Korea's dried seaweed exports hit new records in first quarter A dried seaweed, or gim, farm/ Courtesy of the Office of Hongseong-gun, South Chungcheong Province SEOUL, April 21 (AJP) - South Korea’s dried seaweed exports soared to record levels in the first quarter of 2025, fueled by rising global appetite for seaweed, particularly in the United States and China. Exports of dried seaweed — known as gim in Korean — reached $281 million between January and March, marking a 21.1 percent increase from the same period last year, according to data released Monday by the Korea Agro-Fisheries & Food Trade Corporation. Export volume rose 7.5 percent to 10,161 tons, an 844.3 percent surge compared with the first quarter of 2015. The United States remained the largest overseas market, importing $57.9 million worth of Korean seaweed, followed by China ($51.1 million), Japan ($34.4 million), and Thailand ($34.2 million). China posted the most dramatic growth, with imports jumping 86.5 percent year-over-year. Officials attributed the spike to a surge in popularity of gimbap, a Korean rice roll wrapped in seaweed, boosted by the ongoing Korean Wave — the global popularity of South Korean pop culture, including television dramas and films. “The Korean Wave has triggered a gimbap boom in China, driving up demand for dried seaweed,” an official from the Ministry of Oceans and Fisheries said. “Meanwhile, seaweed snacks continue to gain popularity in the U.S., significantly boosting exports of seasoned products.” Government officials say the recent export performance has put South Korea on track to reach its $1 billion annual seaweed export goal three years ahead of schedule. Last year’s exports narrowly missed the milestone, totaling $997 million. The ministry credited the gains to its targeted export strategy, including the launch of the premium “K FISH” brand and the establishment of dedicated Korean seafood sections on major international e-commerce platforms. 2025-04-21 10:15:54

Gold prices hit record high amid trade tensions A bar of fine gold from the Korea Gold Exchange next to international gold prices chart/ Yonhap SEOUL, April 18 (AJP) - International gold prices surged to new highs this week as investors sought refuge from rising global trade tensions. Spot gold touched an all-time high of $3,350 per troy ounce on Wednesday before settling at $3,338.43, marking a 3.61 percent gain from the previous session. On the New York Mercantile Exchange, June gold futures also mirrored the momentum, closing at $3,355.10 per ounce — sustaining a remarkable upward trend in precious metals. By Friday afternoon, however, the momentum had softened. Spot gold traded at $3,315.13, down 0.03 percent from the previous day, while June futures fell to $3,328.40. Analysts attributed gold’s ascent to heightened investor anxiety surrounding U.S. trade policy and ongoing global economic uncertainty, which has bolstered demand for traditional safe-haven assets. A weakening U.S. dollar further amplified gold’s rise. Because gold is priced in dollars, a decline in the greenback typically makes the metal more attractive to foreign investors. 2025-04-18 14:31:49

Foreign investors extend Korean stock sell-off for eighth month Getty Images Bank SEOUL, April 18 (AJP) - Foreign investors pulled approximately 1.6 trillion won ($1.12 billion) from South Korean equities in March, extending a months-long exodus that has now reached its eighth consecutive month, according to data released Friday by the Financial Supervisory Service. The outflows spanned both of the country's major equity markets. Investors sold 1.12 trillion won on the benchmark KOSPI and an additional 513 billion won on the tech-heavy KOSDAQ. Singapore-based investors led the retreat, divesting 2.6 trillion won worth of shares, followed by Norwegian investors, who sold off 600 billion won. Despite the broader trend, not all foreign investors turned away from the South Korean market. British investors purchased 700 billion won in stocks, while their American counterparts added 600 billion won, offering a counterpoint to the prevailing sell-off. As of the end of March, foreign investors held 703.9 trillion won in South Korean equities, representing 27.3 percent of total market capitalization. In contrast to their stock market activity, foreign investors increased their presence in the Korean bond market, funneling a net 5.87 trillion won into bonds in March — their second consecutive month of net investment. Asian investors accounted for the largest share of bond inflows, purchasing 2.9 trillion won. Investors from the Middle East and the United States followed with 800 billion won and 400 billion won, respectively. By category, foreign investors showed a clear preference for government bonds, with net purchases totaling 4.6 trillion won. They also added 1.2 trillion won in monetary stabilization bonds. Overall, foreign holdings of listed bonds rose to 278.6 trillion won by the end of March, representing 10.6 percent of the total bond market. 2025-04-18 13:44:14

Daewoo E&C signs deal for $700 million fertilizer plant in Turkmenistan Daewoo Engineering & Construction CEO Baek Jung-wan, left, walks with Deryageldi Orazov, chairman of the Arkadag New City Construction Committee from Turkmenistan. Courtesy of Daewoo Engineering & Construction SEOUL, April 18 (AJP) - Daewoo Engineering & Construction has signed a preliminary agreement to build a fertilizer plant in Turkmenistan, a project valued at approximately $700 million, South Korea’s Ministry of Trade, Industry and Energy announced on Friday. Commissioned by Turkmenhimiya, Turkmenistan’s state-owned chemical company, the facility is slated for construction in the eastern city of Turkmenabat, near the Uzbek border. Once completed, the plant is expected to produce 300,000 tons of phosphate-based fertilizer annually, bolstering the Central Asian nation’s agricultural and export capacity. Daewoo Engineering was named the preferred bidder for the project in October 2024, and both parties aim to finalize the contract by the end of this year. Following the agreement, South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, met with Baimurad Annamammedov, Turkmenistan’s Deputy Prime Minister for Energy, Construction and Industry, in Seoul. The two officials held high-level talks focused on expanding industrial cooperation, particularly in the development of plant infrastructure. During the meeting, Minister Ahn called for Turkmenistan’s continued support for South Korean firms in future infrastructure and energy projects, underscoring Seoul’s commitment to deepening economic ties with the gas-rich Central Asian nation. 2025-04-18 10:03:02

Bank of Korea holds rate steady amid growing economic headwinds Bank of Korea Governor Rhee Chang-yong hits the gavel during a monetary policy committee meeting held at the BOK headquarters in Seoul, April 17, 2025. Joint Press Corps. SEOUL, April 17 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.75 percent on Thursday, choosing caution in the face of mounting global uncertainty, despite signs of faltering domestic growth. The decision comes as central banks around the world grapple with intensifying economic turbulence, fueled in part by an escalation in global trade tensions. The U.S. Federal Reserve earlier this week signaled a pause in its easing cycle, underscoring the fragile international outlook as the Trump administration’s sweeping tariffs ripple through global markets. "The Monetary Policy Committee decided to maintain the base rate at the current level of 2.75 percent for the conduct of monetary policy until the next monetary policy decision," the BOK said in a statement. While inflation remains stable, policymakers flagged increasing downside risks to growth, citing a sluggish first quarter and a deteriorating external trade environment. The central bank noted that uncertainties stemming from shifting U.S. tariff policies and an unresolved supplementary budget have added to the complexity of its policy calculus. The rate decision follows a series of easing measures by the BOK, which lowered the base rate by 0.25 percentage points in both October and November last year — its first consecutive cuts since the global financial crisis. After holding steady in January, the bank delivered another quarter-point cut in February, reflecting persistent concerns over anemic growth. South Korea’s economy expanded by just 0.1 percent in the final quarter of 2024, as domestic demand faltered and external risks intensified. The central bank had initially projected growth of 1.5 percent for 2025, but officials now acknowledge the outlook may be downgraded amid deepening global headwinds. Economists say the BOK may resume rate cuts as early as next month, should the currency stabilize and macroeconomic conditions continue to worsen. “The BOK’s economic growth forecast is also expected to be significantly downgraded in May, at which point the benchmark rate will likely be lowered,” said Park Jeong-woo, an economist at Nomura Securities. 2025-04-17 11:36:33

Korean wedding industry under crackdown for false advertising Getty Images Bank SEOUL, April 17 (AJP) - South Korea’s antitrust regulator has issued warnings to several prominent wedding planning firms for engaging in false and misleading advertising. The Fair Trade Commission (FTC) disciplined three companies — IniWedding, Weddingbook, and Wedding Crowd — for promotional claims that regulators said were unsubstantiated and potentially deceptive. The firms advertised themselves as the “largest in Korea,” “industry leader,” and having “top-tier credit ratings from representative evaluation agencies,” without providing objective or verifiable evidence to support the assertions. The commission concluded that the marketing language used across company websites, mobile apps, and social media platforms amounted to arbitrary self-promotion rather than factual representations grounded in certified evaluations or independent data. “These were not statements backed by any credible or quantifiable verification,” an FTC spokesman said. “They were essentially slogans.” While the violations were deemed minor, the commission opted to issue formal warnings instead of levying fines, citing the companies’ cooperation during the investigation and their voluntary removal or modification of the disputed content. The move is part of a broader government initiative aimed at curbing the high costs associated with weddings, which have been identified as a contributing factor to delayed marriage and low birth rates in South Korea. The average cost of weddings — including venue rentals, dresses, and makeup — has come under scrutiny as policymakers attempt to lower barriers to marriage and family formation. In a parallel effort, the National Tax Service in February launched a sweeping tax audit of the wedding services industry, with a particular focus on pricing practices for studios, dress rentals, and cosmetic services. Authorities have pledged greater oversight of what they describe as opaque and often inflated costs in the sector. 2025-04-17 10:22:19

Naver's AI pivot signals Korea's bid for global tech prominence Naver buildings in Seongnam, Gyeonggi Province/ Courtesy of Naver Editor's Note: This article is the 14th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 17 (AJP) - Once a modest search engine born out of a Samsung SDS skunkworks project in the late 1990s, Naver Corp. has reimagined itself as South Korea's digital juggernaut. Now, the tech conglomerate is placing an ambitious bet on artificial intelligence, virtual content, and a sprawling ecosystem of digital services — staking its future not just on national dominance, but global relevance. In a move emblematic of its evolving identity, Naver announced a strategic partnership with Hyundai Motor Group on March 28 during the automaker's annual developer conference. The collaboration will integrate Naver's generative AI model, HyperCLOVA X, into Hyundai's software-defined vehicles, creating in-car AI assistants tailored to individual drivers — and, more broadly, signaling Naver's deeper incursion into the auto-tech sector. But the Hyundai deal is only one node in a rapidly expanding web. Through its corporate venture arm D2SF, Naver recently invested in Scone, a startup focused on virtual IP and digital content. Earlier in March, the company unveiled "MotionStage," an advanced 3D content studio, at its second headquarters. The facility enhances its capabilities in immersive media — an area seen as ripe for monetization amid growing demand for virtual and AI-driven experiences. The pivot comes as international players exit the South Korean market, leaving space for domestic champions. Following Twitch's withdrawal earlier this year, Naver's livestreaming platform Chzzk has surged, reporting a 910,000 increase in monthly active users in January — a 55 percent year-over-year leap that places it within striking distance of market leader Soop. Naver's influence extends to e-commerce, where its AI-powered Plus Store app became the most downloaded shopping platform in the country this March, surpassing even global powerhouse Temu, according to data from analytics firm IGA Works. Internationally, Naver is pursuing a multifaceted expansion strategy: investing in U.S.-based customer-to-customer marketplaces, offering fintech solutions, and collaborating with Saudi Arabia on digital infrastructure in property development. This global push reflects the company’s transformation since its founding in 1997 as "Web Glider," a Samsung-backed internal startup. After spinning out as Naver Com in 1999 under founder Lee Hae-jin, the company quickly rose to prominence. It was rebranded as NHN (Next Human Network) in 2001, then reclaimed the Naver name in 2013 after a corporate split. Now, it is reaping the rewards of years of reinvention. For the 2024 fiscal year, Naver posted revenue of 10.7 trillion won (approximately $7.9 billion), up 11 percent from the prior year. Operating profit soared 32.9 percent to 1.98 trillion won, while fourth-quarter revenue climbed 13.7 percent to 2.89 trillion won — marking eight straight quarters of profit growth. Speaking in February, CEO Choi Soo-yeon framed 2025 as a "crucial" year for operationalizing Naver’s "On-Service AI" strategy. "We will enhance our platforms with AI technology to create new value and business opportunities, ultimately strengthening Naver’s unique competitive edge," she said. In keeping with that vision, Naver this month launched its "Be Local" campaign via its mapping service, highlighting cultural hotspots for tourists through collaborations with brands like CJ Olive Young, Musinsa, and Innisfree. Foreign visitors can access translated reviews and directions through Papago, Naver's AI-powered translation tool, which converts Korean text into English, Chinese, and Japanese. The return of Lee Hae-jin as chair of Naver's board on March 26 — seven years after stepping down — adds a symbolic and strategic layer to the company's transformation. His reappointment is widely interpreted as a move to sharpen Naver's focus in the escalating global AI arms race, particularly through HyperCLOVA X, first launched in 2023. In public remarks following his return, Lee offered a philosophical rationale for Naver's expansion: "It's incredibly unfortunate for the world to rely on just one or two AI platforms. To preserve the diversity of the internet, we need a wide range of search engines and services." To that end, Naver is leaving the door open to international cooperation. "We are open to collaboration with global big tech firms and various external LLMs," Choi noted in February. "Such discussions are ongoing." While the competition is fierce — with models like ChatGPT, Claude, and Gemini dominating headlines — Naver continues to leverage its local expertise, deep user base, and technological agility to carve out a distinct presence. What began as a humble search engine has matured into one of Asia's most versatile digital players — and one of the world's tech firms to watch. 2025-04-17 09:42:22

Finance minister to lead delegation to Washington for critical tariff negotiations Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, right, and Minister of Trade, Industry and Energy Ahn Duk-geun/ Yonhap SEOUL, April 16 (AJP) - South Korea will dispatch a high-level economic and trade delegation, led by Deputy Prime Minister and Finance Minister Choi Sang-mok, to Washington next week in a bid to avert the impact of sweeping U.S. tariffs. Choi is expected to meet with U.S. Treasury Secretary Scott Bessent on the sidelines of the G20 finance ministers' meeting in Washington. Separately, South Korea’s Industry Minister Ahn Duk-geun is scheduled to hold talks with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. South Korean officials indicated that talks could shift to a “2+2” format involving joint discussions between finance and trade leaders. “Discussions about the negotiation format are still ongoing,” a senior official said. The diplomatic push follows the United States’ decision to pause the implementation of newly announced “reciprocal” tariffs for 90 days, granting key trading partners, including South Korea, time to reach negotiated agreements. “The U.S. Treasury has proposed a meeting with Deputy Prime Minister Choi during his G20 visit next week to discuss trade issues,” the finance ministry said in a statement. The South Korean government seeks to secure favorable terms ahead of the tariff deadline. Officials are preparing a comprehensive proposal that addresses U.S. concerns over trade imbalances and non-tariff barriers. Measures under consideration include increased imports of American liquefied natural gas, crude oil, agricultural goods and defense equipment. The package also outlines plans to expand South Korean investment in U.S.-based manufacturing, particularly in automobiles, semiconductors and other high-value exports — a move designed to help narrow the bilateral trade deficit, a key priority of U.S. President Donald Trump. U.S. Treasury Secretary Bessent told Bloomberg on Monday that allies who engage early could benefit from a “first-mover advantage,” adding, “Usually, the first person who makes a deal gets the best deal.” Industry officials say Seoul may also bring strategic projects to the table, including U.S.-South Korea cooperation on shipbuilding and South Korean participation in the Alaska LNG pipeline project. While not directly tied to tariff-related concerns, these ventures could offer Seoul additional leverage. Trump recently highlighted his interest in the Alaska pipeline via his social media platform, Truth Social, referring to a phone call with South Korea’s Acting President Han Duck-soo. He cited a discussion about South Korea’s “tremendous and unsustainable surplus,” as well as issues ranging from shipbuilding to large-scale LNG purchases. Domestically, the South Korean delegation faces pressure from political developments at home. With a presidential election scheduled for June 3, analysts say the current administration may have limited room to make binding commitments. Speaking before the National Assembly on Tuesday, Choi acknowledged the constraints. “Since negotiations involve another party, we will maximize our efforts to protect national interests now,” he said. “The remaining issues could be finalized after the new administration takes office.” 2025-04-16 15:31:55

Hyundai Mobis to showcase new technologies at Chinese auto exhibition Hyundai Mobis' augmented reality head-up display (AR-HUD)/ Courtesy of Hyundai Mobis SEOUL, April 16 (AJP) - Hyundai Mobis, a key affiliate of Hyundai Motor Group, said Wednesday that it will unveil a suite of technologies tailored for the Chinese market at next week’s Auto Shanghai 2025. The company plans to establish a 300-square-meter private booth at the National Exhibition and Convention Center in Shanghai, one of China’s premier automotive trade fairs. The event, opening April 23, is expected to draw major global automakers and suppliers eager to court the world’s largest auto market. Hyundai Mobis said it will highlight two innovations developed by its Shanghai-based R&D team: an augmented reality head-up display (AR-HUD) and an immersive audio demonstration vehicle based on the Kia EV6 platform. The AR-HUD projects high-resolution virtual images — comparable in size to a 70-inch screen — directly onto the windshield, offering navigation and driving data with enhanced clarity, even in bright sunlight or when viewed through sunglasses. The audio concept vehicle, equipped with 47 speakers, features active road noise control and delivers theater-quality sound inside the cabin, underscoring the company's advancements in acoustic technology. “We are exploring new avenues with global clients in the Chinese market, which continues to be a hub for research, production, and logistics,” said Kim Deok-kwon, senior vice president and head of Hyundai Mobis’ China operations. “By closely analyzing local consumer preferences, we aim to develop customized and competitive technology solutions.” The move is part of Hyundai Mobis’ broader strategy to strengthen its global footprint by aligning its product development with regional market demands, particularly in high-growth segments such as electric vehicles and intelligent mobility systems. 2025-04-16 14:40:37

Former US congressman to lead Hyundai Motor Group's Washington office Former Republican U.S. Representative Drew Ferguson/ Courtesy of Hyundai Motor Group SEOUL, April 16 (AJP) - Hyundai Motor Group has appointed former Representative Drew Ferguson, a Georgia Republican, to lead its Washington office, the South Korean automaker announced Wednesday. Ferguson, who served four terms in Congress representing Georgia’s 3rd District from 2017 to 2024, will assume the role on May 1. He will oversee Hyundai's communications with the U.S. government and Congress, as the automaker ramps up its American manufacturing presence. The appointment coincides with heightened concerns across the auto industry over renewed protectionist trade policies, including tariffs. In March, Hyundai Motor Group pledged $21 billion toward U.S. manufacturing initiatives, including its forthcoming Hyundai Motor Group Metaplant America (HMGMA) in Georgia. Ferguson, who served as House Republican Chief Deputy Whip from 2019 to 2023, was a vocal supporter of President Donald Trump’s economic agenda, including efforts to boost domestic manufacturing, cut taxes, and create jobs. Before his time in Congress, Ferguson was mayor of West Point, Ga., from 2008 to 2016, a town that hosts a Kia Motors manufacturing facility. His experience there is expected to provide familiarity with Hyundai’s corporate structure and manufacturing priorities. 2025-04-16 10:45:55