Event promotes tourism to Georgia amid growing interest among South Korean travelers SEOUL, June 5 (AJP) - An event promoting tours to Georgia was held at a hotel in central Seoul on Wednesday, bringing together tourism officials, representatives from travel agencies and other participants. Riding the wave of increasing number of visitors to the South Caucasus country in Eastern Europe, the event, hosted by the Georgian Embassy in Seoul, offered them an opportunity to learn about the country's historic and cultural heritage, tourist attractions, and authentic cuisine along with travel tips and other useful information. Under the banner of "Emotions Are Georgia," the event highlighted Georgia's long-standing tradition of hospitality, known for its warm welcome and hearty meals. "It's about infinite hospitality with a genuine smile, and treating every guest as if they were sent by God," said Georgian Ambassador to Seoul Tarash Papaskua. "In 2024 alone, we welcomed more than 27,000 visitors from South Korea — a whopping 80 percent increase from the previous year ," he said, adding that this reflects "growing curiosity" about the country's hidden tourist gems and also suggest strong potential for further exchanges between the two countries. Maia Omiadze, head of the Georgian National Tourism Administration, also expressed hope for stronger collaboration with Seoul, pledging to bring more participants from the private sector to next year's event. When asked what he particularly wanted to share with South Koreans interested in traveling to Georgia, Papaskua quipped with a warm smile. "One practical tip for visiting Georgia? Bring clothes one size bigger. Travelers often end up gaining weight somehow, even after just a few days," he said. "Everything is so delicious, and every occasion turns into a big fat feast," he added. "We always gather around the table to share wine and food, tell stories, and raise toasts with our guests. That's our tradition." Meanwhile, as part of its efforts to promote the country, the embassy is also taking part in the annual Seoul International Tourism Fair, which runs until this weekend at COEX in southern Seoul, with a booth providing travel information. 2025-06-05 16:53:56

National Assembly passes bills for independent probes into ex-president and former first lady SEOUL, June 5 (AJP) - A series of bills proposing independent prosecutors to investigate former disgraced President Yoon Suk Yeol and his wife Kim Keon Hee over several allegations were passed at the National Assembly on Thursday. The bills proposed by the ruling Democratic Party (DP) called for investigations into about a dozen charges related to Yoon's botched Dec. 3 martial law debacle last year, as well as other allegations involving his wife, Kim Keon Hee, who has been embroiled in several controversies including the acceptance of a luxury handbag and alleged involvement in a stock manipulation scheme. Out of 198 members present, 194 voted in favor of the bill to investigate Yoon, while three opposed it and one abstained. Another bill passed included an investigation into allegations of the Defense Ministry's inappropriate interference in the probe into the death of a Marine during a search mission in July 2023. The DP had pushed for the passage of these bills several times, but its attempts failed after they were vetoed and scrapped amid fierce opposition from the then-ruling People Power Party (PPP) under the previous administration. The passage of the bills came just a day after President Lee Jae-myung was sworn in on Wednesday, following his election the previous day. Most PPP lawmakers boycotted the vote in protest, criticizing the DP's unilateral push to pass the bills using its parliamentary supermajority. 2025-06-05 16:13:24

Korean economy shrinks in early 2025 SEOUL, June 05 (AJP) - South Korea’s economy contracted in the first quarter of 2025, ending two consecutive quarters of modest growth. This reflects ongoing weakness in domestic demand and construction investment, according to revised figures released Thursday by the Bank of Korea. Gross domestic product fell 0.2 percent from the previous quarter, matching preliminary estimates. The decline followed 0.1 percent expansions in both the third and fourth quarters of 2024. The central bank said the revised data incorporated updated information unavailable during the initial calculation. Some components were adjusted upward, including equipment investment, which was revised up by 1.7 percentage points, and exports, which increased by 0.5 percentage points. Imports were also revised upward by 0.9 percentage points. Despite the revisions, domestic demand remained a drag on growth. Construction investment alone subtracted 0.4 percentage points from GDP and has now declined for four consecutive quarters, underscoring persistent fragility in the sector. Private consumption also fell, shaving 0.1 percentage points off overall growth. In total, domestic demand reduced GDP by 0.5 percentage points for the quarter. Still, the broader income picture showed modest improvement. Real gross national income (GNI) rose 0.1 percent quarter-on-quarter, buoyed by increased earnings from overseas investments. Net factor income from abroad — the difference between income earned by South Koreans from foreign sources and that paid to foreign investors — rose sharply to 13 trillion won ($9.5 billion), up from 8.9 trillion won in the final quarter of 2024. It was the third consecutive quarter of GNI growth. For the full year 2024, per capita GNI reached $36,745, a 1.5 percent increase from the previous year and the third straight annual rise since 2022. The GDP deflator — a broad measure of inflation — rose 2.4 percent year-on-year in the first quarter, while the gross savings rate fell to 34.9 percent, down 0.4 percentage points from the previous quarter. The data suggest that while external income streams have helped cushion the economy, structural weaknesses in construction and tepid domestic consumption continue to weigh on South Korea’s post-pandemic recovery. 2025-06-05 15:39:15

Korea's ETF market surges past 200 trillion won milestone SEOUL, June 05 (AJP) - South Korea’s exchange-traded fund market surged past a major milestone this week, with total net assets reaching a record 201.28 trillion won (approximately $150 billion) on Thursday, according to data released by the Korea Exchange. This marks the first time the fast-growing sector has crossed the 200 trillion won threshold. The achievement underscores the ETF market’s rapid ascent in the country. Net assets have nearly doubled since June 2023, when the figure first topped 100 trillion won, and have more than tripled since May 2020, when assets stood at just 61.95 trillion won. Long favored for their low fees and ease of access, ETFs have cemented their status as a mainstream investment vehicle among South Korean retail investors. The number of listed ETF products reached 989 as of the end of May. The market’s expansion is striking, considering that Korea’s first ETF — the KODEX 200 — launched only 23 years ago. Domestic equity ETFs have been among the standout performers in 2024, buoyed by investor enthusiasm for local policy-driven themes amid a sluggish U.S. stock market. Sectors such as defense, aerospace, and conglomerates like Hanwha Group have drawn significant inflows. The top five performers through May were all focused on domestic themes. Leading the pack was the PLUS K-Defense ETF, which returned 116 percent from January through May. It was followed by TIGER K-Defense & Space (106 percent), PLUS Hanwha Group (99 percent), SOL K-Defense (86 percent), and PLUS Global Defense (62 percent). Retail investors have been central to the market’s expansion, with net purchases totaling 10.32 trillion won through May 29. Two fund managers dominate the space: Samsung Asset Management’s KODEX brand commands 38.81 percent of the market, while Mirae Asset Global Investments’ TIGER brand holds 33.41 percent — effectively creating a duopoly. The market’s growth has also sparked innovation, with a proliferation of products extending beyond traditional passive index funds. New offerings include actively managed ETFs, thematic funds tied to specific industries or government policies, monthly dividend ETFs, downside buffer ETFs, and strategies employing covered calls. Still, analysts caution that the rapid expansion carries risks. A flood of similarly themed products could oversaturate the market, while “zombie ETFs” — funds with low assets and trading volume — may undermine investor confidence if left unchecked. 2025-06-05 15:34:33

PHOTOS: Namdaemun's hidden alley serving up noodles, hospitality — and history SEOUL, June 02 (AJP) - In a market as vast and bustling as Namdaemun, one of Seoul’s oldest and busiest commercial hubs, the true culinary treasures are often hidden in plain sight. Tucked into narrow passageways and behind unmarked corners are food alleys that many visitors — and even seasoned locals — walk past without noticing. One such enclave is Kalguksu Alley, a humble yet vibrant corridor that feels worlds away from the souvenir stalls and wholesale clothing shops just steps outside. This reporter, a frequent visitor to Namdaemun Market, had to consult the information desk to locate the alley — a testament to its elusive charm. The entrance is easy to miss: a modest yellow sign reading “Kalguksu Alley” wedged between two buildings near Hoehyeon Station. But those who follow it are rewarded with a surprising sight — a 30-meter-long alley lined tightly with about 30 eateries, all dishing up variations of kalguksu, a handmade knife-cut noodle soup, along with boribap (barley rice), sujebi (hand-torn noodle soup), sticky rice, and naengmyeon (cold buckwheat noodles). The draw isn’t just the food — it’s the value. Order a single bowl of kalguksu, and you’ll receive two or three other dishes, often including a modest helping of bibimbap and naengmyeon, at no additional charge. It’s this unspoken generosity that packs the alley shoulder-to-shoulder with diners during lunch hours, often from noon to 3 p.m. Each restaurant is a model of compact efficiency: open kitchens line the walls, while tightly packed tables sit just inches from sizzling pots and chopping boards. The setup may be cramped, but it offers a front-row view of the action — fresh dough being kneaded, noodles cut and boiled, and vegetables chopped seconds before they’re plated. Many of the dishes are prepared entirely by hand, and with the right timing, diners can witness the full noodle-making process before it arrives at their table. For those seeking a quieter experience, an early or late lunch offers respite from the crowds — and the chance to linger and observe. Namdaemun Market has long been a place to shop for everything from textiles to kitchenware, but for the food-inclined traveler, Kalguksu Alley offers something more enduring: a flavorful slice of Seoul’s culinary tradition, served with warmth, speed, and no small measure of authenticity. 2025-06-05 14:43:10

S. Korea finalizes $17 billion Czech nuclear deal SEOUL, June 05 (AJP) - The state-run Korea Hydro & Nuclear Power (KHNP) has finalized a landmark agreement to construct two next-generation nuclear reactors in the Czech Republic — marking the country’s first overseas nuclear project in 16 years. The agreement, signed June 4, paves the way for the construction of two reactors at the Dukovany site in southern Czechia. Valued at approximately 26 trillion won (around $17 billion), the deal is South Korea’s first major nuclear export since its 2009 contract to build the Barakah plant in the United Arab Emirates, and its first such project in Europe. Czech Prime Minister Petr Fiala announced the deal’s completion shortly after the Czech Supreme Administrative Court lifted a lower court’s injunction that had temporarily blocked the signing. “The government has concluded the final contract with KHNP,” Fiala said, formally welcoming South Korea into the European nuclear sector. In May, France’s state-owned energy company EDF filed a last-minute injunction seeking to delay the contract’s finalization, citing procedural concerns. A Czech district court granted the motion, forcing a 24-hour postponement of the planned signing — even as South Korea’s Industry Minister, Ahn Duk-geun, had already arrived in Prague. KHNP and Czech utility CEZ, the parent of Dukovany operator EDU II, swiftly appealed. The Supreme Administrative Court overturned the injunction on June 4, enabling both parties to finalize the previously prepared electronic contract. While EDF’s broader legal challenge — including a separate complaint lodged with the European Commission over alleged violations of foreign subsidy regulations — remains pending, the KHNP agreement is now legally binding. The Dukovany project is central to the Czech Republic’s long-term energy strategy, which aims to boost energy security and phase out coal. The government plans to construct as many as four new nuclear units by 2050. The current deal covers Dukovany Units 5 and 6, with an option to extend the partnership to two additional reactors at the Temelín site, subject to future approvals. Described by Czech officials as the largest energy infrastructure project in the country’s modern history, the deal follows nine months of negotiations and over 200 bilateral meetings. KHNP will lead a full EPC (engineering, procurement, and construction) effort, with support from a Korean industrial consortium dubbed “Team Korea” — comprising Korea Electric Power Technology, Doosan Enerbility, Daewoo E&C, KEPCO Nuclear Fuel, and KEPCO Plant Service & Engineering. The project’s execution phase will begin with a kickoff meeting between KHNP and EDU II. KHNP has already begun establishing an on-site office and deploying internal systems to manage permitting, documentation, and scheduling. The company also plans to host briefings for Korean subcontractors later this year, outlining standards and procurement procedures. Construction of Dukovany Unit 5 is expected to begin in 2029, pending final regulatory approvals. Hwang Joo-ho, president and CEO of KHNP, hailed the agreement as “a testament to the technological excellence and global confidence in Korean nuclear capability.” He said the company intends to leverage this momentum to broaden South Korea’s nuclear export portfolio while promoting safe, low-carbon energy solutions. 2025-06-05 14:22:04

North Korea issues terse coverage of South Korean presidential election SEOUL, June 5 (AJP) - North Korea's state media on Thursday reported the result of this year's South Korean presidential election, which took place here earlier this week. The state-run Rodong Sinmun newspaper devoted just two sentences to it, saying that Lee Jae-myung was elected as the next president in the South's June 3 election, "just two months after [former President Yoon Suk Yeol' was impeached" over his botched Dec. 3 declaration of martial law last year. The report came quick on the heels of the election, although it did not carry any commentary on it. North Korea had not reacted at all to South Korea's political situation since its brief coverage of Yoon's ouster in early April, as the isolated country rarely covers news from the outside world including South Korea. 2025-06-05 10:27:48

PHOTOS: Korea's dance heritage SEOUL, June 05 (AJP) - On May 23, the Hanyoungsuk Dance Preservation Society, an organization dedicated to upholding the rich legacy of traditional Korean dance, staged a special performance at the Korea House in Samseong-dong, Seoul. The society honors Han Young-suk, a revered master of Korean dance. Han inherited a repertoire of traditional forms, including Seungmu, Hakchum, Salpuri, and Taepyeongmu, from her grandfather, Han Seong-jun. A pivotal figure in the art form, she meticulously trained a new generation of dancers and was recognized as a National Intangible Cultural Heritage holder for her profound mastery of Seungmu and Hakchum. The evening's program featured a series of evocative performances. Joo Yeon-hee presented Seungmu, a contemplative solo. Kim Han-saem performed Gainyeook, a graceful work incorporating fans. The regal Taepyeongmu was showcased by Yang Seo-yoon and Son Hye-young, while Yeom Hyun-joo offered the poignant Salpuri-chum. Kang So-jeong embodied the elegance of the Hakchum, and Kim Ji-young and Choi Ji-yeon captivated the audience with Sanjo-chum. Among the traditional forms, Seungmu stands out as a distinctive folk dance. Dancers, cloaked in a white jangsam (monk's robe) and a red gasa (Buddhist stole) draped over the shoulder, complete their austere attire with a white gokkal (pointed hat). Its intricate movements and unique techniques define its character. In contrast to the highly commercialized idol dances often seen on television, traditional Korean dance, with its understated elegance and disciplined beauty, offers a profound and immersive experience for audiences. "Gainyeook," meaning "a beautiful woman like jade," is a dance piece that has evolved to incorporate fan work. While originally emphasizing improvisation without a fixed structure, it has since developed a more defined style, elegantly portraying a woman who is both refined and restrained, yet imbued with a captivating vivacity. Taepyeongmu is a celebratory dance performed to invoke peace and prosperity for the nation. Dancers, adorned in the majestic attire of a queen, evoke the grandeur and opulence of traditional court dance. It is often regarded as one of the most technically demanding dances in the Korean repertoire. Salpuri-chum is a powerful expression aimed at dispelling negative energies, or "sal." It deftly navigates the duality of "han" (a profound sense of sorrow or unresolved longing) and "heung" (joy or excitement). Hakchum, or the crane dance, is an imitative form where performers wear masks and costumes resembling cranes, mimicking the bird's graceful movements. It traditionally symbolizes longevity. Sanjo-chum is a free-flowing, improvisational dance performed to Sanjo music, characterized by its melodic structure that emerges from the scattering and converging of various rhythmic patterns. Its inherent spontaneity allows for a broad spectrum of creative expression, translating human emotions into fluid physical movements. 2025-06-05 10:18:39

Korean Air charts global ambitions as group nears 70-year milestone Editor's Note: This article is the 21st installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 5 (AJP) - As Hanjin Group prepares to mark its 70th anniversary this November, South Korea’s largest transportation conglomerate is plotting a course for global expansion. The centerpiece of the group’s transformation is Korean Air, which solidified its standing as a global aviation player in December 2024 by finalizing its 1.8 trillion won (approximately $1.31 billion) acquisition of longtime rival Asiana Airlines. The merger — four years in the making and mired in regulatory scrutiny — granted Korean Air a 63.88 percent stake in Asiana, propelling the combined carrier into the ranks of the world’s 10 largest airlines by capacity. At the helm is Chairman and Chief Executive Cho Won-tae, also known as Walter Cho, grandson of Hanjin’s founder. Under his stewardship, the merged airline has pledged full integration within two years, with no workforce reductions — a move aimed at assuaging labor concerns in a nation sensitive to corporate restructuring. But Cho’s ambitions stretch far beyond Korean airspace. In May, Korean Air announced a strategic 10 percent stake in WestJet, Canada’s second-largest airline, underscoring a push to strengthen its transpacific network. “We are pleased to invest in WestJet as part of our continued commitment to enhancing transpacific connectivity,” Cho said in a statement. The investment, he added, is intended to increase customer choice and reinforce the airline’s international footprint. These initiatives mark a striking evolution for a company that began in 1945 with a single truck at Incheon Port. Founded by Cho Choong-hoon, Walter’s grandfather, Hanjin grew rapidly through contracts with the U.S. military following the Korean War, and took to the skies in the 1960s with the acquisition of state-owned Korea Airlines, rebranded as Korean Air. In the decades since, the conglomerate has diversified its operations, launching shipping services, parcel delivery, and even educational institutions, including Inha University and Hankuk Aviation University. Korean Air posted record first-quarter revenue of 3.96 trillion won this year, up 3 percent from the previous year. But rising depreciation and maintenance costs — fueled by deliveries of Boeing 787-9 and 787-10 aircraft — cut into profitability. Operating profit fell 19 percent to 351 billion won, while net income declined 44 percent to 193 billion won. Passenger revenue increased modestly by 4 percent to 2.44 trillion won, and cargo revenue rose 6 percent to 1.05 trillion won, driven by strong demand in e-commerce, electronics, and auto parts. Meanwhile, Hanjin Logistics, the group’s delivery and freight arm, posted first-quarter revenue of 728 billion won, a 2.2 percent year-on-year increase, with operating profit up 12 percent to 26.2 billion won. Despite operational growth, the group remains dogged by governance issues. Since the death of his father, Cho Yang-ho, in 2019, Walter Cho has consolidated leadership, notably steering the Asiana merger to completion with support from the state-run Korea Development Bank. Yet his control may soon be tested. Hoban Group, a domestic construction and investment firm, has quietly increased its stake in Hanjin KAL, the group’s holding company. Though it trails Cho’s faction by a narrow 1.5 percentage point margin in shareholding, its growing influence has raised eyebrows. Hoban previously made an unsuccessful bid to acquire Asiana Airlines and would need to commit an estimated 2.6 trillion won to gain a controlling stake. For now, Hoban insists its interest is “purely financial,” denying any intention to pursue a management takeover. Nonetheless, its maneuvering introduces a layer of uncertainty just as Hanjin seeks to redefine itself on the global stage. As the conglomerate approaches its milestone anniversary, it faces a pivotal question: Can it maintain momentum in international markets while navigating increasingly turbulent corporate waters at home? For Hanjin — and for Walter Cho — the answer may define the next chapter in South Korea’s aviation legacy. 2025-06-05 09:37:49

Samsung to unveil new foldable smartphone next month SEOUL, June 05 (AJP) - Samsung Electronics plans to unveil the latest iteration of its foldable smartphone line, the Galaxy Z Fold 7, in early July. The forthcoming model is being positioned on par with its flagship Galaxy S Ultra series. Samsung says the device will feature upgraded hardware, advanced artificial intelligence capabilities, and a refined user experience — hallmarks traditionally reserved for its most premium offerings. In a blog post, Samsung provided a first look at the device through a teaser video showing the Z Fold’s glowing silhouette. The clip emphasized the phone’s dual-screen design and portability, signaling Samsung’s intention to blend cutting-edge form with everyday function. "Users want a bigger screen, better cameras, stronger performance, more diverse connections and creative tools in one hand," the company wrote. "We present an ‘Ultra experience’ that newly defines daily interactions." Among the expected features are a larger 8.2-inch internal display and a 6.5-inch cover screen, modest increases over the previous generation. The Z Fold 7 is also projected to be Samsung’s slimmest foldable to date, with an unfolded thickness between 3.9 and 4.54 millimeters — down from 5.6 mm on the Galaxy Z Fold 6. The device will ship with Android 16 and include upgrades to both build quality and software performance. Samsung said it has further optimized the foldable format using AI to enhance tasks such as messaging, web browsing, and mobile gaming. The global launch is scheduled for Samsung’s upcoming Unpacked event in New York City, the company’s first major product unveiling in the city since 2022. At that time, Samsung introduced the Galaxy Z Fold 4 and Z Flip 4. 2025-06-05 08:57:00