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  • Mokdong Redevelopment Reduces Number of High-Rise Towers
    Mokdong Redevelopment Reduces Number of High-Rise Towers The Mokdong 13 redevelopment project in Seoul has been put on hold due to concerns over its impact on the skyline, prompting other nearby projects to reconsider their designs.Seoul city officials have advised that the number of high-rise towers should be limited to around 10% of the total and that building heights should vary. As a result, one project has decided to reduce its planned 49-story towers from ten to three. While the maximum height of 49 stories is not being restricted, there are concerns that this change could affect project timelines and design costs for developments that are already well underway.According to a report by Aju Economy on September 3, the city has indicated that some high-rise designs for Mokdong redevelopment projects differ significantly from the initial recommendations, necessitating adjustments.A city official stated, “In Mokdong, each project underwent 2 to 4 advisory sessions, but the submitted designs did not adequately reflect the advisory feedback, leading to their suspension during the review process. Other Mokdong projects are likely to revise their designs in light of this situation.”One project currently preparing for the review is significantly reducing the number of high-rise towers. A representative from a Mokdong redevelopment association said, “After receiving news of the suspension for Mokdong 13, we are adjusting our design to reduce the number of 49-story towers from ten to three.”Previously, on August 25, the Seoul Integrated Review Committee for redevelopment projects issued advisory guidelines for 14 Mokdong districts, recommending that the number of high-rise towers be diversified to at least three and that the proportion of the tallest towers be kept around 10%.Mokdong 13 was suspended during the integrated review in July due to concerns that many of its towers were planned at 49 stories without sufficient height variation among buildings. The integrated review is a key step before granting project approval, encompassing assessments of architecture, landscape, traffic, and educational environments.Seoul city maintains that it is not imposing a limit on the maximum height of 49 stories. The Mokdong 6 project, also designed for a maximum of 49 stories, conditionally passed the integrated review in May. The issue lies not with the maximum height but with the number and arrangement of high-rise towers.Developers believe that placing more high-rise towers can enhance the distance between buildings and improve views, thereby increasing marketability and sales revenue. Consequently, many Mokdong redevelopment projects have actively incorporated high-rise towers in their designs.Conversely, the city emphasizes a more comprehensive skyline and public interest, as outlined in the '2040 Seoul Urban Master Plan,' which abolishes the 35-story height limit for residential areas. The recent advisory also suggested increasing the maximum height for low-rise zones from 7 to 10 stories and allowing mid-rise zones to reach up to 20 stories.However, the Mokdong 13 association believes the suspension will not significantly impact the project. One owner remarked, “Adjusting the heights of individual buildings will not greatly affect construction costs or timelines. If we implement the adjustments requested by the city, we may even expedite the approval process.”As the project is still in its early stages, it is difficult to predict how design changes will affect construction costs. Depending on how key cost factors evolve, expenses could either increase or decrease.The advisory also reportedly includes raising the maximum height for low-rise zones from 7 to 10 stories and for mid-rise zones from 15 to 20 stories.One concern is that the permitting risks could spread to other Mokdong projects. ANU, the firm responsible for the design of Mokdong 13, has secured design rights for a total of five projects in Mokdong, including Mokdong 3, 5, 8, and 11. If other projects have also incorporated numerous high-rise towers, they may face similar design revision requests during the integrated review process.Notably, five projects are preparing to select construction companies by the end of this year, and for those selecting contractors before the integrated review, design changes could introduce new variables. If the design submitted during contractor selection is not accepted in the integrated review, adjustments may need to be made immediately after the contractor is chosen.A representative from a construction company stated, “If major design elements such as height or tower placement change after contractor selection, we may need to reassess construction costs and timelines. For the predictability of the project, it is essential that review criteria are clarified early.”Industry insiders point out that during the design firm selection phase, aggressive proposals emphasizing project viability may overshadow the likelihood of obtaining permits, potentially leading to complications in future redevelopment efforts. One industry source noted, “During the design firm selection phase, maximizing the number of high-rise towers is advantageous for gaining member support, but this could lead to significant friction during the permitting process, resulting in project delays and increased costs.”* This article has been translated by AI. 2026-09-03 16:32:10
  • Trump Administration Pressures South Korean Firms to Invest Amid Semiconductor Tariff Plans
    Trump Administration Pressures South Korean Firms to Invest Amid Semiconductor Tariff Plans The Trump administration is reportedly pressuring South Korean companies to increase their investments in the U.S. by leveraging plans for semiconductor tariffs and the Alaska liquefied natural gas (LNG) project. With dissatisfaction among voters regarding economic policies ahead of the November midterm elections, the administration aims to highlight manufacturing revival and economic achievements through domestic investment.On September 2, U.S. Secretary of Commerce Gina Raimondo stated in an interview with CNBC that the government is preparing a new system of semiconductor tariffs to attract semiconductor manufacturing facilities to the U.S. She added that companies investing in domestic production would be eligible for tariff reductions."If you build a production facility in the U.S., you will receive a tariff reduction, but if you do not produce in the U.S., you will incur tariffs," she said, describing the approach as "quite reasonable" and effective. This method mirrors the strategy used by President Trump to attract production facilities in the pharmaceutical industry.In January, President Trump imposed a 25% tariff on certain advanced semiconductors imported from third countries, such as NVIDIA's H200 chip, which were then exported to China. However, if the Trump administration announces new semiconductor tariffs, the scope could expand to cover all semiconductors and electronic products, including data centers and electronic devices, according to Bloomberg News.Last week, Politico reported that the Trump administration is considering imposing high tariffs on semiconductors. The administration is exploring expanding the tariff scope to include products that use semiconductors, such as laptops, gaming consoles, and data center servers, and is also considering a phased introduction of new tariffs.Raimondo emphasized that the forthcoming semiconductor tariffs would be "targeted and carefully designed," stating, "Essentially, if you build a production facility in the U.S., you will not have to pay tariffs, but if you do not produce in the U.S., you will have to bear tariffs to access the largest market in the world." She noted that all companies are aware of this policy and have been preparing for it, highlighting that major semiconductor firms like TSMC and Micron have already committed to investing a total of $1.2 trillion in the U.S.Taiwan has pledged $500 billion in investments during tariff negotiations with the U.S., and Raimondo indicated that Taiwan would announce an additional investment of $20 to $30 billion next week. Previously, Taiwan's Minister of Economic Affairs Wang Mei-hua mentioned at the opening ceremony of 'Semicon Taiwan 2026' that Taiwanese companies would invest an additional $20 billion in the U.S.As a result, it is anticipated that the Trump administration will intensify its investment pressure on South Korean semiconductor companies. While South Korean firms, including SK Hynix, have been making investments in the U.S., such as the recent groundbreaking for a $4 billion high-bandwidth memory (HBM) semiconductor production facility in Indiana, the increased investment commitments from Taiwanese companies like TSMC may prompt calls for further investments from South Korean firms like Samsung and SK Hynix.Alaska LNG ProjectAdditionally, President Trump reiterated calls for participation from South Korea and Japan regarding the Alaska LNG project. During a press briefing at the White House, he stated, "Many countries, including Japan and South Korea, are coming to Alaska to load fuel and oil and to build pipelines, among other activities."Trump's comments came as he announced plans to visit Alaska to support Republican candidate Dan Sullivan, who is running for a third term in the U.S. Senate. Earlier, on January 20, he referenced the Alaska pipeline project aimed at exporting natural gas to Asia while discussing trade agreements between the U.S., South Korea, and Japan.With two months remaining until the midterm elections and facing low approval ratings, Trump appears to be actively seeking to bolster economic achievements, which may include urging South Korea to expand its investments in the U.S. According to a Reuters/Ipsos poll released on August 31, Trump's approval rating stands at 33%, the lowest level recorded, with dissatisfaction attributed to the Iran war and Republican economic policies.Fox News noted, "President Trump has so far failed to win over midterm voters with his economic agenda," adding, "If he cannot change this trend, congressional power may shift to the Democrats." 2026-09-03 16:32:00
  • KOSPI Ends Flat After Volatile Trading Amid Foreign and Institutional Selling
    KOSPI Ends Flat After Volatile Trading Amid Foreign and Institutional Selling After a nearly 4% drop the previous day, the KOSPI index rebounded by over 1% in early trading but experienced significant fluctuations, dropping more than 200 points in the afternoon. Ultimately, it recovered most of its losses and closed flat. The KOSDAQ also ended slightly lower.According to the Korea Exchange, the KOSPI closed at 6,579.48, up 16.76 points (0.26%) from the previous trading day. The index opened at 6,650.33, reflecting an increase of 87.61 points (1.33%) compared to the last session, maintaining a rise of over 1% for a time.The market's mood shifted dramatically around 2 p.m. After staying above the 6,600 mark in the morning, the KOSPI quickly fell to the 6,430 range, moving more than 200 points from its peak. However, it managed to recover before the market closed.In the securities market, individuals, foreigners, and institutions sold a net 11.32 billion won, 2.09 billion won, and 2.71 billion won, respectively.Among the top market capitalization stocks, performances varied. Samsung Electronics traded down 0.20% at 250,000 won, while SK Hynix fell 1.05% to 159,600 won. Other decliners included SK Square (-0.10%), Samsung Electro-Mechanics (-3.71%), Samsung Biologics (-1.60%), and Samsung C&T (-0.27%). Conversely, LG Energy Solution (5.18%), Hyundai Motor (1.46%), KB Financial (5.20%), and Samsung Life Insurance (3.06%) saw gains.At the same time, the KOSDAQ index closed at 803.82, down 13.77 points (0.02%) from the previous day.In the KOSDAQ market, individuals were net buyers, purchasing 34.12 billion won, while foreigners and institutions sold a net 1.32 billion won and 1.98 billion won, respectively.Top stocks in the KOSDAQ also showed mixed results. Alteogen fell 5.19%, EcoPro dropped 0.37%, Juseong Engineering declined 3.28%, Wonik IPS fell 3.28%, and Simtek decreased 4.16%. In contrast, EcoPro BM rose 0.19%, and IOTechniques increased 3.98%. 2026-09-03 16:32:00
  • Defense Acquisition Agency to Establish Roadmap for 100 Key Defense Semiconductor Projects by Year-End
    Defense Acquisition Agency to Establish Roadmap for 100 Key Defense Semiconductor Projects by Year-End The Defense Acquisition Agency (DAA) plans to establish a roadmap for 100 key defense semiconductor projects by the end of the year. The initiative aims to consolidate domestic semiconductor technology and research capabilities in the defense sector to establish a self-reliant foundation for core semiconductor technologies.On September 3, the DAA held a "Defense Semiconductor Policy and Project Demand Survey Briefing" at the Global R&D Center in Pangyo, Seongnam, attended by over 200 representatives from industry, academia, and research institutions.This briefing was organized ahead of the implementation of the "Defense Semiconductor Promotion and Support Act" (Defense Semiconductor Act) in December, to share related policies and systems and to identify technical demands from the field for selecting the 100 key projects.Since the enactment of the Defense Semiconductor Act in June, the DAA has been working to develop systems to foster a domestic defense semiconductor ecosystem, including specialized research and development (R&D), designation of specialized businesses, and the establishment of reliability testing and certification systems.In particular, the DAA plans to expand participation from capable small and medium-sized fabless semiconductor design companies, government-funded research institutes, and universities to secure the core semiconductor technologies needed for weapon systems.The briefing was divided into two parts: the first part covered "Key Policies," where the DAA explained its policy direction and the main contents of the Defense Semiconductor Act. The Defense Technology Promotion Institute and the Defense Technology Quality Agency introduced their respective key tasks and reliability testing and certification plans.The second part featured the Defense Technology Promotion Institute explaining the direction of defense semiconductor R&D and the procedures and methods for the project demand survey, while gathering opinions on technology development participation and ecosystem formation from industry, academia, and research.Yoon Chang-moon, Director of the DAA's Defense Technology Development Protection Bureau, stated, "Achieving self-reliance in defense semiconductor technology cannot be accomplished by the government's efforts alone. It is crucial to consolidate the technological capabilities of our country's semiconductor industry and the strengths of industry, academia, and research in the defense sector."He emphasized, "We will focus government efforts on actively discovering innovative technologies and ideas needed in the field and systematically securing the core technologies that will support the competitiveness of future weapon systems based on this."The DAA plans to comprehensively review the semiconductor technology projects proposed through this demand survey based on strategic importance, applicability to weapon systems, and domestic development capabilities, with the goal of finalizing the roadmap for the 100 key projects by the end of the year.Additionally, the DAA aims to expand cooperation with relevant ministries to ensure that the defense semiconductor policy leads not only to research and development but also to the creation of a domestic industrial ecosystem and exports, thereby spreading the world-class capabilities of the domestic semiconductor industry into the defense sector.* This article has been translated by AI. 2026-09-03 16:28:10
  • Chinese Stock Market Sees Minor Rebound Amid Geopolitical Tensions
    Chinese Stock Market Sees Minor Rebound Amid Geopolitical Tensions The Chinese stock market rebounded slightly on September 3 after two consecutive days of decline. The Shanghai Composite Index rose by 0.02% to close at 3,942.09, while the Shenzhen Component Index increased by 0.10% to finish at 13,625.12. The ChiNext Index saw a marginal gain of 0.01%, ending at 3,312.54.According to the South China Morning Post, the pace of foreign capital inflow into the Chinese stock market may slow in the future. While improved investor sentiment towards Chinese tech stocks and a stronger yuan have attracted foreign investment, rising U.S. Treasury yields and high valuations of Chinese tech stocks are becoming burdensome. There is a growing consensus among foreign investors that the price appeal of Chinese stocks has diminished following a recent surge, leading to decreased trading volumes and profit-taking in individual stocks.Additionally, ongoing military tensions between the U.S. and Iran are contributing to market pressures. International oil prices rose slightly, exacerbating inflation concerns.Shipping stocks performed well on this day, with companies like China COSCO Shipping Energy Transportation and Phoenix Navigation seeing significant gains. Analysts predict that prolonged military conflicts in the Middle East could disrupt maritime logistics and drive up shipping rates. If disruptions in the Strait of Hormuz, a critical global energy transport route, persist, increased shipping distances and supply shortages could further elevate maritime freight costs.Stocks related to synthetic diamonds also saw gains, with companies like Boyuan New Materials and Hengsheng Energy hitting their upper price limits. Synthetic diamonds are gaining attention as heat dissipation materials. Zhongtai Securities projected that the global market for diamond heat dissipation plates will reach approximately 8.7 billion yuan this year, with expectations for growth to 59.2 billion yuan by 2030.Meanwhile, the People's Bank of China set the yuan's daily reference rate against the dollar at 6.7807 yuan, a decrease of 0.0022 yuan from the previous day, reflecting a 0.03% increase in the yuan's value.* This article has been translated by AI. 2026-09-03 16:28:00
  • KOSPI edges higher despite selling across the board
    KOSPI edges higher despite selling across the board SEOUL, September 3 (AJP) - South Korea's benchmark KOSPI closed higher on Thursday, even though individual investors, foreigners and institutions all pulled money out of the main board. It was the third time in four sessions that the index rose as all three major investor groups were net sellers. The index rose 16.76 points or 0.3 percent to close at 6,579.48. Underneath the gain was a rotation rather than a recovery. Shipbuilders, insurers and banks were bought hard, the semiconductor names that carry the index kept bleeding, and the session turned briefly negative in the afternoon before recovering into the close. Individuals sold a net 955.0 billion won (US$702.7 million), foreigners 423.4 billion won and institutions 215.2 billion won, roughly 1.59 trillion won leaving the market on a day it went up. The same pattern happened on Sept. 1, when the KOSPI also closed slightly higher even though all three investor groups were net sellers. Samsung Electronics slipped 0.2 percent to 250,000 won and SK hynix fell 1.1 percent to 1,596,000 won. Samsung Electro-Mechanics dropped 3.7 percent to 1,348,000 won. Samsung Heavy Industries jumped 8.6 percent to 21,650 won, and non-life insurance was the strongest sector on the board at 5.8 percent. KB Financial rose 5.2 percent to 177,900 won and Samsung Life gained 3.1 percent to 303,000 won. Traders read the bid in banks and insurers as a bet on yields staying high, and the bid in shipbuilders as a bet that a contested Strait of Hormuz keeps tanker rates and replacement orders elevated. Kuwait's armed forces said air defenses engaged Iranian missiles and drones on Thursday, the latest turn in a war that began in late February. Brent crude settled at $95.63 a barrel on Wednesday. The junior KOSDAQ, however, moved in the opposite direction. It fell 13.77 points or 1.7 percent to 790.21, slipping below the 800 mark. In Tokyo the Nikkei 225 eased 0.2 percent to 64,214.48. Advantest fell 0.8 percent to 32,280 yen while Mitsubishi Corp, which runs a large energy trading book, rose 4.1 percent to 5,059 yen. The Shanghai Composite finished marginally higher. Tanker operators led there, with COSCO Shipping Energy Transportation up 8.6 percent to 20.29 yuan and China Merchants Energy Shipping up 8.5 percent to 19.32 yuan. The won traded at 1,359 won against the dollar, strengthening by 1.30 won from the previous session. The buying that kept the index higher may not last, however. It came only after the other investor groups had sold, and Thursday's session showed little sign that foreign investors are ready to return. 2026-09-03 16:26:55
  • South Koreas Foreign Ministry Addresses Controversy Over Taiwan Pavilion at Gwangju Biennale
    South Korea's Foreign Ministry Addresses Controversy Over Taiwan Pavilion at Gwangju Biennale South Korea's Foreign Ministry addressed the controversy surrounding the use of the name 'Taiwan Pavilion' at the Gwangju Biennale on September 3, stating, "Our government's fundamental position regarding Taiwan remains unchanged."During a regular briefing at the Foreign Ministry's office in Jongno, Seoul, spokesperson Park Doo-soon remarked, "I understand that Gwangju City has also made a clear statement regarding the name of the Taiwan Pavilion."He added, "This matter was decided based on private sector judgment in the cultural and artistic realm and is unrelated to our government's stance on Taiwan." Park emphasized, "We hope this incident does not affect Sino-Korean relations and exchanges between the two countries."Previously, the installation of the 'Taiwan Pavilion' at the Gwangju Biennale sparked backlash from China, leading to the withdrawal of Chinese artists.Additionally, the joint statement from the establishment of diplomatic relations between South Korea and China in 1992 includes a clause stating, 'The Government of the Republic of Korea recognizes the Government of the People's Republic of China as the sole legitimate government of China and respects China's position that there is only one China and Taiwan is part of China.' The Yoon Suk-yeol administration has recently reaffirmed this position. 2026-09-03 16:24:20
  • Incheon Airport Becomes First in the World to Achieve Five Consecutive Years of Customer Experience Certification
    Incheon Airport Becomes First in the World to Achieve Five Consecutive Years of Customer Experience Certification Incheon Airport, which achieved the world's top ranking in international passenger traffic in the first half of this year, has made history by becoming the first airport globally to maintain the title of 'World's Best Service Airport' for five consecutive years.On September 2, the Incheon International Airport Corporation announced that it received the highest level 5 certification from the Airport Council International (ACI) Customer Experience Certification Program in Istanbul, Turkey, marking the first time any airport has achieved this certification for five consecutive years. In total, Incheon Airport was recognized as a four-time winner in the ACI airport service evaluation category.During the awards ceremony, Incheon Airport was praised for its deep understanding of customer characteristics through big data, proactive improvements based on customer journey insights, and innovations in customer experience using smart technologies such as artificial intelligence (AI).In addition to the level 5 customer experience recertification, Incheon Airport also won the 'Best Airport' award in the ACI Airport Service Quality (ASQ) category, received the highest level 3 certification in the Accessibility for the Transportation Disadvantaged program, and was recognized as the best training institution in customer experience, achieving a total of four awards in the ACI airport service evaluation category.The 'Best Airport' award is given by ACI to the top airport that contributes to improving service levels worldwide. With this latest recognition, Incheon Airport has now won the ASQ award 15 times out of the 20 ceremonies held from 2006 to 2025.Incheon Airport also newly obtained the highest level 3 certification in the Accessibility for the Transportation Disadvantaged program, which evaluates the accessibility of airports for individuals with disabilities and the elderly. This international certification assesses various aspects, including airport services, facilities, digital accessibility, and the efforts of airport operators to enhance inclusivity for transportation-disadvantaged individuals.Incheon Airport operates a service advisory group with various stakeholders. In April 2021, it opened a dedicated lounge for transportation-disadvantaged passengers in Terminal 1, and in August of last year, it began operating indoor autonomous transport vehicles in line with the expansion of the airport.Thanks to its collaboration with ACI in jointly operating customer experience training programs, Incheon Airport has also been recognized as the best aviation training institution in customer experience.Building on its achievements as the world's top airport in international passenger traffic and service, Incheon Airport plans to enhance service levels through innovations in airport facilities and operations.Acting President Kim Beom-ho stated, "The rapid achievement of being the world's number one in international passenger traffic and service at Incheon Airport is thanks to government support, public backing, and the hard work of our staff. We will continue to invest in facilities and accelerate service innovations, including the implementation of smart airport technologies and strengthening regional connections."* This article has been translated by AI. 2026-09-03 16:24:00
  • Tving Offers Compensation Package Following Data Breach, Increases Security Investment
    Tving Offers Compensation Package Following Data Breach, Increases Security Investment Tving has announced a compensation package for customers affected by a data breach, which includes hacking and phishing insurance as well as points worth 5,000 won. The company will also quadruple its investment in information security and triple its security personnel compared to the previous five years.On September 3, Tving held a press conference at the Koreana Hotel in Gwanghwamun, Seoul, to address the data breach and issued an official apology.CEO Choi Joo-hee stated, "I sincerely apologize for the significant concern and anxiety this incident has caused our customers. We humbly accept the final investigation results announced today by the joint public-private investigation team and will fully implement all corrective measures and prevention strategies identified."During the conference, Choi also unveiled the compensation package for customers, which includes: 1) hacking and phishing insurance, 2) an upgrade to a premium viewing experience, 3) Tving points, and 4) entertainment coupons.The insurance will be provided for one year, covering up to 3 million won per person for damages from cyber financial fraud due to hacking and phishing, as well as scams from online shopping malls and personal transactions.The viewing experience will be upgraded for subscribers without any additional application required, providing a premium viewing environment until the end of the year. Customers will also receive 5,000 won in Tving points, which can be used for purchasing individual content such as the latest movies.Additionally, customers will receive a one-month subscription to Wave's ad-supported video on demand (AVOD) service (worth 5,500 won) or a 5,000 won discount coupon for a CGV combo. Compensation applications can be submitted through the Tving app and website from September 7 to 30, with compensation effective from October 6.Tving also outlined its prevention strategies, which include: 1) increasing investment in information security and security personnel, 2) establishing a zero-trust security framework, 3) redefining organizational governance and security culture, and 4) enhancing expertise through external collaboration.By 2030, Tving plans to increase its investment in information security to approximately four times the amount compared to the previous five years. Over the next five years, the company will also increase its security personnel to three times the current level. The security organization will be divided into product, cloud, enterprise IT, and compliance security.The zero-trust principle, which verifies users at every system access, will be applied as the company-wide security standard. Access rights will be granted only within the necessary scope for job functions and purposes, and systems and network areas will be separated to enhance the protection of sensitive data such as personal information. The company will also strengthen its real-time detection and isolation systems using artificial intelligence (AI).Tving plans to renew its security governance framework and redefine its company-wide security culture. A practical security council will be established under the CEO, Chief Information Security Officer (CISO), and Chief Privacy Officer (CPO) to solidify a rapid and consistent response system. This will create a virtuous cycle from identifying security issues to decision-making, execution, and review.Furthermore, an objective verification system through external security experts will be established. The CEO will launch an 'Information Security Innovation Advisory Committee' to enhance multi-faceted verification and provide advice on policies and systems, continuously improving the completeness of security policies and technical systems.Choi emphasized, "Tving will fundamentally rebuild its entire security system as a result of this incident. We will prioritize information security as our most important responsibility and competitive advantage, expanding our investment and personnel in this area. Above all, we will do our utmost to secure customer trust and create an environment where customers can use our services with peace of mind." 2026-09-03 16:24:00
  • Government to Relocate Justice and Gender Equality Ministries to Sejong Next Year
    Government to Relocate Justice and Gender Equality Ministries to Sejong Next Year The government plans to gradually relocate the Ministry of Justice and the Ministry of Gender Equality to Sejong City starting in the first half of next year. The Supreme Prosecutors' Office, the Serious Crimes Investigation Agency, and the National Police Agency will move after new buildings are constructed. Additionally, the government will announce plans in the fourth quarter of this year to relocate over 350 public agencies from the capital region, with a significant consolidation that will reduce 109 of these institutions. However, plans to relocate the Financial Services Commission and related public institutions, including state-owned banks, have been postponed. Han Seung-soo, the Prime Minister, held a joint press conference at the Government Seoul Complex on September 3 to announce the direction of the second phase of central administrative and public agency relocations, as well as the push for functional reforms. “Balanced growth is not just a choice; it has become a survival strategy for a sustainable South Korea,” Han stated, adding that this initiative will serve as a symbolic and practical turning point for alleviating congestion in the capital region and fostering regional growth. The relocation of central administrative agencies will be carried out in phases, depending on legislative amendments and the status of building acquisitions. The government plans to amend the current Happy City Act to remove the Ministry of Justice and the Ministry of Gender Equality from the list of agencies exempt from relocation, allowing for their move in the first half of next year. Agencies requiring separate buildings, such as the new Supreme Prosecutors' Office, Serious Crimes Investigation Agency, and National Police Agency, will relocate after their facilities are constructed. The presidential office in Sejong is targeted for completion by August 2029, while the National Assembly's Sejong building is expected to be finished by 2033. Yoon Ho-jung, the Minister of the Interior and Safety, emphasized that the government will consider the operational conditions and readiness of each agency to ensure there are no administrative gaps, rather than relocating all agencies simultaneously. The relocation of public agencies aims to minimize the retention of agencies in the capital region and concentrate related institutions around existing innovation cities. The government will finalize relocation plans by the end of the year, taking into account each agency's functions, growth engines, and potential connections with local industries and universities. To expedite the process, the government will begin leading relocations by leasing private buildings instead of waiting for new constructions. Support will be expanded based on the distance and speed of relocations, and the government will also enhance living conditions for employees, including relocation expenses, housing costs, and access to education and healthcare. Functional reforms of public agencies will proceed concurrently. The government plans to consolidate five power generation companies, four port corporations, and the Korea National Oil Corporation and Korea Gas Corporation, among others, reducing a total of 109 institutions. Job security for employees of merged agencies will be guaranteed, ensuring that their compensation and treatment do not decrease. For agencies that do not require legal amendments, consolidation will begin immediately, with progress monitored through a consultative body led by the Prime Minister's Office. Heo Jang, the Deputy Minister of Finance, stated, “We will streamline similar and overlapping functions, eliminate non-core activities, and organically connect dispersed functions to allow public agencies to focus on their primary roles.” * This article has been translated by AI. 2026-09-03 16:20:00