hanwha’s fourth-quarter performance remained strong, with operating profit reaching 892.5 billion won and revenue totaling 4.8 trillion won. The surge was fueled by robust exports of its flagship K9 Thunder self-propelled howitzers and K239 Chunmoo rocket artillery systems, marking the first time overseas sales have outpaced domestic revenue. A key driver of growth was a landmark agreement with Poland, which ordered 672 K9 Thunder howitzers and 288 K239 Chunmoo systems in July 2022. Deliveries are currently underway. Industry sources report that Hanwha has already shipped 136 K9 Thunder howitzers and 72 K239 Chunmoo systems to Poland, with an additional 228 howitzers and 146 launchers set for delivery by 2026. Expanding its global footprint, the company secured a 1.3 trillion won contract with Romania for 54 K9 Thunder howitzers, 36 K10 ammunition resupply vehicles, and associated munitions. Hanwha is poised to finalize a 430 billion won deal with Vietnam for 20 K9 Thunder howitzers early this year. “This performance reflects the materialization of our export contracts and steady domestic production,” a Hanwha Aerospace official said. “We will continue to enhance our global competitiveness to sustain export growth.” 2025-02-11 16:24:52

South Korea faces worst job market slump in decades A job information center in Seoul, Feb. 10, 2025/ Yonhap SEOUL, February 11 (AJP) - South Korea’s job market is experiencing its sharpest downturn since the Asian financial crisis more than two decades ago, with only three job openings available for every 10 job seekers in January. According to data released Tuesday by the Ministry of Employment and Labor, new job postings fell 42.7 percent year-over-year to 135,000 last month, while the number of job seekers declined 6.5 percent to 479,000. The job-to-applicant ratio sank to 0.28 — the lowest level since 1999. The downturn has hit the manufacturing and construction sectors particularly hard. The manufacturing industry has now seen employment insurance subscribers decline for 16 consecutive months, excluding mandatory foreign worker registrations. Meanwhile, the construction sector has reported shrinking employment insurance enrollment for 18 straight months. “The economic slowdown, particularly in manufacturing, construction, and business services, has significantly dampened corporate hiring,” said Cheon Kyung-gi, head of the ministry’s future employment analysis division. The deteriorating job market underscores broader economic challenges. The number of employed individuals fell by 52,000 in December 2024 compared with a year earlier, marking the first annual decline since the COVID-19 pandemic. Additionally, employment insurance subscribers grew by just 0.8 percent — or 115,000 people — in January, the weakest increase in 21 years, since the credit card crisis of 2004. 2025-02-11 15:27:22