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Excavation of Korean War remains near DMZ resumes SEOUL, October 15 (AJP) - A project to excavate the remains of South Korean soldiers killed during the 1950–53 Korean War has resumed near the Demilitarized Zone (DMZ) in Gangwon Province, the Ministry of National Defense said Wednesday. The project aims to "return the remains of war victims to their families and transform the DMZ into a zone of peace," the ministry explained. As part of a series of conciliatory efforts to ease military tensions between the two Koreas since South Korean President Lee Jae-myung took office earlier this year, the project's resumption came about three years after it was halted in 2022. In 2018, both Koreas agreed under the Sept. 19 military pact to jointly excavate remains in the DMZ including Cheorwon. South Korea began excavations in April 2019, but North Korea did not participate. The project was suspended in November 2022 due to security concerns as inter-Korean relations deteriorated. Nearly 500 remains were recovered along with more than 100,000 belongings, and about a dozen of the remains have been identified. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 14:54:21 -
Hanwha Aerospace secures $105 million modular charge contract with Sweden SEOUL, October 15 (AJP) - South Korea's Hanwha Aerospace has clinched a 150 billion won (around $105 million) deal to supply modular charge systems to Sweden, marking its second export agreement with the Nordic nation as global demand for artillery ammunition surges. The defense contractor announced on Wednesday its signing of a three-year framework agreement and initial contract with Sweden's Defense Materiel Administration (FMV) at the Association of the United States Army exhibition in Washington Under the deal, Hanwha will deliver 155mm modular charge systems (MCS), also called modular artillery charge systems, to Sweden starting next year through 2027. The systems allow gunners to adjust propulsion based on firing range, offering greater operational flexibility than fixed charges. Demand for 155mm artillery rounds and their propellant charges has soared globally amid intensifying conflicts, particularly following Russia's invasion of Ukraine in 2022. Hanwha's MCS units meet NATO standard specifications, making them compatible with the South Korean K9 self-propelled howitzer and various other artillery systems used by alliance members. "This contract is a tangible result of the deep trust and collaborative partnership we have built with Sweden," said Lee Boo-hwan, head of Hanwha Aerospace's precision-guided munitions business group. "We are committed to delivering the highest quality, most reliable MCS to contribute meaningfully to the enhancement of Sweden's national defense capabilities." Jonas Lotnse, head of the army material division at FMV, said the agreement would significantly advance the modernization of Swedish artillery forces. 2025-10-15 14:35:38 -
Gov't unveils stricter measures to rein in housing market SEOUL, October 15 (AJP) - Stricter real estate and loan regulations have been expanded to cover all of Seoul and about a dozen areas in Gyeonggi Province. According to a set of government measures announced by the Ministry of Land, Infrastructure and Transport and related ministries, the so-called speculative zones, previously limited to several districts in Gangnam and Yongsan, now cover all 25 districts of Seoul as well as parts of Gyeonggi Province such as Anyang, Gwacheon, Gwangmyeong, Hanam, Seongnam, Suwon and Yongin, in a bid to curb soaring housing prices. Under the new measures, which take effect next week and will remain in place until the end of next year, the loan-to-value ratio for first-time and single-home buyers will be reduced from 70 percent to 40 percent. Taxes on property acquisitions and transactions will be raised for multiple-home owners, while single-home owners will be eligible for tax exemptions only after owning and residing in the property for at least two years. Additionally, home resales will be restricted for three years. The ministry also pledged to speed up construction projects and redevelopment plans to supply some 1.35 million homes in the metropolitan area. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-15 14:21:45 -
Korea's FDI dips 18% as of Q3 2025 amid weak M&A and currency SEOUL, October 15 (AJP) - Foreign direct investment (FDI) in South Korea fell 18 percent in the first nine months of 2025 from a year earlier, hit by sluggish merger and acquisition (M&A) activity, political uncertainty, and the Korean won’s steep depreciation against the U.S. dollar, the Ministry of Trade, Industry and Energy said Tuesday. Cumulative FDI pledges as of the third quarter stood at $20.65 billion, down from $25.18 billion a year earlier. Actual arrivals also slipped 2 percent to $11.29 billion. The biggest drag came from a 54-percent plunge in M&A investments amid a sluggish capital market and political instability stemming from the presidential impeachment trial and election earlier this year. The ministry added that last year’s record figures also created a high base effect. Despite the downturn, this year’s performance remained above the five-year average of $20.35 billion. “There was a lack of large-scale M&A deals due to domestic political instability and uncertainties surrounding U.S. trade policy,” a ministry official said. The U.S. dollar strengthened 4.4 percent year-on-year against the Korean won during the period, further dampening investment sentiment, he added. M&A commitments totaled $2.88 billion, down 54 percent, while greenfield investments—new and expanded facilities—fell 6.1 percent to $17.77 billion. By source, the United States remained the top investor, pledging $4.95 billion as of September, up 59 percent from a year earlier, led by investment in artificial intelligence and data centers. Investments from other regions fell by double digits. By sector, manufacturing saw a 29.1-percent drop to $8.73 billion due to declines in electronics and chemicals, while IT and retail sectors recorded growth, with IT investment jumping 25.7 percent, driven by AI and data centers. FDI arrivals reached $11.29 billion, down 2 percent from a year earlier, reversing a 2.7-percent increase in the first half. Greenfield arrivals rose 23 percent to $8.21 billion, while M&A arrivals fell 36.5 percent to $3.07 billion. Arrivals from the United States nearly doubled, but those from the European Union and Japan dropped sharply. The ministry said it will continue efforts to attract foreign investment through incentives such as cash grants and location support. It also plans to hold overseas investor relations (IR) sessions targeting advanced industries and regional IR programs to identify additional investment needs from foreign companies operating in Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 13:45:02 -
Team Seoul back in Washington to settle a trade deal SEOUL, October 15 (AJP) -Senior South Korean government officials are back in Washington amid hints of progress in talks over a long-stalled trade deal that could reshape tariff policies and foreign exchange safeguards tied to a pledged $350 billion investment package. Presidential policy chief Kim Yong-beom and Industry Minister Kim Jung-kwan will join Trade Minister Yeo Han-koo in the U.S. capital this week to seek a breakthrough, as delays in negotiations have begun weighing on the economy—fueling forex market volatility, hampering trade and investment flows, and denting national credibility. A recent report by NICE Credit Rating estimated Hyundai Motor Group could face an additional annual burden of 8.4 trillion won ($6 billion) under the current 25 percent tariff rate, compared with the 15 percent levied on European and Japanese rivals. Finance Minister Koo Yun-cheol, already in Washington for the G20 Finance Ministers and Central Bank Governors Meeting and the IMF-World Bank Annual Meetings, plans to raise Seoul’s case directly with U.S. Treasury Secretary Scott Besant. Industry Minister Kim has been shuttling between Seoul and Washington for talks with U.S. Commerce Secretary Howard Lutnick and reported recent developments to the presidential office during the Chuseok holiday. The presidential office earlier this week hinted that Washington had shown “some response” to Seoul’s revised proposals on the investment package. Foreign Minister Cho Hyun told a legislative hearing on Monday that Washington was insisting on a $350 billion FDI commitment, rejecting loans or guarantees—a condition with major implications for Korea’s finances. Such an investment would account for more than 80 percent of Korea’s $420 billion foreign exchange reserves as of September. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 13:44:44 -
Nami Island hosts "Peru Week" showcasing Peruvian art, music, and traditions SEOUL, October 15 (AJP) - Nami Island in Gangwon Province turned into a lively cultural hub last month as it hosted "Peru Week," a weeklong event celebrating the art, heritage, and traditions of the South American country. Organized in partnership with the Embassy of Peru in South Korea, the program ran from September 20 to 28 and attracted thousands of visitors, both Korean and international. Held during the island's peak autumn season, when an average of 12,000 visitors arrive each day and nearly 20,000 on weekends, the festival offered a mix of performances, exhibitions, and hands-on experiences. Guests were invited to explore Peru's cultural and natural diversity through dance shows, music, art displays, and interactive workshops designed for all ages. During the opening ceremony, Paul Duclos, the Ambassador of Peru to South Korea, joined the CEO of Nami Island Arts & Education to welcome guests. "We are delighted to see the beauty and diversity of Peru shared with Korean and international audiences in such a meaningful setting," the ambassador said. The ceremony was followed by lively performances from the Peruvian Cultural Association C.I.D.A.N. "Mi Perú" and the music ensemble "Peru Latin," filling the island with the rhythms of traditional Peruvian sounds. Peruvian flags and banners decorated the island's main entrances, walkways, and ferry docks throughout the week, creating a colorful display of friendship between Peru and South Korea. Visitors took part in family-friendly activities such as painting tote bags with Peruvian motifs, coloring traditional patterns, and playing simple versions of classic Peruvian games. Local Korean groups also joined in, performing Latin-inspired music to add to the festive mood. One of the highlights was the exhibition "Treasures of Peru: The Amazon Rainforest," held at Paz Gallery. The show featured vivid images of Peru's Amazonian landscapes, wildlife, and communities, including "Portraits of My Blood," a photography series by David Díaz portraying the Shipibo-Konibo people of the Amazon region. The HEI School Nami Island, part of the Helsinki International Schools network, also held a special educational session on September 27. Students learned about Peru's geography, culture, and biodiversity through interactive activities, baking alfajores, and decorating Ayacucho retablos, dolls, and bags with designs inspired by Machu Picchu, Pucará bulls, and alpacas. The event wrapped up with live performances by Peruvian musician Ángel Puma, who played traditional melodies that drew crowds across the island and offered visitors a memorable glimpse of Peru's cultural identity. 2025-10-15 12:07:36 -
PHOTOS: Sajikdan, tracing the roots of Joseon SEOUL, October 15 (AJP) - On Oct. 11, 2025, calm autumn air filled Sajikdan in Seoul’s Jongno District. Seoul, the capital of the 500-year Joseon Dynasty and the heart of modern Korea, is known for Gyeongbokgung Palace. Yet few people realize that equally important sites stand on both sides of it — Jongmyo and Sajik. The phrase often heard in historical dramas, “Your Majesty, protect Jongmyo and Sajik,” refers to these two sacred places. The history of Joseon began with Jongmyo and Sajik. When King Taejo Yi Seong-gye founded the dynasty and moved the capital to Hanyang, he built Jongmyo to the east of Gyeongbokgung and Sajik to the west. Jongmyo and Sajik symbolized the foundation and prosperity of the state. Jongmyo was a shrine for the spirits of past kings and queens, while Sajik was an altar to the gods of land and grain. Jongmyo represented political stability through royal lineage, and Sajik symbolized agricultural abundance, the core of the people’s livelihood. Offering rituals to pray for good harvests and the peace of the people was a vital duty of the nation. Sajikdan consists of two main parts: the altar grounds and the Jeonsacheong area. At the center of the altar site stand two main altars — the eastern altar for the god of land and the western altar for the god of grain. Surrounding them are double stone walls, reflecting the ancestors’ will to preserve sacred boundaries. A red gate called *Hongsalmun* marks the outer wall, and the ceremonial pathway, *Hyangchuk-ro*, carries an air of dignity as it leads toward the altars. Outside the main altar area lies Jeonsacheong, where everything related to the Sajik Daeje — the state ritual to the gods of land and grain — was managed. The building was destroyed during the Japanese occupation but was restored in 2022. Inside, the simple yet refined ritual utensils and offerings reveal the devotion of the people who prayed for the peace and prosperity of the nation. While the Jongmyo Jerye and its accompanying music were designated as UNESCO Intangible Cultural Heritage in 2001 and are widely known, the Sajik Daeje remains less familiar. The Sajik Daeje is a national ritual dedicated to the deities of earth and grain. It was as significant as the Jongmyo rites during the Joseon period, but was abolished during Japanese rule. In 1988, ahead of the Seoul Olympics, the restoration of Sajikdan began, and the Sajik Daeje was revived. The ceremony is now held every year in late September. Through 500 years of history, Sajikdan has endured countless hardships. It was damaged during the Japanese invasions of the late 16th century and repaired under King Gwanghae, but in 1922 the Japanese authorities dismantled the auxiliary facilities and turned the site into Sajik Park. Sajik altars once stood across the country, but most were destroyed during the colonial era. Today, few have been restored to their original form. Sajikdan is designated as Historic Site No. 121 and listed as a national treasure, though public awareness remains limited. The restoration of Anyangcheong, the incense and prayer archive, is now underway and will be completed by 2027. As K-culture continues to draw global attention, from K-pop to traditional arts, sites like Sajikdan remind us that beneath Korea’s modern culture lies a much older heritage — the enduring spirit and faith that shaped the nation’s roots. The Sajik Daeje ceremony held at night. Jongyakwon Main Gate of Sajikdan. AJP Yoo Na-hyun 2025-10-15 11:17:28 -
Gov't task force heads to Cambodia amid rising crimes targeting South Koreans SEOUL, October 15 (AJP) - The government sent a task force to Cambodia on Wednesday to investigate the rising number of crimes targeting South Koreans there. According to the Ministry of Foreign Affairs, the team, led by Vice Foreign Minister Kim Jin-ah, headed to Phnom Penh along with officials from the National Police Agency and other investigators. The dispatch comes after recent revelations of a series of kidnappings, detentions and brutal tortures involving South Koreans, including the case of a South Korean college student who traveled to the Southeast Asian country after being lured by an online employment scam in August and was later found to have been tortured to death. Kim and the task force aim to find and rescue victims and detainees, and also meet with Cambodian officials to seek cooperation for the joint investigation of the student's death. According to the ministry, about 80 South Korean citizens remain unaccounted for, out of some143 reported cases of individuals suspected of being kidnapped or missing. To minimize diplomatic disruptions, former Ambassador to Lebanon Park Il will oversee embassy operations in Cambodia, as the ambassadorial post there remains vacant. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 11:13:10 -
Seoul's indie game festival Beverocks opens ticket sales with Naver Webtoon onboard SEOUL, October 15 (AJP) -The largest indie game festival in the Seoul metropolitan area, Beverocks 2025, has begun early ticket sales, officially kicking off this year’s event. For the first time, the festival will feature games based on Naver Webtoon IPs and will host the experimental game showcase Out of Index as part of its expanded lineup. Smilegate Future Lab announced earlier this week that early-bird tickets for Beverocks 2025, set to run from December 5 to 7 at Dongdaemun Design Plaza (DDP) in Seoul, are now available. Tickets can be purchased through Naver Reservation and Ticketlink, with a super early bird discount of 67 percent off the regular 15,000-won admission price available until October 19. Now in its fourth year, Beverocks has drawn more than 28,000 visitors, establishing itself as South Korea’s leading indie game festival. This year’s event will showcase around 80 curated indie titles both online and offline. A key highlight will be the debut of prototype games based on popular Naver Webtoon series, developed through the Bever Jam game jam. Attendees will be able to play these games on-site. In addition, the Out of Index festival, known for spotlighting unconventional and experimental titles, will be held entirely within Beverocks, adding to the variety of experiences on offer. Oh Sook-hyun, director of Future Lab, said, “With the name change this year, we’re embracing major changes. Our goal is to make Beverocks a platform for indie creators to grow and for visitors to discover new and inspiring indie games.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 11:02:13 -
Asian markets open mixed amid renewed tariff disputes between US and China SEOUL, October 15 (AJP) - Asian stock markets opened mixed on Wednesday, reflecting varied investor sentiment across the region. In Seoul, the benchmark KOSPI rose 39 points at around 3,601 in early trading, while the junior Kosdaq gained 5.2 points to open at 853.2. Japanese shares climbed even higher, with the Nikkei 225 jumping 599.4 points to 47,446.7, buoyed by strong buying in technology and manufacturing stocks. Not all Asian bourses joined the rally though. In China, the Shanghai Composite Index slipped 24.3 points to 3,865.2 amid renewed trade tensions between the U.S. and China, despite U.S. President Donald Trump's more accommodative tone just a day after he threatened to impose additional tariffs of 100 percent on Chinese exports in response to Beijing's plans to restrict exports of rare earths. In Hong Kong, the Hang Seng Index also dropped 448 points to 25,441. 2025-10-15 10:38:53