South Korea's industry minister defends Czech nuclear deal SEOUL, October 13 (AJP) - South Korea’s industry minister on Monday defended the country’s contentious nuclear power contract with the Czech Republic, calling it a “standard agreement” despite mounting criticism over its terms and the involvement of U.S. nuclear firm Westinghouse. Speaking during a parliamentary audit, Industry Minister Kim Jung-gwan acknowledged that “every agreement has its pros and cons,” but argued that the deal gives South Korea a valuable strategic foothold in Europe’s growing nuclear energy market. He added that further negotiations are expected once the Czech Republic’s new government takes office. The remarks come amid an escalating debate over South Korea’s partnership with Westinghouse Electric Co., which critics say has constrained the country’s nuclear export ambitions. The controversy dates back to a 2022 lawsuit filed by Westinghouse in the United States, claiming ownership of key technologies used in Korea Hydro & Nuclear Power’s (KHNP) APR1400 reactor — the model South Korea hopes to export to Europe. The case fueled concerns that South Korea’s nuclear exports could become dependent on U.S. approval, undermining the country’s long-cultivated autonomy in reactor design. Earlier this year, KHNP and Westinghouse reached a settlement that allowed them to jointly bid on overseas projects, including the Czech tender. But the arrangement has been criticized by some lawmakers and industry experts, who argue that it limits South Korea’s leverage and reduces potential profits. Minister Kim pushed back against such criticism, saying the collaboration reflects the realities of international nuclear trade. “We must look at the broader picture — our exports need to thrive for our companies to succeed,” he said. “Even with certain restrictions, South Korea has continued to expand its nuclear presence abroad.” Kim also acknowledged lingering “trust issues” between Seoul and Washington over nuclear technology rights but urged policymakers to take a long-term view of national interests. The Czech Republic’s nuclear expansion project, one of the largest in Europe, has become a key test of South Korea’s ability to reassert itself as a global reactor exporter after years of slowdown. Despite the controversy, officials in Seoul see the project as a critical opportunity to reestablish the country’s nuclear credentials on the world stage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 16:01:26

Korean firm wins manufacturing contract for US shingles vaccine SEOUL, October 13 (AJP) - South Korea's GC Biopharma said Monday it has secured contract manufacturing rights for a shingles vaccine being developed by its U.S. affiliate, Curevo Vaccine. Under the agreement, GC Biopharma will produce part of the commercial supply of the vaccine, known by its project name amezosvatein (CRV-101). The product aims to challenge GlaxoSmithKline’s Shingrix, which has dominated the shingles vaccine market for years. The global market for shingles vaccines has expanded rapidly, driven by aging populations and rising awareness of preventive care. Since Shingrix’s commercial launch in 2018, annual sales have grown nearly 20 percent each year, from roughly 1 trillion won ($730 million) in 2017 to about 6 trillion won ($4.4 billion) in 2024. The GSK vaccine accounted for more than 90 percent of global market share last year, with sales exceeding 5 trillion won ($3.4 billion). Amezosvatein, like Shingrix, is a recombinant protein vaccine with an adjuvant designed to boost immune response. But Curevo’s version uses a synthetic adjuvant, which researchers say may reduce injection site pain and systemic reactions — potentially improving patient tolerability. Early Phase 2 trials have shown that amezosvatein achieved non-inferiority to existing products while demonstrating favorable safety results, according to GC Biopharma. Curevo is now conducting an expanded Phase 2 trial involving 640 adults aged 50 and older, with plans to complete the study by 2026 and advance to Phase 3 thereafter. “This agreement marks a significant milestone in securing GC Biopharma’s long-term growth drivers,” said CEO Huh Eun-chul. “We will continue to expand our presence in the global vaccine business and strengthen our role in high-value biopharmaceutical manufacturing.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 15:36:09

Taiwan leaps ahead on AI boom as South Korea staggers SEOUL, October 13 (AJP) - Once regarded as twin Asian tigers for their industrial and geographic similarities, South Korea and Taiwan are now charting divergent paths — Taiwan riding high on the artificial intelligence boom, while South Korea struggles under structural and demographic headwinds. Taiwan's economy is projected to grow 5.3 percent this year, upgraded from 4.5 percent in a consensus of eight global banks in late August. South Korea, by contrast, is expected to eke out growth of just 1.1 percent after a modest 2 percent expansion in 2024. Both resource-poor economies remain export-driven and dependent on high-tech manufacturing. But Taiwan's all-in bet on semiconductors — and its ability to capture the AI upcycle — has sharply widened the gap. South Korea posted record exports of $65.95 billion in September, up 12.7 percent from a year earlier, with semiconductor shipments surging 22 percent to $16.61 billion. Taiwan's exports reached $54.25 billion during the same month, but its growth pace was far faster at 33.8 percent, powered by electronics worth $21.43 billion and semiconductor exports that jumped 27.1 percent. "Semiconductors are definitely the main reason for the differing performance of the two economies," said Wang Shu-feng, professor of business administration at Ajou University in South Korea and National Chengchi University in Taiwan. Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker and often described as the country's "benchmark stock index," accounts for nearly 10 percent of Taiwan's GDP and serves as the key driver of its economic momentum. Semiconductors contribute roughly 15 percent of Taiwan's GDP, compared with 7 to 8 percent in South Korea, although the sector represents about one-fifth of Korea's total exports. Korea has concentrated on mass-market memory chips, while Taiwan has focused on customized logic chips — a strategy that shields producers from cyclical volatility through long-term contracts and close client relationships. "Taiwan goes all in on chipmaking. Most top students join TSMC or other semiconductor firms after graduation, whereas many South Korean students pursue medical or biochemistry fields, with broader career options," said Ko Jong-wan, head of strategy at the Korea Semiconductor Industry Association. Taiwan's bipartisan political support has also bolstered its semiconductor ascendancy. Seoul's efforts, in contrast, are often mired in debate over favoritism toward large conglomerates. Korea's special semiconductor law, which would have exempted chip workers from the 52-hour workweek limit, stalled in the National Assembly, while Taiwan passed legislation in 2017 allowing chipmakers to exceed the standard 40-hour week. During Taiwan's severe drought in 2022, the government prioritized water supply to TSMC over agriculture — a reflection of its strategic importance. In South Korea, the planned Yongin semiconductor cluster has faced persistent controversy over public resource allocation to major firms. When the United States, Japan, and the European Union rolled out massive subsidies to build local chip industries, Taiwan formally designated semiconductors as a "core national industry" in 2023 and introduced tax credits covering 25 percent of R&D investments. Korea's parliament only passed a moderate "K-Chips Act" in January this year, raising tax credits for facility investments from 15 percent to 20 percent. "With the AI boom driving demand for advanced packaging and chipmaking capabilities led by Taiwan's TSMC, it may be difficult for South Korea to close the gap in the near term," Wang said. 2025-10-13 15:18:34

Korean-made gas turbines will be exported to US for first time SEOUL, October 13 (AJP) - South Korea's Doosan Enerbility said Monday that it has signed a deal to export two large gas turbines to the United States, marking South Korea’s first overseas shipment of domestically developed turbine technology. Under the agreement, Doosan will supply two 380-megawatt gas turbines to a major U.S. technology company by the end of next year. The company did not identify the buyer but described the contract as a landmark step in its push to expand into global energy markets, and a milestone for South Korea’s power equipment industry. Doosan became only the fifth company in the world to develop large-scale gas turbine technology in 2019, following years of research and testing. Its model successfully completed more than 15,000 hours of operation in a local power plant, demonstrating commercial readiness. Since then, the company has secured contracts for eight turbines, all for domestic use — until now. The latest deal comes amid a surge in electricity demand driven by data centers and artificial intelligence infrastructure, which are fueling renewed interest in stable, high-capacity power sources such as gas turbines. Doosan’s U.S. subsidiary, Houston-based Doosan Turbomachinery Services, played a crucial role in finalizing the contract and will oversee maintenance for the units once installed. “This agreement marks South Korea’s transition from being an importer to an exporter of gas turbine technology,” said Son Seung-woo, head of Doosan Enerbility’s Power Service Business Group. “We will ensure high-quality production and timely delivery to strengthen trust with our customers and expand further into the U.S. and other global markets.” Industry analysts say the deal could open new opportunities for South Korean manufacturers in the global energy equipment market, traditionally dominated by American, European, and Japanese players. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 14:42:14

South Korea's OCI Holdings to acquire solar wafer plant in Vietnam SEOUL, October 13 (AJP) - OCI TerraSus, a wholly owned subsidiary of South Korea’s OCI Holdings, said Monday that it has established a new company in Singapore to take a majority stake in a solar wafer plant in Vietnam — a move aimed at strengthening its supply chain for U.S.-bound solar products. The new entity, OCI ONE, will acquire a 65 percent stake in a wafer plant built by Elite Solar Power Wafer in Vietnam. The facility, expected to be completed by the end of October, will have an annual production capacity of 2.7 gigawatts and is slated to begin producing solar wafers early next year. OCI said the $120 million project will provide immediate revenue once production begins, with OCI ONE’s share valued at $78 million. The company added that an additional $40 million investment could double the plant’s capacity to 5.4 gigawatts within six months, significantly increasing output and sales potential. The wafers will be made using polysilicon supplied by OCI TerraSus, creating a vertically integrated production chain the company says will improve both competitiveness and profitability. The products will also comply with new “non-PFE” standards — referring to the exclusion of products linked to forced labor — established in July under the U.S. Office of Budget and Business Bureau Act. “This strategic investment brings us closer to completing a non-PFE supply chain favorable for U.S. exports,” said Lee Woo-hyun, chairman of OCI Holdings. “We will continue working with partners across Southeast Asia to strengthen our position in the global solar industry.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 14:08:17

Seoul raises alert, protection for Koreans in Cambodia amid rising crimes SEOUL, October 13 (AJP) - South Korea is beefing up protection measures for its nationals abroad following the violent killing of a Korean college student in Cambodia. National Security Adviser Wi Sung-lac on Monday chaired a task force meeting at the presidential office with senior officials from the Foreign Ministry, Justice Ministry, and National Police Agency to devise coordinated action against the recent murder and related crimes. President Lee Jae-myung over the weekend ordered the Foreign Ministry to make the protection of citizens overseas, particularly in Cambodia, a top priority. Following the president’s directive, the government is making multifaceted efforts to protect our citizens from job scams and detentions in Cambodia,” the presidential office said in a statement. “We will enforce strict legal measures against organized crime.” The response comes after the body of a South Korean student was discovered in Cambodia’s Kampot Province in August. Repatriation of the victim’s body has been delayed, while additional cases of Koreans falling prey to similar crimes have since emerged. Cambodia’s state news agency AKP reported that three Chinese nationals in their 30s and 40s have been indicted by local prosecutors for allegedly torturing and killing the Korean student near Bokor Mountain in Kampot. They were charged with murder and fraud as part of a broader crackdown on online scam syndicates operating in the country. The National Police Agency said Sunday it will hold a bilateral meeting with Cambodian police on Thursday to discuss measures to prevent further crimes against Koreans. NPA Commissioner Park Sung-joo is also considering a visit to Cambodia to press for stronger cooperation. The agency plans to strengthen coordination with Interpol, dispatch 30 additional officers for cross-border investigations, and discuss establishing a dedicated “Korean Desk” within the Cambodian national police to handle cases involving Koreans. The South Korean Embassy in Phnom Penh currently has one police officer and two liaison officers, a level deemed insufficient amid a surge in scams and detentions. The ruling party is also pushing for stronger legal grounds to protect Koreans abroad. “The recent incidents in Cambodia have exposed the limitations of our current system, which is reactive rather than preventive,” Democratic Party Rep. Park said on social media. He called for swift passage of his amendment to the Consular Assistance Act to institutionalize continuous risk monitoring in crisis regions and establish an emergency protocol for coordination among the Foreign Ministry, National Intelligence Service, and local embassies. “It’s time for state systems — not individual courage or chance — to safeguard our citizens’ lives,” he said. Meanwhile, the Foreign Ministry on Friday raised its travel advisory for Phnom Penh to a special advisory, urging Koreans to exercise extreme caution or postpone nonessential travel. Foreign Minister Cho Hyun also summoned the Cambodian ambassador in Seoul to demand stronger action against the surge in online scams and detentions targeting Korean nationals. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:55:51

Korea's shipping industry urges POSCO to abandon bid for HMM SEOUL, October 13 (AJP) - South Korea’s shipping industry is pushing back against steel giant POSCO Group’s reported plan to acquire HMM, the nation’s largest container carrier, warning that such a move could destabilize the sector and undermine decades of maritime expertise. The Korea Shipping Association said in a statement on Monday that it had submitted a formal letter to POSCO Chairman Jang In-hwa, urging the company to withdraw from the bidding process. The group argued that allowing a non-shipping conglomerate to take control of a key maritime operator would weaken the industry’s competitiveness and expose it to unnecessary risks. “The acquisition could erode the professional management of shipping operations and threaten stability if POSCO were to face financial difficulties,” the association said. It added that the global trend among major carriers is toward consolidation and specialization, not diversification by industrial groups with limited maritime experience. The association pointed to POSCO’s previous attempt to enter the shipping business through Geo Yang Shipping, which ended in failure and was later sold to the now-defunct Hanjin Shipping. It also cited Brazilian mining giant Vale’s retreat from the sector after selling its fleet of large bulk carriers, saying such examples underscore the challenges faced by non-shipping firms. Industry experts note that HMM, which was rescued by state-led creditors in the aftermath of Hanjin’s 2017 collapse, remains a strategic asset for South Korea’s trade-dependent economy. Critics fear that turning it over to an industrial buyer could distort market dynamics and weaken the country’s maritime resilience. The shipping association further argued that POSCO’s acquisition would do little to reduce logistics costs and could instead “disrupt the nation’s shipping ecosystem and harm the import-export industry.” POSCO has not yet commented on the association’s appeal. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:48:29

Seoul moves to confront rising crimes against Koreans in Cambodia SEOUL, October 13 (AJP) - South Korea’s presidential office convened a task force meeting on Monday to address a surge in crimes targeting South Korean nationals in Cambodia, including a string of abductions and job-related scams that have alarmed families and prompted calls for stronger protection measures. Wi Sung-lak, head of the National Security Office, chaired the meeting, which brought together senior officials from the Foreign Ministry, Justice Ministry, and National Police Agency. The group discussed coordinated actions to combat fraudulent recruitment operations, illegal detentions, and other organized crimes involving South Koreans in Cambodia, the presidential office said. The meeting came in response to several recent incidents, most notably the death of a South Korean student in Cambodia’s Kampot Province in August. President Lee Jae Myung ordered the Foreign Ministry over the weekend to “prioritize the safety and protection of citizens abroad,” citing growing public concern over conditions in Cambodia. Cambodia has in recent years emerged as a troubling hotspot for kidnapping and forced-labor cases involving foreign nationals, including South Koreans. Dozens of Koreans have reportedly been lured by online job scams promising high salaries, only to be detained by criminal networks that force victims to engage in illegal activities such as online gambling or cryptocurrency fraud. South Korean police have cooperated with Cambodian authorities to rescue victims and crack down on such operations, but officials say the problem persists amid weak law enforcement and porous borders in the region. The presidential office said Monday’s task force will develop stronger legal and diplomatic responses, including faster consular support and closer coordination with Cambodian law enforcement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:36:42

Battery materials maker EcoPro BM to establish European subsidiary SEOUL, October 13 (AJP) - South Korean battery materials producer EcoPro BM plans to turn its German liaison office into a full-fledged sales subsidiary as it seeks to deepen its presence in Europe’s fast-growing electric vehicle market. The move, announced Monday, marks a strategic step for the company to expand beyond its core cathode materials business into recycling, while broadening its customer base across the region. As Europe accelerates its shift toward electric mobility, demand for battery materials is soaring — along with pressure to meet strict environmental and sourcing standards under the European Union’s Critical Raw Materials Act. EcoPro BM said the new subsidiary will strengthen coordination between its South Korean headquarters and European battery makers, improving supply chain efficiency and regulatory compliance. The company also aims to enhance communication with potential clients and secure recycling feedstock in the region. Construction of its cathode materials plant in Debrecen, Hungary, is nearing completion, and the European subsidiary will serve as a hub for marketing and logistics once production begins. “The new corporate entity will allow us to collaborate more closely with local partners and explore new business opportunities, including recycling and cathode material supply,” an EcoPro BM spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 10:46:41

LG Energy Solution Q3 profit surges 34% on pre-expiry U.S. EV credit boost SEOUL, October 13 (AJP) - South Korea’s top battery maker LG Energy Solution said Monday its third-quarter operating profit likely jumped 34 percent from a year earlier, lifted by increased electric-vehicle (EV) battery purchases ahead of the expiration of federal EV tax credits in the United States. In a preliminary earnings estimate for the quarter ended September, the company projected an operating profit of 601.3 billion won ($422.8 million), up from 448.3 billion won a year earlier. Sales during the same period, however, fell 17.1 percent to 5.7 trillion won, reflecting a broader slowdown in global EV demand. LG Energy Solution, a key supplier to General Motors and Tesla, had earlier warned of possible pressure on its top and bottom lines following the termination of the $7,500 federal tax credit in September. The company said its third-quarter operating profit included a 365.5 billion won subsidy from the U.S. Inflation Reduction Act (IRA), accounting for 60.8 percent of the total. Excluding the U.S. tax credit, the net operating profit stood at 235.8 billion won, marking a profit for the second consecutive quarter even without U.S. subsidies. For the January–September period, the company estimated an operating profit of 1.46 trillion won, up a whopping 83.3 percent from a year earlier, while sales fell 8.5 percent to 15.73 trillion won. Final quarterly results will be announced on October 30. Beyond the EV market slowdown, LG Energy Solution faced a setback last month when its joint battery plant with Hyundai Motor in Georgia, U.S., was hit by a large-scale immigration raid, resulting in the arrest of hundreds of South Korean workers. As of 10:00 a.m. Seoul time, LG Energy Solution shares were up 0.4 percent at 361,000 won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 10:09:16