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  • K-Bio Aims for $30 Billion in Technology Exports Amid Growing Competitiveness
    K-Bio Aims for $30 Billion in Technology Exports Amid Growing Competitiveness K-Bio has surpassed 20 trillion won in technology exports for the first time last year and is now aiming for 30 trillion won this year. This growth reflects the increasing presence of South Korea's pharmaceutical and bio industry in the global market.According to industry sources on July 19, domestic pharmaceutical and bio companies signed technology transfer contracts worth approximately 13 trillion won in the first half of this year alone. This figure already exceeds half of last year's total, and there is significant optimism in the industry that reaching 30 trillion won annually is achievable based on current trends.Hanmi Pharmaceutical has been a key driver of this growth with a major contract, followed by Aribio, Oscotec, and Alteogen, which have also secured agreements with global pharmaceutical companies.Specifically, Hanmi Pharmaceutical signed a technology transfer agreement worth $1.26 billion (approximately 1.87 trillion won) with the global pharmaceutical company Eli Lilly, reaffirming its ability to close large deals. This is considered the largest technology export deal in South Korea's pharmaceutical and bio sector this year.Aribio is also gaining attention for its technology export achievements. The company recently secured a total of $60 million (approximately 90 billion won) in option fees from China's Puxing Pharmaceutical for its oral Alzheimer's treatment candidate, AR1001. The two companies had previously signed an option and licensing agreement for the global development and commercialization of AR1001 in May, with a total contract value of $4.7 billion (approximately 7 trillion won). Additionally, Puxing Pharmaceutical has recently entered into a strategic equity investment agreement with Aribio worth $27.5 million (approximately 41 billion won), continuing their collaboration.Given that it is rare for domestic companies to challenge global Phase 3 clinical trials for Alzheimer's drugs, industry experts note that "completing late-stage clinical trials is an achievement in itself."Oscotec and Alteogen are also recognized as symbols of the K-Bio technology export trend. Oscotec transferred its autoimmune disease treatment candidate, cebidoplenib, to the U.S. biotech company Agios for a total of $665 million (approximately 1 trillion won).Alteogen successfully completed two technology exports in the first half of this year alone. In January, it signed a drug development contract with GSK's subsidiary Tesaro for $265 million (approximately 400 billion won) using its ALT-B4 platform, followed by a contract with U.S. Biogen in March worth up to $549 million (approximately 820 billion won).The series of contracts by these companies demonstrates that the competitiveness of South Korean drug candidates is translating into actual transactions.There is also a notable movement towards directly conducting activities beyond technology transfer. For instance, Rigakem recently secured a direct investment of 500 billion won from the National Growth Fund, establishing a financial foundation to conduct late-stage clinical development for its antibody-drug conjugate (ADC) new drug. Aribio is also laying the groundwork to directly challenge commercialization by conducting the global Phase 3 trial for AR1001.In the past, it was common for companies to transfer development risks to global big pharma after technology transfer, but now some companies are taking steps to directly manage late-stage clinical trials and commercialization.The government is also strengthening policy support with the goal of transitioning from a "technology export powerhouse" to a "global new drug development country." This is based on the belief that more cases like Yuhan Corporation's lung cancer drug, Lurbinectedin, and SK Biopharm's epilepsy treatment, Cenobamate, which generate actual sales in the global market, need to be expanded.However, the current structure of technology exports still faces limitations. Many contracts are made at the Phase 1 or 2 clinical stages, and the structure of transferring the costs and risks of late-stage clinical trials and approvals to global pharmaceutical companies remains entrenched.Lee Seung-kyu, vice president of the Korea Bio Association, pointed out that "many bio ventures survive through technology exports" and warned that without new support measures, the global competitiveness of South Korea's bio industry could weaken in the face of rapid growth in countries like China, India, and Southeast Asia.He further suggested expanding the application of a "success-based loan" system, where the government provides some funding as a loan, forgiving it in case of business failure, while requiring companies to repay principal and interest and pay special fees in case of success. He emphasized the need for continuous support from the Phase 1 and 2 stages to develop candidates that can enter Phase 3 trials.* This article has been translated by AI. 2026-07-19 19:04:00
  • Korean Pharmaceutical Industry Faces Challenges in Late-Stage Drug Development
    Korean Pharmaceutical Industry Faces Challenges in Late-Stage Drug Development As South Korean pharmaceutical and biotech companies achieve successive technology export successes, they are approaching the status of a 'technology export powerhouse.' However, cost burdens and a lack of experience in late-stage development are identified as bottlenecks for Korean new drugs.According to a report by the Korea Health Industry Development Institute titled 'Bottlenecks and Improvement Directions for the Global Leap of Domestic New Drugs,' the biggest obstacles in domestic drug development are late-stage clinical trials and commercialization. While technology exports serve as a practical strategy to demonstrate the research and development (R&D) capabilities of domestic companies, they also come with the limitation of not accumulating experience in new drug development.Late-stage development involves managing both costs and the risk of failure. A report published by the Korea Bio Association, citing clinical trial data from Biomed Tracker, indicates that phase 2 trials have the lowest success rate in the entire development process. From 2011 to 2020, the average success rate from phase 1 trials to product approval was 7.9%, with only 28.9% of candidates progressing from phase 2 to phase 3. This is significantly lower than the success rates for phase 1 (52%) and phase 3 (57.8%).While phase 1 trials confirm safety, phase 2 trials are the first step in validating the efficacy of candidate substances in patients. The decision to enter phase 3 trials, which require substantial funding, also involves assessing the potential for commercialization, making this stage particularly challenging.This burden is influencing the development strategies of domestic companies. There is a continued trend of opting for technology exports in the early stages of clinical trials, where risks are relatively lower. The significant added value generated during the commercialization process often returns to the global pharmaceutical companies that acquire the technology.The challenges of late-stage clinical trials cannot be attributed solely to funding. With fewer opportunities to complete trials, companies are unable to sufficiently accumulate regulatory responses, approval strategies, and commercialization capabilities. While attention is focused on contract success and the scale of technology exports, the data and know-how accumulated during negotiation failures or clinical trial setbacks do not translate into industry assets. In the global market, even experiences of failure are utilized as assets for future development, but domestically, evaluations remain centered on success stories.Hwang Joo-ri, head of the External Cooperation Division at the Korea Bio Association, expressed concern that technology exports could limit opportunities to accumulate independent development experience. She suggested that a foundation should be established to ensure that data from trial and error, as well as failures, are accumulated as assets for the entire industry.Looking ahead, the second half of this year is expected to serve as a litmus test for the late-stage development capabilities of domestic companies. Kolon TissueGene is set to announce the topline results of its phase 3 clinical trial for the osteoarthritis gene therapy 'TG-C' in the U.S. this month. If the results are positive, it could confirm the potential for the world's first disease-modifying osteoarthritis drug (DMOAD) and enhance the overall credibility of the domestic bio industry.Aribio is conducting a global phase 3 trial for its oral Alzheimer's treatment 'AR1001' and is expected to announce key results within the year, generating increasing market anticipation.However, it is not easy to enhance late-stage development capabilities solely through corporate efforts. Jeong Yoon-taek, head of the Pharmaceutical Industry Strategy Research Institute, noted that while the U.S. has a structure where venture capital, large-scale funding, and tax incentives work together to distribute the risk of failure in the market, South Korea's funding cycle centered on technology special listings has weakened. He emphasized the need for the National Growth Fund, success-based loans, and the expansion of mega funds, as burdens such as legal losses and revenue maintenance requirements post-listing are acting as obstacles.Hwang Joo-ri believes that policies should shift to support both early research and late-stage development. He stated, 'A bold challenge through proof of concept (PoC) in the early stages and risk-sharing in late-stage clinical trials (phase 3) must occur together to create a bio-ecosystem where experiences can be accumulated without fear of failure.'* This article has been translated by AI. 2026-07-19 19:04:00
  • President Lee: South Koreas Journey a Model of Shared Success
    President Lee: South Korea's Journey a Model of Shared Success President Lee Jae-myung stated on July 19 that "South Korea's journey from a nation receiving aid to one that provides it, and now shares cultural values, is a shared success story of humanity forged through cooperation and solidarity."Speaking at the opening ceremony of the 48th UNESCO World Heritage Committee in Busan, he emphasized that "South Korea has achieved economic growth and mature democracy by leveraging international cooperation and solidarity, establishing itself as a nation that blooms with a brilliant culture and deeply engages with the world."He described world heritage as a symbol that transcends borders and generations, serving as a solid foundation for peace and cooperation among nations. "In the process of remembering and preserving world heritage together, the global community can respect each other's histories and strengthen mutual trust and solidarity among humanity," he added.President Lee highlighted the increasing value of cultural dialogue, especially in times of conflict and division. He referenced Kim Gu's emphasis on the 'power of culture,' stating that the spirit of the UNESCO Charter, which calls for building 'walls of peace in the hearts of humanity,' aligns perfectly with Kim Gu's vision for peace and unity.He noted that the holding of the UNESCO World Heritage Committee in South Korea coincides with the 150th anniversary of Kim Gu's birth, calling it no coincidence. "South Korea will continue to uphold Kim Gu's legacy by protecting humanity's precious heritage and contributing to global peace and prosperity based on our rich cultural strength," he pledged.Additionally, President Lee described Busan as a city that embodies South Korea's challenging modern history, stating, "Busan exemplifies how international cooperation can transform the fate of a city and a nation."He expressed a commitment to working with UNESCO to create a more peaceful and prosperous future for humanity, hoping that this meeting will serve as a new milestone for the protection of world heritage and international cooperation.Before the opening ceremony, President Lee met with UNESCO Secretary-General Khaled Al-Anaani. He remarked, "Thanks to UNESCO, South Korea's younger generations have received education, which has contributed to our growth. Now, we have evolved from a nation that received aid to one that provides assistance globally, all thanks to UNESCO's significant contributions."Al-Anaani expressed gratitude for the support that enabled the event to be held in South Korea, stating, "The President's personal attendance symbolizes strong support for the UNESCO World Heritage Committee and the commitment to preserving cultural heritage."* This article has been translated by AI. 2026-07-19 18:48:00
  • Prime Minister Han Seung-soo Promotes Growth for All at SMEs Meeting
    Prime Minister Han Seung-soo Promotes Growth for All at SMEs Meeting Prime Minister Han Seung-soo met with representatives from small and medium enterprises (SMEs) on July 19, stating, "I will do my best to ensure that the fruits of industrial and economic growth are shared with SMEs and small businesses, creating a virtuous cycle of growth for all citizens."During a luncheon meeting at the Prime Minister's residence in Samcheong-dong, Seoul, Han hosted officials from eight SME organizations, including the Korea Federation of Small and Medium Enterprises, the Korea Federation of Micro Enterprises, and the National Merchants Association.The meeting aimed to encourage SMEs, which are leading the recovery of the economy amid domestic and international uncertainties, and to explore practical support measures that can be felt by SMEs and small businesses in the rapidly changing industrial environment, including the AI transformation, according to the Prime Minister's Office.Participants shared a meal and freely discussed the current management conditions and suggestions from the SME sector.In particular, the SME representatives emphasized the need for a forum to discuss regulatory reforms and called for the advancement of the venture ecosystem, including the KOSDAQ market, to ensure that venture startups can continue to grow into publicly listed companies.Han expressed gratitude for the support he received during his tenure as Minister of SMEs and Startups, stating that he plans to continue collaborating with businesses to robustly support their challenges and growth.He added, "Let us strive to create an irreplaceable South Korea with the spirit of self-reliance and perseverance, as chosen by the SME sector in 2026, and I will continue to communicate directly with stakeholders in various fields to develop effective policies."Kim Ki-moon, chairman of the Korea Federation of Small and Medium Enterprises, thanked the Prime Minister for prioritizing the SME sector in the invitation, stating, "We will actively cooperate to ensure successful governance."* This article has been translated by AI. 2026-07-19 18:40:00
  • Kim Sung-yeol Appointed as Economic Security Secretary at the Blue House
    Kim Sung-yeol Appointed as Economic Security Secretary at the Blue House Kim Sung-yeol, the head of the Industrial Growth Division at the Ministry of Trade, Industry and Energy, has been appointed as the Economic Security Secretary at the Blue House.According to a Blue House official on July 19, Kim began his duties by attending a weekly work meeting chaired by Chief of Staff Kang Hoon-sik.The position of Economic Security Secretary had been vacant for a month following the promotion of the previous secretary, Song Gi-ho, to the second deputy director of the National Security Office.The Economic Security Secretary oversees economic diplomacy and security matters under the second deputy director, focusing primarily on international trade and tariff negotiations with the United States.Kim, a civil servant who passed the administrative examination, has held various positions, including Director of Trade Law and Policy and Director of Trade Security Policy, as well as serving as a commercial attaché at the South Korean Embassy in Washington. He has also worked in the Economic Affairs Office at the Blue House during the administrations of Lee Myung-bak and Moon Jae-in.* This article has been translated by AI. 2026-07-19 18:12:00
  • Weather Forecast: Nationwide Rain and Heat Wave Expected
    Weather Forecast: Nationwide Rain and Heat Wave Expected On Monday, July 20, a stationary front will bring rainy weather across the country. Heavy rain, accompanied by strong winds and thunderstorms, is expected mainly in the central regions, while heat will continue in the Chungcheong and southern areas. According to the Korea Meteorological Administration, rain will begin in most parts of the country on the morning of July 20. However, some areas in the southern regions, including South Gyeongsang and Jeju Island, may experience temporary breaks in the rain. Expected rainfall amounts are 20 to 80 mm in Daejeon, Sejong, South Chungcheong, and North Chungcheong, and 20 to 60 mm in Seoul, Incheon, Gyeonggi, inland and mountainous areas of Gangwon, North Jeolla, and northern parts of North Gyeongsang. In Gwangju, South Jeolla, Daegu, southern North Gyeongsang, and South Gyeongsang, rainfall of 5 to 40 mm is anticipated. The five western islands, Ulleungdo, Dokdo, and Jeju Island are also expected to receive 5 to 20 mm of rain. In areas experiencing rain, there is a risk of concentrated downpours that could lead to river flooding, lowland inundation, and landslides. Given the recent heavy rainfall, caution is advised near forests and steep slopes. Despite the rain, the heat will persist. Heat advisories are in effect for parts of Chungcheong and the southern regions, with the maximum perceived temperatures across most areas expected to reach around 31 degrees Celsius. In regions under heat advisories, the perceived temperature could soar to around 33 degrees, while Jeju Island may see temperatures rise to about 35 degrees. Morning low temperatures are forecasted to be between 22 and 26 degrees, with daytime highs ranging from 26 to 33 degrees. Major cities are expected to see daytime highs of 28 degrees in Seoul and Incheon, 30 degrees in Chuncheon, 31 degrees in Daejeon and Cheongju, and 32 degrees in Gwangju, Jeonju, and Ulsan, with Daegu and Jeju reaching 33 degrees. Along the southern coast, South Gyeongsang, and Jeju Island, some areas may experience tropical nights with temperatures not dropping below 25 degrees. Fog is expected over the southern waters of the West Sea, the South Sea, the waters around Jeju Island, and the southern waters of the East Sea. Some island regions and mountainous areas in Gangwon may experience dense fog with visibility below 200 meters, necessitating caution for transportation and maritime safety. Fine dust levels are expected to be at 'good' to 'moderate' levels nationwide. 2026-07-19 18:08:00
  • Rising Prices for Food Products Burden Consumers
    Rising Prices for Food Products Burden Consumers Food companies that had delayed price adjustments due to the government's inflation stabilization efforts are now raising prices in response to high exchange rates and rising international oil prices. Concerns over raw material price increases due to instability in the Middle East suggest that food price pressures will continue for the foreseeable future.According to industry sources, CJ CheilJedang will increase prices by an average of 8% for 27 items across eight categories, including Hetbahn, dumplings, and grilled fish, starting July 30 at major supermarkets. The price increases will be 12% for Hetbahn, 8.4% for grilled fish, and 4.6% for dumplings. However, some items, such as Hetbahn Cupban, sauces, and refrigerated or frozen noodles, will be excluded from the price hike to consider consumer burden.Sajo will also raise the ex-factory prices of canned tuna, seafood canned goods, sauces, and cooking oils starting August 3. Canned tuna will see a 10% increase, while seafood canned goods like mackerel and saury will rise by 20%. Sauces such as gochujang, doenjang, and ssamjang, as well as sesame oil and perilla oil, will increase by 12%. Some fish cake and imitation crab products have already seen price increases of 6-7% since August 2.Earlier, Ottogi adjusted the ex-factory prices of 29 items, including curry, glass noodles, ketchup, and pepper, starting July 16. The average increase was 17% for pepper products, 10% for glass noodles, and 6.1% for curry and ketchup. Lotte Chilsung Beverage also raised the ex-factory prices of 44 items across 12 brands, including Chilsung Cider, Pepsi, and Milkis, by an average of 5.3% starting June 26.The restaurant industry is also experiencing price adjustments. The restaurant chain The Born Korea raised prices by an average of 11% for some menu items across 11 brands, including Yeokjeon Udon and Rolling Pasta, last month. Lotteria increased prices for major menu items in May, while MegaMGC Coffee and The Venti did so last month. Additionally, BBQ Chicken reduced the weight of its boneless chicken leg product from 800g to 700g, sparking controversy over 'shrinkflation.'According to the National Data Agency, the consumer price inflation rate was 3.2% in June compared to the same month last year, marking the highest level since December 2023 and exceeding 3% for two consecutive months following May's 3.1%. While the inflation rate for processed food was only 0.9% during the same period, the recent wave of price increases by major food companies is expected to further heighten consumer price pressures.Companies cite rising costs of raw materials, packaging, and logistics as the reasons for the price hikes. According to Lotte Chilsung Beverage, the price of aluminum, which was around $2,440 per ton in May last year, surged to $3,670 per ton in May this year, an increase of nearly 50%. Similarly, the price of naphtha rose from $568.6 per ton to $957.7 per ton, a jump of about 68% during the same period.High exchange rates are also exacerbating the situation. The won-dollar exchange rate, which soared to 1,549.4 won at the end of last month, stabilized somewhat to the 1,490 won range as of July 16, but remains volatile due to Middle Eastern tensions and a strong dollar. For food companies that source raw materials and packaging from abroad, high exchange rates contribute to manufacturing cost burdens.Moreover, tensions in the Strait of Hormuz due to renewed military conflict between the U.S. and Iran have led to rising international oil prices. According to the Korea National Oil Corporation's Opinet, Brent crude oil was priced at $88.1 per barrel as of July 15, a 23.1% increase since July 1, while Dubai crude and West Texas Intermediate (WTI) rose by 16.0% and 20.3%, respectively.In its 'July Economic Situation Assessment' released on July 16, the Bank of Korea noted that rising oil and raw material prices due to the Middle East conflict have increased cost burdens for companies.A food industry official stated, "We have absorbed cost burdens internally until now, but it has reached a level that is no longer sustainable. If exchange rates and international raw material prices do not stabilize, further price adjustments in the food and restaurant sectors are likely to continue for the time being."* This article has been translated by AI. 2026-07-19 18:04:00
  • Homeplus Appeals Bankruptcy Ruling as Recovery Efforts Continue
    Homeplus Appeals Bankruptcy Ruling as Recovery Efforts Continue 홈플러스 will file an immediate appeal against the Seoul Bankruptcy Court's decision to terminate its rehabilitation process. The company, which faced bankruptcy, is attempting to revive its operations with a 200 billion won emergency funding (DIP). While a last-minute agreement was reached among major shareholders, creditors, and the labor union to secure the DIP, significant challenges remain, including court evaluations and restoring supply chains for normal operations. According to the retail industry on July 19, Homeplus plans to submit its appeal to the Seoul Bankruptcy Court on July 20, just 17 days after the court's decision to terminate the rehabilitation process on July 3. On July 16, MBK Partners, the largest shareholder, and Meritz Financial Group, the main creditor, along with the labor union, reached a dramatic agreement just before the appeal deadline. MBK Chairman Kim Byung-joo provided a personal guarantee for the full amount of the DIP loan, and Meritz's three subsidiaries (Securities, Fire & Marine, and Capital) approved the 200 billion won loan at a board meeting. The union also agreed to minimize the financial burden on the company during the closure of 37 stores. However, filing the appeal does not guarantee an immediate resumption of the rehabilitation process. The court must reassess the funding plan and the company's future viability before reversing its decision. Additionally, the procedures necessary for executing the DIP loan and obtaining approval from major creditors for the rehabilitation plan must be completed. There are concerns that 200 billion won may not be sufficient to normalize operations across all stores. As of late May, Homeplus's public claims amounted to 1.099 trillion won, more than triple the 332.8 billion won reported when the rehabilitation process began in March of the previous year. Public claims are prioritized for repayment over general rehabilitation claims and include payments to suppliers, wages, and taxes. As of late April, Homeplus owed approximately 410 billion won to suppliers. The company temporarily closed 67 stores nationwide starting July 13 due to a depletion of operating funds. To reopen, it must persuade suppliers who have not received payments and rehire departing vendors and staff. The stores need to be restocked, and refrigeration and freezing equipment must be serviced. A survey by the Korea Federation of Small and Medium Enterprises found that the average unpaid amount owed to small suppliers by Homeplus is 77.4 million won per company. Given these factors, industry experts believe that reopening operations may not be feasible until at least August. Political pressure is also mounting. The Democratic Party initially planned to hold a hearing on July 27 through the National Assembly's Political Affairs Committee but canceled it following the funding agreement, opting instead for a question-and-answer session on July 21. Democratic Party representatives stated, "This funding is merely a temporary measure, akin to giving artificial respiration," and called on MBK to implement fundamental measures for job security and to minimize harm to suppliers. If the court finds the appeal valid, it could reverse the decision to terminate the rehabilitation process, extending the deadline to September 4. A Homeplus representative stated, "We plan to finalize our restructuring efforts and pursue the sale of remaining business units, including headquarters, hypermarkets, and online operations," adding that if the court decides to extend the rehabilitation process, they will coordinate with suppliers to establish a timeline for resuming operations.* This article has been translated by AI. 2026-07-19 18:04:00
  • Samsung Unveils 8th Generation Galaxy Z and First AI Glasses
    Samsung Unveils 8th Generation Galaxy Z and First AI Glasses Samsung Electronics is set to unveil a new lineup of products that will shake up the smartphone and wearable markets in the second half of the year. The event will showcase the advanced technology infrastructure of Samsung's subsidiaries, focusing on next-generation form factors.According to industry sources, Samsung will hold its 'Galaxy Unpacked 2026' event on July 22 in London, where it will introduce the 8th generation of foldable phones for the first time. The Galaxy Z Fold and Flip 8 series, which break hardware performance limits, will be highlighted alongside the Galaxy Glass, an AI-powered eyewear developed in collaboration with Google.A significant change in this foldable series is the expansion of the product lineup. In addition to the standard models, the Galaxy Z Fold 8 and Galaxy Z Flip 8, Samsung will introduce the Galaxy Z Fold 8 Ultra, the first of its kind. Unlike the standard model, which features a 4:3 aspect ratio, the Ultra model boasts an 8-inch large screen with a 200-megapixel camera, targeting the ultra-premium market.The new devices will be powered by the latest mobile application processor, the Exynos 2600, enhancing hardware performance. The chipset, designed by the semiconductor division's system LSI and manufactured using cutting-edge 2-nanometer GAA (Gate-All-Around) technology, maximizes AI processing and gaming performance. If successful, this new release is expected to boost the factory utilization rates and chip shipments in the previously stagnant non-memory semiconductor sector.The Galaxy Glass, which will lead the next generation of AI devices, will also be unveiled. Designed in the form of regular glasses, it seamlessly integrates Android extended reality (XR) features. It supports voice conversations with an AI assistant, real-time translation, and camera-based information searches without the need for a smartphone. Samsung aims to expand its 'Galaxy AI ecosystem' through collaboration with Google, encompassing both mobile and wearable technologies.The advanced technology of Samsung's component subsidiaries will also be prominently featured. Samsung Display will supply next-generation OLED panels for all models in the 8th generation Galaxy Z series. Notably, the new products will incorporate 'Flex Titanium' technology, which uses titanium alloy materials to significantly reduce screen creasing while enhancing durability and power efficiency.Samsung Electro-Mechanics will supply key components for the Exynos 2600, including high-performance silicon capacitors, ultra-compact and high-capacity multilayer ceramic capacitors (MLCC), semiconductor package substrates, and high-resolution camera modules.Amid rising pressure on component prices, Samsung's strategy is to maximize synergies among its subsidiaries to defend the profitability of its finished products. By increasing the share of in-house chips and reducing external dependencies, the company aims to secure cost competitiveness while expanding component supply to drive overall performance in the second half of the year.An industry insider stated, "In a highly competitive foldable market this second half, this flagship release reflects Samsung's strategic intent to overcome cost pressures with superior technology. It will serve as a pivotal moment for the previously stagnant demand in the foldable phone market."* This article has been translated by AI. 2026-07-19 18:04:00
  • Minister Kwon Oh-eul Attends Memorial for Former President Syngman Rhee
    Minister Kwon Oh-eul Attends Memorial for Former President Syngman Rhee Kwon Oh-eul, the Minister of Veterans Affairs, attended a memorial service on July 19 for former President Syngman Rhee, marking the 61st anniversary of his passing. During the ceremony, Kwon expressed the government's commitment to national unity.At the memorial held at the National Cemetery in Seoul's Dongjak District, Kwon stated, "There are still many differing voices regarding the future of the Republic of Korea in Gwanghwamun. We must consider how to channel that energy into national development."Kwon emphasized that both President Rhee and independence leader Kim Gu dedicated themselves to the development of South Korea, sharing the same goals but differing in their methods. He urged finding solutions to the current conflicts among various factions based on Rhee's words and writings.According to the Ministry of Veterans Affairs, Kwon also proposed open communication between the Syngman Rhee Foundation and the Kim Gu Foundation to promote national unity.The memorial, organized by the Syngman Rhee Foundation, was attended by Kwon and around 300 guests, including members of the foundation and families of independence activists.Additionally, on the morning of July 18, Kwon visited the grave of former President Yun Bo-seon in Asan, South Chungcheong Province, to pay his respects on the 36th anniversary of Yun's passing.Kwon is also scheduled to visit the National Daejeon Cemetery on July 20 to honor Hong Ki, the widow of former President Choi Kyu-ha, on the 22nd anniversary of her death.* This article has been translated by AI. 2026-07-19 17:56:00