Journalist

Kwon Sung-jin
  • South Korea elected chair of key global food standards committee
    South Korea elected chair of key global food standards committee SEOUL, November 17 (AJP) - South Korea has been elected chair of the Codex Committee on Processed Fruits and Vegetables, securing a larger role in shaping global food rules at the 48th Codex Alimentarius Commission meeting held in Rome from Nov. 10 to 14. The appointment coincides with the commission’s approval of South Korea’s proposal to add the term “kimchi cabbage” to international standards for kimchi — a move officials say strengthens global recognition of the dish’s Korean origins. Codex Alimentarius, established by the Food and Agriculture Organization and the World Health Organization, is the primary international body responsible for setting food safety and quality standards. While its standards are voluntary, they serve as global benchmarks and are widely used in trade disputes and national food regulations. The Ministry of Agriculture, Food and Rural Affairs said South Korea’s election reflects its growing influence within Codex, citing its recent leadership roles in committees on antimicrobial resistance and regional food safety coordination in Asia. Holding the chair is expected to strengthen Seoul’s ability to navigate emerging global food technology regulations and provide momentum for the country’s expanding K-food industry. A key outcome of the meeting was the commission’s decision to include “kimchi cabbage” alongside “Napa cabbage” in global kimchi standards. Previously, only “Chinese cabbage” had been listed, a term Korean officials argued did not accurately represent the ingredients commonly used in traditional kimchi. “The government will strengthen cooperation at home and abroad to enhance the credibility and trade of K-food worldwide,” the ministry said in a press release, adding that it will ensure the smooth operation of the processed fruits and vegetables committee to maximize national interests. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-17 10:41:03
  • Koreas record Q3 exports expose over-reliance on chip exports
    Korea's record Q3 exports expose over-reliance on chip exports SEOUL, November 10 (AJP) -South Korea’s exports hit an all-time high in the third quarter, while trade reliance on the country’s top 10 exporters also reached a record level, underscoring the economy’s growing exposure to the volatile semiconductor sector as chips accounted for one quarter of outbound shipments, government data showed Monday. According to the Ministry of Data and Statistics, exports totaled $185 billion in the July–September period, up 6.5 percent from a year earlier and accelerating from the 2.1 percent gain in the second quarter. The mining and manufacturing sector posted exports of $159.5 billion, an 8 percent increase, largely driven by a 26.6 percent surge in semiconductor exports to $46.4 billion. Chips accounted for 25.1 percent of total shipments, up from 21.1 percent a year ago. Reliance on major exporters also deepened. The top 10 exporters shipped $74 billion worth of goods, representing 40 percent of total trade. SK hynix, enjoying a streak of strong earnings on the back of high-bandwidth and server memory demand for AI and data-center chips, saw its share of total exports jump to 8.4 percent from 6 percent a year earlier. Large companies reported record exports of $122.3 billion, up 5.1 percent. Smaller players also made strides on the external front. Mid-sized firms also reached a fresh high with a 7 percent rise to $32.3 billion. Exports by small firms climbed 11.9 percent to $29.8 billion, the fourth-largest quarterly performance on record. Imports rose 1.5 percent to $162.4 billion in the third quarter. Imports by large firms slipped 0.9 percent to $94.9 billion, while mid-sized and small firms saw increases of 4.6 percent and 8.5 percent to $28.4 billion and $37.4 billion, respectively. Petrochemical exports and imports weakened as the sector continued to struggle against intensifying competition from Chinese rivals. Exports to the United States fell 3.9 percent in the third quarter, while imports from the U.S. were down 6.7 percent amid delays in settling a bilateral trade agreement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-10 14:02:43
  • K-food exports surge in Middle East, North America
    K-food exports surge in Middle East, North America SEOUL, November 07 (AJP) - South Korea’s exports of food and agricultural products climbed 5.7 percent to $11.24 billion this year, buoyed by strong demand for ramen, beverages, and other Korean food products across global markets, the government said on Friday. According to the Ministry of Agriculture, Food and Rural Affairs, agricultural and food exports rose 5 percent to $8.56 billion, while exports in the broader agricultural industry — including animal medicines, fertilizers, and seeds — increased 7.8 percent to $2.64 billion. Growth was strongest in the Middle East, where shipments surged 20.4 percent from a year earlier, followed by North America at 13.9 percent and the European Union at 4.8 percent. Between July and October, demand from the Middle East focused on ice cream, beverages, and sauces, while exports to Greater China grew on the strength of ramen, processed foods, and table grapes. Popular items overall included ramen, kimchi, coffee products, grapes, and ice cream. Exports of ramen — one of South Korea’s most recognizable global products — continued to soar, fueled by the global popularity of spicy noodle dishes and the rise of “K-content” marketing linked to Korean pop culture. Grape exports benefited from expanded cultivation and the introduction of a new product registration system in Taiwan. “Despite external uncertainties, K-food exports has achieved strong growth so far this year,” said Kim Jeong-wook, director of agricultural innovation policy at the ministry. “Korean food products have become a key part of the country’s soft power and an increasingly important source of trade growth. The government will continue to support exporters to reach the $14 billion target by year-end.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 11:07:31
  • South Korea begins beef exports to UAE
    South Korea begins beef exports to UAE Korean beef products at a market in Seoul on Oct. 27, 2025/ Yonhap SEOUL, October 30 (AJP) - South Korea has shipped its first beef exports to the United Arab Emirates. The Ministry of Agriculture, Food and Rural Affairs said Thursday that about 1.5 tons of chilled and frozen Korean beef were shipped to the UAE, marking South Korea’s formal debut in the country’s $1.9 billion halal beef market. A ceremony celebrating the inaugural shipment was held at the National Agricultural Cooperative Federation’s headquarters. South Korea now exports beef to five markets — Hong Kong, Malaysia, Cambodia, Laos, and the UAE. The UAE imports more than 90 percent of its beef consumption, relying heavily on premium suppliers such as Australia and the United States. Demand for Japanese beef has surged in recent years, climbing from 24 tons in 2019 to 879 tons in 2023, highlighting an expanding appetite for high-quality meat across the region — and a potential opening for Korean producers. To promote its product, the agriculture ministry said it will launch marketing initiatives tailored to Middle Eastern consumers, including culinary tours and cooking classes for foreign tourists visiting South Korea next month. The programs will target high-spending travelers and be developed in partnership with the tourism industry. “This first shipment to the UAE is significant as it marks our official entry into the halal market,” said Kang Hyeong-seok, South Korea’s deputy minister of agriculture. “We plan to strengthen local promotions and continue quarantine negotiations to expand into additional export destinations.” The ministry said it views the UAE deal as part of a broader effort to diversify agricultural exports, boost rural incomes, and elevate the global profile of Korean beef, or hanwoo, which is prized domestically for its marbled texture and rich flavor. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 14:45:12
  • South Korea, Inter-American Development Bank plan AI cooperation hub
    South Korea, Inter-American Development Bank plan AI cooperation hub SEOUL, October 27 (AJP) - South Korea and the Inter-American Development Bank have agreed to establish a cooperation hub focused on artificial intelligence, part of a broader effort to deepen economic and technological partnerships between South Korea and Latin America. The agreement came during the seventh Korea–Latin America Business Summit in Seoul, where Deputy Prime Minister and Economy and Finance Minister Koo Yun-cheol met with IDB President Ilan Goldfajn. The two leaders signed a letter of intent outlining plans for collaboration in artificial intelligence, critical minerals, and energy. Under the new framework, South Korea and the IDB will jointly develop an AI cooperation hub aimed at facilitating knowledge exchange and helping Korean companies expand into Latin American markets. Koo said the initiative would serve as a platform for linking Korean technological expertise with regional development opportunities. Goldfajn congratulated South Korea on the 20th anniversary of its accession to the IDB and thanked Seoul for its continued support of Latin America’s development. The two sides also agreed to strengthen efforts to expand the presence of Korean professionals within the IDB. Goldfajn emphasized the importance of attracting more Korean talent to the institution, citing ongoing initiatives such as internship programs and a Korean-language website to increase engagement. Officials said the partnership reflects a growing convergence between South Korea’s technological ambitions and Latin America’s push to modernize key industries, marking a new phase in a two-decade relationship that has evolved from development aid to strategic collaboration. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-27 14:56:28
  • Korea raises $1.7 bn in FX bonds at lowest spread, 2025 issuance hits $3.4 bn
    Korea raises $1.7 bn in FX bonds at lowest spread, 2025 issuance hits $3.4 bn SEOUL, October 23 (AJP) - South Korea has raised $1.7 billion in foreign-currency sovereign bonds at record-low spreads, signaling investor confidence in Asia’s fourth-largest economy despite U.S. tariff uncertainties and slowing global demand, the Ministry of Economy and Finance said Thursday. The ministry said it completed the issuance of $1 billion in U.S. dollar-denominated bonds and 100 billion yen (about $700 million) in yen-denominated foreign-exchange stabilization bonds. The dollar-denominated bond was priced at 3.741 percent, just 17 basis points above the corresponding five-year U.S. Treasury yield — beating the previous record-low spread of 25 basis points set in 2024. The multi-tranche yen issuance spanned two, three, 5.25- and ten-year maturities, with yields as follows: 2-year at 1.065% (TONA mid-swap +16 bps) 3-year at 1.208% (TONA mid-swap +20 bps) 5.25-year at 1.457% (TONA mid-swap +30 bps) 10-year at 1.919% (TONA mid-swap +46 bps) TONA mid-swap serves as the benchmark rate in the yen bond market. With the latest sale, total foreign-exchange stabilization bond issuance this year reached $3.4 billion — the largest since the program was introduced in the wake of the 1998 Asian financial crisis and just shy of the $3.5 billion annual ceiling approved under the May supplementary budget. In the first half, the government issued 1.4 billion euro (about $1.5 billion) in euro-denominated bonds, marking the first time South Korea has completed FX stabilization issuance in all three major global currencies — the dollar, euro and yen — within a single year. “This year’s successful issuance of foreign-exchange stabilization bonds in the world’s three major currencies is expected to improve overall conditions for foreign-currency procurement in the domestic market,” the ministry said in a statement. As of 2 p.m. in Seoul, the won was trading at 1,440.8 per U.S. dollar on Thursday, down 8 won from the previous session. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-23 13:49:04
  • Team Seoul back in Washington to settle a trade deal
    Team Seoul back in Washington to settle a trade deal SEOUL, October 15 (AJP) -Senior South Korean government officials are back in Washington amid hints of progress in talks over a long-stalled trade deal that could reshape tariff policies and foreign exchange safeguards tied to a pledged $350 billion investment package. Presidential policy chief Kim Yong-beom and Industry Minister Kim Jung-kwan will join Trade Minister Yeo Han-koo in the U.S. capital this week to seek a breakthrough, as delays in negotiations have begun weighing on the economy—fueling forex market volatility, hampering trade and investment flows, and denting national credibility. A recent report by NICE Credit Rating estimated Hyundai Motor Group could face an additional annual burden of 8.4 trillion won ($6 billion) under the current 25 percent tariff rate, compared with the 15 percent levied on European and Japanese rivals. Finance Minister Koo Yun-cheol, already in Washington for the G20 Finance Ministers and Central Bank Governors Meeting and the IMF-World Bank Annual Meetings, plans to raise Seoul’s case directly with U.S. Treasury Secretary Scott Besant. Industry Minister Kim has been shuttling between Seoul and Washington for talks with U.S. Commerce Secretary Howard Lutnick and reported recent developments to the presidential office during the Chuseok holiday. The presidential office earlier this week hinted that Washington had shown “some response” to Seoul’s revised proposals on the investment package. Foreign Minister Cho Hyun told a legislative hearing on Monday that Washington was insisting on a $350 billion FDI commitment, rejecting loans or guarantees—a condition with major implications for Korea’s finances. Such an investment would account for more than 80 percent of Korea’s $420 billion foreign exchange reserves as of September. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 13:44:44
  • Korean treasuries set for WGBI entry in April 2026 as planned: FTSE Russell
    Korean treasuries set for WGBI entry in April 2026 as planned: FTSE Russell SEOUL, October 08 (AJP) - South Korean government bonds will join the World Government Bond Index (WGBI) in April 2026 as scheduled, global index provider FTSE Russell confirmed Tuesday. The timeline, originally announced last year, had been revised from November 2025 to April 2026, triggering investor jitters over possible second thoughts about Korea’s sovereign credibility. The adjustment came just days after the Constitutional Court removed former President Yoon Suk Yeol from office for his brief imposition of martial law. The WGBI, which includes 25 major government bond markets, is the world’s largest bond index, tracking about $3 trillion in assets. Korea’s entry is expected to attract at least $56 billion in inflows, according to estimates by the National Pension Service, the country’s leading institutional investor. Korean bonds will be phased into the index over eight months from April to November next year, with “equal weighting” each month, FTSE Russell said. “We will work closely with the South Korean government, investors, and market infrastructure to ensure a smooth transition,” the index provider added. As of October 2025, Korean treasuries are projected to account for about 2.08 percent of the index, ranking ninth among sovereigns. The United States leads with 40.9 percent, followed by China with 10.1 percent and Japan with 9.2 percent. “This marks the final official review before Korea’s inclusion in April 2026,” the Ministry of Economy and Finance said in a statement. “The confirmation enhances market predictability and reaffirms confidence in Korea’s fiscal and financial soundness.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-08 11:01:57
  • INTERVIEW: S. Korea invests in rural resilience as climate extremes worsen
    INTERVIEW: S. Korea invests in rural resilience as climate extremes worsen SEOUL, September 30 (AJP) - South Korean farmers are feeling the intensifying pressures of climate change, from searing heat to destructive rains. Few know this better than Kim In-jung, the newly appointed head of the Korea Rural Community Corporation, who says the task before him is nothing less than safeguarding the nation’s food supply. “We are all experiencing the effects of climate change,” Kim said in an interview on Sept. 22. “This summer, the national average temperature was 27.7 degrees Celsius, the highest on record. Some areas faced extreme rainfall, while others endured drought. Our urgent task is to ensure farmers can work safely and efficiently.” The country has endured both ends of the climate spectrum in recent months. From Aug. 30 to Sept. 22, a severe drought led to the first-ever national disaster declaration in Gangneung, a coastal city on the east. Just weeks earlier, torrential rains inundated parts of the central Chungcheong region, causing extensive damage. Such swings, Kim warned, are likely to become more common. Since taking office in May, he has focused on preparing for extreme weather — inspecting reservoirs, reinforcing safety systems and expanding water storage. Reservoir upgrades and the wider use of groundwater dams, which are less vulnerable to weather shifts, are central to his plans. Five such dams now supply 120,000 tons of water daily, and the corporation hopes to expand that network to 39 sites. But South Korea’s challenges go beyond water. Food self-sufficiency remains stubbornly low: while overall agricultural self-sufficiency stood at 49 percent in 2023, the country produces little of its own wheat and corn. Kim argues that building a stronger production base for non-rice crops, along with better irrigation and drainage systems, is essential for food sovereignty. The aging farm population adds urgency. More than half of South Korea’s farm operators are now over 70. To attract younger farmers, the corporation is developing programs to provide land, greenhouse rentals and housing, easing barriers to entry for a new generation. Kim said safety is another pressing concern. A majority of the country’s reservoirs are rated in poor condition, yet only about 50 are repaired each year. Ahead of this summer’s heavy rains, the corporation preemptively lowered reservoir levels to create space for 1.2 billion tons of water and cleared thousands of kilometers of drainage channels. A joint emergency response system operated more than 3,400 reservoirs and 1,000 pumping stations. Kim, a nearly 30-year veteran of agricultural and rural development policy, also wants to modernize the corporation itself — from management culture to workplace safety. Initiatives now include mandatory two-person teams, smart monitoring devices and worker-led risk assessments. “We must create a workplace free of industrial accidents,” he said. Longer term, the corporation is turning to rural revitalization. Under the Rural Restructuring Act, enacted last year, it is backing projects to reimagine rural areas with investments in renewable energy and community development. For Kim, the mission is clear: adapting to climate change, strengthening food security and keeping farmers safe. “We cannot stop the weather from changing,” he said. “But we can prepare for it, and we can protect those who put food on our tables.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 10:37:22