Gmarket-Aliexpress merger gets conditional approval from anti-trust regulator SEOUL, September 18 (AJP) - South Korea’s Fair Trade Commission (FTC) has conditionally approved the high-profile merger between an affiliate of Shinsegae Group and Chinese e-commerce powerhouse Alibaba Group's Korean unit. On Thursday, the commission announced its decision to greenlight the merger of Shinsegae affiliate Gmarket and Alibaba's AliExpress Korea, but only under strict conditions designed to prevent the two companies from sharing consumer data and to ensure their platforms operate independently. The FTC's primary focus was on the potential anti-competitive effects of combining the vast datasets of the two e-commerce platforms. Gmarket holds information on over 50 million members in South Korea, while Aliexpress has global purchase data spanning more than 200 countries. The commission warned that combining this data with Alibaba's advanced AI and cloud technology could raise market entry barriers, and stifle innovation. A new joint venture, Grand Opus Holding, was established to house both Gmarket and Aliexpress Korea. The merger followed Apollo Korea, a Shinsegae affiliate, acquiring a 50 percent stake in Grand Opus Holding in January. The regulator’s concern was particularly pronounced in the rapidly growing domestic online direct purchase market. The FTC noted that the share of Chinese direct purchases has surged, rising from 35 percent in 2022 to 60 percent in 2024. Within this market, Aliexpress holds a leading 37.1 percent share, while Gmarket has a 3.9 percent share. The merger could boost their combined market share to 41 percent. Lee Byung-geon, the director of the Corporate Merger Review Bureau, emphasized the importance of the ruling. "We will continue to scrutinize the effects of data integration in mergers and conduct in-depth research on its impact on competition and consumer welfare," he stated. "Our goal is to foster innovative investment in the digital era and protect consumer welfare in the online platform market." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-18 13:58:11

OPINION: China keeps 'doing right thing' SEOUL, September 18 (AJP) - Recent surveys by multiple international polling agencies show that global public opinion toward China continues to improve, with the country's image gaining wider recognition around the world. This growing recognition reflects China's commitment to "doing the right thing" and demonstrates the international community's affirmation of China's development path. Such acknowledgment stems from China's confidence in pursuing openness and international engagement. "Friendly, secure, and efficient," wrote a journalist from Argentine newspaper Clarin after a recent stay in China. Over the years, China has steadily advanced high-level opening up and streamlined policies to facilitate people-to-people and cultural exchanges. So far, China has introduced unilateral visa-free entry and mutual visa exemption agreements with 75 countries, and expanded the number of countries eligible for visa-free transit to 55 countries. In the first half of this year, foreign nationals made 38.05 million cross-border trips to and from China in the first half of 2025, up 30.2 percent year on year, accounting for 71.2 percent of total foreign entries and representing a 53.9 percent year-on-year increase. International audiences are increasingly experiencing China firsthand through growing visitation. These encounters reveal a multifaceted nation whose authentic reality travelers actively share through global social platforms. At the same time, Chinese cultural products, whether trendy toys, blockbuster films, or hit video games, are winning fans worldwide. With their unique blend of warmth and creativity, they bring people closer together, spark emotions that transcend borders, and write new chapters in cross-cultural exchanges. Recognition also comes from China's genuine commitment to sharing the benefits of development. The facts speak for themselves: China's contribution to world economic growth has stayed at around 30 percent over the years. In 2024, China's energy consumption per unit of GDP was 11.6 percent lower than in 2020 - equivalent to reducing carbon dioxide emissions by 1.1 billion tonnes. The country has remained the world's largest manufacturing country for 15 consecutive years. Recent briefings on the 14th Five-Year Plan implementation further confirm that China's high-quality development paradigm energizes worldwide economic expansion, creating vast opportunities for modernization worldwide. China fundamentally integrates its development within humanity's broader progress and seeks to move forward together with others toward shared prosperity. Today, China is a major trading partner of over 150 countries and regions. High-quality Belt and Road cooperation has become a path of opportunity and well-being that is increasingly felt by people across the globe. According to a survey by the Pew Research Center, across the nine middle-income countries surveyed, a 72 percent median say Chinese companies are good for their country's economy. This result demonstrates that cooperation with China delivers real, tangible benefits that improve people's lives. Recognition further arises from China's sense of proactive role in global governance. As noted by Australian media, China increasingly engages as a stabilizing force in a fragmented world. It has promoted peaceful solutions to international hotspot issues and encouraged dialogue on the Ukraine crisis, the Palestinian-Israeli conflict, and the situation in Afghanistan, while also helping to broker reconciliation between Saudi Arabia and Iran as well as among Palestinian factions. Looking ahead, China has pledged to announce its 2035 nationally determined contributions covering all economic sectors and all greenhouse gases before the United Nations Climate Change Conference in Belem, Brazil. It has released the Global AI Governance Action Plan, established a global AI governance innovation center, and proposed the creation of a world AI cooperation organization. Together with 32 other countries, China also launched the International Organization for Mediation (IOMed), filling a gap in global mediation mechanisms. In a world of uncertainty and change, China has kept humanity's future and people's well-being at heart, demonstrating the responsibility expected of a major country. As one commentary observed, "China always focuses on doing the right thing." The rise of China's global standing is the outcome of decades of careful planning, peaceful development, sincere cooperation, and cultural confidence. By remaining committed to "doing the right thing," China will continue to engage the world with openness and inclusiveness, advance on the winds of win-win cooperation, and present itself as a nation that is trustworthy, admirable, and respectable, sharing opportunities for development with all countries and working together for a better future. (Pei Guangjiang and Wang Di are senior editor and international affairs commentator of the International News Department of People's Daily, respectively.) 2025-09-18 12:44:23

Turkish ambassador underscores friendship at Seoul screening of war film Ayla SEOUL, September 18 (AJP) - Turkish Ambassador to South Korea Salih Murat Tamer underscored the enduring friendship between the two countries at a special screening of the film "Ayla: The Daughter of War" on September 17. "Watching the film Ayla together here in Seoul is not just an opportunity to enjoy a movie. It is a special occasion to reaffirm the brotherly bond forged during the Korean War," he said in his welcome remarks. He added, "The people of Türkiye will forever remember Ayla, who lives on in our hearts as one of the most beautiful symbols of Turkish–Korean friendship." The screening was part of the 7th Diplomacy Week, themed "Connecting the World Together," organized by the Korea Foundation under the Ministry of Foreign Affairs. The weeklong event is designed to showcase public diplomacy in practice, highlighting food, arts, culture, and international exchange to strengthen goodwill toward South Korea. "Ayla: The Daughter of War," directed by Can Ulkay, is a 2017 Turkish production based on a true story from the Korean War. It tells the story of a Turkish sergeant who found a young Korean girl on the battlefield in 1950. Naming her Ayla, he cared for her during the war, forming a bond that endured even after the two were separated. Decades later, the soldier and Ayla reunited in an emotional meeting that became widely known as a symbol of Turkish–Korean friendship. Türkiye is recognized by South Koreans as a "brother country" and its people as "blood brothers." Such recognition grew during the Korean War, when Türkiye deployed 21,212 soldiers to the Korean Peninsula. More than 900 Turkish troops lost their lives, and 462 are buried at the United Nations Memorial Cemetery in the southern port city of Busan. The two nations established official diplomatic ties in 1957, and the wartime sacrifice left a deep imprint on South Korean public memory. Ambassador Tamer reflected on this shared history and the values it represents. "Through this film, we are reminded that friendship, solidarity, and compassion are universal values that transcend borders," he said. "These ties do not belong only to the past, but continue to shape the cooperation and goodwill between our countries today." 2025-09-18 12:14:03

PHOTOS: BIFF 2025 SEOUL, September 18 (AJP) - The Busan International Film Festival (BIFF) has officially commenced its 10-day event, celebrating its 30th anniversary this year. The festival began with an opening ceremony on the evening of Sept. 17 at the Busan Cinema Center's outdoor theater. The outdoor theater, with its 5,000 seats, was completely filled with enthusiastic spectators. A wave of cheers and applause greeted a host of actors and directors as they made their way down the red carpet. The opening ceremony was hosted by actor Lee Byung Hun. The festival's lineup includes 328 films, which will be screened through Oct. 26. 2025-09-18 10:52:04

South Korea pushes for easing US rules on shipbuilding cooperation SEOUL, September 18 (AJP) - South Korea's defense procurement chief said in Washington, Wednesday (local time), that talks are advancing with the United States on shipbuilding and defense industry cooperation, including the long-delayed Reciprocal Defense Procurement Agreement, which would allow Korean companies greater access to U.S. contracts. Seok Jong-geon, head of South Korea’s Defense Acquisition Program Administration (DAPA), said he is focusing on addressing legal obstacles that have hampered collaboration between their shipbuilding sectors. He is scheduled to meet senior U.S. defense and navy officials to press the issue further. At the heart of the problem are longstanding U.S. regulations such as the Jones Act, which restricts foreign shipbuilders’ participation in the American market by requiring vessels operating between U.S. ports to be built domestically. South Korean shipbuilders — including Hyundai Heavy Industries and Hanwha Ocean — are world leaders in both commercial and military ship construction, but they face tight limits when it comes to direct involvement in U.S. naval and commercial projects. “The leadership of both countries must act swiftly to resolve these barriers,” Seok said, adding that South Korean firms are eager to expand cooperation. Hanwha’s overseas shipyard in the Philippines, he noted, cannot by itself meet U.S. requirements for new vessels. To bridge the regulatory gap, Seok proposed several models of cooperation. These include prioritizing Korean-made parts for U.S. ships, assembling ships in U.S. shipyards from pre-fabricated blocks built in Korea, and constructing ships in Korea to a basic operational level before installing sensitive systems in the United States. Such hybrid approaches, he said, could boost U.S. shipbuilding capacity while safeguarding national security concerns. The talks come as the U.S. Navy struggles with production bottlenecks and cost overruns in its shipbuilding programs, while South Korea’s shipyards continue to rank among the most competitive globally. For decades, Korean companies have been dominant in commercial shipbuilding — particularly LNG carriers — and are now expanding aggressively into naval vessels, including destroyers, submarines and amphibious ships. Another item under negotiation is the U.S.–South Korea Reciprocal Defense Procurement Agreement (RDPA), which would allow the two countries to treat each other’s defense companies as domestic suppliers in government contracts. While Seoul has pressed for the deal, Washington has delayed approval amid concerns about potential impacts on U.S. workers and shipyards. Seok expressed optimism that the RDPA could be concluded once remaining U.S. procedures are resolved, saying it would strengthen alliance-based defense supply chains. “This agreement is critical to overcoming protectionist barriers and enabling practical cooperation in naval shipbuilding,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-18 10:20:44

Discussions 'underway to bring back South Korean workers' amid calls for US visa overhaul SEOUL, September 18 (AJP) - Discussions are reportedly underway to facilitate the return of South Korean workers who opted to "voluntarily" leave the U.S. earlier this month after being detained for about a week in an immigration crackdown in Georgia. Local daily Savannah Morning News reported Wednesday that there are "a lot of discussions about getting them back," quoting Trip Tollison, president and CEO of the Savannah Economic Development Authority, an independent organization which works closely with the Georgia state government to promote regional economic growth. Expressing the importance of retaining "sophisticate, talented South Koreans here installing battery equipment," Tollison said they are the "only ones who can install and teach future employees how to use the technology." He added, "The frustration, and I feel it too, is that there's no other entity in the world that has this proprietary technology that has to be installed by certain individuals. We are relying on South Korea." But Tollison did not provide details on specific steps being taken. Moreover, it remains uncertain whether these "frightened" workers would want to return unless visa-related issues are fully resolved. Some 316 South Koreans, mostly employees of Hyundai Motor Group and LG Energy Solution, fled back home last week after being caught on Sept. 4 in the largest single-site workplace raid in the history of the Department of Homeland Security. They had been working at a joint electric vehicle battery plant under construction in Folkston, a small town in southeast Georgia. The raid occurred after immigration authorities alleged that they had been working at the site without valid work permits, having entered the U.S. under either the Electronic System for Travel Authorization (ESTA) or short-term B1 business visas. Regarding the matter, Georgia Governor Brian Kemp earlier this week called for an overhaul of the U.S. visa system. "This is not just Hyundai's issue; many companies face similar challenges," he said, expressing concern that a similar incident could "deter" foreign investment in Georgia. Chris Clark, president of the Georgia Chamber of Commerce, also spoke out on the matter. "What we've heard consistently is that we need to reform the visa program in America, whether it's for farm workers, whether it's for our workers," he said. "These are temporary workers who come here, they train up Americans, they bring unique expertise and knowledge to this state and we need a visa system that allows them to do their jobs." 2025-09-18 10:16:00

Naver CEO joins UN Global Compact board SEOUL, September 18 (AJP) - Naver Chief Executive Choi Soo-yeon has been appointed to the board of the United Nations Global Compact, becoming the first Korean to join the sustainability initiative's governing body in 17 years, the Korean internet giant said Thursday. The appointment recognizes Choi's pioneering role in shaping international discourse on artificial intelligence governance and establishing ethical frameworks for AI development across the technology sector, it said. Choi will serve a three-year term on the board of the world's largest corporate sustainability initiative. The UN Global Compact, which encompasses about 25,000 companies and institutions across 167 countries, promotes responsible business practices through ten principles spanning human rights, labor, environment and anti-corruption. The organization has guided corporate sustainability efforts since its establishment in July 2000. "Choi Soo-yeon brings deep expertise on how digital companies can create value and scale globally while upholding principles on responsible and sustainable business," said Sanda Ojiambo, the UN Global Compact's Executive Director. "We look forward to her participation on our Board as we mobilize business to deliver the Sustainable Development Goals." Choi spearheaded critical AI safety initiatives this year, including unveiling an AI Safety Framework in June to identify and manage potential risks throughout AI systems' lifecycles. She also participated in February's AI Action Summit in Paris, where she articulated her vision for securing diversity in the digital ecosystem alongside global technology leaders. Choi will attend her first board meeting as a new director at UN headquarters in New York on Friday (local time), where she is expected to advance cross-border discussions on building secure and trustworthy AI governance frameworks. 2025-09-18 10:06:30

Fed rate cut opens door for Bank of Korea to loosen policy SEOUL, September 18 (AJP) - The Bank of Korea is widely expected to cut its benchmark interest rate as early as next month, after the U.S. Federal Reserve lowered borrowing costs for the first time in nine months, easing pressure on Korea’s currency and capital markets. The Fed’s decision on Wednesday (local time) to trim its policy rate by 0.25 percentage points to a range of 4 to 4.25 percent narrowed the gap with South Korea’s rate from a record 2 percentage points to 1.75. That reduction has given the BOK more space to address domestic economic challenges, which include sluggish growth, weak consumption and mounting financial risks. “If the U.S. rate cut is implemented and foreign exchange market volatility eases, we will have more room to focus on domestic conditions,” BOK Deputy Governor Park Jong-woo said in a recent monetary policy briefing. South Korea’s economy, Asia’s fourth-largest, has been struggling to regain momentum amid soft exports, tepid domestic demand and a prolonged slump in consumer sentiment. A prolonged downturn in the semiconductor cycle — the country’s top export driver — has further weighed on business investment and household income. Adding to the pressure, private consumption has stagnated under the weight of high borrowing costs and record household debt. Analysts say this backdrop makes a rate cut at the BOK’s Oct. 19 meeting increasingly likely. “From a growth perspective, we also need to lower our rates,” said Joo Won, an economist at the Hyundai Research Institute, predicting an October move. An Jae-gyun, a senior researcher at Korea Investment & Securities, argued that a rate cut paired with government fiscal stimulus would amplify the impact of spending. Still, policymakers face a delicate balancing act. South Korea’s housing market has defied tighter financial conditions, with Seoul home prices continuing to climb and speculative demand showing signs of revival. A rate cut could stoke further borrowing and worsen financial vulnerabilities. “As the upward trend and expectations for further rises in Seoul’s housing prices are still significant, it is necessary to decide on the timing of an additional rate cut after examining the effects on housing price expectations,” BOK board member Lee Su-hyung cautioned in a report last week. 2025-09-18 09:40:45

Belgium highlights business opportunities with S. Korea on biotech, life science innovation SEOUL, September 17 (AJP) - Belgium and South Korea spotlighted cooperative spirits in joining hands on life sciences during a business forum held Wednesday at the Shilla Seoul in the Jung District. Around 70 diplomats, business leaders, and special guests attended the seminar. Both Belgium Deputy Prime Minister and Minister of Employment, Economy and Agriculture David Clarinval and Deputy Prime Minister and Minister of Foreign Affairs, European Affairs and Development Cooperation Maxime Prévot stressed the importance of economic relations with South Korea. "Belgium is a trustworthy and reliable economic partner, committed to long-term, transparent collaboration," said Deputy Prime Minister David Clarinval, recalling his meeting with his South Korean counterpart Koo Yun-cheol earlier today. "We come with no hidden agendas – only a sincere desire to build mutually beneficial partnerships. This commitment opens the door to joint initiatives in key sectors such as life sciences and biotechnology." Investing more than 3 percent of GDP on research, Belgium stands as a long-time biotech powerhouse of Europe. The bilingual nation continues its growth in biotech, listing in March 2024 that its biotech companies reached a combined market capitalization of €66.8 billion, a 42.7 percent increase year-on-year. “Our country boasts thriving clusters of excellence in biopharma, nuclear medicine, vaccines, green chemistry, and more. These hubs of innovation are supported by strong academic institutions, cutting-edge research, and a collaborative ecosystem that fosters breakthroughs and accelerates delivery to global markets,” said Deputy Prime Minister Maxime Prévot. Deputy Minister Maxime Prévot reminded the audience that 2026 is the 125th year the two nations celebrate diplomatic relations; a partnership strengthened by military cooperation during the Korean War in the 1950s. The event also showcased Belgium's strength in biotech sectors spurring from academic excellence to science parks dedicated to biomedical research and powered by quantum computing, respectively representing the northern Dutch-speaking Flanders, the southern French-speaking Wallonia, and the capital region of Brussels. Hwang Su-jin, general manager of UCB Korea, the Korean branch of the Belgian pharma giant, congratulated the bilateral cooperation as the final speaker. 2025-09-17 22:23:57

S.Korean firms hold off action after ICE detentions SEOUL, September 17 (AJP) - South Korean major companies with multibillion-dollar ventures in the United States are biding their time or adopting stopgap measures as they assess the fallout from the immigration raid at a Korean battery plant in Georgia. LG Energy Solution has suspended the final-stage construction of a $6 billion joint-venture battery plant with Hyundai Motor following the surprise raid by the Immigration and Customs Enforcement and arrest of 475 workers. The battery maker is exploring remote oversight as a temporary alternative. "If we could do things remotely, we would not have had to send workers (despite visa issues). We are discussing with partner companies whether some tasks could be handled through remote supervision," a company official said. Of the 317 detained Korean workers, 170 entered under the visa waiver program (ESTA) and 146 on short-term business or tourist visas (B1/B2). One had a valid employment authorization document (EAD), but was arrested nonetheless. "Work (at the site) is on hold until the U.S. and Korean governments give clear guidance (on permits). We are waiting for the U.S. government’s instruction to resume operations," the official said. The visa turmoil is reverberating across other Korean projects in the U.S. Samsung Electronics’ chip division is building a foundry in Texas worth 50 trillion won ($37 billion). Hyundai Motor Group is investing 6.7 trillion won ($5 billion) with SK On in a battery plant in Bartow County, Georgia. Hanwha Solutions is building a solar module plant in Georgia worth 3.1 trillion won ($2.3 billion). Hyundai Motor has instructed employees to put off business trips to the U.S. until further notice. "There are too many different types of business trips to apply one blanket rule, so we are monitoring the situation closely. For now, we expect the construction to be delayed by about two to three months," a company official said. Hanwha Solutions likewise said it is holding off U.S. trave and project acceleration until visa uncertainties are lifted. 2025-09-17 21:07:06