South Korea to chair global renewable energy agency SEOUL, January 13 (AJP) - South Korea has been selected to chair the next General Assembly of the International Renewable Energy Agency, a role that will place Seoul at the center of global discussions on the expansion of clean energy. The Ministry of Climate, Energy and Environment and the Foreign Ministry said Tuesday that South Korea was designated as chair at IRENA’s 16th Assembly, held Jan. 11–12 in Abu Dhabi, the United Arab Emirates. The chairmanship runs for one year. Founded in 2011, IRENA promotes the development and broader adoption of renewable energy worldwide. The organization has 171 members, including the European Union. Its annual Assembly is the agency’s highest decision-making body. South Korea has served on IRENA’s council since the organization’s early years, but this marks the first time the country has been appointed to lead the Assembly. As chair in 2027, South Korea will preside over Assembly meetings, help shape the agenda and work to foster cooperation among member states to accelerate the deployment of renewable energy. The government said it expects the role to bolster international coordination around its policy priorities, including a renewables-led energy transition and broader efforts toward decarbonization and green growth. Lee Won-ju, director general for energy transition policy at the climate ministry, said the appointment reflects international confidence in South Korea’s clean-energy strategy. “By successfully hosting the next Assembly, we will enhance South Korea’s standing in global clean-energy governance and produce tangible outcomes in international cooperation, including securing overseas projects,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-13 08:41:50

South Korea's Daebang, Woomi, Jungheung builders face probe for unfair internal dealings SEOUL, December 31 (AJP) - South Korea’s antitrust watchdog said on Wednesday it had uncovered four cases of unfair internal transactions involving large business groups this year, imposing a combined 93.5 billion won ($70 million) in fines and referring three companies to the prosecution. Corrective orders and fines were issued against Daebang Construction, Jungheung Construction, Woomi Construction and CJ Group, while the three builders were reported to prosecutors, according to the Fair Trade Commission. The commission said it identified violations of the Monopoly Regulation and Fair Trade Act, including unfair support among affiliates and the provision of undue benefits to them. Woomi Construction received the largest penalty, 48.3 billion won, followed by Daebang Construction with 20.5 billion won, Jungheung Construction with 18 billion won, and CJ Group with 6.5 billion won. In Woomi’s case, the company, while acting as the main developer on several apartment projects, selected five affiliates with limited construction experience as non-lead contractors and allocated them substantial work volumes. The practice was found to have significantly undermined fair competition in the housing construction market. Daebang Construction and two subsidiaries were found to have resold large parcels of public housing land they had been allocated to another affiliate, Daebang Industrial Development, and its five subsidiaries, effectively transferring development project rights within the group. Jungheung Construction was penalized for providing credit guarantees to support funding for housing and industrial projects run by family-controlled affiliates. The commission said the support enabled those affiliates to raise funds, including through asset-backed and other securitized loans. 2025-12-31 14:19:18

Korea faces unavoidable shift toward renewables, nuclear power: energy minister SEOUL, December 30 (AJP) - South Korea faces an unavoidable shift in its energy mix as it confronts the climate crisis, requiring a combination of carbon-free renewable energy and nuclear power while gradually phasing out coal and gas, Climate, Energy and Environment Minister Kim Sung-hwan said on Tuesday. Kim made the remarks at the First Energy Mix Policy Forum held at the National Assembly, calling for a pragmatic and science-based approach to energy policy. Kim said the Moon Jae-in administration sought to advance an energy transition over five years but became mired in debate over a nuclear phaseout, slowing efforts to retire coal-fired power plants. He said the subsequent Yoon Suk Yeol administration took the opposite approach by prioritizing nuclear power while neglecting the expansion of renewable energy. “As a result, South Korea’s share of renewable energy now ranks last among OECD countries,” Kim said. South Korea’s current energy mix is roughly 30 percent nuclear, 30 percent coal, 30 percent gas and 10 percent renewables, Kim said, adding that restructuring the mix would be foundational to the country’s future economic development. The Lee Jae Myung administration has pledged to end coal-fired power generation by 2040, a target that is also reflected in the legally mandated basic plan for long-term electricity supply and demand. He said this would require a concrete roadmap for phasing out coal and determining a sustainable future energy mix. He also pointed to structural limits to renewable energy expansion, citing intermittency as a major challenge. Kim said South Korea, unlike parts of Europe, cannot rely on cross-border power grids and functions effectively as an “energy-independent island.” Its relatively short east-to-west span also limits solar generation hours, making it difficult to secure stable power supply when sunlight is unavailable, he said. Replacing that gap with energy storage systems or pumped-storage hydropower is not straightforward in practice, Kim added. On nuclear power, Kim said it has long served as South Korea’s most important energy source and that the country has the highest concentration of nuclear power plants per unit of land area in the world. He cautioned, however, that nuclear power carries significant risks in the event of an accident. Kim said South Korea has not operated its nuclear plants flexibly, limiting their ability to complement renewable energy sources. Determining how to effectively combine nuclear and renewables is an unavoidable national task, he said. President Lee has instructed officials to avoid ideological approaches to energy policy and instead rely on scientific evidence and consensus-based problem solving. 2025-12-30 15:58:29

K-Sure provides $1.7 billion financing for Verizon's purchase of Samsung devices SEOUL, December 18 (AJP) - Korea Trade Insurance Corp. (K-Sure) said on Thursday it will provide $1.7 billion in financing for a project under which Verizon Communications Inc., the largest telecommunications operator in the United States, will purchase mobile devices from Samsung Electronics. Verizon, which K-Sure said has about 150 million subscribers and the largest share of the U.S. telecom market, will use the entire amount to buy Samsung-made communications devices, including smartphones and tablets. K-Sure has offered so-called “device financing” to major telecom operators worldwide, linking financial support to purchases of South Korean products. Earlier this year, the agency provided $700 million in financing to BCE Inc.’s Bell Canada, Canada’s largest telecom operator, to support purchases of South Korean communications devices. It also extended financing of 100 million euros to a major telecom operator in Poland in 2021 and 350 million euros to a major telecom operator in France in 2023, it said. K-Sure President Jang Young-jin said the agency is expanding support for exports of consumer goods, including mobile and communications devices, as it moves beyond a strategy focused mainly on capital goods exports amid rising global protectionism. “We will continue to broaden financing support for top-tier global buyers that choose South Korean products,” Jang said, adding that the goal is to strengthen the competitiveness of South Korean companies in overseas markets. 2025-12-18 09:58:54

South Korea weighs stockpiling as copper prices break records SEOUL, December 09 (AJP) - Copper prices have surged to record highs as supply disruptions and rising demand from emerging technologies tighten the global market. The South Korean government plans to secure a 60-day stockpile of key minerals by next year. Lawmaker An Do-geol of the Democratic Party has called for an additional 39,000 tons of copper reserves over the next five years to support expanding power grids and data center infrastructure. According to the London Metal Exchange, copper prices peaked at $11,645 per metric ton on Dec. 5, surpassing the previous record of $11,104 set in May 2024. Prices are up around 34 percent so far this year. Demand for the metal, a critical input for semiconductors, electric vehicles and power infrastructure, is accelerating as growth in artificial intelligence data centers and electrification expands. Meritz Securities of South Korea estimates that so-called non-traditional copper demand will rise from 6.55 million tons this year to 14.15 million tons by 2030. Supply has been constrained by disruptions at major mines, including the closure of Panama’s Cobre Panama mine last year and a landslide at Indonesia’s Grasberg mine. Analysts say these disruptions are unlikely to be resolved quickly, heightening concerns over structural shortages. Major investment banks have warned of rising risks, with Goldman Sachs forecasting that copper prices could climb to $15,000 per ton next year, accompanied by increased price volatility. Experts say a long-term strategy is needed to reduce supply risks. Oh Jung-seok, a specialist at the International Finance Center, said the strategic importance of copper is increasing rapidly amid intensifying global competition, underscoring the need for diversified supply chains and stronger stockpiling policies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 09:49:11

South Korea takes steps to safeguard rare earths, critical energy resources SEOUL, December 05 (AJP) - South Korea has launched a national council to stabilize supplies of rare earth elements and expand strategic reserves, amid heightened global supply chain volatility. The council, chaired by Trade, Industry and Energy Minister Kim Jeong-gwan, convened for the first time on Friday with vice-ministers from related ministries to review a comprehensive rare earth supply chain strategy. The body will oversee the government's resource security policies, supported by an expert advisory group tasked with providing technical guidance on key commodities such as critical minerals, natural gas, and oil. According to the energy ministry, the council laid out three core initiatives to strengthen resource security: operating an early warning system for potential disruptions, establishing a public–private crisis response mechanism, and ensuring stable procurement of essential resources. “With intensifying U.S.–China competition over rare earths and rising demand for critical minerals driven by electric vehicles and batteries, we will strengthen national resource security in a systematic manner through the newly launched council,” Minister Kim said. Using an integrated information platform, the government will centralize supply chain data to improve early detection capabilities. Major companies will be designated as key institutions required to report any disruptions or unusual price movements. So far, authorities have named 18 core supply institutions and 20 key demand institutions across sectors including critical minerals, energy, and uranium, the ministry said. To mitigate external shocks, Seoul will expand reserves of critical minerals and crude oil and ease import restrictions on recycled materials while supporting investments in recycling technologies. As part of efforts to safeguard advanced industries such as automotive, semiconductors, and batteries, the government will diversify rare earth import sources and boost domestic production. The existing rare earth task force will be expanded to monitor market conditions and coordinate emergency response, trade negotiations, overseas resource development, and R&D. South Korea will also increase crude oil stockpiles and adjust the composition of reserves to reflect changes in domestic demand. Safety and protective systems at reserve facilities will also be upgraded. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-05 08:56:09

INTERVIEW: KEAD chief aims to expand job opportunities for disabled in emerging industries SEOUL, December 2 (AJP) - Dec. 3 marks the UN's International Day of Persons with Disabilities, highlighting the importance of employment opportunities for the disabled amid rapid changes in the labor market. The Korea Employment Agency for Persons with Disabilities (KEAD) is at the forefront of this effort. Lee Jong-seong, KEAD's head, is focused on creating jobs for the disabled. "The expansion of artificial intelligence (AI) and digital industries is reshaping the job market," Lee said. "We aim to uncover new roles in future industries to provide more opportunities for the disabled." KEAD is prioritizing job development in new industries, expanding digital training, and supporting companies in adopting new roles. Challenges remain such as low employment rates for the severely disabled and insufficient diversity in the job market. Lee said the government plans to raise the mandatory employment quota for people with disabilities to 3.5 percent by 2029, emphasizing KEAD's role in helping companies comply through tailored consulting and promoting best practices. Lee highlighted the need for improved perceptions of disabled workers, despite several years of mandatory workplace education. KEAD is enhancing experience-based programs and utilizing various media channels to help change these perceptions. Despite an overall rise in employment, the employment rate for people with disabilities declined from 50.4 percent in 2022 to 48.4 percent in 2024. KEAD aims to reverse this trend by expanding quality jobs and relevant support services including AI-driven job-matching systems. Lee aims to improve workplace practices by offering higher subsidies for additional hires and supporting marketing efforts for small businesses. "Our goal is to transform lives and enhance social diversity and sustainability," Lee said, urging continued support and attention. * This article, published by Aju Business Daily, was translated by AI. 2025-12-02 15:57:41

South Korea's halt on state asset sales strains debt-laden public firms SEOUL, November 21 (AJP) - President Lee Jae Myung’s order to halt the sale of state-owned assets over concerns of potential undervaluation has left major public agencies scrambling for alternatives, despite growing fiscal pressures and the need to offload underperforming holdings. According to industry officials, Korea National Oil Corp. (KNOC) has suspended its long-running effort to sell Harvest, a Canadian oil and gas producer it acquired in 2009. KNOC, which has remained in a state of capital impairment for six consecutive years, began divesting Harvest’s 38 asset groups in 2021 but has managed to sell only 17. Several additional transactions were reportedly close to completion before the presidential directive forced a pause. Facing rising investment needs — including the development of deep-sea gas field in the East Sea — KNOC has increasingly relied on corporate bonds to stay afloat. From 2021 through the first half of this year, the company issued more than 11 trillion won in bonds, with annual issuance continuing to climb. Other state-run energy giants are also feeling the strain. Korea Electric Power Corp. (KEPCO), which holds more than 200 trillion won in debt, has delayed the sale of multiple assets, including properties in Daegu and housing units across the country. Korea Gas Corp. (KOGAS) similarly canceled planned divestitures of unused assets in Gangwon Province. These agencies had been preparing to coordinate with relevant ministries to ensure asset prices were fair and transactions justified. But with sales now on hold, officials warn that financial burdens could deepen if the freeze persists. The government’s plan to dispose of tax-paid stocks has also come to a standstill. These shares — turned over to the state in lieu of large inheritance taxes — include holdings from the family of the late NXC founder Kim Jung-ju and from the family of Taekwang Industrial’s Park Yeon-cha. Without buyers, the state continues to hold sizable stakes it never intended to keep. Delays in handling these assets could have downstream effects on government programs that rely on proceeds from such sales. “The sale of tax-paid stocks is paused, but urgent cases can proceed with approval from the prime minister,” a senior finance ministry official said. The administration is now reviewing systemic reforms to prevent state assets from being sold below value. Deputy Prime Minister and Finance Minister Koo Yun-cheol said the government plans to craft a set of measures by mid-next month, which could include mandatory reporting to the National Assembly and the president for large-scale transactions. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:10:58

South Korea, Saudi Arabia deepen ties in shipbuilding, automobiles, AI under Vision 2030 SEOUL, October 27 (AJP) - South Korea and Saudi Arabia agreed on Monday to expand cooperation across a range of industries — including shipbuilding, automobiles, and artificial intelligence — as the two nations seek to strengthen ties aligned with Riyadh’s Vision 2030 initiative. Moon Shin-hak, South Korea’s deputy minister of trade, industry and energy, met with Abdullah bin Ali Al-Ahmari, Saudi Arabia’s deputy minister of industry and mineral resources, in Seoul to discuss joint projects and support for South Korean companies operating in the kingdom. The talks followed the fifth Korea-Saudi Vision 2030 Committee meeting held in September, where the two sides reviewed progress on flagship cooperation projects. During Monday’s meeting, Moon highlighted South Korean companies’ role in advancing Saudi Arabia’s Vision 2030 goals — particularly in industrial diversification and technology development — and called for continued support from the Saudi government. Both countries agreed to strengthen collaboration on major industrial projects, including the International Maritime Industries (IMI) shipyard in the King Salman Maritime Complex and Hyundai Motor’s assembly plant in King Abdullah City. They also discussed advancing eco-friendly ship technologies and developing hydrogen infrastructure for next-generation vehicles. Moon proposed expanding cooperation in artificial intelligence and digital infrastructure, including semiconductor development, data centers, and smart manufacturing systems. He also suggested joint initiatives in emerging fields such as digital twins, cloud computing, and robotics. Al-Ahmari welcomed the proposals, saying Riyadh viewed South Korea as a key partner in building high-tech industries and sustainable manufacturing capacity. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-27 14:27:14

KEPCO strengthens ties with Vietnam in nuclear energy push SEOUL, October 14 (AJP) - South Korea’s state-run Korea Electric Power Corporation, or KEPCO, is deepening its partnership with Vietnam’s National Power Corporation (PVN) as part of an effort to secure future nuclear power projects in the Southeast Asian nation. KEPCO said Monday that it held a joint workshop with PVN in Hanoi on Sept. 30 to discuss training and workforce development for Vietnam’s planned nuclear energy expansion. The meeting followed a memorandum of understanding signed in August. The initiative brings together KEPCO, Korea Hydro & Nuclear Power, the KEPCO International Nuclear Graduate School and the Korea Atomic Energy Research Institute. They are working with PVN, as well as Vietnamese universities and research institutes, to lay the groundwork for cooperation in education and technology. About 40 experts from both countries attended the session. Vietnam, which has revived its long-delayed nuclear ambitions, aims to begin construction of the Ninh Thuan 1 and 2 nuclear plants by 2035 and add eight gigawatts of capacity by 2050. The plan would require training roughly 4,000 skilled professionals in nuclear operations and safety. At the workshop, KEPCO shared its experience in nuclear workforce training and program development. Company officials also met with representatives from Vietnam’s Ministry of Industry and Trade and PVN to explore broader cooperation — including localization, technology transfer and financing structures — to support Korea’s potential participation in Vietnam’s future nuclear projects. A KEPCO official said the company aims to strengthen cooperation in localization and financing to help secure participation in Vietnam’s upcoming nuclear projects. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-14 10:05:27