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Naver poised to challenge Coupang on its specialty turf: logistics SEOUL, July 09 (AJP) - Naver, a distant No. 2 in South Korea's ecommerce market, is crossing into the one territory long dominated by Coupang as it prepares its first directly operated logistics network, abandoning the asset-light strategy that defined its shopping business for two decades. The move marks a wholesale reversal for the internet giant, which has long relied on outside partners to store, haul and deliver merchants' goods while focusing on search traffic and marketplace technology. According to industry officials, Naver is scouting warehouse sites on both sides of the Han River, weighing land purchases, acquisitions of existing fulfillment centers and long-term leases across the greater Seoul area. The timing is difficult to overlook. Coupang, whose Rocket Delivery service transformed Korean ecommerce and built a logistics moat rivals have struggled to cross, is navigating one of the most challenging periods in its history following the country's largest-ever personal data breach. South Korea's privacy watchdog imposed a record 624.7 billion won ($415.6 million) fine on June 11 after determining that a breach exposed the personal information of more than 33 million accounts—roughly two-thirds of the country's population and nearly all of Coupang's users. "This was not advanced hacking but negligent management," PIPC Chairperson Song Kyung-hee said, citing the company's failure to maintain basic security safeguards. The controversy has also spilled into Washington. Coupang, listed in New York and backed by U.S. investors, spent about $1.79 million on lobbying in the first quarter. A July 1 staff report by the U.S. House Judiciary Committee accused Seoul of discriminating against an American-owned company through excessive regulation and punitive enforcement. Earlier this year, U.S. investors Greenoaks and Altimeter petitioned for a Section 301 trade investigation before withdrawing the request as the Office of the U.S. Trade Representative considered a broader review of South Korea's digital trade practices. More importantly for competitors, the fallout is beginning to show up in business performance. Coupang posted its first monthly decline in domestic sales in eight years last month, suggesting the prolonged controversy may finally be denting consumer momentum. Into that opening steps Naver. For years, the company sought to counter Rocket Delivery without pouring billions into warehouses. It instead built the Naver Fulfillment Alliance in 2020 with CJ Logistics before adding fulfillment startups such as Fassto and Pumgo. Sellers chose logistics partners while Naver supplied the shoppers, shopping algorithms and promised delivery dates. The asset-light model kept costs low and allowed rapid expansion without owning a single warehouse. But as delivery itself became the product, its biggest strength increasingly became its biggest weakness. Shipping cut-off times, inventory placement, returns and delivery quality are ultimately decided on the warehouse floor—and Naver never owned the floor. Coupang did. The ecommerce leader has invested more than 10 trillion won in nine mega fulfillment centers and 227 delivery camps, layering automation onto a nationwide logistics network that competitors have struggled to replicate. Naver now appears to have concluded that algorithms alone are no longer enough. The urgency is also reflected in its own business. Commerce revenue more than tripled to 3.69 trillion won in 2025 from 1.09 trillion won in 2020, lifting the segment's contribution to more than 30 percent of total revenue. Yet investors remain unconvinced. Naver trades at roughly one times book value, suggesting the market assigns little premium to one of Korea's largest internet platforms despite its dominance in search, payments, content and ecommerce. "We are also actively reviewing direct investment models in logistics," Naver CEO Choi Soo-yeon said during the company's first-quarter earnings call, adding the company would decide after weighing lower per-delivery costs against the value of logistics data. Industry observers believe the strategy could eventually extend beyond warehouses to the last mile itself, with Naver fielding its own couriers—a counterpart to Coupang's in-house "Coupang Friends." For now, Naver is stopping short of confirming such ambitions. "Expanding logistics is one of our key priorities, and we are reviewing various investment options, but nothing has been finalized. It may not necessarily take the same direct-delivery approach as Coupang," a company spokesperson told AJP. But the strategic direction is unmistakable. For 25 years, Naver believed ecommerce could be won without owning logistics. Now it is preparing to invest in the very infrastructure that made Coupang the country's dominant online retailer. If the plans materialize, they would represent more than a new logistics investment. They would amount to Naver abandoning one of its longest-held strategic assumptions—and taking the fight directly onto Coupang's turf. 2026-07-09 15:16:41
Tourism Increases in Major Asian Destinations Like Vietnam and Bali During Summer Vacation As summer vacation approaches, travelers are flocking to major Asian destinations such as Vietnam, Indonesia, and Thailand, which are easily accessible. Locations like Da Nang and Nha Trang in Vietnam, reachable within about five hours from major international airports in Incheon and other regions, are gaining popularity this summer, especially after receiving high ratings from a global travel magazine.According to local tourism industry sources, recent travel trends have shifted focus from merely reducing travel time to emphasizing culinary experiences, wellness, and nature-based activities offered at these destinations.◆ Da Nang and Nha Trang: Direct Flights Within 5 Hours Favor Outdoor ActivitiesDa Nang and Nha Trang are primarily chosen for short trips utilizing weekends and vacation days due to their proximity. July marks the dry season in this region, making the climate relatively pleasant and suitable for outdoor activities.Located about an hour's drive from Da Nang International Airport, the Lang Co area is nestled between Bach Ma National Park and the beach, preserving its natural environment. The 'Angsana Lang Co' resort features an 18-hole golf course designed by Nick Faldo, a 300-meter main pool, and an infinity pool, along with various recreational programs such as kayaking, jet skiing, ATV rides, and mountain biking. Guests can also experience traditional Vietnamese basket boat rides through waterways connecting to the sister resort, 'Banyan Tree Lang Co.'Travelers interested in cultural exploration and indoor entertainment often visit the UNESCO World Heritage city of Hoi An and the former imperial capital of Hue nearby. The large integrated resort 'Hoi An Resort & Golf' has recently expanded its indoor leisure space, the 'Entertainment Hub,' which includes screen golf, bowling, and karaoke facilities. The resort has also introduced over 25 dining options, including a Korean restaurant, to minimize guest movement.◆ Cam Ranh Beach and Nha Trang's Northern Villas Enhance Airport AccessibilityRegions that reduce travel fatigue by improving airport accessibility are also gaining attention. The 'Radisson Blu Resort Cam Ranh,' located just a 10-minute drive from Cam Ranh International Airport, features a 'Rainforest Waterpark' and a spa equipped with Himalayan salt chambers and herbal steam rooms. Guests can also rent bicycles during their stay.For those seeking a quieter retreat, the northern coastal area of Nha Trang offers the 'Villa Le Corail, a Gran Melia Hotel,' designed with all rooms as standalone villas, providing independent spaces. The hotel enhances its dining services with a Spanish restaurant, 'Hispania Nha Trang,' featuring recipes from Michelin-starred chef Marcos Morán, and offers eco-friendly marine activities like the 'Coral Plantation' program.◆ Attention on 2026 World Best RankingsTravelers seeking unique vacation experiences are paying attention to the recently announced '2026 World Best Awards' by the travel magazine 'Travel + Leisure.' This survey, based on guest evaluations, awarded high scores not only for facility size but also for the unique experiential programs offered.In the 'Best Resorts in Southeast Asia' category, 'Regent Phu Quoc' in Vietnam topped the list with an overall score of 98.40. It is the only resort on the island to receive a Michelin key, offering pool villa accommodations with views of the sea and lagoon, butler service, and regularly hosting culinary events featuring world-class chefs.Located in the Nusa Dua area of Bali, Indonesia, 'The Mulia' is known for its all-suite accommodations that provide personalized service. Surrounded by Bali's unique statues, it features a private pool and extensive amenities to welcome international tourists.In the northern region of Thailand's Golden Triangle, the 'Anantara Golden Triangle Elephant Camp & Resort' offers nature-friendly programs set in lush jungles. It operates 'Jungle Bubble,' a specially designed transparent tent, allowing guests to interact safely with wildlife while being isolated from them. 2026-07-09 15:16:00
Torrential monsoon rain batters Seoul and much of Korea SEOUL, July 09 (AJP) -Torrential monsoon rains battered Seoul and central South Korea on Thursday, suspending Han River ferry services, triggering flood and landslide alerts, forcing evacuations and flooding roads and homes across the country. Seoul suspended operations at five Han River Bus piers from the first departure at 11 a.m. after heavy rain warnings were issued across the capital. Services were halted at Jamsil, Ttukseom, Seoul Forest, Oksu and Apgujeong piers, while the western Magok–Yeouido route remained in operation. The Seoul Metropolitan Government raised its emergency response to Level 2 at 12:10 p.m., mobilizing 5,286 officials as heavy rain swept across the city. All 29 streams under the city's management were closed to the public, while 25 stormwater pumping stations were partially activated. Authorities also stepped up inspections of drainage facilities, landslide-prone hillsides and underpasses. The Korea Meteorological Administration issued heavy rain warnings for western and northern Seoul and heavy rain advisories for the eastern districts. Rain is forecast to continue through Friday, with 30 to 80 millimeters expected in the capital and locally more than 120 mm. Geumcheon District recorded the city's highest rainfall at 73.5 mm by 1 p.m., while Gwanak District saw hourly precipitation reach 39 mm. Rising water levels prompted flood advisories for the Mokgam Stream and Dorim Stream. The downpours extended across much of central Korea. The KMA said rainfall rates reached as much as 50 mm per hour across the Chungcheong provinces, with cumulative precipitation since Wednesday exceeding 220 mm in Daejeon and Cheongju. Another 200 mm of rain was forecast for parts of the Chungcheong and southern regions through Thursday night. Nationwide, landslide and flood advisories remained in effect as emergency crews responded to flooding and structural damage. In Boeun County, North Chungcheong Province, 82 residents were evacuated to village halls and senior centers over fears that a reservoir could overflow. Firefighters also rescued two residents trapped inside a flooded house. In Cheongju, an embankment collapsed in the Gadeok district, forcing residents and staff at a nursing home to evacuate to a nearby welfare facility. In Daejeon, firefighters rescued two people stranded inside a vehicle after roads were inundated. Authorities received 145 reports of rain-related damage nationwide between Wednesday evening and Thursday morning, including flooded homes, submerged vehicles and fallen trees, as emergency officials warned the risk of flash floods and landslides would remain elevated until the rain band moves south later Thursday. 2026-07-09 15:14:27
Saemaul Geumgo Launches Social Contribution Brand 'MG Our Neighborhood' The Saemaul Geumgo Central Association has launched a new social contribution brand that integrates environmental improvement projects for facilities serving vulnerable community members. On July 9, the association announced the debut of 'MG Our Neighborhood,' which consolidates its efforts to enhance the environments of welfare facilities and senior centers across the country. The inaugural plaque ceremony for MG Our Neighborhood took place at the 'House of Mineral Water,' a facility for individuals with severe disabilities located in Pocheon, Gyeonggi Province. MG Our Neighborhood combines various infrastructure improvement projects previously undertaken individually by Saemaul Geumgo, including housing facilities for youth preparing for independence and local galleries. The association aims to establish a sustainable social contribution support system through this brand integration, addressing the lack of identity and continuity in its existing initiatives. This year, the MG Our Neighborhood initiative plans to support environmental improvements at 40 social welfare facilities and 13 senior centers, totaling over 50 locations nationwide. Kim In, the president of the Saemaul Geumgo Central Association, stated, "The launch of MG Our Neighborhood is the first step in integrating Saemaul Geumgo's social contributions under a single brand to provide more systematic support to local communities. We will continue to work towards creating a safe and pleasant local environment that residents can feel."* This article has been translated by AI. 2026-07-09 15:12:00
Delivery Platforms Join Forces for Voluntary Regulation Leading South Korean delivery platforms Baedal Minjok, Coupang Eats, and Danggeun Market have voluntarily agreed to participate in the "Online Platform Co-Growth Evaluation" organized by the Co-Growth Committee.According to industry sources on July 9, the three delivery companies signed a memorandum of understanding (MOU) with the Co-Growth Committee for their voluntary participation in the evaluation. This assessment will comprehensively index the actual cooperative performance of delivery platform companies, as well as the subjective experiences of small business owners and partner companies using the platforms.This agreement marks a significant turnaround after negotiations with platform companies fell through last year. The delivery industry, which has faced criticism and regulatory pressure from the self-employed sector, is now set to receive formal and objective evaluations of its cooperative efforts through an official body.Notably, the choice of a "voluntary certification verification" method by the platform companies is seen as a meaningful step. It reflects an attempt to establish a private-sector cooperative framework before any mandatory legal regulations are imposed, aiming to confront the regulatory pressures head-on. Baedal Minjok had previously expressed its intention to voluntarily participate in the Co-Growth Evaluation last month, leading to the inclusion of Coupang Eats and Danggeun Market, thus paving the way for an objective measurement of the cooperation index among the three delivery apps.Through this pilot evaluation, the three delivery companies plan to objectively assess their support activities for partner businesses and tiered commission programs, with the goal of continuously expanding effective cooperation programs. Despite having a smaller market share, Danggeun Market has positioned itself as a cooperative leader with its low commission rate of around 2%. The policies of Baedal Minjok and Coupang Eats, which have responded to pressure for commission reductions, will also be put to the test.The Co-Growth Committee will actively support the evaluation process and institutional improvements to ensure that the voluntary efforts of the three delivery platforms lead to tangible results that can be felt in local markets.Lee Dal-gon, Chairman of the Co-Growth Committee, stated, "At a time when the importance of cooperation between platform companies and small business owners is increasing, it is significant that the three delivery platforms have decided to participate in the co-growth evaluation. The Co-Growth Committee will actively support the evaluation process and institutional improvements to enable growth for both delivery platforms and partner companies."* This article has been translated by AI. 2026-07-09 15:08:00
Financial Authorities Review KakaoPay's Second Improvement Plan Amid Legal Risks 카카오페이가 4000만명 규모의 개인정보 제공 논란과 관련해 이달 2차 개선안을 마련한다. 다만 금융당국의 과징금 처분에 불복해 행정소송을 진행 중인 데다 경찰 수사까지 본격화하면서 사법 리스크가 확대되는 양상이다. 9일 금융권에 따르면 카카오페이는 빠르면 이달 내에 금융당국에게 개인정보 유출과 관련한 2차 개선사항을 제출해야 한다. 금융당국은 카카오페이가 고객 약 4000만명의 개인신용정보 542억건을 동의 없이 알리페이를 거쳐 애플에 전송했다고 판단하고 130억원 규모의 과징금을 부과했다. 이와 함께 카카오페이는 3개월과 6개월 이내 두 차례에 걸쳐 개선계획을 제출할 것을 요구받았다. 회사는 1차적으로 외국 외환 전산망 보고 검증 절차 강화 등에 대한 개선안을 제출했다. 이번 2차 개선안에는 외국환업무 취급 시 확인 절차를 더욱 구체화하는 한편 개인정보 처리와 관련한 내부통제 체계를 강화하는 내용이 담길 것으로 알려졌다. 카카오페이는 개선안을 마련하면서도 금융당국의 과징금 처분에 대해서는 인정하지 못하고 있다. 카카오페이는 애플이 알리페이에 위탁한 '신용점수(NSF)' 산출 모델 구축을 위해 전체 이용자 정보를 제공한 것으로 드러났다. 금융당국은 제3자에게 개인신용정보를 제공하는 경우 정보 제공 때마다 정보 주체의 개별 동의를 받았어야 한다고 보고 있다. 반면 카카오페이는 알리페이는 위탁 업체이기 때문에 별도의 개별 동의 절차가 필요한 사안은 아니라는 입장이다. 업무 위탁에 따른 정보 이전이라면 동의가 필요하지 않다는 논리다. 카카오페이는 금융당국의 대규모 과징금 부과 처분에 대해 행정소송을 제기한 상태다. 그러나 앞서 제기한 개인정보보호위원회 소송 1심 결과에서 카카오페이가 패소하며 금융위 과징금 부과 취소 소송에도 영향을 미칠 수 있다는 관측이 제기된다. 핀테크 업계에서도 상황을 예의주시하고 있다. 최근 결제 서비스가 글로벌화되면서 핀테크업체가 위탁업체를 두고 해외 서비스망에 진출하는 사례가 늘고 있다. 이번 법원 판단에 따라 향후 해외 결제와 송금, 인증 등 다양한 서비스의 개인정보 처리 방식에도 영향을 미칠 수 있을 것으로 보고 있다. 더욱이 경찰까지 카카오페이를 상대로 압수수색을 벌이고 있어 이번 사태가 업계 전반으로 퍼질 수 있다는 우려도 커지고 있다. 금융권 관계자는 "법원이 당국의 판단을 받아들일 경우 해외결제와 송금 등에서 이용자의 별도 동의가 필요한 사례가 늘어날 수 있다"며 "이번 소송 결과가 개인신용정보 제공 행위 기준이 될 수 있을 것"이라고 말했다. * This article has been translated by AI. 2026-07-09 15:08:00
KAIST Professor Lee Dae-young: Origami-Based Grippers for Space and Industry "Developing a satellite system takes at least three years, and creating a completely new mission system requires even more time. The government's lunar exploration project seems to be moving too quickly," said Lee Dae-young, a professor in the Department of Aerospace Engineering at KAIST.In an interview on July 8 at the Korean Science and Technology Center in Gangnam, Seoul, Lee evaluated the government's plan for lunar exploration by 2030. After working at Harvard's Microrobotics Lab, he is currently researching space robots and deployable structures using origami engineering at KAIST.He emphasized the necessity of challenges, stating, "It's difficult to advance technology by only doing what is obviously achievable. As the global technological landscape changes rapidly, learning from failures and building an industrial base is also essential."Lee identified Nuri's transport capability as crucial for the success of the lunar exploration mission in 2030. He explained, "Lunar exploration is a project that combines various fields such as propulsion, orbit control, and landing systems. While some communication technologies related to lunar orbit operations have been validated through Danuri, securing sufficient transport capability for Nuri to reach the moon will be a significant challenge."Regarding the current state of domestic space robotics technology, Lee assessed it as being in its early stages. He noted, "Our country has no experience operating robotic systems in space, and we lack operational experience. The KAIST Satellite Research Institute plans to validate a domestic robotic system in space through the 'Active Control Technology Development for Space Objects' project."Research is also underway to secure domestic space robotics technology. Lee's lab is developing an origami-based gripper designed to capture space objects. He explained, "In the space environment, all equipment must be packed into a launch vehicle, which imposes significant spatial constraints. By utilizing origami structures, we can fold them small for launch and then expand them in space for use. This structure is particularly important due to the significant spatial limitations in space."Lee believes this technology could also be applied beyond space to industrial settings. He pointed out that origami-based grippers excel at grasping objects with irregular shapes. He stated, "In logistics, there are various mixed objects, including boxes, fruits, plastic bottles, and rice bags. Unlike existing robotic grippers, the one we are developing can be used in all situations." He added, "Since space technology is developed under the premise that it cannot fail, it can also be utilized in challenging environments on Earth, such as rugged logistics warehouses, farms, and military areas."As global competition in space intensifies, Lee suggested strategies for South Korea. He noted, "The key for the U.S. is to increase the number of countries and private companies participating in the Artemis program, thereby integrating them into the related ecosystem. In contrast, China is creating everything through overwhelming national investment."He concluded, "We cannot match the U.S. and China in terms of economic scale or research personnel across all fields. However, since space technology can easily transition to military technology with even slight changes, it is crucial for our country to secure independent technology that can be utilized whenever needed." 2026-07-09 15:08:00
Apartment Prices Surge in Dongtan and Yongtong Amid Ongoing Rental Market Instability in Seoul Despite the government's designation of Dongtan in Hwaseong, Giheung in Yongin, and Guri as regulated areas and land transaction permission zones, apartment prices in the metropolitan area continue to rise. While the growth rate in Dongtan has slowed, it still recorded a significant increase of over 1%, and Yongtong in Suwon surged by 1.19% in just one week.According to the Korea Real Estate Agency's report on weekly apartment price trends for the first week of July, as of July 6, the national average apartment sale price rose by 0.11% compared to the previous week. The metropolitan area saw a 0.22% increase, with Seoul up by 0.30% and Gyeonggi Province by 0.23%. Both Seoul and Gyeonggi experienced an expansion in their growth rates compared to the previous week.In Gyeonggi Province, the southern region continues to show strength. Dongtan in Hwaseong increased by 1.29%, a decrease from the previous week's 1.46%, but still maintains a high growth rate. Yongtong in Suwon jumped from 0.41% to 1.19%, while Giheung in Yongin rose from 0.39% to 0.56%. Guri also saw a 0.64% increase. In contrast, Pyeongtaek and Icheon experienced declines of 0.11% and 0.13%, respectively, indicating regional disparities.Market analysts suggest that the demand has shifted to major areas in southern Gyeonggi due to a balloon effect following the regulations in Dongtan. Although the growth rate in Dongtan itself has slowed, the simultaneous increase in nearby areas like Yongtong and Giheung indicates a trend.Nam Hyuk-woo, a real estate researcher at Woori Bank, stated, "While the growth rate in Dongtan has somewhat slowed, demand is moving to Giheung in Yongin, where prices are more affordable, sustaining the strength in southern Gyeonggi. We are also seeing a spread of demand to areas like Yongtong in Suwon and Bundang in Seongnam."Apartment prices in Seoul also continued to rise. The average growth rate in the 14 districts of North Seoul was 0.33%, surpassing the 0.28% average in the 11 districts of Gangnam. Among the districts, Seongbuk recorded the highest increase at 0.51%, followed closely by Guro at 0.50%. Other districts such as Jungnang (0.39%), Gwangjin (0.38%), Gangbuk (0.37%), and Dongdaemun (0.36%) also exceeded the Seoul average. This trend is attributed to the influx of actual demand into relatively affordable areas and the reflection of development expectations.The rental market remains unstable. The average rent for apartments in Seoul increased from 0.30% last week to 0.31% this week, slightly surpassing the 0.30% increase in sale prices. Areas such as Seongdong (0.46%), Nowon (0.44%), Gangdong (0.43%), and Songpa (0.42%) continue to attract demand due to school districts, proximity to subway stations, and preference for large complexes.Nationwide, the temperature difference between the metropolitan area and other regions persists. While the national average apartment sale price rose by 0.11% and the metropolitan area by 0.22%, other regions only saw a minimal increase of 0.01%. The number of areas experiencing price increases rose to 108, while those with declines decreased to 60. 2026-07-09 15:08:00
Hyundai Department Store Opens First Flagship Store 'The Hyundai' in Tokyo Hyundai Department Store is set to open its first flagship store, 'The Hyundai,' in Tokyo's luxury district, serving as a K-content export platform. The store aims to accelerate the overseas expansion of K-fashion, food and beverage (F&B), and intellectual property (IP) brands by establishing a large permanent location in a key commercial area in Japan. The flagship store will open on July 10 in Omotesando, located on the third floor of the 'Tokyu Plaza Omokado,' covering an area of 620 square meters (approximately 187 pyeong). This marks the first time a domestic department store has operated a large flagship store in a major Japanese commercial district. The Hyundai Global is a content export platform operated by Hyundai Department Store to support the international expansion of domestic brands in K-fashion, beauty, and entertainment. The company has been expanding its local business presence, starting with a pop-up store in Shibuya's Parco in 2024, and has plans for offline stores and an online fashion mall called 'Nugu' featuring The Hyundai Global section. The flagship store will consist of nine spaces, showcasing seven brands in fashion, F&B, and IP content, along with two pop-up store areas. The six-member boy group TOURS will serve as the official ambassadors. Key brands featured will focus on K-fashion, including 'Koiseyo038' with its minimalist silhouettes, 'Loralora' with a French chic aesthetic, eyewear brand 'Double Lovers,' and designer bag brand 'Hieta.' 'Stand Oil,' which previously operated pop-up stores in Japan and Taiwan through The Hyundai Global, will also be included. F&B and IP content will also be featured. 'Camel Coffee,' popular in The Hyundai Seoul, will make its debut in Japan at this store. The platform 'WithMew,' showcasing fandom-based content from K-pop, dramas, and characters, will also open its first store in Japan. A dedicated pop-up space will be available. The 'Pop-up Iconic' will host a pop-up store commemorating actor Byun Woo-seok's Asia tour fan meeting until July 22. The 'Pop-up Square' will feature the first offline pop-up store in Japan for the street fashion brand 'Tug Club' until August 9. Hyundai Department Store plans to use the Omotesando location as a base for The Hyundai Global's expansion in Asia, with a goal of establishing over ten flagship stores in major Asian markets, including Japan, Taiwan, and Hong Kong, by 2030. The Hyundai Global launched its first pop-up store at the Shin Kong Mitsukoshi Department Store in Taipei's Xinyi Place A11 last October and conducted a pop-up event at the Taichung Shin Kong Mitsukoshi Department Store in May to gauge local consumer response and market potential. A Hyundai Department Store official stated, “The Hyundai in Omotesando will serve as a showroom to present the current and future direction of K-content to local consumers in Japan, as well as global fashion and retail stakeholders. We aim to support the global expansion of domestic brands and contribute to the globalization of K-content.”* This article has been translated by AI. 2026-07-09 15:04:00
AI Ecosystem Innovation Forum Highlights Conversations on AI On July 9, the AI Ecosystem Innovation Forum was held at The Plaza Hotel in Jung-gu, Seoul, to celebrate the launch of the AI Business Channel (ABC), a new economic broadcasting network focused on artificial intelligence. Attendees from government, industry, and academia began arriving as early as 9 a.m., an hour before the event started. The crowd, which filled the venue for two consecutive days following the launch ceremony, reflected the growing interest in AI across various sectors in South Korea. Before the main event, a VIP tea time brought together key figures in the AI field. Among those present were Im Kyu-jin, president of Aju Economy, Ryu Je-myung, the second vice minister of the Ministry of Science and ICT, Lee Sedol, a special professor of mechanical engineering at UNIST, Jeong So-young, CEO of NVIDIA Korea, and Im Seong-shin, head of AI development at Korea Aerospace Industries (KAI). They discussed current issues facing the domestic AI industry over tea. In his opening remarks, Im Kyu-jin stated, "ABC will serve as a new media platform that organically connects AI technology, industry, policy, and economy, contributing to the development of South Korea's AI ecosystem." Ryu Je-myung followed with an introduction to the government's AI policy direction, promising the dawn of an era where every citizen will have their own AI agent. The highlight of the event was a keynote speech by Professor Lee Sedol, who captivated the audience with his reflections on his journey from a five-year-old beginner in Go to his historic matches against AlphaGo in 2016. As he shared personal photos from his childhood and images from his matches, attendees reminisced about the past. Lee emphasized the importance of AI utilization a decade after his matches, earning a standing ovation at the conclusion of his talk. Following Lee's address, Jeong So-young's presentation drew significant interest from industry attendees. She predicted that the competition in AI semiconductors would eventually expand into the realms of 'AI factories' and physical AI, prompting many in the audience to nod in agreement. As the morning session concluded, attendees naturally transitioned to the dining area for lunch. Over nearly two hours, discussions continued to revolve around AI, with participants sharing insights from the morning's presentations and exchanging thoughts on the challenges of AI implementation in their respective fields. Many were seen exchanging business cards, marking the forum as a networking opportunity that extended beyond the lecture hall. Attendance remained strong during the afternoon sessions, which focused on technology, finance, and industry. Participants took notes and captured slides, particularly during the finance session, where the practical topic of AI investment heightened engagement. After the presentations, speakers mingled with the audience, exchanging business cards and contact information. This interaction exemplified the forum's goal of fostering communication and collaboration, moving beyond mere introductions to laying the groundwork for future partnerships. Throughout the two-day event, The Plaza Hotel buzzed with discussions centered on AI. The celebrations for Aju Media Group's launch will continue with a breakfast meeting at the National Assembly on July 10, concluding the three-day journey. 2026-07-09 15:04:00