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  • Lee invites Pope Leo XIV to Seoul in hopes for Vatican peace diplomacy
    Lee invites Pope Leo XIV to Seoul in hopes for Vatican peace diplomacy SEOUL, June 16 (AJP) - South Korean President Lee Jae Myung on Monday invited Pope Leo XIV to visit Seoul for the 2027 World Youth Day gathering, raising hopes that the trip could become a stepping stone toward the first papal visit to North Korea as Seoul revives its push for peace on the Korean Peninsula. The invitation came during Lee's 30-minute one-on-one meeting with the pope at the Vatican, where the two leaders discussed dialogue, reconciliation and ways to improve relations between the two Koreas. The meeting marked the first known discussion between Lee and Pope Leo XIV on Korean Peninsula issues since the pontiff's election earlier this year and signaled Seoul's intention to once again enlist the Vatican's moral authority to support regional peace efforts. National Security Adviser Wi Sung-lac said Lee explained South Koreans' aspirations for peace and outlined his government's policy vision while reaffirming the Vatican's support for reconciliation. "Both sides shared the view that dialogue, reconciliation and cooperation remain necessary despite current difficulties," Wi told reporters. According to South Korean officials, ways to improve inter-Korean relations were discussed, and the possibility of a future papal visit to North Korea was also believed to have been raised, although neither side disclosed details. The Vatican later issued a statement confirming Lee's audience with the pope as well as his separate meeting with Vatican Secretary of State Cardinal Pietro Parolin. No pope has ever visited North Korea despite repeated efforts over the past quarter-century. The first notable attempt came in 2001, when South Korean Catholic leaders formally asked Pope John Paul II to visit Pyongyang, arguing that such a trip could help advance reconciliation between the two Koreas. Church officials at the time said North Korean leader Kim Jong Il had indicated a willingness to invite the pope. The strongest push came in 2018 during a period of active inter-Korean diplomacy. Then-President Moon Jae-in personally conveyed North Korean leader Kim Jong-un's invitation to Pope Francis during a visit to the Vatican. Francis responded positively, saying he would be willing to visit if he received a formal invitation from Pyongyang. South Korean officials said at the time that the pope strongly supported efforts to advance peace on the Korean Peninsula and encouraged Seoul to continue pursuing dialogue. Despite those exchanges, the visit never materialized as diplomatic momentum faded. The idea also survived into the administration of former President Yoon Suk Yeol. Rep. Kwon Young-se, a five-term lawmaker who served as unification minister under Yoon, told AJP that Pope Francis had been particularly enthusiastic about visiting North Korea. "Cardinal Lazarus You Heung-sik, who is close to the pope, was also very supportive of a visit to North Korea, so I discussed the issue of a papal visit with him many times," Kwon said. According to Kwon, the Vatican had already created a favorable atmosphere internally and made its own efforts to facilitate such a trip. However, Pyongyang never responded. "The Catholic Church, unlike Protestantism or Buddhism, exclusively dispatches priests from the Vatican, and I heard from the Vatican that North Korea is very uncomfortable with priests entering the country from outside," he said. "I hope a papal visit to North Korea can be realized, but it will probably be very difficult to make it happen," he added. Still, Seoul sees an opportunity in 2027. South Korea will host 2027 World Youth Day, one of the Catholic Church's largest global events, which typically attracts hundreds of thousands of young pilgrims from around the world. If Pope Leo XIV accepts Lee's invitation, it would mark the first papal visit to South Korea since Pope Francis visited in 2014. 2026-06-16 11:05:51
  • KOTRA Completes Global Program to Support Deep Tech Companies Entering North America
    KOTRA Completes Global Program to Support Deep Tech Companies Entering North America The Korea Trade-Investment Promotion Agency (KOTRA) announced on June 16 that it has successfully completed its global outreach program aimed at helping deep tech innovative companies attract overseas investment. In May, KOTRA conducted three preparatory training sessions for ten deep tech companies from the Daejeon area. These sessions covered practical topics, including preparing for technology validation (Proof of Concept), investment presentation techniques, and strategies for protecting intellectual property. Following the training, the participating companies began their activities in Toronto, Canada, on June 16, engaging in investment presentations and one-on-one business consultations with over 60 local investors, startup incubators, and potential buyers over two days. KOTRA's Toronto office and the city of Daejeon collaborated to showcase the advantages of South Korea's advanced industrial landscape and investment environment. A representative from YSpace, a Canadian startup support organization, also provided tailored consultations on market entry strategies and localization. The ten participating companies are promising technology firms specializing in artificial intelligence (AI)-based renewable energy solutions, digital healthcare, nuclear and radioactive waste management, biotechnology, and robotics and smart technologies. To enhance the program's effectiveness, KOTRA partnered with various organizations, including the Consulate General of the Republic of Korea in Toronto, the Daejeon Creative Economy Innovation Center, Daejeon Technopark, Daejeon Job Economy Promotion Agency, and KAIST Holdings. Deep tech refers to technology sectors that require long-term research and development (R&D) and investment, based on advanced science and engineering. Although initial costs are high and commercialization can take a long time, once established in the market, these technologies can create significant barriers to entry, making them a focus for future growth in the global market. KOTRA Vice President and Head of the AI Trade and Investment Division, Ahn Young-joo, stated, "Thorough preparation is crucial for our deep tech companies to gain proper recognition for their technological capabilities in the North American market. Through KOTRA Academy's practical, tailored training, we will strengthen their global outreach capabilities."* This article has been translated by AI. 2026-06-16 11:04:00
  • Real Estate Preferences Diverge Between Capital and Non-Capital Regions as Seouls Market Sentiment Surpasses 135
    Real Estate Preferences Diverge Between Capital and Non-Capital Regions as Seoul's Market Sentiment Surpasses 135 Consumer sentiment in the real estate market is rapidly recovering, particularly in the capital region. While the national index remains stable, the capital area has entered an upward phase, highlighting a significant divergence from non-capital regions. According to the "May 2026 Real Estate Market Consumer Sentiment Survey" released by the Korea Research Institute for Human Settlements on June 16, the national housing market sentiment index rose by 3.1 points to 114.9 compared to the previous month. The capital region's index increased by 4.5 points to 122.1, maintaining its upward trend, while the non-capital region saw a modest increase of 1.2 points to 106.3. The gap in housing market sentiment between the two areas widened to 15.8 points. Overall consumer sentiment in the real estate market followed a similar trend. The national real estate market sentiment index rose by 2.7 points to 111.4, remaining stable. However, the capital region's index climbed by 3.9 points to 118.4, transitioning into an upward phase. In contrast, the non-capital region's index increased by only 0.9 points to 103.3, expanding the gap with the capital region to 15.1 points. In the housing transaction market, the concentration in the capital region was even more pronounced. The national housing transaction sentiment index rose by 4.7 points to 116.7, marking a shift to an upward phase. The capital region's index surged by 6.1 points to 125.2, while Seoul's index skyrocketed by 10.7 points to 135.6. Notably, Seoul's housing transaction sentiment surpassed the critical threshold of 135, indicating a stronger recovery in buyer sentiment. In a regional survey conducted in May regarding housing prices, 4.1% of respondents in Seoul indicated that prices had "increased significantly," while 51.3% said they had "somewhat increased." Overall, 55.4% of respondents reported a rise in prices. In comparison, the national average for price increases was only 27.4%, highlighting a more pronounced perception of rising prices in Seoul. Regionally, the largest increase in housing transaction sentiment was observed in Gwangju, which rose by 13.9 points, followed by Seoul at 10.7 points and Jeju at 6.4 points. Conversely, Chungnam saw a decline of 5.0 points, and Busan dropped by 2.6 points. This suggests that the recovery in transaction sentiment is concentrated in Seoul and the capital region, rather than being evenly distributed across the country. The gap between the capital and non-capital regions was also evident in the rental market. The national housing rental market sentiment index rose by 1.7 points to 113.2. The capital region's index increased by 3.0 points to 119.0, maintaining its upward trend, while Seoul's index rose by 4.8 points to 124.2. In contrast, the non-capital region's index only increased by 0.2 points to 106.3. Rental supply concerns were particularly pronounced in Seoul. In a survey on rental housing trends, 65.8% of respondents reported that "there were many people looking to rent," while only 8.9% indicated that "there were many landlords looking to rent." In a separate survey on rental prices, 64.3% of respondents in Seoul noted that rental prices had increased, confirming both a demand advantage and a perception of rising prices. In contrast, the land market exhibited a different trend. The national land market sentiment index fell by 1.9 points to 79.1, continuing its downward trajectory. Both the capital region and non-capital region remained in a declining phase, with indices of 85.0 and 76.2, respectively. While housing transaction and rental sentiment showed signs of recovery, the land market remains subdued. An industry insider commented, "With the rapid recovery of transaction sentiment centered in Seoul and the accompanying rental supply concerns, major areas in the capital region may see a corresponding increase in transaction volume and price trends. However, the recovery strength in non-capital regions is weak, and the land market remains in a downward phase, suggesting that the temperature difference in the market will persist for the time being."* This article has been translated by AI. 2026-06-16 11:04:00
  • KOSPI higher while other Asian markets on hold on expected rate hike in Japan
    KOSPI higher while other Asian markets on hold on expected rate hike in Japan SEOUL, June 16 (AJP) -South Korea's benchmark index maintained its upward momentum from the preliminary U.S.-Iran peace deal, bucking a broadly cautious mood across Asia as investors awaited an expected rate hike from the Bank of Japan. As of 10:30 a.m., the benchmark KOSPI stood at 8,610.00, up 0.8 percent from the previous session. The index moved between an intraday high of 8,747.48 and a low of 8,540.41. The KOSPI 200 rose 0.9 percent to 1,372.00, after moving between an intraday high of 1,396.59 and a low of 1,357.84. Foreign investors bought 52.5 billion won ($34.7 million) worth of shares on the main bourse, as institutions purchased 210.9 billion won. Retail investors sold 266.3 billion won. Defense and aerospace shares led gains in Seoul, with the sector rising 9 percent. Firstec jumped 23 percent to 9,880 won, while LIG Defense & Aerospace surged 20.8 percent to 1,021,000 won. Hanwha Systems also advanced 7.8 percent to 107,300 won. Construction shares also rallied on expectations that reconstruction projects in the Middle East could gain momentum after the conflict. The construction sector rose 7.5 percent, led by Ilsung Construction, which climbed 30 percent to 1,677 won, and Sangji Construction, which gained 27.1 percent to 9,500 won. Among major construction names, Daewoo Engineering & Construction rose 17.5 percent to 26,850 won, while DL E&C gained 11.5 percent to 88,100 won. Trading companies and distributors also advanced, with the sector up 4.5 percent. POSCO International rose 6 percent to 63,700 won, while Hyundai Corp. gained 1.2 percent to 25,750 won. Large-cap technology shares were mixed. SK hynix rose 1.8 percent to 2,328,000 won, while Samsung Electronics slipped 0.2 percent to 336,500 won. LG Innotek gained 4.9 percent to 1,268,000 won. Other major names were weaker. Hyundai Motor fell 2.6 percent to 630,500 won, while HLB dropped 5.6 percent to 42,950 won. The TIGER U.S. Space Tech ETF declined 5.9 percent to 12,060 won. The secondary KOSDAQ fell 1.1 percent to 1,022.50, after moving between a high of 1,040.86 and a low of 1,016.39. Retail investors bought 333.5 billion won, while foreign investors and institutions sold 176.5 billion won and 145.2 billion won, respectively. The won strengthened 0.2 percent to 1,512.50 against the U.S. dollar, as the prospect of a peace deal lifted risk sentiment and eased concerns over oil supply disruptions. Oil prices edged higher Tuesday after tumbling nearly 5 percent in the previous session. West Texas Intermediate rose 0.5 percent to $81.10 a barrel, while Brent crude gained 0.4 percent to $83.50, as investors awaited further details on the agreement, which is expected to be signed in Switzerland on Friday. The preliminary deal is expected to reopen the Strait of Hormuz and restore the free flow of crude oil from the Persian Gulf, though Washington and Tehran have yet to disclose the full terms of the memorandum. Shipping companies have remained cautious, delaying some vessels through the route until there is greater clarity. Japan's Nikkei 225 fell 0.2 percent to 69,199.50, China's Shanghai Composite slipped 0.2 percent to 4,087.60, and Hong Kong's Hang Seng Index declined 0.6 percent to 24,720.00. 2026-06-16 11:03:02
  • Popes Visit to South Korea Could Mark a New Beginning for Peace on the Korean Peninsula
    Pope's Visit to South Korea Could Mark a New Beginning for Peace on the Korean Peninsula President Lee Jae-myung met with Pope Leo XIV at the Vatican, where he requested the Pope to visit South Korea next year for the World Youth Day (WYD) in Seoul. During their discussion, they addressed issues related to peace on the Korean Peninsula and improving inter-Korean relations, with the topic of a papal visit to North Korea also being raised. The Vatican expressed its support for South Korea's peace efforts and promised continued interest and backing. The Pope's visit to South Korea would carry significant implications. As the leader of 1.4 billion Catholics worldwide, his presence could send powerful messages to both South Korean society and the international community. The 2027 WYD in Seoul is expected to be a large-scale international event, showcasing South Korea's status and dynamism while promoting values of hope and solidarity among young people globally. Particularly noteworthy is the possibility of a papal visit to North Korea. President Lee previously discussed this with Cardinal Yu Heung-sik last year. This time, he directly conveyed the national desire for peace on the Korean Peninsula and the government's vision during his meeting with the Pope. The Vatican reportedly acknowledged the importance of dialogue, reconciliation, and cooperation, showing interest in playing a role in achieving peace on the peninsula. A papal visit to Pyongyang would not merely be a religious event; it could symbolize a thaw in tensions and an improvement in inter-Korean relations. Historically, the Pope has often visited sites of conflict and division, transcending politics and ideology. During the Cold War, the Vatican played a crucial role in the democratization of Eastern Europe and has consistently promoted reconciliation and dialogue in international conflict zones. However, the current reality is challenging. Discussions about a papal visit to North Korea took place during the Moon Jae-in administration but did not materialize. At that time, inter-Korean summits were held, and North Korea expressed an invitation, but it ultimately did not happen. The current state of inter-Korean relations is much more strained than it was then. A visit to North Korea is realistically difficult unless an invitation is extended by the North. Cardinal Yu has stated that "the decision on a visit depends on North Korea," reflecting this reality. Nevertheless, there is no reason to abandon hope. Diplomacy operates within the realm of reality, but history sometimes opens doors through symbolism. There have been numerous instances where what once seemed unimaginable became reality through dialogue and trust. The key is to remain persistent. In his meeting with the Vatican's Secretary of State, President Lee quoted the biblical phrase, "Knock, and it will be opened to you." The Vatican responded, emphasizing that "patience is needed, but so is hope." The same applies to peace on the Korean Peninsula; both patience and hope are essential. Above all, there must be a concerted effort to maintain the dialogue. The new government has prioritized restoring inter-Korean relations and achieving peace on the Korean Peninsula as key national objectives. This direction is correct, as peace is not merely the responsibility of a specific administration but a collective task for all of South Korea. A balanced approach is necessary, one that keeps the door open for dialogue and cooperation while upholding security and principles. If the 2027 WYD in Seoul is successfully held, the Pope visits South Korea, and further, travels to Pyongyang, it could become a significant milestone in the history of the Korean Peninsula. We hope that the Pope's visit to Pyongyang will serve as a new starting point for reconciliation and peace between the North and South. 2026-06-16 11:00:00
  • South Korea Eases Investment Regulations for Export-Import Bank to Boost SMEs
    South Korea Eases Investment Regulations for Export-Import Bank to Boost SMEs The South Korean government has decided to significantly relax investment regulations for the Korea Export-Import Bank (KEXIM). This initiative aims to enhance support for small and medium-sized enterprises (SMEs) looking to expand overseas through increased direct and indirect investments by the bank. During the 26th Cabinet meeting held on June 16, the government reviewed and approved a partial amendment to the Enforcement Decree of the Korea Export-Import Bank Act. This amendment follows the revised Korea Export-Import Bank Act, which will take effect on June 24. The new law eliminates the requirement for KEXIM to link loans and guarantees to its direct investments and expands the scope of indirect investments. Under the amendment, the scope of indirect investments by KEXIM will now include venture investment associations under the Venture Investment Act and new technology investment associations under the Specialized Credit Finance Business Act, in addition to existing collective investment schemes under the Capital Market Act. The previous limit on investment amounts, which restricted investments to 25% of the collective investment assets for each investment vehicle, has also been removed. Regarding direct investments, specific criteria have been established to ensure adequate profitability. For KEXIM to proceed with a direct investment, the expected return on the target project must exceed a benchmark return set by the bank. In cases of equity investments in overseas construction projects, investments can only proceed if the return requirements are met and there are years within five years after project completion with positive net cash flow. The exceptions to the previous limit on acquiring shares with voting rights, which was capped at 15%, have also been expanded. The new exceptions now include venture companies as defined by the Special Measures Act for Promoting Venture Businesses and small enterprises as defined by the Framework Act on Small and Medium Enterprises. The government anticipates that this amendment will lay the groundwork for revitalizing investments by KEXIM, thereby strengthening support for SMEs in their overseas expansion efforts. Additionally, it is expected to contribute to enhancing industrial competitiveness and securing economic security.* This article has been translated by AI. 2026-06-16 10:56:00
  • Severance Hospital Launches Development of Worlds First Brain-Controlled Robot
    Severance Hospital Launches Development of World's First Brain-Controlled Robot Severance Hospital has embarked on the development of a "bidirectional brain-robot interface" that moves robots using brain signals and relays sensory feedback back to the brain, marking a world first. The goal is to simultaneously restore movement and sensory functions for patients with paralysis.On June 16, the rehabilitation medicine professor team from Severance Hospital and Gangnam Severance Hospital announced that they have been selected for a joint initiative by the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety to advance the development of this technology. The project will receive approximately 30 billion won, including 20.25 billion won in government funding, by 2032.The core of the research is the "real-time brain-AI-robot integration system." This system will read the patient's movement intentions directly from brain signals, which will be interpreted by artificial intelligence (AI) to control a full-body exoskeleton robot. Simultaneously, tactile, pressure, and posture information detected by the robot will be sent back to the brain, aiming to achieve "bidirectional control" that goes beyond simple assistance to restore sensory functions.Traditionally, rehabilitation therapy has relied on utilizing remaining physical functions or assistive devices. However, the technology to restore the neural circuits connecting movement and sensation has not yet been clinically realized. The research team hopes to overcome these limitations through this project.The study involves nine institutions, including Daegu Gyeongbuk Institute of Science and Technology (DGIST), KAIST, Seoul National University Hospital, Samsung Medical Center, and Pusan National University Hospital. Angel Robotics will oversee the development of the full-body exoskeleton robot, DGIST will focus on brain connection technology, and KAIST will handle AI-based brain signal interpretation. The neurosurgery department at Seoul National University Hospital will be responsible for brain electrode implantation.Severance Hospital and Gangnam Severance Hospital will serve as the central hubs for clinical research. They will be responsible for verifying the clinical suitability of the exoskeleton robot, designing clinical trials, and establishing patient evaluation protocols, effectively performing the "clinical translation" role to validate the practical application for real patients. Professors Na Dong-wook from Severance Hospital and Choi Won-ah from Gangnam Severance Hospital will lead the research.The development will proceed in three phases. From 2026 to 2027, the focus will be on securing high-density cortical invasive electrodes and core technologies. In 2028 to 2029, system integration and clinical trials will be conducted. Finally, from 2030 to 2032, the project aims to complete a medical device that connects the brain interface, AI, and exoskeleton robot through ultra-low-latency communication, seeking approval from the Ministry of Food and Drug Safety and commercialization.The research team stated, "We will systematically verify the clinical efficacy and safety of engineering technologies to ensure they lead to actual patient treatment, aiming to present a treatment paradigm that can fundamentally change the quality of life for patients with paralysis."* This article has been translated by AI. 2026-06-16 10:56:00
  • BTS Sparks Surge in Traditional Market Tourism in Busan
    BTS Sparks Surge in Traditional Market Tourism in Busan As the dazzling stage lights dimmed, thousands of global fans turned away from large shopping malls in the city to explore Busan's traditional markets. During the week of the BTS concert, a domestic credit card company reported that foreign spending in Busan's traditional markets surged by 99.8% compared to the previous week, while spending at department stores and large supermarkets increased by only 3.1%. This shift indicates that international tourists are directing their wallets toward local small businesses rather than large corporations. In the past, foreign group tourists were often confined to a standardized itinerary that included visits to duty-free shops and large malls. Their brief stays typically involved ticking off famous shopping spots. However, today's K-pop fandom is different. Fans are stepping out of concert venues to stroll through narrow market alleys and enjoy local dishes at humble eateries. They are consuming the essence of everyday Korean life. This trend proves that a local ecosystem infused with authentic experiences is a more compelling draw than towering skyscrapers. This consumer behavior serves as a warning to local governments that have focused solely on creating landmarks. The outdated formula of investing hundreds of millions in new buildings and suspension bridges under the guise of promoting tourism must be discarded. Tourists are not flocking to Busan's old markets for flashy attractions; rather, they are drawn by the unique cultural experiences cultivated over time with local residents, which statistics show provide a significant competitive advantage over large infrastructures. In a time when the crisis of population decline in rural areas has reached a critical point, this insight is crucial. The government and local authorities are promoting the expansion of 'resident populations' by increasing the number of long-term visitors as a solution to declining populations. To revitalize towns where young people are leaving and businesses are failing, tourists need to explore every corner of the community. Drawing visitors to spaces rich in unique history and narratives, like Gangneung's coffee street and Jeonju's Hanok Village, is fundamental to local revitalization. The challenge lies in the outdated infrastructure that fails to accommodate these curious visitors. Many foreign tourists are deterred from exploring markets due to outdated payment systems and unclear pricing practices. Restaurants that refuse credit card payments, lack price tags, and have poor hygiene standards can quickly tarnish the positive image that K-content has worked hard to establish. A disappointed tourist is unlikely to return, and negative word-of-mouth spreads much faster than initial excitement. What is urgently needed is an innovation of basic services rather than grand master plans. Multilingual signage that is easily understood by foreigners must be expanded, and fixed pricing should be established. Support for merchants to swiftly adopt global payment systems and effectively utilize translation apps is essential. Furthermore, a comprehensive overhaul of outdated tourism promotion laws is necessary to fundamentally change the dynamics of local markets, akin to a 'tourism revitalization movement.' The central government and local authorities must move beyond superficial administrative gestures, such as setting up temporary information booths, to create a solid foundation that allows visitor flows to seamlessly integrate into the local economy. While the excitement on stage may fade in a few days, the daily life of the alleys remains eternal. The consumer trends observed in Busan's traditional markets clearly outline the path that communities grappling with population decline must take. At this critical juncture, there is an urgent need for astute policy-making that connects the vast waterways opened by K-content to the robust arteries of the local economy. 2026-06-16 10:56:00
  • South Korea Aims to Enhance Tourism Experience Amid World Cup Excitement
    South Korea Aims to Enhance Tourism Experience Amid World Cup Excitement The 2026 North and Central America World Cup has kicked off, with the South Korean national soccer team starting strong with a victory in their first match, reigniting public interest in the sport. The World Cup serves as a platform that highlights not just sports but also the culture and image of participating countries. As people around the world watch the games, many are inspired to visit these nations. Twenty-four years have passed since the 2002 Korea-Japan World Cup, and the global perception of South Korea has significantly changed. In the past, explaining the country required considerable time, but now, K-pop, K-dramas, and K-movies have become integral to daily life worldwide. Interest in Korean cuisine, tourist attractions, and cultural practices has surged, with more people wanting to visit Korea than simply learn about it. The inbound tourism market is recovering rapidly. The government has set a goal of attracting 30 million foreign tourists and is focusing on developing the tourism industry. Given the ongoing population decline and sluggish domestic consumption, tourism is seen as a viable means to revitalize local economies and create new jobs. However, tourism cannot be evaluated solely by numbers. While increasing visitor counts is important, the quality of their experiences is even more crucial. Tourists' first encounters in Korea are not K-pop concert venues or drama filming locations, but rather the transportation network from the airport to their destinations, the accommodation booking process, and the tourist information systems. Factors such as the ease of finding restaurants, the convenience of payment methods, and the safety of late-night travel significantly influence overall satisfaction. A review of the current situation reveals several areas needing improvement. The recurring controversies over accommodation pricing during major events and international gatherings persist. Although there have long been calls to distribute tourism demand from Seoul and the surrounding metropolitan area to other regions, results have not met expectations. To encourage foreign tourists to explore the countryside, attractive content must be complemented by robust transportation, lodging, and information systems. Unfortunately, the reality still has a long way to go. It is encouraging that the government and local authorities are accelerating initiatives such as expanding digital tourism identification and promoting regional culinary tourism. However, merely increasing the number of projects is insufficient. An environment must be created that encourages tourists to visit, stay, and spend in these areas. Without supporting transportation networks, accommodations, and tourist information systems leading to rural areas, the effectiveness of policies will inevitably be limited. The competitiveness of the tourism industry does not stem from grand slogans. Simple elements like clear signage, reasonably priced accommodations, and convenient transportation can transform tourists' memories. Conversely, a single instance of overcharging or rudeness can leave a lasting negative impression. Many people already want to learn about Korea. What is now needed is to make Korea a country where visitors want to stay longer. More important than simply increasing the number of tourists is creating experiences that encourage repeat visits. The World Cup will eventually conclude, but tourism will continue. Before discussing the goal of attracting 30 million foreign tourists, we must first assess whether we are prepared to handle that number. 2026-06-16 10:52:00
  • The Ongoing Impact of the Hormuz Strait on Global Energy Security
    The Ongoing Impact of the Hormuz Strait on Global Energy Security The military conflict between the United States and Iran is nearing an end, with both sides shifting focus from escalation to finding an exit strategy. Although military tensions remain, there is a prevailing atmosphere of seeking resolution. International oil prices are stabilizing amid hopes that the worst-case scenarios can be avoided.Many will remember this situation as a military confrontation between the U.S. and Iran. However, from an economic perspective, the real story lies elsewhere, as the implications of the Hormuz Strait may outlast the conflict itself.The Hormuz Strait is one of the world's most critical energy corridors, with approximately 20% of global maritime oil traffic passing through it. Oil and natural gas produced in Saudi Arabia, Iraq, Kuwait, Qatar, and the United Arab Emirates traverse this narrow waterway to reach global markets. South Korea is no exception, as most of the Middle Eastern oil it imports passes through this strait.Iran is acutely aware that it cannot match U.S. military might. However, it possesses another weapon: the Hormuz Strait.In fact, a complete blockade of the strait is not necessary. The mere possibility of such a blockade can influence international oil prices, increase shipping costs, and drive up vessel insurance rates. Markets reflect future risks in current prices; prices rise not solely due to actual shortages but also from concerns about potential shortages.This situation has played out similarly. As forecasts emerged that the conflict could drag on, international oil prices reacted immediately. Currency exchange rates and financial markets also experienced volatility. The global economy began to incur costs even before any actual shocks occurred.This is a characteristic of the modern economy.Past wars were fought with guns, tanks, and fighter jets. However, 21st-century geopolitics operates through supply chains, logistics networks, and energy corridors. It is no longer necessary to capture an enemy's capital; simply disrupting the pathways of the global economy can exert significant pressure.The Hormuz Strait symbolizes more than just a shipping lane; it represents the connection between energy security and economic security.South Korea is a global manufacturing powerhouse, having grown through exports of semiconductors, automobiles, shipbuilding, and steel. However, it is also highly dependent on energy imports. Disruptions in oil and gas supplies can impact the entire industrial sector. The importance of energy has only increased with the rise of artificial intelligence (AI).AI data centers and semiconductor factories consume vast amounts of electricity. In the future, national competitiveness will hinge not only on how well semiconductors are produced but also on the ability to provide stable electricity and secure energy supply chains.Ultimately, the lesson from the current Middle Eastern situation is clear.While wars may end, the importance of energy security does not. It is difficult to discuss the future while maintaining a structure that allows oil prices, exchange rates, and inflation to fluctuate whenever international relations become unstable.We often refer to semiconductors as South Korea's most important strategic asset, which is not incorrect. However, semiconductor factories require electricity to operate, and electricity depends on a stable energy supply. There can be no AI without energy, nor can there be advanced industries without it.This war is coming to a close. However, the bill from Hormuz for the global economy is far from settled.What we must truly prepare for is the post-war period. More critical than the immediate military conflict are energy security, supply chain stability, and the resilience of the national economy.Even after the gunfire ceases, the economy will receive its bill, and that bill will still read 'Hormuz.'* This article has been translated by AI. 2026-06-16 10:52:00