Seoul, Beijing resume high-level trade talks after 7-year hiatus SEOUL, December 12 (AJP) - South Korea’s Trade Minister Kim Jung-kwan met Chinese Commerce Minister Wang Wentao in Beijing on Friday, marking the first bilateral ministerial trade meeting between the two countries in seven years. The talks followed the recent South Korea–China summit and focused on restoring trade momentum. The ministers agreed to resume regular high-level consultations to strengthen economic cooperation. Seeking to expand economic engagement beyond goods, the two sides agreed to build on the service-trade cooperation memorandum signed at last month’s summit. They also committed to convene the FTA Joint Committee soon to review implementation progress and accelerate phase-two negotiations covering services and investment. South Korea expressed interest in deepening cooperation with Chinese provinces such as Guangdong and Jiangsu, while China said it would dispatch investment delegations to South Korea’s Saemangeum region, the ministry said. Supply-chain stability — including the trade of rare earths and other key minerals — was a key agenda item. Both ministers agreed to maintain close communication to ensure uninterrupted flows of critical materials. Following the meeting, Kim and Wang signed a document outlining priority cooperation areas for 2026, including facilitating trade and investment events and strengthening engagement in multilateral forums. Ahead of the talks, Kim met South Korean business leaders operating in China to discuss challenges facing Korean firms. He also visited Xiaomi’s electric vehicle plant to examine recent developments in China’s manufacturing and technology sectors. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 16:55:59

Two workers still missing after construction site collapse in Gwangju SEOUL, December 12 (AJP) - Rescue workers have been searching for missing workers on Friday after a steel structure collapsed at a construction site in the southwestern city of Gwangju the previous day. The collapse occurred at the site for a library, leaving four workers trapped under the debris. Two of them were found dead and two others remain missing. Authorities believe the collapse started while concrete was being poured on the second-floor roof, burying the workers under debris. They plan to investigate the exact cause of the accident after completing rescue operations, looking into whether any flaws were involved in attempts to shorten the construction period. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 16:48:14

USFK chief warns against rushing wartime control transfer SEOUL, December 12 (AJP) - Gen. Xavier Brunson, the commander of U.S. Forces Korea (USFK), on Friday stressed the importance of meeting conditions for the transfer of wartime operational control to Seoul from Washington rather than rushing to it. Speaking at an online seminar hosted by the Korea-U.S. Alliance Foundation and the Korea Defense Veterans Association, Brunson said, "We cannot say we're going to slide away from the conditions just so that we can get this done in time." He further explained, "The conditions were written for a reason, but we also have to make sure that those conditions are contemporary conditions because things change," adding "We got to start having these conversations now before we get into conflict." His comments came after President Lee Jae Myung earlier expressed his wish to bring back wartime operational control from the U.S. by the end of his five-year term. Brunson also emphasized that regular exercises between the allies are "absolutely" necessary to maintain security and peace on the Korean Peninsula, opposing ideas raised by some to adjust joint drills to engage with North Korea. "Russian-collaboration is real. It is not a quid pro quo relationship. It is real," he pointed out. "Whenever someone talks about, I don't care who it is, talks about exercising less or exercising differently, and they need to understand that there are two times in a year where we absolutely need some support." He also reaffirmed that the U.S. troop presence in South Korea will remain at the current 28,500, dismissing speculation by some about a possible reduction or withdrawal. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 16:14:40

SK On–Ford breakup signals Korea's battery pivot to ESS amid EV fog SEOUL, December 12 (AJP) - The dissolution of the $11.4 billion battery joint venture between SK On and Ford Motor stands as a stark symbol of the shifting center of gravity in the global battery business — away from electric vehicles and toward energy storage systems (ESS), where surging power demands from AI-driven data centers are rewriting the industry's growth map. The two companies will formally part ways in the first quarter of 2026, splitting control of three giga factories launched together in 2022. SK On will take full ownership of the 45-gigawatt-hour plant in Stanton, Tennessee, while Ford assumes the twin sites in Glendale, Kentucky, totaling 82 GWh. The breakup, while abrupt, offers SK On a strategic reset. Freed from exclusive commitments to Ford, it can now supply a broader pool of customers — particularly utilities, hyperscale data-center operators, and ESS integrators repositioning for the grid-scale storage boom. The shift also reflects Ford's own retreat: its EV unit has lost more than $5 billion this year, prompting the automaker to delay mass production of its next-generation electric pickup to 2028. Strategic Reset The restructuring sharply improves SK On's balance sheet. Nearly 10 trillion won ($6.7 billion) in BlueOval SK liabilities currently sit on SK On's consolidated financials. The separation will transfer roughly half of that debt off its books, reducing annual interest expenses by about 250 billion won while giving SK On full access to U.S. Inflation Reduction Act (IRA) production tax credits. The company has already set an aggressive ESS roadmap, targeting up to 10 GWh in orders next year by converting EV battery lines at its Tennessee and Georgia plants. Mass production of LFP-based ESS cells is slated for the second half of 2026. Korean battery makers LG Energy Solution, Samsung SDI, and SK On are all accelerating the conversion of underutilized EV battery lines into ESS production amid deteriorating visibility for global EV demand. At the same time, hyperscale data centers — driven by rising AI workloads — are consuming electricity at unprecedented levels, turning grid-scale batteries into a cornerstone of power-stability infrastructure. "EV batteries face strict weight and volume constraints that demand high energy density and output, but ESS units are stationary installations with relatively fewer space limitations," said Chung Won-suk, an analyst at iM Securities. SK On is separately converting its Stellantis joint venture plant in Indiana into an ESS-dedicated facility targeting 30 GWh of annual capacity by end-2025. Utilization at the plant has dropped below 50 percent amid Stellantis' EV pullback following the phaseout of U.S. federal purchase subsidies in September. ESS Momentum Samsung SDI is in advanced talks to supply Tesla with about 3 trillion won in ESS batteries over three years — roughly 10 GWh annually — marking what could be the company's first large-scale alliance with the world's dominant ESS integrator. LG Energy Solution, which already supplies Tesla with 20 GWh of LFP cells a year, is negotiating to raise that volume by 50 percent to 30 GWh. Combined, Korean suppliers would deliver 40 GWh annually to Tesla, substantially widening the EV maker's diversification away from Chinese giants CATL and BYD. SNE Research projects the global ESS market to expand more than sixfold from 185 GWh in 2023 to 1,232 GWh by 2035. Unlike EVs — where demand is vulnerable to consumer sentiment, macro cycles, subsidies, and policy swings — ESS growth is driven by structural factors: renewable-energy penetration, grid stability requirements, and escalating data-center loads. "ESS battery demand currently stands at about 20 to 25 percent of the EV market, but ESS offers relatively stable structural growth," said Chung. "That is why its sustainability is rated more highly than EVs." Korean players, however, still lag global leaders: they hold roughly 24 percent of the global EV battery market but less than 10 percent of ESS as of mid-2025. Chinese manufacturers CATL, Hithium, and EVE Energy dominate the ESS landscape, largely thanks to low-cost LFP production. U.S.–China tech rivalry is simultaneously creating an opening. The IRA grants significant tax credits for ESS made with U.S.-produced components, giving Korean manufacturers — already operating large-scale facilities across North America — an edge at a time when Chinese firms face steep trade barriers. Korean automakers themselves are shifting more of their product portfolios toward LFP. Though LFP offers lower energy density than nickel-based NCM batteries, it is roughly 30 percent cheaper and more durable under extreme temperatures and long operating cycles — characteristics ideal for storage systems and affordable EVs alike. LG Energy Solution began LFP production at its Michigan plant in June and plans to expand North American ESS capacity to 30 GWh by 2026. Its joint venture with Stellantis in Canada is also reallocating parts of its NCM lines toward ESS. Separately this week, LG Energy Solution announced a $1.4 billion EV battery contract with Mercedes-Benz, believed by analysts to involve LFP cells targeting mid-priced models — another sign of Europe's pivot away from high-cost chemistries. Samsung SDI also unveiled a multiyear, 2-trillion-won ESS contract with a U.S. energy developer, representing roughly 15 percent of its annual revenue and marking its first substantial move into the LFP segment long dominated by Chinese rivals. While LFP appears ascendant, Korean engineers are betting that NCM technology could reclaim market share once it further reduces costs and demonstrates superior safety and energy performance. "Provided that NCM batteries can prove technical sovereignty over LFP and cut prices, we believe the market will eventually sway back to safer and durable nickel variants in the long run," said Kim Sung-soo, head of smart batteries at Pai Chai University. 2025-12-12 15:57:05

China Duty-Free Group emerges as key contender in Incheon airport duty-free bid SEOUL, December 12 (AJP) - China Duty-Free Group (CDFG), the world’s largest duty-free operator, is emerging as a major contender in the re-bidding of duty-free concessions at Incheon International Airport, setting the stage for heightened competition with South Korean rivals Lotte, Hyundai, Shilla and Shinsegae. A Dec. 18 bidder briefing is expected to confirm participation. Incheon Airport Corporation on Thursday reopened the tender for operators of the DF1 zone — covering perfume and cosmetics — and the DF2 zone, which includes liquor, tobacco, perfume and cosmetics. The licenses were returned by Shilla Duty Free and Shinsegae Duty Free, which won them in 2023 but later withdrew after incurring heavy losses. Their request for a 40 percent rent reduction was rejected by the airport, leaving each with penalties of around 190 billion won. Shilla will continue operations until March 16 and Shinsegae until April 27, after which new operators will take over. Contracts will run through June 30, 2033, with an option for up to 10 years of renewal. Lotte Duty Free and Hyundai Department Store have formed internal task forces to prepare bids, while Shilla and Shinsegae are cautiously reviewing the commercial terms before deciding whether to re-enter the competition. But industry attention is increasingly fixed on CDFG, whose participation in the previous tender round pushed bid prices sharply higher. The Chinese state-owned operator posted a net profit of 3 billion yuan (about 622 billion won) in the first three quarters of this year, reinforcing expectations it could submit an aggressive offer. Despite rising inbound travel, duty-free operators are navigating shifts in consumer behavior as foreign tourists increasingly shop at domestic retail chains such as Olive Young and Daiso. Analyst Yoo Jung-hyun noted that “shopping preferences are moving away from airport duty-free stores toward local specialty retailers.” Bids are due on Jan. 20, with clarity on the final field expected at the Dec. 18 briefing. An industry insider warned that overly aggressive bids could trigger a “winner’s curse,” urging companies to calculate break-even points carefully before committing. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 15:36:31

Over 100 South Koreans brought home from Cambodia over online scams SEOUL, December 12 (AJP) - The government has brought back some 107 South Korean suspects allegedly involved in online scam crimes in Cambodia, the presidential office said on Friday. During a press briefing, presidential spokesperson Kang Yu-jung said a sweeping crackdown has been conducted in cooperation with the Southeast Asian country since October, making it possible to bring them back. The efforts were made following revelations of a series of kidnappings, detentions and brutal tortures involving South Koreans, including the case of a college student who traveled there after being lured by an online employment scam in August and was later found to have been tortured to death. According to Kang, the cumulative number of suspects arrested in Cambodia along with those soon to be deported to here stood at 154 as of the end of November. Cases of South Korean nationals being detained or reported missing in Cambodia also dropped significantly, from 93 in October to 17 in November. In late October, shortly after the student's death was revealed, a special task force consisting of multiple government agencies including the Ministry of Foreign Affairs, the Ministry of Justice, and the National Intelligence Service was formed, leading to joint measures with the Cambodian government. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 15:32:20

OPINION: Thailand and Korea: A legacy of friendship and sacrifice SEOUL, December 12 (AJP) - It is encouraging to see Korea and Thailand gaining renewed momentum in their economic partnership, as demonstrated at the recent Ignite Thailand–Korea Business Forum in Bangkok. More than 500 participants, including senior officials from both nations, explored cooperation in smart agriculture, advanced manufacturing, digital infrastructure, and creative industries. Thailand also presented investment incentives in key sectors such as electric vehicles, semiconductors, and digital technology. The networking activities involving more than 200 companies further emphasized the expanding opportunities for collaboration. These contemporary partnerships build upon a long history of diplomatic and cultural exchanges between Korea and Thailand, dating back to the Goryeo period. According to the Goryeo-sa, the official chronicle of the Goryeo Dynasty, Siam—modern-day Thailand—dispatched an envoy named Nai Gong to Korea in 1391, bringing native products and a letter for King Gongyang (r. 1389–1392). This marked the first recorded official contact between the two kingdoms. The Goryeo court warmly welcomed the delegation, introducing them to Korean culture and customs. Yet the following year witnessed the fall of Goryeo and the rise of the Joseon Dynasty (1392–1910), resulting in a long pause in diplomatic exchanges. After this centuries-long hiatus, Thailand reemerged as a substantive partner during the Korean War (1950–1953), sending 11,786 troops and providing crucial rice aid. Their courage and skill—at the cost of 134 fallen soldiers—earned them the nickname ‘Little Tigers’ from U.S. General James Van Fleet. Their Buddhist-inspired loyalty and camaraderie forged deep bonds with South Korean troops. The war also gave rise to enduring cultural connections, including the Korean folk song Arirang, remembered in Thailand through a love story between a Thai soldier and a Korean woman—symbolizing friendships that transcended the battlefield. Thailand’s support continued well beyond the war. Thai troops were among the last foreign forces to serve under the U.N Command, and cooperation persists today through military exchanges and shared training. Their valor is commemorated across Korea, from a pavilion in Pocheon (1974) to memorials at former battle sites. These tributes honor their courage and preserve the legacy of Thai–Korean friendship for future generations. My memories of Thailand’s generosity resurfaced vividly when I attended the National Day reception on December 3, 2025, at the invitation of H.E. Tanee Sangrat, the Thai Ambassador to Korea. The event commemorated Thailand’s National Day and the birthday anniversary of His Majesty the late King Bhumibol Adulyadej the Great, while also paying tribute to the recent passing of Her Majesty Queen Sirikit, the Queen Mother. That evening also brought to mind Major General Chote Klongvicha, former Thai Ambassador to Korea and later to Sweden, and Colonel Akaphol Somloop, former Thai Defense Attaché, who was later promoted to four-star general and appointed Chief of Staff of the Royal Thai Armed Forces. Both were family friends who served in Korea in the late 1960s and early 1970s. As a freshman in Seoul in 1971, I first encountered Thai culture and hospitality at the Thai Armed Forces Day reception—an indelible memory that resurfaced decades later, including when General Chote graciously hosted my father in Stockholm. This year, Thailand’s warmth and culture were on full display at the Sawasdee Seoul Thai Festival 2025, celebrating its 10th anniversary under the theme “Discover Thailand.” The festival opened on September 1 with a reception at the Thai Ambassador’s Residence and continued on September 6–7 at Cheonggye Plaza and Gwangtonggyo Bridge, Seoul. Visitors enjoyed Thailand’s traditions and creativity through a Muay Thai demonstration by Buakaw, Thai cooking showcases, a participatory song contest, and a hands-on Nuad Thai massage zone—offering a vivid glimpse into everyday Thai life. My longstanding ties with Thailand also led me to pay my respects at the Thai Embassy in Seoul on November 8, following the passing of Her Majesty Queen Sirikit, The Queen Mother. Her gracious legacy and lifelong devotion to the Thai people will be remembered with deep reverence. The Queen Mother lived a long and remarkable life, defined by her profound love for Thailand’s people, culture, and natural environment. Through her visionary leadership and the SUPPORT Foundation, she advanced rural development, water resource management, women’s empowerment, and the preservation of traditional Thai fabrics and silk. She also extended humanitarian assistance to refugees in the 1970s. Her contributions, which strengthened communities across the Kingdom and protected Thailand’s rich biodiversity, have earned recognition both at home and abroad. As these developments show, the Thai community in Korea continues to enrich our society and deepen mutual understanding. Cultural exchanges such as Sawasdee Seoul not only highlight Thailand’s heritage but also serve as vital platforms for people-to-people diplomacy. They reaffirm the longstanding friendship between our two nations and remind us that mutual respect, shared values, and sustained cultural interaction form the foundation of enduring bilateral relations. ----------------------- --About the author-- The author, Choe Chong-dae, is a columnist and senior member of the Royal Asiatic Society Korea. He is also an international cultural and historical affairs enthusiast. He has contributed regular opinion columns to The Korea Times for over four decades. He is an editorial board member of the Newsletter of the Korea-America Association and the founding director of the Korean-Swedish Association. In 2010, he was awarded Sweden's Royal Order of the Polar Star, one of the country's most prestigious honours. 2025-12-12 15:09:41

Newlyweds fall below 1 million for second straight year SEOUL, December 12 (AJP) - The number of newlyweds has remained below one million for the second year in a row, the Ministry of Data and Statistics said on Friday. About 952,000 couples married last year, down 2.3 from a year earlier. First-time newlyweds with children accounted for 51.2 percent, down 1.3 percentage points from the previous year, with an average of 0.61 children per couple. Only 49.1 percent of dual-income couples had children, compared with 55.2 percent of single-income couples. About 48.3 percent of couples with employed wives had children, compared with 56.7 percent of couples with non-working wives. Homeownership was also related to childbirth, with 56.6 percent of homeowners having children. For non-homeowners, the figure was 47.2 percent. The proportion of dual-income households among first-time newlyweds rose to 59.7 percent, with their average annual income at 76.29 million won (about US$52,000), up 5 percent from the previous year. Their average income stood at 93.88 million won, much higher than the 55.26 million won for single-income couples. About a quarter of them or 23.8 percent earned between 70 million and 100 million won Homeowners earned 84.01 million won on average, well above the 70.52 million won earned by non-homeowners. The proportion of newlyweds with loans slightly declined to 86.9 percent, with a median loan balance of 179 million won, as many borrowed to afford apartments to start their married life. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:44:15

Australia allows Hanwha to increase stake in strategic shipbuilding firm SEOUL, December 12 (AJP) - Hanwha Group has secured approval from the Australian government to increase its stake in Austal, a global shipbuilding and defense contractor, to 19.9 percent, the company said Friday. Austal, which operates major shipyards in the United States, builds vessels for the U.S. Navy and is considered a strategic defense asset by the Australian government. Hanwha sees the stake expansion as a step toward strengthening its shipbuilding capabilities and deepening its presence in the U.S. defense market. Australian Treasurer Jim Chalmers said the Foreign Investment Review Board had recommended “no objection” to Hanwha lifting its shareholding from 9.9 percent to 19.9 percent under strict conditions designed to protect national security. He emphasized that Hanwha will not be allowed to exceed the 19.9 percent threshold. Hanwha described the investment as a strategic move to expand collaboration with Austal. The South Korean conglomerate began pursuing the shipbuilder last year but faced an initial rejection in April 2024. It later acquired a 9.9 percent stake through off-market purchases by Hanwha Systems and Hanwha Aerospace in March. Hanwha subsequently sought approval from both Australian and U.S. authorities to further raise its stake. In June, the U.S. Committee on Foreign Investment cleared the company to increase its holding up to 100 percent. As Austal is a designated strategic shipbuilder, any foreign ownership changes require authorization from both governments. Hanwha said it plans to use the approval to integrate Hanwha Ocean’s shipbuilding capabilities with Austal’s global operations, aiming to generate broader synergies across its defense and marine businesses. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:38:46

Samsung Tri-Fold sells out in Korea despite hefty price SEOUL, December 12 (AJP) - The priciest handset-to-date Galaxy Z Tri-Fold landed across South Korea on Friday with much fanfare, selling out on the day one as consumers lined up to try the new concept phone whose dual display wings unfold into a 10-inch tablet-like screen. The device debuted through Samsung.com and 20 stores nationwide, including Samsung Gangnam, where initial online inventory sold out almost immediately, leaving only restock notifications available. The Galaxy Z Tri-Fold adopts an “in-folding” structure that allows both sides of the screen to fold inward, converting between a compact 6.5-inch bar-type display and a 10-inch tablet-like screen. When fully opened, the device measures just 3.9 millimeters thick — the slimmest profile in the Galaxy Z lineup — and houses a 5,600mAh battery distributed across three cells to balance weight and maintain durability. It supports up to 45W fast charging. Samsung equipped the device with Qualcomm’s Snapdragon 8 Elite processor, the same chipset used in the Galaxy Z Fold7, along with a 200-megapixel wide-angle camera to enhance shooting, editing, and multitasking performance. The model comes with 16GB of memory and 512GB of storage in a single “Crafted Black” configuration. Priced at 3.59 million won ($2,500), the Tri-Fold is Samsung’s most expensive foldable to date — even higher than Apple’s iPhone 17 Pro Max 2TB, which sells for 3.19 million won. Samsung executives argue the new device reflects a leap in foldable engineering since the company introduced its first model in 2019. After its domestic rollout, the Tri-Fold will expand to China, Taiwan, Singapore, the UAE, and the United States as Samsung seeks to widen its global footprint in an increasingly competitive category. Samsung foldable fleet led by Galaxy Z7 series has made remarkable strides this year, expanding the market share to 64 percent. 2025-12-12 14:32:08