Journalist

Kim Yu-jin
  • South Korea to Select New Supply Chain Stabilization Lead Firms, Offer Fund Support
    South Korea to Select New Supply Chain Stabilization Lead Firms, Offer Fund Support The government will begin procedures to select new private-sector “lead firms” for 2026 that play a key role in stabilizing South Korea’s domestic supply chains. The Ministry of Economy and Finance said on the 29th that lead firms are companies or business groups recognized by relevant ministries as contributing to supply chain stability by introducing, producing or providing items and services tied to economic security under the Framework Act on Supporting Supply Chain Stabilization for Economic Security. Since the law took effect in 2024, a total of 187 lead firms have been designated. The designation period is generally three years from the initial selection date. The government plans to jointly announce the selection plan for one month starting on the 30th and complete the process by June. Companies or business groups seeking designation must submit a “supply chain stabilization plan” to the relevant ministry by next month’s 29th for review, detailing their business, links to economic security items, plans to diversify sourcing and other stabilization measures, as well as financial status and implementation capacity. With the situation in the Middle East dragging on, the ministry said stable procurement of economic security items and services has become more important. The government plans to prioritize firms that propose measures such as diversifying import sources, expanding production bases at home and abroad, developing import-substitution technologies, and increasing stockpiles. Final designees will receive benefits including preferential interest rates as priority recipients of support from the Supply Chain Stabilization Fund. Lee Seung-wook, the ministry’s director general for economic supply chain planning, said recent developments in the Middle East have exposed weak points and bottlenecks in domestic supply chains, making structural improvements for stabilization and diversification more important. He said the government will maintain close communication and consultations with lead firms, which he described as central to domestic supply chain stability. * This article has been translated by AI. 2026-04-29 15:03:18
  • South Korea’s Oceans Ministry to Pay $100,000 in Bonuses for Busan Move, UN Ocean Summit Bid
    South Korea’s Oceans Ministry to Pay $100,000 in Bonuses for Busan Move, UN Ocean Summit Bid South Korea’s Ministry of Oceans and Fisheries will pay a total of 100 million won in special performance bonuses to civil servants credited with visible achievements, including the ministry’s relocation to Busan and winning the right to host the first UN ocean conference in Asia. The ministry said Tuesday it will hold its first special performance bonus awards ceremony for 2026 on Wednesday. A ministry review committee decided to award a combined 100 million won to 39 employees who carried out eight high-performing assignments. The Busan relocation task force, led by Director General Kim Seong-won and including Director Kim Han-ul, was recognized for overseeing the entire process — selecting a temporary office site, drawing up the relocation plan, moving the organization and staff, and supporting settlement conditions — and completing the move of about 800 employees and their families in about six months. Director Seo Jin-hee and Deputy Director Lee Chan-mi were credited with securing South Korea’s bid to host the fourth UN Ocean Conference, the largest and highest-level international meeting in the ocean sector. The conference is scheduled for June 2028 and would be the first held in Asia, the ministry said. Director Lee Jeong-ro and Deputy Director Lee Eun-jae were recognized for building an LTE-class high-speed internet environment about 50 times faster than existing shipboard internet, improving working conditions and welfare on board. The ministry said they reached an agreement to support high-speed internet service for 300 national essential vessels and designated international vessels starting in February. Other initiatives selected for special recognition included lifting restrictions on nighttime fishing in coastal waters off Incheon and improving navigation aids by repurposing unused lighthouses. Minister Hwang Jong-woo said the achievements were meaningful because they produced changes the public and people in the field can feel. He said the ministry will continue working to identify and improve issues so policies lead to better quality of life.* This article has been translated by AI. 2026-04-29 11:03:56
  • South Korea’s Finance Ministry Holds Talks on Creating a Korean-Style Sovereign Wealth Fund
    South Korea’s Finance Ministry Holds Talks on Creating a Korean-Style Sovereign Wealth Fund The government, which plans to draw up a plan in the first half of this year to launch a Korean-style sovereign wealth fund, convened a meeting Tuesday to gather views from related organizations. Min Gyeong-seol, director general for innovative growth at the Ministry of Finance and Economy, held a roundtable at the Korea Fiscal Information Service with promising companies in strategic industries and officials from the Financial Services Commission, the Korea Development Bank and other agencies to discuss the direction for establishing the fund. Participating companies shared their experiences and difficulties in raising investment during growth stages, saying large-scale, long-term investment conditions are needed for promising strategic-industry firms to develop into globally competitive companies. Participants said the government has helped build a startup ecosystem through various policy funds and policy financing, but noted that most have been structured as funds premised on liquidation, limiting their role as patient capital. They expressed expectations for a sovereign wealth fund that would not require liquidation. The Financial Services Commission, the Korea Development Bank and other agencies agreed that if existing policy financing and investment tools work in a complementary way with a Korean-style sovereign wealth fund, they could generate synergy in fostering strategic industries, supporting overseas expansion and building stable supply chains. They offered a range of policy suggestions on how to set up the fund. Min said the fund would be “a new investment tool” that would grow as a long-term, stable partner through equity investments in promising strategic-industry companies, and “accumulate the resulting gains as national wealth to share with future generations.” He said the ministry will reflect views raised at the meeting to prepare an establishment plan within the first half of the year and proceed with follow-up steps, including submitting legislation to the National Assembly soon.* This article has been translated by AI. 2026-04-29 10:33:21
  • South Korea to Offer Unsecured Credit Guarantees to Shippers Hit by Mideast War
    South Korea to Offer Unsecured Credit Guarantees to Shippers Hit by Mideast War The Ministry of Oceans and Fisheries and the Korea Ocean Business Corp. said they will roll out a liquidity support package, including a new unsecured credit guarantee, to ease financial strain on South Korean shipping companies as the war in the Middle East drags on. Since the outbreak of the war, 26 South Korean vessels have been waiting after being blocked from transiting the Strait of Hormuz. The ships have faced higher costs from insurance surcharges, fuel expenses and increased hazard pay for crews. Business conditions have also worsened, with some cargo owners abandoning shipments despite rising freight rates, raising concerns about a cash crunch for carriers. In response, the ministry and KOBC will newly provide unsecured credit guarantees to South Korean carriers affected by the war. The program, launched with approval from the oceans minister to address an urgent economic and social crisis, allows carriers to raise short-term operating funds without providing collateral. Support is capped at 2.5 billion won per company, and the guarantee applies to short-term loans with maturities of up to one year, extendable up to five years. The agencies also revamped their emergency management stabilization funding to cut the time needed to provide support by up to three weeks. Instead of setting up a project entity to indirectly purchase corporate bonds, KOBC will buy the bonds directly. The change is also expected to reduce costs such as various fees. Under the revised stabilization funding, support is capped at 3 billion won per carrier, with a one-year maturity that can be extended once for one additional year. Carriers can also seek the existing stabilization funding program, which provides up to 100 billion won per company, if needed. The package also extends repayment periods for principal and interest on existing financial products nearing maturity and temporarily raises the loan-to-value ratio for ship-mortgage loans to 70% to 90% from 60% to 80%. Officials said this should help carriers secure additional liquidity using their vessel assets. KOBC said it began posting detailed guidance on its website and accepting applications for the unsecured credit guarantee and other support measures starting Tuesday. The ministry said it secured 1.4 billion won in the first 2026 supplementary budget to help cover insurance surcharges for small and midsize carriers operating in the Strait of Hormuz, with applications to be accepted through KOBC starting in early May. Oceans Minister Hwang Jong-woo said, "The government will provide comprehensive support so our shipping companies struggling due to the Middle East war do not face funding difficulties," adding it will do its best to keep export-import logistics networks running and prevent disruption to the national economy. KOBC President Ahn Byung-gil said uncertainty in the shipping industry has surged due to the war and that the program will help ease temporary liquidity strains and bolster stability across the sector.* This article has been translated by AI. 2026-04-28 17:29:35
  • South Korea Launches WAVE Strategy Council to Link Shipbuilding and Shipping
    South Korea Launches WAVE Strategy Council to Link Shipbuilding and Shipping South Korea’s oceans and industry ministries and private-sector partners on Monday launched a joint cooperation framework aimed at strengthening competitiveness by more closely linking the shipbuilding and shipping industries. The Ministry of Oceans and Fisheries and the Ministry of Trade, Industry and Energy held a launch ceremony in Seoul for the Shipbuilding-Shipping Mutual Growth Strategic Council. Attendees included the two ministers, officials from Korea Gas Corp., the Korea Offshore & Shipbuilding Association and the Korea Shipowners’ Association, and executives from major domestic shipbuilders and shipping companies, totaling about 100 people. The ministries said major competitors have been expanding domestic orders by tying their shipping and shipbuilding sectors together, while South Korea has lagged in coordination despite ranking second in global ship orders and fourth in shipping capacity. With geopolitical risks rising, including the war in the Middle East, they said it has become more important to build a maritime supply chain that connects ships built at home with transport by Korean-flagged vessels. Centered on the two industry associations and joined by government, industry and academia, the council announced its W.A.V.E. strategy. It calls for securing world-leading “super-gap” technologies; building an industrywide alliance across shipbuilding and shipping; expanding the Korean-flag fleet while ensuring work for domestic shipyards; and creating a shared innovation ecosystem that supports regional economies. Within the council, the industries agreed to quickly identify detailed tasks under the four pillars and draw up concrete execution plans by year’s end. The council will run standing expert task forces on issues including technology development, demonstrations, orders, finance and regulatory reform, and will link policy proposals to quarterly meetings. The government and industry also reaffirmed plans to build a “one-team” structure in which shipbuilding and shipping move under a single industrial strategy, including joint work on technology development, demonstrations and fleet expansion. The two ministries said they will pursue regulatory improvements, budget support, demonstration infrastructure and links to regional industrial bases. The ministries said they are jointly operating the Autonomous Ship M.AX Alliance and plan to push ahead in earnest this year with a 600 billion won project to develop fully autonomous, artificial intelligence-based ship technology, reflecting corporate demand. They also said they will support future growth areas such as eco-friendly ships powered by ammonia or electricity and the localization of liquefied natural gas cargo tanks, with the oceans ministry focusing on identifying demonstration demand and the industry ministry backing core technology development. The ministries said they will also discuss expanding cooperation to shipping and ports under the Korea-U.S. shipbuilding cooperation project known as MASGA. Oceans Minister Hwang Jong-woo said shipping and shipbuilding have developed as “key partners” supporting the national economy and import-export logistics. “The launch of this strategic council will be an important opportunity for the two industries to be reborn as a strong public-private ‘one team’ and further enhance global competitiveness,” he said, adding the ministry will strengthen cooperation with the industry ministry in areas including autonomous ship technology development and energy security. Industry Minister Kim Jeong-gwan said the move was significant because it activates an “execution-oriented” cooperation system that jointly designs and advances demand, technology, demonstrations and institutional improvements beyond the level of separate industries. “Based on the W.A.V.E. strategy, I hope shipbuilding and shipping will ride the coming wave of prosperity and leap forward together,” he said.* This article has been translated by AI. 2026-04-28 16:33:19
  • Deputy Prime Minister Koo Yun-cheol Meets AMCHAM Chief to Discuss Korea’s Global Finance Hub Push
    Deputy Prime Minister Koo Yun-cheol Meets AMCHAM Chief to Discuss Korea’s Global Finance Hub Push Koo Yun-cheol, deputy prime minister and minister of finance and economy, met Monday with James Kim, chairman of the American Chamber of Commerce in Korea, to discuss policy directions for South Korea’s push to become a global financial hub.  The meeting at the Government Complex Seoul included Koo and the ministry’s international economic affairs chief. AMCHAM attendees included Jeffrey Jones, chairman of the Future of Korea Partnership Foundation, among others. Kim said that as Singapore and Hong Kong strengthen their competitiveness as financial centers, South Korea also needs to bolster the competitiveness of its financial industry to further expand the foundation for attracting global investment. He said he hopes to work closely with the ministry to strengthen market competitiveness and improve the investment environment. Kim also presented Koo with AMCHAM’s recently published report, “Strategy for Advancing Korea as a Financial Hub.” The report includes recommendations for South Korea’s bid to become a global financial hub, including creating a regulatory environment aligned with global standards and building a predictable supervisory system to help expand investment by global companies. Koo said the report contains a range of policy recommendations to strengthen the competitiveness of South Korea’s financial industry and would be a useful reference. He said the government is continuing efforts to advance capital markets, improve the structure of the foreign exchange market and innovate financial regulation. “The Korean government is making an all-out effort to position the capital market as a core platform for economic growth and to modernize it in line with global standards,” Koo said. He added that the government will steadily carry out tasks in the previously announced MSCI roadmap so South Korea’s capital market can be recognized with a fair “Korea premium.” Koo said the government will closely consult with relevant agencies on views raised during the meeting and actively reflect needed items in future institutional improvements. * This article has been translated by AI. 2026-04-28 15:04:28
  • South Korea Doubles Reusable Cup Points, Adds 300,000 Lodging Coupons for Depopulating Areas
    South Korea Doubles Reusable Cup Points, Adds 300,000 Lodging Coupons for Depopulating Areas 정부가 중동전쟁에 따른 에너지 위기에 대응하기 위해 ‘친환경 녹색소비’ 확산에 나섰다. 다회용컵을 이용하면 적립되는 탄소중립포인트가 300원에서 600원으로 한시 상향되고, 비수도권 인구감소지역 숙박쿠폰은 30만장 추가 공급된다. 재정경제부는 28일 이재명 대통령 주재 국무회의에서 ‘친환경 녹색소비·관광 붐업 방안’을 발표했다. 정부는 다음 달까지 녹색소비를 집중 홍보하고 6월을 ‘녹색소비주간’으로 지정해 참여를 확대하기로 했다. 지역사회·기업·공공부문이 함께하는 ‘모두의 녹색소비’ 캠페인과 녹색제품 구매 인증 이벤트도 추진한다. 제로웨이스트 제품 판매 촉진을 위해 탄소중립포인트 2배 이벤트를 진행한다. 다회용컵 이용 시 적립되는 포인트는 다음 달 6일부터 17일까지 이벤트 기간에 600원까지 늘어난다. 이달부터 에너지 저소비 제품 판매 매장에서 구매하면 지역사랑상품권을 최대 5% 추가 할인한다. 지방정부가 매장을 발굴·신청하면 중앙정부가 심사해 추가 할인에 대한 국비 70%를 지원한다. 저소득층의 노후 창호·보일러 등 난방설비 교체 지원단가는 243만원에서 267만원으로 인상된다. 재생원료를 사용한 종량제 봉투 생산·보급을 늘리기 위해 생산설비 교체비 지원에 138억원을 투입한다. 전기차 전환도 가속한다. 공공기관 의무구매임차제 실효성 강화와 공공·민간 차량 전환 확대 방안은 6월 중 마련한다. 전기승용차와 소형 전기화물차의 정부 지원 물량은 각각 2만대, 9000대 확대한다. 대중교통 인센티브를 늘리고 유연근무 확대로 출·퇴근 수요 분산도 추진한다. 모두의카드 정액형 기준금액은 50% 낮추고, 기본형 시차 출퇴근 시간대 환급률은 30%포인트 높인다. 재생에너지 중심의 에너지 구조 개편도 속도를 낸다. 다음 달 중 재생에너지 기본계획을 마련하고 6월 중 한국형 녹색전환 전략을 준비한다. 건물·주택 태양광 보급 목표는 6000건에서 8000건으로 늘리고, 아파트 10만 가구에 베란다 태양광 설치를 지원한다. 민·관 릴레이 소비행사로 친환경·지역소비 분위기도 조성한다. 다음 달 10일까지 열리는 동행축제를 지역·친환경 축제로 운영하고, 전국 50개 지역축제·행사와 연계한 이벤트를 진행한다. 디지털 온누리상품권 할인율은 다음 달 1일부터 5일까지 한시 확대한다. 기업 업무추진비 손금 산입 특례 대상에 온누리상품권 지출분을 추가해 지역경제 활성화를 유도하고, 백년가게·전통시장·온누리가맹점 결제 시 10% 청구할인도 가능해진다. 정부는 중동전쟁 영향 품목인 나프타·석유·요소 등에 대한 관리도 이어간다고 밝혔다. 나프타 수입비용 지원에는 6744억원을 투입했고, 석유 비축물량 확대도 추진 중이다. 또 100억원의 추가경정예산으로 국산 농축산물 정부 할인지원을 실시한다. 노지채소·시설과채·닭고기 등은 최대 40% 할인 효과가 나며, 계란은 30구당 1000원을 정액 할인한다. 수산물은 주요 판매처와 협력해 제철 수산물을 중심으로 온·오프라인 최대 50% 할인한다. 관광 활성화 대책도 포함됐다. 숙박쿠폰 사용기간은 내달 초까지 연장하고, 5월 초 철도·항공 등 대중교통을 증편한다. 철도는 총 64회 늘려 3만3000석을 추가 공급하며, 항공은 20개 노선에서 2580편을 운항한다. 비수도권 인구감소지역 숙박쿠폰은 기존 20만장에서 30만장까지 확대하고, 5월 초 장기연휴를 활용해 공공부문의 연가·여행을 장려한다. 반값여행 환급 지원대상은 인구감소지역 내 식사·체험·숙박 이용금액에서 지역 내 대중교통 이용금액까지 넓힌다. 반값휴가 대상은 중견기업 근로자까지 확대한다. 인구감소지역 자유여행상품에는 열차운임 100% 할인쿠폰을 지급하고, 5개 테마열차는 50% 할인한다.* This article has been translated by AI. 2026-04-28 12:40:12
  • Kim Seong-beom resigns as Oceans vice minister, seen running in Seogwipo by-election
    Kim Seong-beom resigns as Oceans vice minister, seen running in Seogwipo by-election Kim Seong-beom, vice minister of oceans and fisheries, submitted his resignation on the 28th and left public office. He held a farewell ceremony that day at the ministry’s building in Busan and formally stepped down. His resignation, however, had not yet been accepted.  Political circles said Kim is expected to run in the June 3 by-election for a National Assembly seat in Seogwipo City. With the farewell ceremony held before his resignation was accepted, the ruling camp appeared to be moving quickly to recruit him.  The current Seogwipo lawmaker, Wi Seong-gon, has been confirmed as a candidate for Jeju governor and is expected to resign on the 29th. Kim is widely seen as the pick to fill the candidate field in what is considered a Democratic Party stronghold.  Kim, a Jeju native, spent his school years in Namwon-eup, Seogwipo, and has held a range of senior posts in the oceans and fisheries sector. Analysts have also credited him with handling key issues — including the ministry’s relocation to Busan — during a roughly four-month vacancy in the minister post.  At the farewell ceremony, Kim exchanged final greetings with staff and expressed both apology and gratitude to employees who endured the move to Busan. * This article has been translated by AI. 2026-04-28 11:12:17
  • South Korea Weighs Second Extra Budget as Higher Rates Raise Debt-Funding Concerns
    South Korea Weighs Second Extra Budget as Higher Rates Raise Debt-Funding Concerns With high oil prices and inflation pressures tied to the Middle East still unresolved, lawmakers are again raising the idea of a second supplementary budget. Unlike the first extra budget, which relied on higher-than-expected tax revenue, a second package would likely require issuing deficit-financing government bonds, adding to upward pressure on interest rates. The first supplementary budget used 25 trillion won in excess tax revenue, allowing spending to expand without issuing new bonds. Of that, 1 trillion won was allocated to repay government debt. A second supplementary budget would be different. With limited room in tax revenue, much of the funding under discussion would have to come from issuing deficit bonds. Because bond yields typically move inversely to bond prices, a larger supply of government bonds can push prices down and yields up. With U.S. Treasury yields already elevated, a rise in domestic deficit-bond issuance could further jolt South Korea’s bond-market rates, which some analysts say are already near a threshold. Analysts warn of a potential vicious cycle: If fiscal expansion aimed at supporting growth also drives market rates higher, the economy could slow, increasing the burden on public finances. The Korea Capital Market Institute said an increase in government bond supply driven by expansionary fiscal policy is a main factor weakening the market’s capacity to absorb issuance and increasing rate volatility. Government bond yields affect funding costs across the economy and play a major role in pricing risk assets such as stocks and real estate. A sharp rise in rates could spill over into the real economy and financial markets, including wider corporate-bond credit spreads and higher household loan rates at banks, it said. A Korea Development Institute study found that for every 1 trillion won increase in Treasury bond issuance, the Treasury yield rises by 0.025 to 0.029 percentage points. It also found that for every 10% increase in government debt, bond yields rise by 0.43 percentage points. Whether rates rise further is expected to depend on how the Middle East war develops and whether a second supplementary budget is pursued. If the situation in which international oil prices do not fall below $100 a barrel persists, the government is more likely to press ahead with a second extra budget to support the economy. In that process, analysts say coordination between fiscal authorities and the Bank of Korea will be needed to avoid stoking rates. If the roles of fiscal and monetary policy fall out of balance, the costs could be borne most heavily by vulnerable groups. Experts say policymakers should be cautious about a second supplementary budget to avoid fueling interest rates. They also urge the government to craft policies based on longer-term economic prospects rather than focusing only on short-term relief. Yeom Myeong-bae, a professor of economics at Chungnam National University, said government policy consists of fiscal policy that spends money and financial policy that manages the money supply. “If the two are out of sync, the damage will be greater for vulnerable groups,” Yeom said. “When fiscal spending is financed with debt, in the short term the current generation suffers through things like higher prices, and it also creates debt that future generations must repay. Policy should be run with a long-term perspective.”* This article has been translated by AI. 2026-04-28 06:06:34
  • Deputy PM Koo Yun-cheol Pledges Broad Support for Korea’s Bio, Beauty Industries
    Deputy PM Koo Yun-cheol Pledges Broad Support for Korea’s Bio, Beauty Industries Koo Yun-cheol, deputy prime minister and minister of finance and economy, said on 27일 that the government is focusing on the bio and beauty industries as key growth engines for the South Korean economy and will support them through measures including research and development funding and regulatory streamlining. Koo made the remarks during a visit to Inist ST, a manufacturer of raw materials for chemically synthesized pharmaceuticals, where he inspected operations and held a meeting with representatives of small and midsize companies in the bio and beauty sectors, including firms based in the central region. He urged companies not to settle for the status quo, saying they should expand the economy by developing world-leading products and services. Sustainable growth, he said, requires a “win-win ecosystem” in which large companies lead global markets while small businesses and startups provide support. He also called for closer cooperation to drive shared growth as industries undergo paradigm shifts, including the rise of artificial intelligence. Koo said the public-private consultative body for supporting corporate innovation serves as a platform for ongoing communication among the government, companies and business groups to back investment and innovation. He said the government has prepared measures to foster a startup boom under a plan dubbed “National Startup Era,” reflecting requests raised at the group’s first meeting, including steps to simplify startup procedures for professors and students. In a subsequent meeting on the bio and beauty industries, Koo again stressed the need for continued investment in R&D and ongoing upgrades to quality and safety, rather than relying on existing products and brands. He asked participants to speak candidly about problems they face in the field and possible solutions. Company representatives described their businesses and requested government support in areas they said were needed. Participants said innovation and growth require policies tailored to conditions on the ground, thanked the government for creating a forum for dialogue, and urged officials to reflect the day’s proposals in government measures. The government said it will closely review the views raised at the meeting, provide prompt feedback to those who submitted proposals, and actively incorporate them into future policy and institutional improvements.* This article has been translated by AI. 2026-04-27 14:34:02