Firefighters struggle to contain wildfire in Inje SEOUL, November 21 (AJP) - Firefighters are still battling a wildfire in the mountainous areas of Inje, Gangwon Province, with about 60 percent of the flames contained as of early Friday morning. According to the Korea Forest Service, more than 300 rescue officials were mobilized overnight to extinguish the blaze which broke out at around 5:30 p.m. the previous day, but the rugged mountain ranges made the operation difficult. Additional helicopters were also deployed at sunrise to help fully extinguish the fire. The affected area is estimated at 20 hectares, or roughly 49 acres. No injuries have been reported, but about a dozen villagers have evacuated to a temporary shelter. Once the fire is fully contained, fire authorities will investigate the cause and assess the damage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:16:28

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

Korea-Japan joint titles emerge as new streaming sellers SEOUL, November 21 (AJP) - In October, Netflix’s charts delivered an unusual pairing at the top: the Korean film “Good News” and the Korea–Japan co-produced drama “Anonymously Yours”. Despite their different genres, both titles underscore a fast-rising trend — Korean and Japanese creators increasingly joining forces in writing, directing, casting, and financing. “Anonymously Yours,” a romance series adapted from the 2010 French–Belgian film Les Émotifs anonymes, is directed by Japan’s Tsukikawa Sho, written by Korea’s Kim Ji-hyun, and produced by Yong Film. Starring Han Hyo-joo and Oguri Shun, the series premiered on Oct. 16 and immediately climbed to No. 1 on Japan’s Today’s Top 10 Series, while also entering the Top 10 in Korea and Netflix’s global non-English TV rankings. The Korea Creative Content Agency’s Tokyo office notes that co-produced titles are now in structural demand across both markets. Japanese broadcasters are aggressively partnering with Korean studios to compete with global OTT players and to expand export pipelines, while Korean producers gain access to Japan’s stable primetime slots and extensive library of adaptable IP. As major OTTs and terrestrial broadcasters line up more joint projects, the “Korea–Japan collaboration” tag is becoming a recognizable programming category in itself. Released on the same day, “Good News” — a dark comedy loosely inspired by the 1970 Yodo-go hijacking — brought together Korean actors Sol Kyung-gu, Hong Kyung, and Ryu Seung-bum with Japanese stars Yamada Takayuki and Kasamatsu Sho. Directed and written by Byun Sung-hyun, the film satirizes Cold War-era bureaucracy between the two countries and entered Netflix’s global non-English film Top 10 following strong reviews. Netflix’s portfolio already includes multiple Korea–Japan collaborations, from crime thriller “Road” to the youth drama “Soulmate” and “Gas Human,” a new adaptation of the 1960 Japanese sci-fi classic. The trend extends beyond Netflix: Coupang Play recently released the joint drama “Love After,” while Disney+ is preparing “Merry Berry Love,” co-produced by CJ ENM and Nippon TV. The surge in co-productions reflects a broader shift in Northeast Asia’s content ecosystem — one where cross-border storytelling, shared financing, and mixed casts are emerging as strategic tools to reach global audiences. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:01:33

KITA expands global network with new offices in Vietnam, Brazil SEOUL, November 21 (AJP) - The Korea International Trade Association (KITA) has opened new offices in Hanoi and São Paulo, advancing its strategy to deepen ties with emerging markets across the Global South. KITA held an opening ceremony for its Hanoi office on Nov. 20 at the Lotte Hotel Hanoi. The event drew some 90 officials, including KITA Chairman Yoon Jin-sik, Vu Ba Phu, director general of Vietnam’s Trade Promotion Agency, and Jang Ho-seung, South Korea’s consul general in Vietnam. “South Korea and Vietnam are among each other’s top three trading partners, with bilateral trade reaching $86.8 billion annually,” Yoon said. “The Hanoi office will play a key role within the comprehensive industrial cooperation framework established by both governments.” The new facility is KITA’s second in Vietnam after Ho Chi Minh City. Situated in the capital, it will provide support for South Korean companies navigating regulatory and market-entry challenges in northern and central Vietnam, while strengthening KITA’s on-the-ground marketing and advisory services. Two days earlier, on Nov. 18, KITA marked the opening of its São Paulo office in Brazil. The ceremony was attended by KITA Executive Director Jang Seok-min and South Korea’s consul general in São Paulo, Chae Jin-won, alongside about 50 officials. The São Paulo office is expected to help Korean companies improve market access and identify new business opportunities across Latin America, with Brazil serving as the region’s anchor economy. The openings in Vietnam and Brazil follow the launch of a Johannesburg office last month, part of KITA’s plan to build a network of strategic bases across Africa, Latin America and ASEAN. The trade association says the expanded footprint will strengthen support for South Korean companies seeking to grow in emerging markets and broaden their global reach. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:54:52

Korean president unveils SHINE doctrine as new backbone of foreign policy in Egypt SEOUL, November 21 (AJP) - South Korean President Lee Jae Myung on Thursday branded "SHINE" - stability, harmony, innovation, network, and education - as the backbone in his foreign policy, offering it as a framework for mediating peace in the Middle East and positioning Korean defense capabilities to complement tool in the role during his state visit to Egypt. Lee highlighted stability and harmony as the centerpiece of the twin pillars guiding Seoul's posture toward the Korean Peninsula and conflict-ridden Middle East during his speech at Cairo University. He cast Korea as a country uniquely positioned to contribute to regional peace while expanding its role as a technology and manufacturing partner. After a two-hour summit with Egyptian President Abdel Fattah El-Sisi, the two leaders found common ground on the need for de-escalation and deterrence. Discussions included potential cooperation on South Korea’s advanced defense systems — notably K-9 self-propelled howitzers — as Egypt accelerates its military modernization. Lee announced $10 million in humanitarian aid through the Egyptian Red Crescent to support Gaza recovery efforts. He also proposed launching a Comprehensive Economic Partnership Agreement (CEPA) to upgrade the bilateral economic relationship, offering Korea’s development playbook — the so-called “Miracle on the Han River” — to help Egypt pursue its own “Miracle of the Nile.” Lee suggested active human-capital exchanges through education and networking among students and scholars and regulator collaboration between the Grand Egyptian Museum and the National Museum of Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:52:53

OPINION: South Korea's youth losing faith in job market South Korea is wrestling with a quiet crisis: the steady erosion of job prospects for its young people. The National Data Office’s latest employment report, released on Nov. 12, paints a stark picture. The employment rate for people ages 15 to 29 has been negative for a year and a half. The number of unemployed 30-somethings has climbed to 310,000 — a 22-year high — while roughly 400,000 people in their 20s are also out of work. In total, more than 700,000 young adults in their 20s and 30s now find themselves idle. Add to that another 660,000 in their 40s and 50s, and the toll becomes even more sobering. The number of people who have given up looking for work rose to 366,000, up 21,000 from a year earlier. These are not simply economic statistics; they are signals of a deeper social strain. And they reflect a risk that the country’s most promising talent will seek opportunity abroad. On the surface, October’s data offers a glimmer of progress: the number of employed people rose by 193,000 from a year earlier. But the underlying structure is troubling. Monthly job growth has become volatile, dipping sharply late last year after the declaration of martial law and swinging widely since. Job gains of more than 300,000 a month — once routine — are now rare. With more than 300,000 students graduating from college every year, South Korea needs sustained, not sporadic, job creation. The distribution of employment gains is even more concerning. Jobs increased among those 60 and older — by 334,000 — and modestly for those in their 30s, but they declined sharply among people in their 20s. Most new positions for seniors are government-subsidized, low-wage roles, a stopgap rather than a solution. The sectors driving job growth underscore this imbalance. Health care and social welfare services added 280,000 jobs, followed by gains in culture, leisure, retail and education — all industries with heavy demand for older workers or public funding. Meanwhile, agriculture, forestry and fishing shed 124,000 jobs; construction lost 123,000; and manufacturing declined by 51,000. Employment in construction and manufacturing has been falling for 18 and 16 consecutive months, respectively — an ominous trend for an economy long anchored by industrial exports. Construction, in particular, has contracted for five straight years. Combined with faltering manufacturing, this slump has deepened job insecurity, especially for younger workers. Temporary jobs fell by another 55,000 in October, continuing a multi-year decline. The government has responded with consumer coupons and cultural vouchers — measures that may provide short-term relief but little lasting impact. Officials have pledged to expand “quality jobs” for young people and strengthen support for vulnerable industries, while leaning on digital transformation and artificial intelligence to fuel a new wave of investment. Yet the country’s more immediate challenge is to loosen the regulatory grip that has discouraged business investment for more than a decade. South Korea’s per capita income has now fallen behind Taiwan’s, reflecting stark differences in industrial strategy. Taiwan’s bipartisan “Semiconductor Act,” passed last year, offers substantial tax benefits for corporate research and capital investment. In South Korea, similar proposals have stalled in the National Assembly, wrapped up in debates over exceptions to the 52-hour workweek for researchers. South Korea’s per capita gross national income peaked at $37,898 in 2021 and has since drifted lower, hitting $36,624 last year. The coveted $40,000 threshold remains frustratingly out of reach, 11 years after the country crossed $30,000. Despite slowing growth, recent legislation risks weighing the economy down further. Amendments to the Commercial Act passed this summer mandate cumulative voting and expand the appointment of outside auditors for large companies. The ruling party is now pushing additional requirements, such as compulsory share buybacks, while sidestepping more competitive measures like differential voting rights. These rules risk diluting controlling shareholders’ influence, potentially exposing domestic companies to foreign takeovers. At the same time, powerful labor unions have gained additional leverage under new laws, including the contentious “Yellow Envelope Act,” which broadens the definition of employers and limits companies’ ability to seek damages for illegal strikes. The law permits subcontractor employees to negotiate directly with primary contractors and allows strikes over managerial decisions — steps that many businesses fear will intensify labor disputes. Without complementary reforms, such as alternative employment systems, job creation could suffer. Rigid work-hour rules present another stumbling block. The 52-hour workweek has already curtailed flexibility in research-intensive industries. Proposals for a 4.5-day workweek remain detached from any meaningful discussion of productivity — which already lags behind other advanced economies. Seniority-based pay and talk of extending the retirement age to 65 could further tighten the labor market for young adults. Fiscal strains compound these problems. With corporate tax revenues sagging amid a semiconductor downturn, some lawmakers have floated tax increases rather than reforms to improve the business environment. Meanwhile, government spending continues to swell — on regional currency programs, basic income for farmers and fishermen, and renewable energy projects. The national debt-to-GDP ratio is projected to reach 58 percent by 2029 and could surpass 80 percent by 2040. In such an environment, companies and capital are increasingly looking abroad. That exodus threatens South Korea’s ability to generate the high-quality jobs young people need. Reviving the country’s job engine will require a fundamental shift: dismantling regulations that restrict business activity, reining in excesses that discourage investment, and confronting the anti-business sentiment that has hardened across politics and society. Only then can South Korea begin to restore confidence — and opportunity — for a generation losing both. About the author -Ph.D. in Economics, University of Manchester -Former Director, Monetary Research Division, Bank of Korea -Former Deputy Director, Korea Institute of Finance -Former President, Korea International Finance Association * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:48:53

Lee departs for Johannesburg to attend G20 summit SEOUL, November 21 (AJP) - President Lee Jae Myung on Friday headed to Johannesburg to attend the Group of 20 (G20) summit, which will be held in South Africa this weekend, after wrapping up his visit to Egypt. During his stay in Egypt earlier this week, Lee met with President Abdel Fattah el-Sisi to discuss expanding trade and cultural cooperation as the two countries mark 30 years of diplomatic relations. He also delivered a speech at Cairo University. In a joint press statement following the summit, Lee said, "South Korea and Egypt have agreed to work together to promote international peace in regions including the Korean Peninsula and the Middle East." The leaders also agreed to enhance bilateral cooperation and exchanges under the Comprehensive Economic Partnership Agreement (CEPA). After arriving in Johannesburg later in the day, Lee is expected to meet with leaders of the cross-regional consultative group known as MIKTA, which includes Mexico, Indonesia, South Korea, Turkey and Australia, on the sidelines of the G20 gathering. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:41:22

Korea celebrates defense advance and explores sustainability strategy: Aju Defense Forum '25 SEOUL, November 20 (AJP) - South Korea’s defense industry is enjoying an unprecedented heyday as demand for self-defense in a nation still technically at war converges with its rapidly advancing technological capabilities. Amid simultaneous military confrontations in Ukraine and the Middle East, Korea’s defense exports have tripled and are likely to easily top 30 trillion won ($20 billion) this year. Yet despite the rediscovery of Korea’s firepower — from tanks to howitzers to fighter jets — the sector must strengthen its long-term sustainability strategy for peacetime, experts said Thursday at the Aju Defense Forum '25, held in western Seoul and co-hosted by Aju Business Daily, the Korea Defense Industry Association (KDIA), Jeonbuk National University, and D&A Advisory. The discussion highlighted sweeping challenges confronting Korea’s defense industry: rapid shifts in global security, shrinking military manpower, force-structure reforms, and the rise of commercial artificial intelligence. Participants included lawmakers, defense manufacturers, policy institutions, analysts, and defense attachés from around 20 countries. Artificial intelligence — vividly demonstrated in the ongoing war in Ukraine — has become a decisive metric in combat. The global defense AI market, valued at US$13.2 billion last year, is expected to grow to US$35.5 billion by 2031, intensifying competition as major powers integrate AI into weapons manufacturing, battlefield decision-making, and unmanned operations. Korean companies such as Hanwha Aerospace, Hyundai Rotem, Korea Aerospace Industries (KAI), and LIG Nex1 are accelerating development of unmanned platforms, drones, and autonomous systems. R&D spending among Korea’s five major defense firms reached 1.3293 trillion won this year, up 8.1 percent from 2023. Wars in Ukraine and Gaza are speeding the real-world deployment of AI, robotics, and drone systems, said Kwak Ki-ho, who heads the AI Center at the Agency for Defense Development (ADD). He stressed that Korea must lean into innovation-driven strategies to stay ahead of emerging battlefield trends. Data from the Stockholm International Peace Research Institute (SIPRI) shows Korea has emerged as the second-largest arms supplier to NATO member states over the past five years — underscoring its accelerating presence in Europe. Platforms such as the K2 tank, K9 howitzer, and FA-50 fighter jet are rapidly expanding across the continent, led by Poland’s landmark US$22 billion procurement deal. Exports to Romania and Saudi Arabia are also increasing, solidifying Korea’s role as a global defense player. Lim Kwu-jin, CEO of Aju Business Daily, said Korea’s defense exports — including the K9 and FA-50 — "have grown significantly in recent years, elevating the country’s global standing." He added that government moves to ease export controls and support technology innovation "are strengthening Korea’s ability to enter new markets," and that the forum served as "a meaningful venue to discuss future battlefield requirements and long-term strategies for the sustainable growth of K-defense." National Assembly Deputy Speaker Lee Hack-young noted that Korea’s rapid rise has placed it among the world’s leading arms exporters and said the legislature would fully support the government’s drive to elevate Korea into the world’s top four defense powers. Still, participants stressed that Korea must bolster mid- and long-term strategic capabilities — including nuclear-powered submarines, advanced unmanned and autonomous systems, and next-generation ISR (intelligence, surveillance and reconnaissance) technologies — to maintain an edge in an era increasingly defined by AI-driven command, control, and operational systems. 2025-11-20 17:43:24

Korea braces up for travel boon during winter holiday season from China–Japan fallout SEOUL, November 20 (AJP) - Korean travel agencies and the industry are bracing up to seize a potential boon from the fallout and escalating hostility between China and Japan over remarks by Japanese Prime Minister Sanae Takaichi in early November on a potential Taiwan contingency that have led to a series of boycott-driven cancellations. Nearly 500,000 Chinese travelers have reportedly canceled Japan-related bookings — 32 percent of all Japan-bound reservations — after Beijing issued a warning against travel to Japan. Independent aviation analyst Li Hanming said cancellation rates surged to 82.1 percent on Sunday and 75.6 percent on Monday, noting that "the number of cancellations was 27 times higher than new bookings — a flurry of withdrawals unseen since the early months of the COVID-19 pandemic." Chinese travel agencies, in compliance with the state advisory, are offering full refunds for canceled Japan tour packages. Korea has quickly emerged as the top alternative destination in the region. Data released Sunday by Chinese travel platform Qunar showed Korea ranking first among overseas destinations for Chinese travelers over the weekend of November 15 to 16, overtaking long-time No. 1 Japan. Korea also led in flight payments and travel-related search volume, with Seoul recording the highest number of queries. Thailand, Hong Kong, Malaysia, Singapore, Vietnam, and Indonesia followed. The travel disruption stems from remarks Prime Minister Takaichi made during a parliamentary budget committee session on November 7, in which she suggested that a Chinese blockade of Taiwan — and subsequent U.S. military intervention — could constitute an "existential crisis" for Japan and potentially invoke Japan's right to collective self-defense. Beijing demanded an immediate retraction and issued a de facto travel ban urging citizens to avoid Japan from November 14 after Tokyo refused. Korea stands to benefit most on the tourism front, as Chinese and Japanese travelers together make up nearly half of foreign arrivals. According to the Korea Tourism Organization's Data Lab, of 18,316,412 foreign visitors to Korea between October 2024 and September 2025, 5,233,649 were from China and 3,583,533 from Japan — a combined 48.1 percent of all inbound travelers. "We are carrying out our annual plans as scheduled. For the Chinese market, we are continuing pre-planned promotions targeting the winter vacation period and long holidays, particularly through online campaigns," said a spokesperson for the Korea Tourism Organization, adding that it was too early to assess the direct impact of China's travel advisory. Still, the travel industry is bracing up for a potential surge in traffic during the year-end holiday season and leading up to the Lunar New Year. Korean Air recently formed a strategic partnership with Chinese online travel giant Ctrip, part of the Trip.com Group, which has more than 300 million registered users. Korean Air already operates the largest number of Korea–China routes among carriers from both countries. As of August this year, the airline operates over 200 weekly flights between the two nations. 2025-11-20 17:29:46

K-pop groups once again caught in diplomatic crossfire amid China–Japan fallout SEOUL, November 20 (AJP) - K-pop groups that have recently become regulars on Japanese television are once again caught in the crossfire between China and Japan, as renewed tensions under Tokyo's new hawkish leadership spill over into pop culture. The diplomatic standoff has revived decades-old antipathy between the two countries and is sending ripple effects across multiple fronts — from tourism to entertainment. Chinese music platform QQ Music announced Monday via social media that a fan event for Japanese boy band JO1 scheduled for later this month in Guangzhou was canceled due to "force majeure." The 11-member group, formed through Produce 101 Japan in 2020 — the Japanese adaptation of the Korean idol audition franchise — is managed by Lapone Entertainment, a joint venture between CJ ENM and Yoshimoto Kogyo. K-pop girl group aespa, which includes Chinese member Ningning, also received a direct hit. After news broke that the group would appear on NHK's year-end "Kōhaku" music program, a petition demanding their removal surfaced on change.org on Monday. Ningning had previously drawn ire in Japan after posting mushroom-shaped lighting in 2022 that some interpreted as resembling an "atomic bomb." Petitioners argue her appearance would "damage Japan's international image" and "hurt victims of the Hiroshima bombing." The petition gathered more than 50,000 signatures within 24 hours, rising to 70,000 as of Thursday. The four-member group has become "one of the biggest cultural casualties of the current diplomatic rift," Hong Kong–based Sing Tao Daily wrote, adding that whether aespa ultimately performs on "Kōhaku" could serve as a barometer of the depth of the China–Japan conflict. Beijing's reaction is rooted in its strict adherence to the "One China" policy, under which Taiwan is considered part of greater China. Ahead of his third term, President Xi Jinping emphasized ideological discipline and cultural purification, leading to heightened censorship since 2021 under the stated goals of protecting youth from "harmful cultural consumption" and restoring "proper values." Korean pop culture has faced de facto sanctions under this framework. Japanese Prime Minister Sanae Takaichi's recent comments align with long-standing defense views — that Japan may need to adopt a self-defense posture should Chinese actions toward Taiwan create a "survival-threatening situation." Beijing denounced the remarks as provocative and insulting. This is far from the first time Korean entertainers have been drawn into political tensions. Tzuyu of TWICE was forced to issue a public apology in 2016 after holding a Taiwanese flag on Korean television, triggering intense backlash from Chinese netizens. EXO's Lay terminated an endorsement deal with Samsung after the company listed Taiwan and Hong Kong as separate entities on its website. In 2019, during a Korean boycott of Japanese goods following Japan's export restrictions on semiconductor materials, some online communities demanded the removal of TWICE's Japanese members — Sana, Momo, and Mina — from Korean broadcasts. "Asia is fundamentally collectivist. They cannot separate individuals from the actions of their group or nationality," said Yu Hyun-jae, professor at Sogang University's College of Communication, explaining that such reactions reflect deeper cultural patterns in East Asia. "Social media is extremely powerful. Information spreads fast regardless of facts or nuance, making it an ideal environment for agitation. Fan communities that grow under these conditions can easily become distorted or extreme," he added. 2025-11-20 17:29:21