Riding tailwind of LNG Carriers, South Korea sets sights on lucrative next-generation liquid hydrogen carriers SEOUL, May 9 (AJP) - Riding tailwind of LNG carrier sales, South Korea eyes lucrative next-generation liquid hydrogen carriers Amid heated competition with China for market dominance in global shipbuilding, South Korea is intensifying concerted efforts to develop liquid hydrogen carriers as the next lucrative frontier for the industry. The Ministry of Trade, Industry and Energy said on Friday that it has formed a task force for the development of liquid hydrogen carriers. Liquid hydrogen carriers are seen as next-generation, high-tech vessels that could help South Korean shipbuilders maintain their competitive edge and tap into emerging markets, following their success with liquefied natural gas (LNG) carriers. These vessels would transport hydrogen in liquid form at temperatures of -253°C, reducing its volume to 1/800th and improving transportation efficiency by more than tenfold, though no commercial large-scale ships of this type currently exist. In November 2024, the ministry mulled strategies for liquid hydrogen carriers fueled by hydrogen, aiming to use vaporized hydrogen from the cargo or separate non-carbon fuels such as ammonia and hydrogen as the propulsion system for the ships. Currently, major market player HD Hyundai is pioneering high-pressure direct injection ammonia dual-fuel engines, securing orders for the world's first ammonia-powered vessels in October 2024. In such vessels, hydrogen may also be used as energy sources, as ammonia breaks down into hydrogen and nitrogen. The push for liquid hydrogen carriers comes in line with the United Nations' campaigns for net-zero coalitions, which aim to cut emissions as much as possible to achieve a balance where greenhouse gas emissions are offset by removals from the atmosphere. While LNG remains the most readily available option currently, hydrogen is emerging as a prominent alternative to meet global carbon neutrality requirements in the near future. The ministry pledged to pour approximately 55.5 billion won ($39 million) in liquid hydrogen carriers this year and plans to construct the world's largest demonstration vessel by 2027. With over 100 organizations participating in around 43 projects simultaneously, the task force will collaborate with shipbuilding companies, universities, and research institutes to accelerate commercialization. "We will actively support these projects and relevant technologies to develop large-scale liquid hydrogen carriers and facilitate construction processes by streamlining legislation and other measures, while establishing a supply chain for them, with the goal of having them recognized as global standards," said a ministry official. 2025-05-09 14:27:46

Kim and Han clash over timing, legitimacy in second unification talks SEOUL, May 08 (AJP) - Presidential candidates Kim Moon-soo and Han Duck-soo met for a second round of unification talks on Thursday, but the discussion once again revealed sharp differences over the timing and terms of a potential single candidacy. The meeting, held at the National Assembly’s Sarangjae at 4:30 p.m., was fully open to the press by prior agreement between both camps. Han, an independent candidate and former prime minister, pushed for immediate resolution, stressing the need to finalize unification before the official registration period closes on May 11. “Unification is the will of the people,” he said, adding, “Whatever method the party decides on, I will accept it.” He pointed to Kim’s repeated past statements during the People Power Party (PPP) primary in favor of unification. “I feel like your request to postpone it by a week really means you don’t want this,” Han said. He urged Kim to reach a decision within “today or tomorrow,” warning that failure to do so would risk political irrelevance for both sides. Kim, representing the PPP, responded that he had always supported the idea of unification but expressed discomfort with Han’s approach. “The first person I would naturally consider for unification is Prime Minister Han,” he said, but questioned why Han had remained outside the party. “It only makes sense that if you were serious about running, you should have joined the PPP,” Kim said. He criticized Han for not participating in the party’s formal primary process, suggesting it was unfair for someone “who appeared late” to demand concessions from a candidate who had gone through all the required procedures. Han replied that he would join the PPP immediately if unification were realized. He explained his absence from the primary was due to state responsibilities, including managing trade and economic issues in his role as acting president. As tensions rose, Kim pushed back against the idea that he bore sole responsibility for achieving unification. “You’re handing me the bill,” he said. “You came in late and skipped the party primary, and now you’re asking me why I’m not keeping my promise.” Han responded, “It’s not a bill. I’m not in a position to demand anything,” and urged Kim to act according to “the will of the people and party members.” 2025-05-08 19:18:07

Lotte Cinema, Megabox agree to merge, challenging CGV Logos of Lotte Cultureworks and Megabox JoongAng/ Courtesy of Lotte Group, JoongAng Group SEOUL, May 8 (AJP) - South Korea’s second- and third-largest cinema operators, Lotte Cinema and Megabox JoongAng, have agreed to merge, forming a formidable new entity poised to reshape the nation’s film exhibition landscape. JoongAng Holdings, the parent company of Megabox, announced on Thursday that it had signed a memorandum of understanding (MOU) with Lotte Group to combine their film-related subsidiaries: Megabox JoongAng and Lotte Cultureworks, which oversees Lotte Cinema. The move marks one of the most significant realignments in South Korea’s media and entertainment sector in years. The newly formed joint venture will be jointly managed by both conglomerates, pending a business combination review by the Fair Trade Commission. Further details of the merger are expected to emerge in the coming months, following additional negotiations and regulatory scrutiny. The merger, if finalized, would directly challenge the country’s largest cinema chain, CJ CGV, altering long-established dynamics in the competitive multiplex market. According to the Korean Film Council, CJ CGV operated 1,346 screens nationwide in 2024, making it the country’s dominant exhibitor. Lotte Cinema managed 915 screens, while Megabox operated 767. The merger would give the new entity control of 1,682 screens — overtaking CGV in sheer scale. The agreement also extends beyond exhibition, encompassing a merger of the two groups’ film distribution arms: Lotte Entertainment, which backed major hits including the Along With the Gods series and Hansan: Rising Dragon, and Plus M Entertainment, the distributor behind 12.12: The Day and The Roundup franchise. In a joint statement, both companies framed the merger as a bid to revitalize South Korea’s film industry, which has struggled to regain momentum following the COVID-19 pandemic. “This MOU is intended to combine the strengths of both companies to improve competitiveness, enhance financial stability, and provide differentiated customer experiences,” a Lotte Group spokesperson said. A representative from JoongAng Group added that the partnership would focus on expanding content diversity, investing in domestic film production, and improving audience services. “Our goal is to establish a sustainable business environment by securing competitive content, creating premium viewing experiences, and fostering stability in the Korean film market.” The companies also signaled plans to expand high-end cinema formats, such as Megabox’s Dolby Cinema and Lotte Cinema’s Superplex, as part of their strategy to draw audiences back to theaters. 2025-05-08 17:25:00

INTERVIEW : Korean Cultural Center in Abu Dhabi to celebrate 10 years of building bridges with UAE SEOUL, May 8 (AJP) - Nestled at the eastern end of the Arabian Peninsula, the United Arab Emirates (UAE) is a country where Islamic culture coexists with modern architecture and cutting-edge global trends. Surrounded by an exotic landscape where deserts meet futuristic skylines, the Korean Cultural Center in Abu Dhabi serves as a cultural bridge between the two countries. Established in 2016, it was the first of its kind in the Middle East, venturing into this uncharted, unique territory. Ahead of its 10th anniversary next year, chief director Lee Yong-hee shared his thoughts on the center’s past and future during a recent interview with AJP. "Next year will be particularly special for us," Lee said, illustrating how the center started its journey with a simple yet ambitious goal of introducing Korean culture to the Middle Eastern country. Lee explained how deeply Islamic culture is rooted in the UAE, a federal monarchy made up of seven emirates, shaping everyday life through cultural norms and daily rituals including prayers, dress codes, and social customs. Respect for these values is fundamental to Emirati society. "Since Muslims have great faith in their Islamic traditions, we always strive to respect them by integrating the religion's core values and philosophy into our projects and activities," he said. For example, all events and programs are thoroughly planned and scheduled in consideration of daily prayers, typically performed five times a day. Even staff attire is regularly checked to ensure its appropriateness and modesty. These meticulous arrangements are part of showing our respect. "Through these efforts, we can better understand each other and gradually build mutual trust." Another example of such efforts is a class at the center that offers an opportunity to learn about traditional Korean dance. After receiving feedback that many Emirati women, who had been segregated from men within the country's cultural and historical contexts, were often hesitant to sign up for a mixed-gender class despite their eagerness, the center began offering a women-only class, providing a more comfortable environment for them. Furthermore, the center explores other creative ways to introduce Korean culture there and resonate with the local community. Among many others was last year's culinary event featuring Korean delicacies and savory desserts, held in a desert setting, deeply symbolic for many Emiratis. "We hosted the event to offer locals a taste of Korean culture. The overwhelmingly positive reception made it unforgettable," Lee recalled. "The vast desert with its sweeping dunes and endless sands, holds far more meaning for Emiratis than we can imagine. This exotic landscape, which tells the story of the country's rich heritage and miraculous growth, symbolizes the pride of the Emirati people," he added. In celebration of its upcoming 10th anniversary, the center is preparing an exciting new lineup of programs, leveraging the popularity of South Korean shows and dramas, from the 2013 period drama "Jewel in the Palace" to Netflix's hit dystopian thriller "Squid Game" in recent years. "Many Emiratis seem to be mesmerized by South Korean dramas, as their themes often convey messages about family bonds, friendship, and community solidarity, which have common ground with traditional Emirati culture," Lee said. Outlining the center's future vision, he said, "We're exploring various ways to engage more locals by blending traditional games, pop music, food, and more. We cannot simply rely on the achievements of the past ten years. Instead, we aim to build friendship based on mutual trust and respect that will endure for generations to come." 2025-05-08 17:08:39

Korea to launch QR-based cross-border payment system, starting with Indonesia SEOUL, May 08 (AJP) - The Korea Financial Telecommunications and Clearings Institute (KFTC) will establish a digital hub for cross-border retail payments using QR codes, with a pilot launch slated for Indonesia by year’s end. Speaking at the annual meeting of the Asian Development Bank in Milan, KFTC President Park Jong-seok said the new system is designed to facilitate mobile-based transactions across borders, allowing consumers to make payments or withdraw local currency abroad using their smartphones. The platform, described as an open hub, will serve as a conduit connecting foreign payment institutions, Korean financial companies, and fintech providers. It is expected to support services such as QR code payments at overseas merchants and cardless ATM withdrawals — all without the need for physical credit or debit cards. The system will enable both outbound payments by Korean travelers and inbound transactions by foreign visitors to Korea. “We aim to provide financial companies and fintechs with infrastructure that reduces costs and simplifies service delivery,” Park said. The hub will bypass traditional international card networks, which often charge fees of around 1 percent per transaction. By routing payments through its own infrastructure, KFTC expects to significantly lower transaction costs. Indonesia is the first market targeted for rollout, followed by other members of the Asian Payment Network, a 12-nation consortium that includes Malaysia, Singapore, Vietnam, Japan, and the Philippines. Expansion into additional member countries is expected in subsequent phases. Park emphasized the system’s open-access model, noting that licensed payment providers — regardless of size — will be able to join. “This will help level the playing field and foster competition in cross-border financial services,” he said. “We believe it will strengthen both Korea’s global competitiveness and the fintech ecosystem.” 2025-05-08 17:07:56

Korea, Czech deepen nuclear, tech ties despite court ruling delaying major deal SEOUL, May 8 (AJP) - South Korea and the Czech Republic have signed a suite of bilateral agreements aimed at strengthening cooperation in nuclear energy and advanced technology sectors, even as a key contract for the construction of nuclear reactors was postponed by a Czech court ruling. In a two-day diplomatic visit led by South Korean Minister of Trade, Industry and Energy Ahn Duk-geun, the two countries signed 14 MOUs and cooperation agreements, underscoring a shared commitment to long-term strategic collaboration. Minister Ahn met with Czech Prime Minister Petr Fiala and Senate President Miloš Vystrčil in Prague, reaffirming bilateral ties amid growing energy and technological challenges in Europe. The centerpiece of the talks — a planned contract between Korea Hydro & Nuclear Power (KHNP) and Czech energy company ČEZ to construct two nuclear reactors at the Dukovany site — was delayed following a court decision a day earlier. While details of the legal ruling remain limited, the postponement introduced a notable complication into what had been anticipated as a major breakthrough in South Korea’s push to export nuclear technology. Still, officials from both nations pressed ahead with the broader agenda. During the meetings, Ahn and Fiala discussed partnerships spanning industry, energy, construction, infrastructure, and science and technology. In the presence of Prime Minister Fiala, the two countries' industry ministers signed a renewed nuclear cooperation agreement, building on a memorandum signed last year. The pact includes commitments by South Korea to support the Dukovany project, participate in nuclear development in third countries, and collaborate on the construction of two additional reactors in the Czech Republic. As part of the broader effort, KHNP and its consortium, known as “Team Korea,” signed ten MOUs with Czech companies aimed at facilitating technical cooperation and supply chain partnerships for the country’s planned nuclear expansion. Beyond energy, the two governments signaled deeper ties in future-focused industries. A new memorandum on battery cooperation was signed, with both countries agreeing to align their industrial policies in response to the European Union’s forthcoming battery regulations. Additional agreements included initiatives to support academic and research institutions, such as partnerships between South Korean institutes and Czech universities to establish joint R&D centers. Among them were plans for an advanced vehicle technology hub in Ostrava and a robotics cooperation center in Prague. “This year marks the 35th anniversary of diplomatic ties and the 10th anniversary of our strategic partnership,” said Ahn. “South Korea and the Czech Republic have built a relationship of trust. We will maintain close communication with the Czech side to reach a final agreement on the nuclear project as soon as possible.” 2025-05-08 16:27:02

Clock ticking for PPP as internal rift stalls progress on unified conservative candidate SEOUL, May 8 (AJP) - Tensions are escalating within the ruling People Power Party (PPP) as internal wrangling continues over fielding a unified conservative candidate, with the snap presidential election less than a month away. The PPP’s presidential nominee, Kim Moon-soo, had expressed a willingness to team up with former Prime Minister Han Duck-soo, who declared his presidential bid last week. However, Kim now appears to have changed his mind shortly after being chosen as the PPP's candidate through its internal primary process. In a press conference on Thursday, Kim suggested separate campaigning for a week, followed by a televised debate and opinion polls next week to determine who should be the PPP's final presidential candidate. He also questioned the "fairness" of the process, pointing out that Han, as an independent candidate, entered the race at the last minute without going through proper procedures. Kim's proposal came just a day after his talks with Han collapsed, failing to produce any fruitful outcome. While Kim appeared to be dragging his feet, the PPP's interim leader Kwon Young-se and floor leader Kweon Seong-dong repeatedly urged him to reach a conclusion on fielding a unified candidate through talks with Han. The PPP is in a hurry as it needs to decide its candidate before the deadline for candidate registration for the election, which closes this Sunday. To pressure Kim, the PPP conducted a poll the previous day among its party members and other voters, which revealed that over 80 percent supported Kim and Han merging to field a unified conservative candidate. Han has already said he would not register his candidacy if he fails to reach an agreement with Kim on a unified conservative candidate by Sunday. The two are in talks once again later in the day, but a breakthrough still looks elusive. 2025-05-08 16:18:13

Lee Jae-myung courts business leaders, pledging support for growth Lee Jae-myung, the presidential candidate of the main opposition Democratic Party (DP) speaks at a meeting with South Korean business leaders at the Korea Chamber of Commerce and Industry in Seoul on May 8, 2025. Joint Press Corps SEOUL, May 8 (AJP) - Lee Jae-myung, the Democratic Party’s presidential candidate, met Thursday with leaders of South Korea’s major business groups, stressing the central role of the private sector in reviving the nation’s faltering economy. “Companies are at the center of economic revival,” Lee told a gathering at the Korea Chamber of Commerce and Industry in Seoul, which included the heads of five influential business federations. “The era when government leads economic and industrial issues has already passed. We must trust the expertise and capabilities of the private sector, with government providing solid support.” The forum brought together some of South Korea’s most powerful corporate figures, including Chey Tae-won, chairman of the Korea Chamber of Commerce and SK Group; Sohn Kyung-shik, chairman of the Korea Enterprises Federation; Ryu Jin of the Federation of Korean Industries; Yoon Jin-sik of the Korea International Trade Association; and Choi Jin-sik, who leads the Federation of Middle Market Enterprises of Korea. Lee has in recent months sought to position himself as pragmatic on economic matters. On Thursday, he praised South Korea’s rapid transformation from a post-colonial nation into an industrial and democratic powerhouse, crediting the private sector for its role in driving exports and economic development. Still, the mood among business leaders was cautious. Many expressed concerns over persistent stagnation in consumption, investment, and exports, as well as heightened geopolitical tensions on the Korean Peninsula. “Our economic situation is very difficult,” said Sohn, the business federation chairman. “Diplomatic issues remain unresolved, and economic momentum is weakening.” Ryu of the Federation of Korean Industries called for bold government action to support emerging industries. “Aerospace, artificial intelligence, robotics, biotechnology, next-generation shipbuilding, defense industries, and smart farming all urgently require active government backing,” he said. He also pointed to the need for infrastructure investment and tax reform to reduce the burden on businesses. In recent weeks, Lee has faced scrutiny over his proposal to introduce a 4.5-day workweek, raising concerns among business leaders about potential labor disruptions. Addressing those concerns, he sought to reassure his audience that no such measure would be implemented unilaterally. “Some worry that I might suddenly push this through using emergency fiscal measures,” he said. “That’s not possible. It requires thorough dialogue and preparation between labor and management.” 2025-05-08 15:38:40

Han Duck-soo calls for unity and reform in presidential campaign SEOUL, May 08 (AJP) - Former Prime Minister Han Duck-soo made a strong case for constitutional reform and conservative unity during a press conference at the Seoul Foreign Correspondents’ Club on Wednesday, saying he would rather fix the country’s broken political system than chase long-term power. “I'm not here to be just another candidate. I'm here because our system is in crisis,” Han said, speaking with a mix of urgency and conviction. “What the country needs now is not five more years of partisan fighting. We need stability, we need structure, and we need change.” Han, who entered the race as an independent earlier this week, said he is still open to joining forces with the ruling People Power Party (PPP), calling unification “the will of the people.” “The public wants us to work together. It’s not about personal ambition—it’s about avoiding another five years of dysfunction,” he said. “I’ve spoken with Chairman Kim Moon-soo. We’re aligned in many ways, but we still need to work through how we can move forward as one.” If elected, Han said he would push for constitutional reform within his first year in office and step down after a three-year transitional term. He declined to commit to a specific new system but made clear he believes the current presidential model is too centralized and unstable. “It leads to constant confrontation between the presidency and the legislature, and it makes it difficult to govern with long-term vision,” he said. “What we need is a system that works for the next generation, not just the next administration.” Han also addressed the controversy surrounding former President Yoon Suk Yeol’s decision to impose martial law last December, calling it a mistake. “I did not support martial law. That’s not how democracy is supposed to work,” he said. “Even in moments of crisis, the answer is not force. The answer is trust in institutions and dialogue.” On the economy, Han leaned into his background as a trade minister and ambassador to the United States, suggesting his experience would help guide Korea through global uncertainty. “I know how Washington works. I know how international trade works. That knowledge matters when the world is changing as fast as it is today,” he said. “We need steady leadership, especially in foreign affairs and economic policy.” With less than a month until the June 3 presidential election, Han's campaign is now centered on two themes: overhaul the political system, and bring conservatives together. “I’m not trying to win for the sake of winning,” he said. “I want to help the country move beyond division. I want to give younger generations a better foundation than the one we’ve had. That’s why I’m running.” 2025-05-08 15:35:39

TRAVEL: Across a narrow strait, Daemado reveals layers of history SEOUL, May 08 (AJP) - Though barely 30 miles from Busan, South Korea, the island of Tsushima, known to Koreans as Daemado, felt like a world away on my recent inaugural visit. A mere hour and forty minutes by ferry from Busan International Passenger Terminal on a placid sea, this Japanese outpost holds a unique position, geographically close to its neighbor yet steeped in a distinct history marked by centuries of intricate exchange. The island’s past is deeply intertwined with the Korean Peninsula, and scattered across its verdant landscape are remnants of this enduring connection. Perhaps the most compelling of these are the legacies of the Joseon Tongsinsa, the Korean emissaries dispatched to Japan at the behest of the Edo Shogunate. Between 1607 and 1811, 12 such missions journeyed across the sea. These grand delegations, comprising 300 to 500 individuals, traveled in a flotilla of four to six ships, navigating the route through Tsushima on an arduous voyage that could last from six months to a year before reaching Edo, present-day Tokyo. The lords of Tsushima played a crucial role in these diplomatic journeys, acting as guides for the Tongsinsa to the Japanese capital. Given the island’s limited natural resources, trade with Joseon was vital, fostering a culture of elaborate hospitality towards these visiting envoys. The newly opened Tsushima Joseon Tongsinsa History Museum, established in 2021, meticulously chronicles this era through a collection of historical materials. The records of these Joseon Tongsinsa missions were recognized for their historical significance in 2017 with their inscription on the UNESCO Memory of the World register. More poignantly, Princess Deokhye, the daughter of Korea’s last emperor, Gojong, married Count Sō Takeyuki, the lord of Tsushima, in 1931, a union commemorated by a monument near the Tsushima History and Folklore Museum. Beyond these prominent narratives, other historical markers whisper tales of cross-cultural encounters. In Waniura stands the monument honoring Wangin Haksa, a scholar from the ancient Korean kingdom of Baekje credited with introducing Chinese characters to Japan. Near the Korea Observatory, a somber memorial pays tribute to the 108 Joseon interpreters who perished in a shipwreck in 1703. The island itself is a tapestry of dense woodlands, dominated by Japanese cedar, cypress, and the glossy-leaved camellia. While the Shushi Maple Road is undoubtedly a spectacle of autumnal color, its tranquil paths offer excellent trekking opportunities in the verdant embrace of spring and summer. The Shiine district presents an intriguing architectural curiosity: "Ishiyane," stone-roofed warehouses built to safeguard grains and other valuables. These sturdy structures feature roofs layered with flat stone slabs, some weighing as much as 100 tons, necessitating robust pillars and walls crafted from durable Japanese yew. Approximately 50 of these unique warehouses still stand. In Itsuhara, Tsushima’s largest urban center, the eye is drawn to the impressive stone foundations and walls. The precise interlocking of stones, both large and small, evokes the ancient stonework of Inca sites in Peru. Along the coastline, Miuda Beach offers a rare expanse of sand, its waters shimmering in shades of emerald. Other notable sites include Saozaki Park, the closest point to Busan marked by a lighthouse; the Tsushima Wildlife Conservation Center, dedicated to the elusive Tsushima leopard cat; Manzeki-bashi Bridge, an artery spanning the canal that bisects the island; Ayumodoshi Nature Park, a dramatic ravine carved by ancient waters; the ruins of Ofunae, the Edo-era pier of the Tsushima lords; and Ajino Renkon, a geological curiosity showcasing fossilized ripple marks. Near the parking lot of the octagonal Korea Observatory, vendors sell a local delicacy: chewy glutinous rice bread shaped like a carp (Bungeoppang), a popular treat for visitors. In essence, Daemado offers a compelling glimpse into the intertwined history of Korea and Japan, a place where the legacies of both amicable exchange and periods of tension reside side by side, etched into the very fabric of the island. 2025-05-08 15:32:05