Chile's President Boric urges deeper partnership with South Korea beyond trade SEOUL, October 30 (AJP) - Chilean President Gabriel Boric on Thursday called for a broader partnership with South Korea that extends beyond trade and investment, emphasizing shared democratic values, culture, and innovation as the foundation for future cooperation. Speaking at the Korea-Chile Business Forum at the Shilla Hotel in Seoul, Boric said he had traveled nearly 35 hours from Santiago to attend, calling the visit a symbol. "Despite the 18,000 kilometers that separate us, we still feel close," the president said. "What unites us is not only trade or investment, but the human acts that shape culture," he said. "The bonds that last between nations are those that go beyond money and bring encounters of spirit." He reflected on the parallels between South Korea and Chile's democratic transitions in the late 1980s, noting that Chile had closely followed Korea's experience during that time. "You had your democratic elections in 1987, and we held our plebiscite to recover democracy in 1988. Even from afar, we felt connected to your struggle and your example," he said. Boric also spoke about the growing cultural exchange between the two countries, particularly through the spread of Korean pop culture among younger Chileans. "Everywhere I go in Chile, children hand me photos of Korean artists," he said. "It may seem trivial, but I am convinced it is not, because the ties that endure are those that touch people's spirits." The president praised South Korea's rise as a global technology and cultural leader, describing it as an inspiration for Chile's own transformation. "You have shown the world that through education and innovation, a nation can change its destiny," he said. "Chile is beginning to walk that path, especially in innovation and technology, but we still have much to learn." Boric highlighted opportunities for Korean companies to take part in Chile's transition toward clean energy and sustainable industries. He pointed to Chile's leadership in copper production, lithium reserves, and renewable energy development, saying, "We are producing green hydrogen at globally competitive prices, and we are consolidating our position as a digital hub in Latin America. We want Korean companies to participate actively in these new engines of growth." He also underlined Chile's institutional stability and commitment to democracy as a key factor for investors. "Chile is not a perfect country," he said, "but for more than 35 years we have maintained a firm conviction that democracy, institutions, and respect for human rights are the way to build a more equal nation." The Korea-Chile Business Forum was co-hosted by the Korea International Trade Association (KITA), the Chilean Embassy in Seoul, ProChile, and InvestChile. About 200 participants, including government officials and business leaders from both sides, attended the event, held during President Boric's visit to South Korea for the APEC Leaders' Week meetings. KITA Chairman Yoon Jin-sik noted in his opening remarks that the Korea-Chile Free Trade Agreement, which took effect in 2004, was Korea's first FTA and Chile's first with an Asian country. "Over the past 20 years, bilateral trade has more than tripled," Yoon said. "Our cooperation has expanded into lithium, renewable energy, and climate change response. This forum will help deepen our partnership and identify new opportunities for collaboration." Ignacio Fernández, Director General of ProChile, called Korea "a strategic partner of more than six decades" and emphasized Chile's trade network as a gateway to the wider region. "When you trade with Chile, you are not only working with 20 million Chileans," he said. "You are also reaching a platform that connects you to over 600 million Latin Americans." The event included business roundtables on investment and agriculture, where participants discussed cooperation in green energy, food trade, and agricultural technology. KITA also signed memoranda of understanding with ProChile and InvestChile to strengthen cooperation networks and promote joint projects between the two countries. 2025-10-30 15:00:13

South Korea begins beef exports to UAE Korean beef products at a market in Seoul on Oct. 27, 2025/ Yonhap SEOUL, October 30 (AJP) - South Korea has shipped its first beef exports to the United Arab Emirates. The Ministry of Agriculture, Food and Rural Affairs said Thursday that about 1.5 tons of chilled and frozen Korean beef were shipped to the UAE, marking South Korea’s formal debut in the country’s $1.9 billion halal beef market. A ceremony celebrating the inaugural shipment was held at the National Agricultural Cooperative Federation’s headquarters. South Korea now exports beef to five markets — Hong Kong, Malaysia, Cambodia, Laos, and the UAE. The UAE imports more than 90 percent of its beef consumption, relying heavily on premium suppliers such as Australia and the United States. Demand for Japanese beef has surged in recent years, climbing from 24 tons in 2019 to 879 tons in 2023, highlighting an expanding appetite for high-quality meat across the region — and a potential opening for Korean producers. To promote its product, the agriculture ministry said it will launch marketing initiatives tailored to Middle Eastern consumers, including culinary tours and cooking classes for foreign tourists visiting South Korea next month. The programs will target high-spending travelers and be developed in partnership with the tourism industry. “This first shipment to the UAE is significant as it marks our official entry into the halal market,” said Kang Hyeong-seok, South Korea’s deputy minister of agriculture. “We plan to strengthen local promotions and continue quarantine negotiations to expand into additional export destinations.” The ministry said it views the UAE deal as part of a broader effort to diversify agricultural exports, boost rural incomes, and elevate the global profile of Korean beef, or hanwoo, which is prized domestically for its marbled texture and rich flavor. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 14:45:12

South Korea's LS Electric to co-develop power systems for UK data centers SEOUL, October 30 (AJP) - South Korea’s LS Electric is accelerating its push into the global data center market, forming new international partnerships to strengthen its foothold in advanced power infrastructure. The company said on Thursday that it had signed a memorandum of understanding with Elecsis, a British manufacturer of low-voltage switchboards, to co-develop power systems tailored for data centers in the United Kingdom. Founded in 2001 and based in Bristol, Elecsis specializes in the design and production of low-voltage switchboards, which are critical for managing electricity in large-scale facilities. The collaboration will combine LS Electric’s expertise in power equipment and testing with the British firm's local engineering and manufacturing capabilities to develop high-capacity, safety-focused switchboard solutions. By partnering with Elecsis, LS Electric aims to tap into Europe’s fast-growing data infrastructure market, using local production and service networks to deliver customized power solutions for clients across the region. The agreement follows a similar partnership earlier this month with Honeywell in the United States to jointly develop next-generation power management systems for North American data centers. The U.K. data center market, projected to reach $15.2 billion this year and expand at an annual rate of more than 13 percent through 2030, has become a major target for infrastructure and technology companies racing to meet the surging power demands of artificial intelligence and cloud computing. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 14:15:21

Lee holds talks with Canadian PM in Gyeongju SEOUL, October 30 (AJP) - President Lee Jae Myung agreed to expand cooperation in the defense and economic sectors with Canadian Prime Minister Mark Carney during their summit on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea's historic city of Gyeongju. Hailing the North American country as a "key ally," Lee highlighted the special relationship between the two nations, recalling Canada's military support during the 1950–53 Korean War, during which it dispatched 27,000 troops and suffered nearly 400 casualties. He also praised Canada's pioneering work in artificial intelligence (AI)-related research, saying it would contribute to the advancement of the global community. Highlighting the growing cultural exchanges between the two countries, Lee cited Netflix's hit animation "KPop Demon Hunters," directed by Korean-Canadian filmmaker Maggie Kang, as a successful example. Carney responded by describing South Korea as a crucial partner for Ottawa across defense, commerce, and culture. He also suggested expanding cooperation in trade and defense, marking the 10th anniversary of the free trade agreement between the two countries. The summit, which came about months after the two met at the G7 Summit in Kananaskis, Alberta in June, was also attended by key officials from both countries including Canada's Chief of Staff Marc-André Blanchard and South Korea's national security adviser Wi Sung-lac. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 14:10:35

Hyundai Motor breaks ground on hydrogen fuel cell plant in Ulsan SEOUL, October 30 (AJP) - Hyundai Motor has begun construction of a large-scale hydrogen fuel cell plant in Ulsan, signaling its ambition to lead the global shift toward clean energy. The groundbreaking ceremony took place at Hyundai’s Ulsan complex, where the new facility will rise on the site of a former internal combustion engine transmission plant. The transformation, company officials said, reflects Hyundai’s commitment to making Ulsan a center for next-generation automotive technologies. The three-story plant, covering 95,374 square meters, will serve as Hyundai’s first domestic production base for polymer electrolyte membrane (PEM) electrolysis and hydrogen fuel cells. Once completed in 2027, it will produce up to 30,000 fuel cell systems annually under Hyundai’s hydrogen car brand. Hyundai is investing 930 billion won ($670 million) in the project and plans to expand output. Company officials say the facility will play a crucial role in building South Korea’s hydrogen economy and supporting the nation’s broader industrial transition. “The hydrogen fuel cell plant is a strategic base that reflects our commitment to a hydrogen society,” said Jang Jae-hoon, Hyundai’s vice chairman, during the ceremony. “We aim to supply fuel cells across diverse industries, from shipping to construction equipment, and to accelerate the development of a global hydrogen ecosystem.” Government officials also underscored their support for corporate investment in clean energy. Kim Sung-hwan, South Korea’s minister of climate and environment, said the administration would continue to back innovation in decarbonizing mobility and advancing hydrogen technologies. Hyundai Motor plans to make the new plant a showcase of advanced manufacturing, integrating artificial intelligence and robotics to boost efficiency and safety. A digital monitoring system will be installed to detect hazards in real time and protect workers on the production floor. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 13:57:14

Samsung heiress' recent move to Yongsan reflects South Korean parents' obsession with education SEOUL, October 30 (AJP) - Samsung heiress and Hotel Shilla president Lee Boo-jin has reportedly moved back to her home in Seoul's tony district of Yongsan just north of the Han River. Her recent relocation from Daechi-dong in the capital's upscale district of Gangnam clustered with crammers, to the quieter neighborhood appears to be related with her son's graduation from high school. According to industry sources, Lee lived in Daechi-dong throughout her son's middle and high school years to support his studies and has now returned to the neighborhood traditionally known as an enclave for the conglomerate's family members. The move is seen to reflect South Korean parents' obsessive zeal for their children's education, as another familiar case, since most of them are often willing to make huge sacrifices to give their children an advantage in life. In particular, it has become the norm for wealthy parents including those from family-owned conglomerates known as chaebol, to send their children to private elite schools in the country and to prestigious universities overseas. This looks to be part of a strategy not only for enhancing their academic achievements but also for building networks and preparing them for future opportunities. This trend is evident in many previous cases. For example, Hanwha Group chairman Kim Seung-youn's sons graduated from prestigious schools in the U.S., while SK Group chairman Chey Tae-won's daughters studied in China and the U.S. Scions of LG families also attended certain universities in the U.S., where they built networks and formed special connections among themselves. One business insider said, "Major conglomerates like Samsung view education not only as a course to groom successors but also as an essential part of building business leadership." * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-30 13:35:06

Seoul draws less risky terms than Tokyo in U.S. investment deal SEOUL, October 30 (AJP) - South Korea and the United States finalized a long-pending tariff agreement on Wednesday, cementing the structure of Seoul's massive investment framework with Washington. Under the deal, South Korea's $350 billion package will consist of $200 billion in direct cash investment and $150 billion in shipbuilding cooperation aligned with the MASGA (Make American Shipbuilding Great Again) initiative. The agreement upholds a 15 percent tariff rate — including duties on auto parts first negotiated in July — and adds provisions requiring all U.S.-bound investments to meet "commercial rationality" standards to limit market risks. After the signing, U.S. President Donald Trump framed the agreement as a major win for Washington, writing on his social media platform Thursday that "South Korea has agreed to pay the USA 350 billion dollars for a lowering of the tariffs." He added that Korean purchases of American oil and gas, alongside new investments by Korean companies, would "exceed 600 billion dollars," and said he had approved Seoul's plan to build a nuclear-powered submarine at the Philadelphia Shipyards. Kim Yong-beom, senior presidential policy secretary, said Seoul's $200 billion cash component will be capped at $20 billion annually to prevent currency-market shocks. A joint investment committee will vet all projects to ensure they are commercially sound. "Although the overall structure is similar to Japan's $550 billion package with the U.S., the key difference is that we set an annual investment ceiling of $20 billion," Kim said. "By investing within that limit and based on project progress, the impact on Korea's foreign-exchange market will remain manageable." He added that the two sides agreed to split profits equally until principal and interest are fully recovered, with mechanisms to adjust the ratio if the balance is not repaid within 20 years to secure a fair return. Japan, which signed its $550 billion financial and industrial package with the U.S. a day earlier in Tokyo, adopted a more state-driven approach centered on nuclear energy, semiconductor infrastructure and artificial-intelligence cooperation under government direction. By contrast, Seoul's framework blends government coordination with strong private-sector participation, built around phased annual investments and safeguards designed to contain foreign-exchange and project-execution risks. With differing strategies, the three countries are expected to deepen trilateral cooperation on emerging technologies and security, including AI and supply-chain resilience. 2025-10-30 11:58:40

South Korea's LG Chem partners with Germany's ZEISS on holographic windshield displays SEOUL, October 30 (AJP) - LG Chem said Thursday that it has partnered with German optics maker ZEISS to supply advanced photopolymer film for use in next-generation holographic windshield displays in vehicles. The holographic windshield display, or HWD, projects navigation and entertainment content directly onto the windshield, effectively turning it into a transparent screen. Unlike traditional head-up displays, which show limited data in a small area, the holographic version provides a wider field of view and a more immersive experience, transforming the driver’s space into a dynamic digital interface. ZEISS, renowned for its precision optics, plans to use LG Chem’s film to produce holographic optical elements for these displays, with an eye toward commercialization by 2029. LG Chem said its siloxane-based photopolymer film simplifies the optical path while maintaining high brightness and enabling large-area applications. The material offers superior optical efficiency and thermal stability, supported by more than 150 patents. The company added that the same technology could be applied beyond automobiles, including in augmented reality head-up displays, holographic cameras, public transportation systems, and even aerospace cockpits. Stefan Hofer, a senior executive at ZEISS, said the partnership would allow the two companies to deliver “high-quality optical solutions” for the emerging holographic display market. LG Chem Vice Chairman Shin Hak-cheol described the collaboration as a strategic step toward “leading innovation in mobility displays.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 11:03:28

KOSPI positive on U.S. concessions, other Asian markets await Trump–Xi meeting SEOUL, October 30 (AJP) - South Korea’s benchmark KOSPI extended gains early Thursday after Seoul and Washington reached a long-awaited tariff agreement, removing a key bilateral sticking point ahead of a high-stakes U.S.–China summit later in the day, while other Asian markets were on hold as investors awaited direction on broader geopolitical tensions. The KOSPI climbed 0.3 percent to 4,090 as of 10:30 a.m., following confirmation that President Lee Jae Myung and U.S. President Donald Trump finalized the tariff terms during the APEC 2025 summit in Gyeongju. Retail investors bought a net 206 billion won ($140 million), joined by foreigners with 57.5 billion won, while institutions and credit-finance firms sold a combined 275 billion won to lock in recent gains. Automakers surged after the two nations agreed to cut U.S. automobile tariffs on Korean cars from 25 percent to 15 percent. Hyundai Motor jumped 6 percent to 272,500 won and had briefly triggered a two-minute volatility interruption the previous day after spiking more than 13 percent. Kia rose 3.7 percent to 120,100 won. Hanwha Group stocks rallied on new momentum. Hanwha Ocean jumped 12 percent to 148,000 won after Trump posted that a Korean nuclear-powered submarine would be built at the company-owned Philly Shipyard in the U.S. Hanwha Systems soared 17 percent to 64,800 won on its plan to enter the unmanned surface vehicle (USV) market through a partnership with U.S. marine-technology firm HavocAI. Samsung Electronics rose 4 percent to 104,500 won after reporting third-quarter operating profit of 12.1 trillion won, up 33 percent on year, with its Device Solutions division delivering a stronger-than-expected 7 trillion won profit. SK hynix was nearly flat, inching up 0.2 percent to 558,500 won as foreign investors such as J.P. Morgan took profits after Wednesday’s record-setting rally. Japan’s Nikkei 225 slipped 0.2 percent to 51,180. Sumitomo Electric gained 5 percent to 5,253 yen, and Advantest added 4 percent to 23,000 yen, while exporters with minimal U.S. manufacturing presence underperformed, with Komatsu plunging 6 percent to 5,220 yen. China’s Shanghai Composite inched down 0.1 percent to 4,010, while Hong Kong’s Hang Seng Index rose 0.7 percent to 26,540. Taiwan’s TAIEX slipped 0.2 percent to 28,280. 2025-10-30 11:01:11

Data breach drives SK Telecom to first quarterly loss in decades SEOUL, October 30 (AJP) - South Korea’s largest mobile carrier, SK Telecom, reported a steep decline in profit and a swing to a net loss in the third quarter on Thursday, as the fallout from one of the country’s largest personal data breaches continued to batter its business and reputation. The net loss ended the company's streak of consecutive quarterly profits that had continued since 2000. The company said its consolidated operating profit plunged 90.9 percent from a year earlier to 48.4 billion won, or about $35.7 million. Quarterly revenue fell 12.2 percent to 3.98 trillion won ($2.93 billion). The bottom line turned negative, with a net loss of 166.7 billion won ($122.9 million), compared with a profit during the same period last year. In a sign of internal accountability, SK Group removed CEO Yoo Young-sang from management roles. He was replaced by Jung Jae-heon, the company’s president and head of external cooperation. Jung, a former judge born in 1968, is expected to bring a steadier hand as the company navigates regulatory and reputational challenges. As of 10:45 a.m., SK Telecom shares were trading at 52,650 won, down 1,450 won, or 2.68 percent, from the previous session. SK Telecom said it would not pay a dividend for the third quarter — an uncommon move for one of South Korea’s most established blue-chip firms. The financial blow in the third quarter stems largely from the large-scale hacking incident disclosed in April, which exposed customer information and triggered a wave of cancellations. To stem the damage, SK Telecom rolled out extensive countermeasures, including compensation programs for affected users and rate reductions, all of which eroded earnings. The company also faced a 134.8 billion won ($99.3 million) regulatory fine imposed by the Personal Information Protection Commission — one of the largest penalties ever levied in South Korea for a data breach. Even as the crisis weighed on its bottom line, SK Telecom’s core telecom operations began showing signs of recovery after a turbulent second quarter, the company said. The company added roughly 240,000 5G subscribers from the previous quarter, bringing the total to 17.26 million, while its high-speed internet division returned to net growth. The company’s investments in artificial intelligence offered the strongest source of optimism. Revenue from AI-related businesses surged 35.7 percent year-over-year, with its data center division generating 149.8 billion won. Its broader AI transformation initiative, known as AIX, recorded 55.7 billion won in revenue. SK Telecom is doubling down on the sector, breaking ground on a new AI data center in Ulsan with Amazon Web Services and partnering with OpenAI to establish another facility in the country’s southwest. “The company will prioritize restoring customer trust and seek to turn this crisis into an opportunity by producing tangible results in our AI business,” Kim Yang-seop, SK Telecom’s chief financial officer, said in a statement. 2025-10-30 10:54:52