World Korean business leaders gather in Incheon for economic summit INCHEON, October 27 (AJP) - About 2,000 Korean business leaders from around the globe convened in Incheon for a four-day economic summit aimed at strengthening commercial ties between overseas Korean entrepreneurs and domestic firms. The 2025 Korea Business Expo Incheon opened Monday at Songdo, south of Incheon, drawing about 1,500 Korean businesspeople from abroad and 500 domestic participants including corporate executives and government officials. The four-day convention, running through Oct. 30, marks the largest international economic event since the World Federation of Overseas Korean Traders Associations (World-OKTA) established its headquarters in the port city. Incheon Mayor Yoo Jeong-bok welcomed the delegates, highlighting the city's strategic position as a hub for Korean business networks. "Incheon, equipped with world-class airport and port facilities along with cutting-edge industrial infrastructure, will serve as the epicenter of Korean economic activity and the launching pad for K-business globalization," Yoo said at the opening ceremony. The mayor called on participants, including officials from the Korea Trade-Investment Promotion Agency, the Ministry of Trade, Industry and Energy, and several lawmakers, to forge sustainable partnerships that would enable small and medium-sized enterprises to expand overseas. The Incheon government is leveraging the event to bolster its image as an international business destination. Officials set up promotional booths showcasing the city's industrial capabilities and organized tours of advanced technology companies and global campus facilities for participants. A trade fair featuring 400 domestic companies, including 85 from Incheon, will run from Tuesday through Wednesday at the venue. The exhibitors will showcase products to overseas Korean business owners seeking new commercial opportunities. Inside Halls 1 and 2, Korean sellers were setting up booths, with items varying from cosmetics to heavy equipment for construction. "We already have buyers from ASEAN countries and the Middle East, but we hope to widen the spectrum even further," said Katherine Sung, CEO of foot care cosmetics firm Pedi:all. The convention's program also includes sessions on trade cooperation, investment briefings, a global startup competition and cultural performances. When asked how the convention may overlap with the APEC Summit during a private press conference on the sidelines by AJP, Park Jong-bum, chairman of the World-OKTA, acknowledged concerns but expressed optimism about potential synergies. "Many members live abroad, and several attendees are participating in both APEC and our convention. We expect a multiplier effect," Park said. 2025-10-27 20:30:12

Hyundai Motor steps on the gas in Indian foray as US and China turn inward SEOUL, October 23 (AJP) - South Korea's Hyundai Motor Group is accelerating its push into India following last year's landmark $3.3 billion initial public offering of its Indian unit, positioning the country as a central pillar of its global growth strategy amid rising protectionism in the United States and China. "India is a strategic priority in Hyundai's global growth vision. India isn't just important to Hyundai's global strategy — India is Hyundai's global strategy," said Jose Munoz, president of Hyundai Motor, at the 2025 CEO Investor Day held in Mumbai last week. The inclusion of Mumbai in the company's first overseas investor roadshow this year underscores its new focus. Munoz announced that Hyundai plans to invest about 7.2 trillion won — roughly $5 billion — over the next five years, matching its cumulative investment in India over the past three decades. The group plans to introduce 26 new models, including its first hybrid vehicle designed specifically for Indian road and lifestyle conditions, as well as premium models under the Genesis brand. The "India pivot" strategy comes as the world's two largest auto markets, the United States and China, grow increasingly protectionist with contrasting tariff regimes and local subsidy incentives. India, meanwhile, has taken a different course — slashing its goods and services tax (GST) in September to cushion potential shocks from the 50 percent U.S. tariffs. Consumption taxes on small cars were cut from 29 percent to 18 percent, and on large vehicles, including SUVs, from 50 percent to 40 percent. New Delhi has also pledged to reduce import tariffs to 15 percent from 100 percent for automakers investing more than $500 million and launching electric vehicle production within three years. Beyond policy incentives, India's vast population of 1.4 billion and low vehicle ownership rate — just 7.5 percent — make it a "blue ocean" for global automakers. The country now ranks third worldwide in vehicle sales behind China and the U.S., with its electric and hybrid markets expanding rapidly. The government's latest GST 2.0 reforms, which further trimmed small-car taxes by up to 13 percent, are expected to boost consumption even more. India's appeal also lies in its manufacturing competitiveness. According to the International Monetary Fund, India's per capita GDP stood at $2,396 last year — less than one-fifth of China's $13,306 — while its median age of 29.8 years makes it one of the youngest major economies. In contrast, Japan's median age is 49.9, South Korea's 45.5, China's 40.2, and the U.S.'s 38.9. This youthful demographic provides both abundant labor and long-term consumer potential. "Hyundai initially found success in India with compact cars — affordable pricing and reliable after-sales service built strong brand trust," said Lee Soon-cheul, professor at the Department of Indian Studies at Busan University of Foreign Studies. "As India's per capita income rises, car demand will expand further, particularly since public transport infrastructure remains underdeveloped and roads poorly maintained." Hyundai Motor India (HMI), which went public last year in India's largest IPO to date, boasts a net profit margin of 8 to 9 percent — the highest among Hyundai's overseas operations. In September, HMI sold 70,347 vehicles, up 10 percent from a year earlier. SUV sales reached a record 37,313 units, accounting for 72.4 percent of domestic sales, while exports of 18,800 units marked a 33-month high. Sister brand Kia India posted 22,700 sales during the same period, up 15.8 percent. Both Hyundai and Kia are projected to achieve record annual sales in India this year. Production capacity is expanding in step with sales. Hyundai, which currently operates two plants in Chennai, will open a new facility next year in the western city of Pune, adding 250,000 units of annual capacity and pushing its total Indian output above one million vehicles. Industry analysts expect Hyundai's local production to rival that of Maruti Suzuki and Tata Motors. In January, the company appointed Tarun Garg as the first Indian chief executive of HMI in its 29-year history — a move credited with sustaining record sales and overseeing the successful IPO. But bumpy roads lie ahead. "India offers affordable yet skilled labor and a vast market for carmakers, but weak infrastructure and tensions between central and state governments may pose difficulties for Korean firms," said Kim Jai-june, professor emeritus at the College of Economics and Commerce at Kookmin University. "Hyundai will also need to navigate shifting environmental regulations, high tax rates, protectionist trade policies, and legal uncertainties in India," Kim added. Despite its rapid growth, India's modest GDP per capita, wide income disparity, and uneven consumer spending continue to limit purchasing power. Industry observers estimate that only about 280 million of India's 1.4 billion people earn more than $10,000 a year — a reminder that while the Indian market is vast, it is far from uniformly affluent. Still, with narrowing options as the U.S. and China turn increasingly inward, Hyundai Motor's best bet for mid-term growth may rest on India’s demographic vitality and reform-driven momentum — a gamble that could define the next chapter of its global expansion. 2025-10-23 15:19:31

Korea's telecom trio exposed in widening cybersecurity lapses SEOUL, October 22 (AJP) - South Korea's pride as an ICT powerhouse has taken another blow after LG Uplus joined SK Telecom and KT Corp. in suffering major security compromises this year, deepening public concern and demanding sober reckoning over corporate attention to cybersecurity. Security spending accounted for only about 6.3 percent of total IT investments by 773 Korean companies, according to the Korea Internet & Security Agency (KISA)'s information security disclosure. The global average stands around 11 percent. Among the nation's wireless trio, SK Telecom, which recently suffered a SIM card hacking incident, allocated just 4.2 percent of its IT budget to information security, the lowest among the three. KT spent 6.3 percent and LG Uplus devoted 7.4 percent on cybersecurity in 2024. "We need to break away from past practices. Security officers at companies like LG Uplus tend to have little authority. They're not in core business divisions, so they remain peripheral, but security must be treated as more important and given proper authority," said Kim Ki-hyung, a professor at Ajou University's Department of Cyber Space. Regulations also aren't sufficient, experts add. The Personal Information Protection Act (PIPC) covers details comprehensively but its penalties are slap on the wrist compared to international rules. Europe's General Data Protection Regulation imposes fines for severe data breaches reaching 20 million euros or 4 percent of a company's global annual turnover, whichever proves higher. SK Telecom's fine of 134.8 billion won – the largest under the PIPC – following a major breach this year amounts to just 1.05 percent of the company's annual revenue of 12.8 trillion won last year. "Global standards for data breaches remain far higher than Korea's. Our situation is quite ambiguous," said Kim. LG Uplus became the latest flashpoint when it reversed course Tuesday and agreed to formally report a suspected cyberattack to authorities after initially denying any breach. The company detected suspicious activities as early as July but refused to file mandatory incident reports, arguing that no confirmed data compromise had occurred. "While a data breach has not been confirmed, there are suspicions and circumstances that warrant a proactive response," a company spokesperson said, adding that the on-site investigation launched by the ministry remains ongoing with no confirmed evidence of hacking yet established. Lee Sang-joong, president of the KISA, called the string of hacking incidents as "an unprecedented cybersecurity crisis" and emphasized that "securing digital trust is a national responsibility" during a parliamentary audit at the National Assembly on Tuesday. Lee added that the KISA now plan legal reforms empowering authorities to launch investigations at the first sign of hacking, with significantly heavier penalties for companies that delay or fail to report cyber intrusions. "The data leakages should be viewed as a growth process for South Korea. We have a neighboring country (North Korea) with world-class hacking capabilities, and these incidents should heighten corporate vigilance and drive improvement," said Kim. 2025-10-22 15:43:24

Naver, Kakao to deliver stronger Q3 as they bet on AI to defend Korean turf SEOUL, October 21 (AJP) - South Korea's leading platform operators Naver and Kakao are expected to post improved third-quarter earnings as they double down on artificial intelligence initiatives to defend their home market from global AI giants. Naver is embedding AI across its search, commerce and fintech operations, while Kakao is weaving the technology into its messenger, content and advertising services to boost data-driven profitability. The two are taking distinct approaches: Naver builds on homegrown technologies, while Kakao leverages partnerships with foreign AI developers to accelerate its catch-up. "In terms of operational stance, Naver puts more weight on business-to-business operations, while Kakao focuses on individual user interaction and feedback, making it stronger in everyday AI use," said Lee Seung-man, professor of artificial intelligence at Seoul Cyber University. "It's hard to compare the two directly, but both are taking different directions in AI integration." Naver's data management arm, Naver Cloud, recently partnered with SK hynix to secure next-generation memory chips aimed at improving AI service response times and reducing costs. The collaboration marks another step in linking software and hardware development across Korea's AI ecosystem. For its flagship search service, Naver introduced AI Briefing, a generative search assistant similar to Google's AI features, and Smart Lens, an image-based exploration tool launched in July to strengthen visual search capabilities. Naver also unveiled HyperCLOVA X Think, an agentic AI model built on its proprietary large language model, HyperCLOVA X. The model has scored higher than domestic peers and leading open-source alternatives in reasoning benchmarks. Its fintech arm, Naver Financial, plans to merge AI with blockchain through a partnership with Dunamu, proposing the issuance of stablecoins on Dunamu's Giwa Chain, which could link directly to Naver Pay. The company is expected to unveil a full roadmap of its AI integration across search, commerce, content and cloud services at its DAN25 conference next month. Kakao, by contrast, has chosen a faster and safer route — integrating OpenAI's GPT-5 into its flagship messaging app KakaoTalk, marking the first direct collaboration of its kind worldwide. Beyond chatbot features, the latest overhaul introduces Instagram-style feeds, new chat-room folder functions, extended message editing up to 24 hours, and AI-powered voice call summaries. In addition, Kakao is deploying its own lightweight on-device AI model, Kanana, with 1.3 billion parameters, reducing reliance on cloud infrastructure and enabling context-aware user experiences. Complementing its OpenAI partnership, Kakao plans to launch its own AI agent features by November. Industry watchers believe Kakao's 49.1 million monthly active users position the firm to scale globally and strengthen its data competitiveness through ChatGPT integration. "KakaoTalk is poised to grow meaningfully as the world's first messenger-based AI super app," said Choi Seung-ho of DS Investment & Securities. As the search market rapidly shifts from portals to conversational interfaces, Kakao aims to build an AI learning ecosystem around KakaoTalk, evolving into a commerce and content hub powered by user data. Its ultimate goal is to connect AI agents with its in-house and partner platforms, gaining network and first-mover advantages. If fully implemented, users could soon request music through AI agents and receive curated playlists from Melon, Kakao's music streaming unit, without leaving KakaoTalk. "Starting from 2026, the integration of KakaoTalk and AI could create new subscription or ad-based business models," said Jung Ho-yoon, analyst at Korea Investment & Securities. "AI benefits will cascade from hardware to cloud services and eventually to consumer-facing companies. The long-term business potential remains broad." Lee added that government support is likely, noting President Lee Jae Myung's repeated emphasis on sovereign AI, with Naver's HyperCLOVA X serving as Korea's representative model. "All IT technologies operate within government regulatory sandboxes, and both Naver and Kakao are adept at aligning with policy directions. Both are on strong growth trajectories," he said. Naver and Kakao are scheduled to release their third-quarter results on November 5 and 7, respectively. Their shares are trading 7.29 percent and 4.57 percent higher over the past three months, reflecting investor confidence in their AI drive. 2025-10-21 16:39:58

Kakao founder Kim Beom-su acquitted in SM Entertainment stock manipulation case SEOUL, October 21 (AJP) - A Seoul court on Tuesday acquitted Kim Beom-su, founder of tech conglomerate Kakao, of stock manipulation charges tied to the company’s high-profile battle for control of SM Entertainment. The Seoul Southern District Court ruled that prosecutors had failed to prove that Kim conspired to manipulate SM Entertainment’s stock price during Kakao’s contested acquisition fight with Hybe, another major K-pop agency, in early 2023. Former Kakao investment chief Bae Jae-hyun and Kakao Entertainment were also cleared of all charges. “While Kakao considered acquiring SM Entertainment’s management rights, it is difficult to conclude this was an imperative situation,” presiding judge Yang Hwan-seung said in the ruling. “The evidence presented by prosecutors is insufficient to establish that discussions of market manipulation conspiracy took place.” Prosecutors had argued that Kim directed subordinates to place strategic buy orders designed to keep SM’s share price above Hybe’s tender offer, effectively preventing the rival from gaining control. But the court found that Kakao’s trading activity differed “considerably” from typical manipulative patterns in both timing and execution, concluding there was no intent to artificially maintain prices. After the verdict, Kim expressed relief, saying he hoped the decision would allow Kakao to “emerge from the shadow of stock manipulation allegations that have hung over the company.” Prosecutors said they would review the ruling before deciding whether to appeal. Kakao shares rose 3.9 percent to 61,100 won as of 1:24 p.m. following the decision. 2025-10-21 13:29:45

South Korean business chiefs hold unprecedented golf summit with Trump SEOUL, October 19 (AJP) - South Korea's top business leaders held an unprecedented seven-hour meeting with U.S. President Donald Trump at his Florida golf club on Saturday, local time, as Seoul scrambles to address mounting concerns over tariffs and trade ahead of a crucial summit. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan attended the gathering at Trump International Golf Club West Palm Beach, according to the White House and industry sources. The meeting marked the first time South Korean chaebol chiefs have collectively engaged with a U.S. president in such an informal setting, underscoring the urgency Seoul places on securing favorable trade terms. Trump's limousine entered the golf course at 9:15 a.m. local time and left at about 4:50 p.m., spending about seven and a half hours at the venue before returning to his Mar-a-Lago estate, the White House said. The Korean executives traveled together by airport shuttle bus, people familiar with the matter said. While it remained unclear whether Trump played rounds with the Korean leaders, the extended duration suggested ample opportunity for discussions over lunch or between games. Industry watchers said the talks likely centered on South Korean investment commitments in the United States and concerns over potential tariffs affecting semiconductors, automobiles, batteries and shipbuilding. The golf summit comes as Seoul's economic and trade officials have mobilized in the U.S. for intensive negotiations ahead of the Asia-Pacific Economic Cooperation summit in South Korea later this month, where a bilateral agreement could be finalized. 2025-10-19 16:58:28

S.Korean industry minister vows support for firms after U.S. detention incident SEOUL, October 19 (AJP) - South Korea's industry minister pledged to protect the country's overseas investment interests and ensure citizen safety following a detention incident at an LG Energy Solution battery plant construction site in the United States. Kim Jung-kwan, Minister of Trade, Industry and Energy, visited LG Energy Solution's battery factory site in Georgia and Hyundai Motor Group's Metaplant America to assess construction progress and address industry concerns after workers were detained at the LG site last month. "The government takes the recent U.S. detention incident and investment project delays very seriously," Kim said during the site visits on Saturday, local time. "We will make every effort to ensure the safety of our citizens and protect the rights of companies' overseas investments." Despite the setback, Kim stressed that batteries remain a key area of advanced supply chain cooperation between Seoul and Washington, urging that bilateral economic security ties must remain robust. He said the government would pursue institutional improvements to prevent infringement on legitimate rights of Korean citizens and companies. Seoul and Washington are currently operating a working group on commercial visits and visas to address related issues, with discussions ongoing based on corporate feedback, the ministry said. The government also plans to help minimize uncertainties over importing materials and equipment to local factories, ease compliance burdens with environmental regulations, and boost electric vehicle demand amid sluggish market conditions. Kim encouraged construction workers striving to normalize operations at the LG site and urged companies to pay close attention to on-site safety management. At the Hyundai plant, he pledged continued government support for manufacturing innovation using artificial intelligence and robotics. 2025-10-19 13:57:48

TRAVEL: Malaysian chef serves heritage on a platter, from breadfruit fritters to deep-fried cow lungs SEOUL, October 19 (AJP) - Standing as one of Malaysia's most celebrated chefs, Dato' Ismail Ahmad showed guests how Malay breakfast is served and what rich culinary heritage the country boasts. Inside Restoran Rebung Chef Ismail, a Malaysian heritage cuisine restaurant in Kuala Lumpur owned by the chef himself, visitors were greeted with aisles of full Malaysian breakfasts, ready to be scooped up and eaten by the platter. From cekodok sukun, a Malaysian snack made from mashed and fried breadfruit fritters, to paru goreng, a Malaysian specialty of deep-fried cow lungs, chef Ismail gestured for guests to see what Malay people usually eat for breakfast. With more than thirty years of culinary expertise, chef Ismail's comedic yet warm attitude serves as one of the nation's trademark cooking personalities. Now serving both as a 'Dato,' a Malay equivalent of the honorary title of 'Sir' from Britain, and as Tourism Malaysia's Culinary Ambassador, chef Ismail gave a culinary tour to visitors. Moving on to the dining hall of his restaurant, chef Ismail ushered visitors to see his take on roti jala, a net-like crepe of Malaysian heritage served best with curries. When asked how he started cooking, chef Ismail began frowning, as if to retrace his adolescent days. "At six years old? In my village, it's all illegal. I lived with my grandmother, but she always warned me not to enter her kitchen, but I always went in when she was not around," he said. "I started frying eggs, my eyes were busy cooking and recording it to my brain. Nobody asked me why I wanted to be a chef. The worst fear in my life is when I wake up and there is no food. It's okay with no clothes, no problem, no money, still no problem, but I must have food. Then after that I will find money," Ismail said with a smile. Patting his round belly, chef Ismail shared his thoughts about good eating. "Some people, they want to be beautiful, they don't eat because they want to go on a diet. Then they go out finding men, but the men are all chubby." Making jokes about his flimsy spatula provided at the demonstration, chef Ismail finished with a hearty invitation. "There is breakfast ready, so enjoy. Bon appétit!" 2025-10-19 11:11:47

Waseda University awards honorary doctorate to LS Chairman Koo Ja-yeol SEOUL, October 19 (AJP) - Waseda University conferred an honorary doctorate in law upon Koo Ja-yeol (Christopher Koo), chairman of LS Group's board of directors, at a ceremony attended by about 100 dignitaries from academia and business circles. The award ceremony took place at 4 p.m. on Saturday at the Aizu Museum on the university's campus, with Korea University President Kim Dong-won and Waseda University President Tanaka Aiji among the distinguished guests. Koo, who joined LG International Corp. (now LX International Corp.) in 1978, served as LG Group chairman for about nine years from 2013, transforming the conglomerate into a global enterprise with over 100 operations across 25 countries. During the early 1990s, he led LG International Corp.'s Japan regional headquarters, gaining firsthand experience in Korea-Japan economic cooperation. The veteran businessman has played a pivotal role in bilateral relations, serving on the Seoul-Tokyo Forum board during periods of diplomatic tensions and facilitating regional cooperation through business summits and economic conferences. "Chairman Koo established the Korea-Japan Special Exchange Committee after assuming the chairmanship of the Korea International Trade Association, playing a crucial role in restoring economic trust between the two nations through sustained dialogue with Japanese political and business leaders," Tanaka said during the ceremony. In his acceptance speech delivered in fluent Japanese, Koo said receiving the honorary doctorate was "a deeply meaningful event that symbolizes the trust and exchanges between the two universities," adding that he felt "a sense of responsibility as it embodies expectations to become an exemplary leader for both Korea and Japan." 2025-10-19 09:16:13

Samsung Biologics officially sheds biosimilar unit to expand as pure CMO SEOUL, October 17 (AJP) - Samsung Biologics Co., already the world's largest contract-based drugmaker by capacity, has won full shareholders' blessing to shed its biosimilar business and double down on its global biological outreach as a pure contract manufacturing organization (CMO). The Songdo, Korea-based pharmaceutical giant said on Friday 99.9 percent of voting shares backed the spin-off proposal at an extraordinary general meeting in Incheon, attended by about 93 percent of eligible votes represented by 1,286 shareholders. The 20-minute session passed the single agenda item with near-unanimous support, paving the way for a Nov. 1 separation that will establish Samsung Epis Holdings as a holding company for the biosimilar business. Under the plan, the new holding company will absorb Samsung Biologics' entire stake in Samsung Bioepis, while the parent company will continue as the surviving entity dedicated exclusively to contract development and manufacturing (CDMO) operations. Both firms are scheduled to begin separate trading on the Korea Exchange on Nov. 24 after a brief suspension period. According to the spin-off ratio, shareholders will receive 0.3496087 shares of Samsung Epis Holdings for each Samsung Biologics share held—roughly one new share for every three existing shares. Ownership percentages will remain unchanged based on absolute share issuance. The restructuring resolves a long-standing conflict within Samsung Biologics' hybrid business model. CDMO operations require clients to transfer proprietary processes and technologies, creating potential conflicts of interest when the same company also develops competing biosimilar products. With Plant 5 beginning operations in April, the separation removes a key barrier to securing new contracts from multinational pharmaceutical firms cautious about intellectual property exposure. "This spin-off is a positive decision. Given CDMO's business characteristics of receiving process and technology transfers from clients, pursuing new drug development in parallel could raise technology leakage concerns and restrict new orders," said Jung Yi-soo, analyst at IBK Securities. "With conflict-of-interest concerns resolved through the business separation, prospects are positive for expanding new CDMO orders." Jung added that the split could unlock significant valuation upside, noting that Samsung Bioepis operates with around 20 percent operating margins, compared to 30–40 percent for Samsung Biologics. "Through the split, independent valuation of high margins becomes possible, raising expectations for considerable upside in Samsung Biologics' corporate value," he said. Investor confidence has already reflected optimism over the breakup, with Samsung Biologics' stock gaining 20 percent this year on restructuring expectations. The move comes nine years after Samsung Biologics' IPO, launched under the ambition to replicate Samsung's global dominance in semiconductors in the bio sector. Founded in 2011, the company broke ground on Plant 1 that year, secured FDA approvals by 2015, opened an R&D center in San Francisco by 2020, and achieved full operations at Plant 5 this year, lifting total production capacity to 784,000 liters. Samsung Biologics, which operates all its factories in Songdo, plans to add three more plants by 2032, expanding combined capacity to 1.32 million liters. It currently supplies drugs to 17 of the world's 20 largest pharmaceutical companies, with a total order backlog exceeding $18 billion. Meanwhile, Samsung Epis Holdings will focus on expanding Samsung Bioepis' biosimilar portfolio and future growth areas such as biotechnology platforms through new subsidiaries. The biosimilar arm aims to secure more than 20 product lines while strengthening research and development capabilities. "This spin-off will provide an opportunity for both CDMO and biosimilar businesses to be transparently valued for their unique worth in capital markets through individual listings," said John Rim, CEO of Samsung Biologics. "Each company will do its utmost to further strengthen core business expertise and competitiveness, leading to enhanced shareholder value." Samsung Biologics is slated to announce third-quarter results on Oct. 28. Analysts expect record earnings of 1.55 trillion won in revenue and operating profit of 505.2 billion won, supported by full-scale operations at Plants 4 and 5 and large contract wins earlier this year. 2025-10-17 15:01:12