Trade chief urges US to treat South Korea, Japan on separate terms SEOUL, October 01 (AJP) - South Korea’s trade minister said Wednesday that he is working to persuade Washington to recognize the differences between the South Korean and Japanese economies in tariff talks with the United States. Speaking at a policy forum in Seoul, Trade Minister Yeo Han-koo said that while the U.S. trade deficit with both South Korea and Japan appeared similar last year, the two economies diverge sharply in their industrial structures and foreign exchange systems. “We are actively explaining these differences to the U.S.,” Yeo said. The minister also raised questions about Japan’s $550 billion investment pledge to the United States, noting uncertainties about how Tokyo intends to finance the commitment. On automobiles, a recurring source of friction, Yeo said Seoul remains engaged in negotiations over U.S. tariffs. A July agreement sought to lower the 25 percent tariff on cars to 15 percent, but the deal has yet to be finalized. He underscored the auto industry’s importance to South Korea and said maintaining competitive leverage in talks with Washington was a priority. Yeo described the current trade negotiations as more complicated than the 2018 renegotiation of the KORUS Free Trade Agreement, forecasting further challenges in the coming years. With nearly 40 percent of South Korea’s exports going to the U.S. and China, Yeo said the country must adopt a more strategic approach. He urged diversification into emerging markets, particularly Southeast Asia, citing its youthful demographics and affinity for Korean culture. The government, he said, is preparing to strengthen its “New Southern Policy” to seize those opportunities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 15:27:47

South Korea to outsource non-combat roles as military personnel decline, says Defense Minister SEOUL, October 1 (AJP) - Defense Minister Ahn Kyu-back announced plans to maintain military force levels at 500,000 by combining 350,000 active-duty soldiers with 150,000 outsourced personnel, in a press briefing on the occasion of Army Forces Day on Wednesday. In his first briefing since assuming his post, he said, "We aim to maintain 350,000 active combat troops by outsourcing non-combat roles to address the declining number of military personnel." The plans appear similar to the approach of U.S. Forces Korea (USFK), which outsources non-combat roles. South Korea's military personnel have decreased to 480,000 last year after peaking at 690,000 in 2002, with projections of a further decline to 350,000 by 2040 due to low birthrates and shorter periods of mandatory military service. After peaking at 690,000 in 2002, South Korea's military shrank to 480,000 last year, with numbers expected to further drop to 350,000 by 2040 due to low birthrates and shorter mandatory service periods. To maintain combat readiness, Ahn intends to outsource logistics and transport roles while retaining 4,000 military specialists with technical skills to manage advanced weaponry, offering them attractive salaries. Regarding the halt of military exercises at the inter-Korean border as part of the current administration's conciliatory gesture toward North Korea, Ahn rejected the idea, highlighting the need for bilateral dialogue instead of unilateral actions. Ahn also clarified that the 2018 inter-Korean military pact is paused, not terminated, stressing the need to restore it to ease tensions on the Korean Peninsula and build trust between the two Koreas. Dismissing concerns over a possible U.S. troop pullout, Ahn said, "There is no discussion about the USFK's withdrawal or reduction," adding that South Korea will continue to cooperate with the U.S. to ensure peace and security on the Korean Peninsula. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 15:03:54

Samsung Chairman Lee Jae-yong's stock wealth surges $2.7 billion SEOUL, October 01 (AJP) - Samsung Electronics Chairman Lee Jae-yong added more than 3.7 trillion won ($2.7 billion) to his stock wealth in the third quarter, cementing his position as South Korea’s richest corporate leader by equity holdings, according to new data released Tuesday. The Korea CXO Institute reported that the market value of Lee’s shares rose 24.4 percent from 15.25 trillion won at the end of June to 18.98 trillion won by the end of September, driven by a rebound in Samsung Electronics’ share price. Lee tops a group of 16 South Korean executives whose individual stock holdings exceed 1 trillion won. He is followed by Seo Jung-jin, honorary chairman of Celltrion, with 11.13 trillion won, and Kim Beom-su, founder of Kakao, with 6.28 trillion won. Hyundai Motor Group Chairman Chung Eui-sun and HYBE’s Bang Si-hyuk round out the top five. Overall, the combined stock wealth of 45 major business leaders climbed from 74 trillion won at the end of June to 78.3 trillion won by September, an increase of more than 4.27 trillion won. Other notable gains included Cho Hyun-joon of Hyosung, whose holdings rose 23.4 percent to 2.25 trillion won, and Lee Yong-han of Wonik, who saw the largest percentage jump, with his stock value nearly doubling to 3.26 trillion won. Not all leaders benefited. Chung Mong-kyu of HDC saw his stock wealth fall 24.6 percent to 4.62 trillion won, while HYBE’s Bang Si-hyuk recorded the steepest monetary loss, with his holdings shrinking by 565.5 billion won to 3.5 trillion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:30:46

Celltrion secures $300 million in export insurance to bolster global expansion SEOUL, October 01 (AJP) - Celltrion, one of South Korea’s leading biopharmaceutical companies, has obtained $300 million in short-term export insurance from the Korea Trade Insurance Corporation (K-Sure), a move aimed at strengthening its overseas operations and cash flow. The agreement marks the first time the state-run insurer has extended such support to the overseas branch of a Korean pharmaceutical and biotechnology company, underscoring the government’s efforts to expand the global reach of the country’s bio sector. The insurance allows banks to purchase export receivables between Celltrion’s headquarters and its international branches, while guaranteeing compensation if payments are delayed or uncollected. By improving lenders’ capital adequacy ratios, the program enables Celltrion to access financing on more favorable terms, easing working capital constraints. Celltrion has increasingly relied on its overseas branches to tailor sales to local markets, and the company is preparing for significant exports of new treatments in the second half of the year. The added financial buffer is expected to help sustain research, global production capacity, and international competitiveness. “We are pleased to offer effective support to the growing pharmaceutical and bio sectors,” said Jang Young-jin, president of K-Sure. “We will continue to ensure our companies can secure working capital under favorable conditions through trade insurance.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:12:07

North Korean leader sends congratulatory message to Xi on China's founding anniversary SEOUL, October 1 (AJP) - North Korean leader Kim Jong-un sent a congratulatory message to Chinese President Xi Jinping on the 76th anniversary of China's founding, reaffirming his commitment to enhancing strategic communication and cooperation between the two countries. According to the state-run Korean Central News Agency, Kim said Pyongyang remains "steadfast" in its relations with Beijing, seeking to "steadily develop the traditional..... friendship no matter how the international situation may change." Expressing North Korea's willingness to work with China to "further strengthen and develop their friendly and cooperative relations," he proposed joint efforts to "defend peace and stability in the region and the rest of the world through close strategic communication and cooperation." Kim has traditionally sent congratulatory messages to Xi on the occasion of the anniversary, which has been observed since Mao Zedong's proclamation on Oct. 1, 1949. This year's notably lengthy message emphasized strategic cooperation between the two allies on regional security, while mentioning China's efforts to protect its "territorial sovereignty," likely referring to Taiwan. The move appears aimed at strengthening ties, following Kim's recent attendance at China's "Victory Day" parade earlier this month and a summit with Xi. Meanwhile, KCNA reported that Foreign Minister Choe Son-hui returned from Beijing after meeting with Chinese Foreign Minister Wang Yi and Premier Li Qiang during her visit early this week. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:10:27

Battery materials plant opens in Saemangeum complex SEOUL, October 01 (AJP) - LS-L&F Battery Solution, a joint venture between LS Corp. and battery materials maker L&F, inaugurated a precursor plant on Tuesday in the Saemangeum National Industrial Complex in Gunsan, North Jeolla Province. The 1 trillion won ($730 million) facility, spanning about 40,000 square meters, is expected to employ roughly 1,000 people, underscoring the government’s efforts to strengthen domestic supply chains in the fast-growing battery sector. The opening ceremony was attended by senior executives from LS Group and L&F, along with regional officials including North Jeolla Governor Kim Kwan-young. “This plant will be a key hub for K-battery materials, reducing reliance on China and accelerating our path to global leadership,” said LS Group Chairman Koo Ja-eun, noting that China currently controls about 80 percent of the global precursor market. The plant began trial operations in April and aims to gradually scale up production to 120,000 tons of precursor by 2029, a volume sufficient for about 1.3 million electric vehicles. LS-L&F Battery Solution was formed in October 2023 as part of LS Group’s push beyond its traditional businesses in electricity and materials into growth areas such as batteries, electric vehicles, and semiconductors. The expansion is supported by LS MnM, the group’s non-ferrous metal unit, which plans to invest 1.8 trillion won in new plants in Ulsan and Saemangeum by 2029 to produce nickel sulfate, a critical raw material for precursors. That output will feed into LLBS, which will then supply L&F for cathode manufacturing, creating what the company describes as a fully domestic battery materials value chain. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:55:32

South Korea's Sept exports at 3-year high and Q3 all-time high SEOUL, October 01 (AJP) - South Korea’s exports surged nearly 13 percent in September from a year earlier, extending growth for the fourth straight month on strong demand for semiconductors and automobiles, despite tariff-related setbacks in the United States. According to the Ministry of Trade, Industry and Energy, outbound shipments totaled $65.95 billion, up 12.7 percent on-year and the highest monthly tally since March 2022. For the July–September period, exports rose 6.6 percent to a record $185.03 billion, lifting cumulative shipments for the first nine months of the year by 2.2 percent to $519.78 billion. Officials noted that September gains partly reflected more working days, as the Chuseok holiday fell in the same month last year. On an average daily basis, exports slipped to $2.93 billion from $2.75 billion a year ago. Semiconductor shipments jumped 22 percent to $16.61 billion, powered by demand for AI servers and high-value memory products. Automobile exports, including electric and hybrid vehicles, gained 16.8 percent to $6.4 billion, while vessel exports climbed 22 percent to $2.89 billion, marking a seventh consecutive month of growth. Bio products and displays posted record September sales, while agricultural and cosmetic products also hit all-time highs, buoyed by the global popularity of Korean food and beauty items. By contrast, petrochemical and steel exports edged down on weak oil prices and global oversupply. Exports to the United States slipped 1.4 percent to $10.27 billion, dragged by a 2 percent fall in car sales. Shipments to China inched up 0.5 percent to $11.68 billion, ending a four-month slide, while most other regions recorded growth. Imports increased 8.2 percent to $56.39 billion, with energy purchases down 8.8 percent but non-energy imports up 12.5 percent. The monthly trade surplus widened to $9.56 billion, the largest for September since 2018. For the year to date, the surplus reached $50.47 billion, up $13.85 billion from a year earlier. “The robust trade results are meaningful, as they were achieved despite external headwinds such as U.S. trade barriers,” Trade Minister Kim Jung-kwan said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:48:41

Kakao rolls out 'Kakao Travel Pack' in 16 languages SEOUL, October 01 (AJP) - Kakao announced on Monday it will run a 'Kakao Travel Pack', mobility services in 16 languages, aiming at foreign visitors. The campaign aims to assist the increasing number of tourists expected due to global content popularity and the Asia-Pacific Economic Cooperation (APEC) summit. The 'Kakao Travel Pack' includes KakaoTalk, KakaoMap, and K-Ride, services popular among foreigners. KakaoTalk supports 16 languages, including English, Japanese, and Chinese, and offers free voice and video calls, local communication through open chat, and reservation services. KakaoMap provides rankings for restaurants and attractions and real-time public transport information. K-Ride, a mobility app for foreigners, supports four languages, allowing tourists to use KakaoT Blue, Venti, Black, and premium taxi services without language or payment issues. These services are available in over 30 countries, including the U.S., Japan, and Europe. To enhance accessibility, Kakao is advertising at key locations like Incheon International Airport, Myeongdong, and Seoul Station, and promoting on global social media platforms like Instagram and TikTok. This initiative responds to the growing demand for tourism. According to the Korea Tourism Organization, 15.6 million foreign tourists visited South Korea from January to August, a 15.8% increase from the previous year. The APEC summit and visa exemptions for Chinese group tourists are expected to further boost numbers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 12:49:10

LG Elec eyes $1.8 bn Indian IPO, third largest in India for 2025 SEOUL, October 01 (AJP) - The Indian unit of South Korea’s household white-goods giant LG Electronics has set its initial public offering (IPO) price band at ₹1,108 to ₹1,140 per share, targeting up to $1.8 billion in proceeds. The listing, scheduled for Oct. 14, marks the third-largest IPO in India this year and second largest Korean IPO in the country following last year’s $3.3 billion Hyundai Motor India listing. Like Hyundai, LG’s IPO will be structured entirely as an offer for sale (OFS), with the Korean parent divesting a 15 percent stake—over 101 million shares—in its Indian subsidiary. Under the OFS format, no new equity will be issued, meaning the Indian unit itself will not receive funds from the flotation. If priced at the upper end of the band, LG Electronics India would command a valuation of over $12 billion. Proceeds will be channeled into future growth strategies at the group level, including equity investments, mergers and acquisitions, and B2B expansion aimed at bolstering long-term competitiveness. Some of the funds may also return to shareholders. India’s fast-growing home appliance market underpins LG’s confidence. Despite its 1.4 billion population, penetration of refrigerators, washing machines, and air conditioners remains relatively low, leaving substantial room for growth. Since its entry in 1997, LG has built an extensive local presence with two manufacturing bases, 51 regional offices, and more than 780 branded shops. A third factory at Sri City is underway to expand production capacity. Analysts expect LG to leverage IPO proceeds into strategic investments and partnerships, including backing promising startups and pursuing M&A opportunities, as it positions itself for the next decade of competition in India’s booming consumer market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 11:07:52

South Korea, US agree to launch dedicated visa desk in Seoul SEOUL, October 1 (AJP) - South Korea has agreed with the U.S. to set up a dedicated visa desk at the U.S. Embassy in Seoul to streamline visa processes for South Korean companies investing in the U.S. The decision was made after the two sides met in Washington, D.C. on Tuesday for their first meeting since forming a working group to address the issue. The Ministry of Foreign Affairs here said the desk is expected to launch sometime in October, with details to be announced on the U.S. Embassy's website soon. The meeting was attended by officials from both countries' foreign, labor, and other relevant ministries, including Kevin Kim, a senior official from the U.S. State Department's Bureau of East Asian and Pacific Affairs. The U.S. clarified the activities allowed for workers under the B-1 business visa, confirming that they can apply for it to provide services including the installation and repair of equipment and devices in the U.S. The same activities are also permitted those under the Electronic System for Travel Authorization (ESTA). The clarification comes after a sweeping raid by U.S. immigration authorities, which detained more than 300 South Koreans, mostly employees of Hyundai Motor Group and LG Energy Solution, working at a joint electric vehicle battery plant under construction in Georgia, who held either ESTA or B-1/B-2 visas. Agreeing to strengthen cooperation between South Korean consulates and U.S. immigration agencies, the U.S. pledged to prevent similar incidents from happening again. South Korea stressed the need to fundamentally improve its visa-issuance process to facilitate investment and implement projects there, while the U.S. admitted legislative hurdles but pledged to come up with feasible solutions. LG Energy Solution welcomed the establishment of the dedicated visa desk, thanking the government for the swift measure. "We will thoroughly prepare and work diligently to complete the construction and operation of our U.S. plants as scheduled," the company said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 10:12:42