Latest by
-
Lee Hyung-il Addresses Controversy Over Apartment Ownership Amid Reconstruction Lee Hyung-il, the Deputy Prime Minister and Minister of Economy nominee, clarified that he is not residing in his apartment in Gwacheon, Gyeonggi Province, because it is currently undergoing reconstruction.On his way to the Financial Services Commission office in Jung-gu, Seoul, on September 3, Lee addressed the controversy surrounding his apartment ownership and non-residency, stating, "Our firm principle is to establish a housing market centered on actual residence."As the government pushes for a reform of the real estate tax system that differentiates tax burdens for homeowners based on their residency status, concerns have been raised about how Lee's living situation aligns with this policy direction. He explained that his case involves special circumstances due to the ongoing reconstruction.According to public asset declarations, Lee and his spouse jointly own the apartment in Gwacheon, which reportedly began its reconstruction relocation process in 2025.However, it is noted that Lee has been living in a different house on a lease since 2021, raising questions about the timeline of his residency and the purchase of the apartment, which may become points of contention during the confirmation hearing.Regarding the timing and circumstances of the apartment purchase, Lee stated, "I bought it quite a while ago, and I will provide detailed answers during the hearing."On the topic of real estate tax reform, he emphasized that the government's revised proposal was developed in consultation with the ruling party.Lee commented on the Democratic Party's proposal to delay the abolition of the long-term holding special deduction and to increase the basic deduction for non-resident homeowners to 140 million won, saying, "The revised proposal that passed the Cabinet meeting was prepared through discussions incorporating the supplementary ideas presented by the Democratic Party."He added, "We will continue to communicate and collaborate moving forward," leaving the door open for further discussions between the government and the ruling party.* This article has been translated by AI. 2026-09-03 13:52:20 -
Twosome Place to Open First U.S. Store in Alexandria, Virginia, This October Twosome Place will open its first store in Alexandria, Virginia, this October as part of its strategy to enter the U.S. market. The company aims to compete with local brands in the mainstream café sector by promoting its pairing culture of coffee and desserts, which has been validated in South Korea.On September 3, Twosome Place held a press conference at the Conrad Seoul in Yeouido, where CEO Moon Young-joo and Vice President Kim Shin-young outlined the company's global business strategy, including the rationale for entering the U.S. market, its competitive approach, and future plans.The first U.S. location will be situated in Old Town Alexandria, a premium commercial area adjacent to the Potomac River, known for its concentration of high-end fashion and food and beverage brands. Twosome plans to use Alexandria as a base to expand into the D.C. and Maryland areas, known as the 'DMV' region, before moving into major cities like New York, New Jersey, Pennsylvania, Boston, and Atlanta. The company is also considering expansion into other global markets, including Japan.Twosome aims to directly compete with local café brands, including Starbucks, and establish itself as a brand that appeals to a broader audience beyond just the Korean community.The decision to enter the U.S. market comes as Twosome recognizes the limitations of growth focused solely on domestic expansion. With approximately 1,750 stores in South Korea, further openings have become challenging due to franchisee protection issues. As a result, the company is concentrating on same-store sales growth domestically while seeking new growth opportunities abroad. In fact, Twosome's same-store sales growth rate has increased from 0.3% in 2023 to 6.9% in 2024, and 7% last year.Vice President Kim Shin-young stated, "The U.S. is the largest market, and we believe that success here will provide strong momentum for future expansions into other regions. While there are many cafés in the U.S., we are confident that our pairing culture can compete effectively."One of Twosome's key offerings will be its 'Korean-style cake.' Unlike American cakes, which are rich and sweet, Twosome's cakes feature lighter flavors using whipped cream, mousse, and fresh fruit. The company has received positive feedback from local consumers during taste tests, noting that the Korean-style cakes are perceived as "healthier and more sophisticated."The menu will include signature items such as 'Schoosang' (Strawberry Chocolate Cream Cake), along with options like icebox cake, red velvet, and tiramisu. The company plans to adjust flavors and sizes to cater to local tastes, offering larger versions of Schoosang to meet the preferences of American consumers.Additionally, Twosome will introduce local-exclusive menu items that incorporate Korean elements, such as 'Seoul Blend' coffee developed in collaboration with local roasteries, as well as dishes featuring dalgona, black sesame, injeolmi, misugaru, and plum, alongside deli items like bulgogi bibimbap.The first U.S. store will also feature operational changes. Recognizing that local café sales peak in the early morning and that 'all-day cafés' are on the rise, Twosome will adjust its opening hours. The entrance will showcase a cake display, and the interior will feature lighting reminiscent of traditional Korean rafters and octagonal tables.Prices will be set 10-20% higher than in South Korea, reflecting local labor and ingredient costs. This pricing is expected to be slightly above that of local Starbucks, aligning with the price range of premium all-day cafés that are currently growing in the U.S.Twosome has been testing products with local consumers and establishing supply chains and logistics since deciding to enter the U.S. market about two years ago. The store design for international markets has also been validated domestically, with the 'Gangnam 2.0' store near Sinnonhyeon Station serving as a prototype to assess operational processes.Initially, all U.S. locations will be operated directly through a local subsidiary, with plans for more than 15 stores. Opening a single store in the U.S. is expected to require an investment of approximately 1.5 to 2 billion won, indicating a significant financial commitment. Once the direct operations stabilize and profitability is achieved, the company will consider expanding through franchising.CEO Moon Young-joo emphasized, "It is not easy for a new brand to succeed in a new market. Initially, it is crucial to operate directly to firmly establish the brand in the U.S. market. Our first task is to ensure we have sufficient resources and investment to make Twosome a major brand in the U.S." 2026-09-03 13:52:00
-
President Yoon Announces Final Repayment of IMF Crisis Debt After 30 Years 이재명 대통령은 3일 1997년 국제통화기금(IMF) 외환위기 당시 조성된 공적자금의 상환이 내년도 예산을 끝으로 마무리된다고 밝혔다. 이 대통령은 이날 엑스(X·옛 트위터)에 ‘30년 만에, 외환위기의 마지막 빚을 갚습니다’라는 제목의 글을 올려 “국가 부도를 막기 위해 마련했던 공적자금 상환이 내년도 예산으로 마무리된다”고 전했다. 이어 “약 30년 전 나라가 가장 어려웠던 순간을 국민 여러분의 힘으로 이겨냈듯, 30년 동안 한결같이 애써주신 국민 여러분 덕분에 마무리 짓게 됐다”며 “그 시간을 잊지 않겠다. 국민 여러분, 정말 수고 많으셨다”고 언급했다. 정부는 외환위기 당시 금융회사 구조조정 등에 투입된 공적자금 관련 부채 가운데 올해 7조1486억원을 상환하고, 내년 예산으로 남은 7조9226억원을 갚을 계획이다. 상환을 마친 공적자금상환기금은 2027년 말 청산된다. 이번에 상환되는 공적자금 관련 부채는 2001년 전액 상환한 IMF 구제금융 차입금과는 별개다.* This article has been translated by AI. 2026-09-03 13:44:00
-
Family of Missing Crew Calls for Investigation into Tugboat Capsizing The family of a missing crew member has called for a thorough investigation into the capsizing of a tugboat off the coast of Busan, after reviewing closed-circuit television (CCTV) footage of the incident.According to Yonhap News Agency, the Coast Guard shared the CCTV footage with the families of the missing and deceased at a waiting room in Dong-gu, Busan.One family member stated, "As you can see in the video, it is hard to understand how the boat capsized so quickly. There may have been an issue with the wire connecting the tugboat and the cargo ship, or it could have gotten caught in a screw." Another family member, who has experience as a crew member, added, "A boat does not capsize suddenly. I urge the Coast Guard to conduct a thorough investigation into the cause of the accident." A Coast Guard official responded, "We will prioritize verifying the concerns raised and will need to conduct an investigation to determine the details." In particular, a family member of a navigator noted, "The video gives the impression that the wire (towline) was suddenly pulled tight, indicating that this was an accident caused by someone's mistake. It seems that there was a sudden issue with the wire connecting the tugboat and the cargo ship." During a press briefing, the Busan Coast Guard stated that two tugboats were towing a cargo ship from the left and right sides while another was pushing from the stern. They suspect that the TNS Catcher capsized during a right turn due to the towline.Meanwhile, the 286-ton tugboat TNS Catcher capsized around 1:29 p.m. the previous day, approximately 9 kilometers east of Oryukdo. Of the eight crew members on board, one Indonesian was rescued, while one Korean was found unconscious and later died. The remaining six crew members are missing.* This article has been translated by AI. 2026-09-03 13:40:20
-
Family Ownership in Major Conglomerates Exceeds 60% Despite Low Direct Holdings While the average direct ownership stake of family members in major conglomerates is only 3.5%, their internal ownership rate, including affiliated companies, exceeds 60%. For the first time, the number of companies subject to regulations against self-dealing by family members has surpassed 1,000.The Fair Trade Commission (FTC) announced these findings on September 3 in its report titled '2026 Ownership Status of Publicly Disclosed Business Groups.' The analysis covered 3,293 companies belonging to 89 business groups with a family head among the 102 groups with assets exceeding 5 trillion won this year.The internal ownership rate for business groups with a family head was 61.4%, down 1 percentage point from last year's 62.4%. This internal ownership rate refers to the proportion of shares held by family members, relatives, affiliated companies, non-profit organizations, and executives among the total issued shares of domestic affiliates.Among these, the average direct ownership stake of family members was only 3.5%. In contrast, the average stake held by affiliated companies was 55.5%, indicating a significant gap between the direct ownership of family members and the overall internal ownership of the business group.The FTC noted that while the internal ownership rate has remained relatively stable, the disparity between the small stakes held by family members and their control over the entire business group continues.The business group with the highest family ownership stake this year is Iljin Global, which recorded 51.4%. It is followed by Daemyung Chemical at 26.4%, Booyoung at 23.1%, Amorepacific at 17.5%, and DB at 16.8%. The second-generation family ownership stake is highest at Nexon with 65.1%, followed by Korea & Company Group at 19.6%, and both Bando Holdings and Aekyung at 12.1%.The number of companies subject to self-dealing regulations by family members has also increased. This year, there are 1,047 companies across 88 business groups, accounting for 31.8% of the total 3,293 affiliated companies. This marks an increase of 89 companies from last year, and it is the first time the number of regulated companies has exceeded 1,000.Companies subject to self-dealing regulations are those where family members hold more than 20% of the shares, as well as subsidiaries where these companies hold more than 50% of the shares. This year, 431 companies have family ownership stakes exceeding 20%, and 616 companies are subsidiaries where these companies hold more than 50% of the shares.The FTC identified the increase in regulated companies as primarily due to the designation of new business groups. Notably, 40 companies newly designated this year fall under the self-dealing regulations. However, the FTC explained that the increase in regulated companies should not be viewed as having separate social significance but rather as a consequence of the rise in newly designated groups.On the other hand, the structure of circular shareholding has shown improvement. The number of circular shareholding links among publicly disclosed business groups decreased from 1,435 last year to 233 this year, a reduction of 1,202.Taekwang and KG have eliminated all existing circular shareholding links. Sajo, which was first designated as a publicly disclosed business group last year, reduced its circular shareholding links from 1,426 to 220. Reports indicate that Sajo plans to further reduce its circular shareholding links to around 140 by the third quarter of this year.The proportion of treasury shares has also decreased. Among business groups with a family head, 425 affiliates across 87 groups held treasury shares, with an average treasury share proportion of 1.9%, down 0.5 percentage points from the previous year. The groups with the highest treasury share proportions are Mirae Asset at 10.5%, Kyobo Life Insurance at 8.5%, KCC at 7.5%, and Booyoung at 5.9%.Stock-based compensation for family members has significantly increased. Last year, 15 business groups entered into 585 stock payment agreements with family members, relatives, and executives, marking a 65.7% increase from 353 agreements the previous year.The increase in stock payment agreements was particularly notable at Samsung. While Samsung Electronics did not enter into any stock payment agreements in 2024, it signed 317 new agreements with executives last year. The FTC explained that Samsung has shifted from cash-based executive incentives to a greater emphasis on stock payment agreements to strengthen responsible management.There have also been instances of stock payment agreements made with family members. Doosan, Amorepacific, and Kyobo Life Insurance have entered into agreements with family heads, while Hanwha, Woongjin, and Yujin have made agreements with second-generation family members. In total, 19 agreements have been signed involving 11 family members across six groups.While the FTC does not view stock payment agreements negatively, it plans to monitor whether compensation becomes concentrated among family members and other related parties.An FTC official stated, "The gap between the direct ownership rate of family members and the internal ownership rate continues, indicating a significant disparity between ownership and control. We will continue to analyze and disclose the ownership and investment structures of large business groups and internal transaction information, and we plan to enforce the law strictly if self-dealing allegations are confirmed."* This article has been translated by AI. 2026-09-03 13:36:00
-
New U.S. Ambassador Michelle Steel Meets with South Korean Officials Amid Tensions Michelle Steel, the new U.S. Ambassador to South Korea, is holding a series of meetings with South Korean government officials. Her discussions aim to quell concerns over tensions between the two countries, particularly following the reduction of joint military exercises. On the morning of September 3, Steel visited the Defense Ministry to meet with U.S. Forces Korea Commander Jamie Lee Brunson. It is presumed that she exchanged greetings with Defense Minister An Gyu-baek during this visit. Earlier, on September 2, Steel met with Jeong Yeon-du, head of the Foreign Ministry's Strategic Planning and Information Bureau, at the ministry's office in Jongno-gu, Seoul. Jeong reportedly reaffirmed the importance of close communication and cooperation between South Korea and the U.S. on various issues, including peace efforts on the Korean Peninsula. Steel, who took office at the end of July, has also met with Foreign Minister Park Yun-ju on August 4 and President Yoon Suk Yeol on August 12. These meetings come amid rising political controversy regarding U.S.-South Korea relations. President Donald Trump has mentioned the need for dialogue with North Korea and has called for a reduction in the U.S.-South Korea joint exercise, known as the Ulchi Freedom Shield (UFS). In response, members of the ruling People Power Party have raised concerns about potential conflicts in the alliance. Party leader Jang Dong-hyuk criticized the rapid push for the transfer of wartime operational control, stating, "The U.S.-South Korea alliance is in jeopardy." He also claimed that the U.S. is pursuing dialogue with North Korea while sidelining South Korea, adding that President Yoon, who positions himself as a 'facilitator,' seems to be excluded from the discussions. President Yoon attended a meeting of the Democratic Peace Unification Advisory Council in Incheon the previous day, where he emphasized the need to create conditions for constructive discussions to build trust and resume dialogue between North Korea and the U.S. He stated, "We must transform the armistice system, based on confrontation and conflict, into a peace system founded on cooperation and prosperity." Regarding the resumption of inter-Korean dialogue, he acknowledged the challenges, saying, "The walls have grown higher, and the path is not visible, but we must continue to walk forward." He stressed that the barriers built over more than 80 years will not crumble on their own, urging a clear direction for progress without haste. Some experts have cautioned against overinterpreting Steel's meetings. Lee Shin-hwa, a professor of political science and diplomacy at Korea University, stated in a conversation with Aju Economy, "It might be more accurate to describe the situation as differences rather than conflict. This visit appears to be more about greetings than anything else," adding that while there is no need for exaggerated interpretations, Steel's role in managing diplomatic and security differences between the U.S. and South Korea will be significant.* This article has been translated by AI. 2026-09-03 13:32:00
-
Korea to open culture data for AI SEOUL, September 03 (AJP) - South Korea will open five sets of culture-sector public data in AI-ready formats, covering traditional music, tourism, policy information and cultural assets, the culture ministry said Thursday. The Ministry of Culture, Sports and Tourism said the data will come from four public institutions: the National Gugak Center, the National Library of Korea, the Korea Tourism Organization and the Korea Culture Information Service Agency. Project is part of the Ministry of the Interior and Safety's "AI and High-Value Public Data Top 100" initiative, launched in 2025. Under the project, the culture ministry will reprocess data from the culture, arts, sports and tourism sectors into AI-friendly formats and release them in December through the public data portal, data.go.kr, as nationally designated core data. Five data sets will include digital sound and image data related to gugak, or traditional Korean music, with added information on genres, instruments, rhythms, performance techniques and cultural context. Policy information collected by the National Library of Korea will also be converted into data that can be used for AI training, including question-and-answer data sets and information organized by major policy, social and economic issues. Tourism data will include updated Korean and multilingual travel information, along with expanded access to regional and themed tourism video content. Agency will prepare data on 3D cultural assets, Korean clothing and traditional patterns in formats suitable for AI learning and use, with expert review applied to strengthen the cultural and historical reliability of the data. The agency will also build ontology-based information on the relationships among cultural assets to help AI systems better understand Korean cultural context. Ministry will introduce a Model Context Protocol-based linkage system for the first time, using MCP, a common communication standard that allows AI models to connect with external data and tools. The ministry said the system is intended to shift public cultural data from resources that people search and download to resources that AI services and agents can connect to and use directly. Moreover, the ministry plans to open a total of 12 AI-ready and high-value data sets by 2027, including five this year and seven next year. A ministry official said opening high-value cultural data for AI use is a key part of Korea's content industry strategy, and that the ministry will continue releasing more high-value cultural data, including library catalog information, museum artifact records and film data. 2026-09-03 13:29:05 -
North Korea Codifies Wartime Party Operations in Revised Charter, Expands Kim Jong Un's Powers North Korea has officially codified its wartime party operations in its Labor Party charter for the first time since its founding. During wartime, the Politburo will be authorized to make key decisions in place of the Central Committee's plenary sessions, and election procedures necessary for the composition of party leadership bodies will be waived. Kim Jong Un, the Chairman of the State Affairs Commission, has been granted the authority to directly appoint and dismiss key officials, as well as to decide on the admission and expulsion of party members and the dissolution of party organizations.On September 3, the Korea National Strategy Institute held a press conference at the Dalgaebi House in Jung-gu, revealing an analysis of the revised party charter, which was amended during the 9th Party Congress in February. The preamble of the revised charter has been reduced from 28 paragraphs to 26, and 20 of the 60 articles in the main text have been modified.The most notable change is the introduction of provisions related to wartime operations. This is the first time North Korea has specifically defined wartime party operations in its Labor Party charter.Article 15 of the revised charter states that newly appointed officials in specific regions and units will be registered as candidates for party leadership positions and elected at plenary sessions, but it also specifies that “elections will not be held during wartime, and they will operate as members of the party leadership.” This allows the party organization to function without a separate election process in emergencies.New wartime powers for the Politburo have also been established. Article 27 specifies that the Politburo can “discuss and decide on important issues presented to the party in accordance with the delegation of the Central Committee plenary session during wartime.”The institute interprets this as a measure to fill the gap left by the Central Committee plenary session in emergencies, allowing for a defense and military command system centered around the Politburo to facilitate quicker decision-making than in peacetime.Kim Il-ki, head of the Peaceful Coexistence Strategy Center at the institute, stated, “This can be seen as formalizing the practices the party has followed during wartime in the Labor Party charter, effectively reflecting a Politburo-centered defense and military command system that replaces the Central Committee in emergencies.”The charter has completely removed references to the party's policies toward South Korea and unification. Previously, in June 2024, North Korea had deleted related content during a Central Committee plenary session, and this revision has finalized that removal. However, the institute noted that North Korea did not directly include terms like “hostile countries” or “combatants” in the party charter or constitution, suggesting that it may be leaving room for future state-to-state relations or dialogue.Kim Jong Un's powers have also been significantly clarified. The revised charter allows him to directly convene and preside over Politburo meetings and the Politburo Standing Committee, as well as to appoint and dismiss important party officials. He has also been granted the authority to directly admit citizens as party members or candidate members and to expel party members who commit serious errors.The institute remarked, “This is the first time in the history of party charters that the powers and status of the General Secretary have been so specifically defined,” indicating that it institutionalizes a governance structure supporting Kim Jong Un's unique leadership system.Conversely, the symbolism of previous leaders has been further diminished. Following the 2021 revision, which largely removed the achievements and symbolism of Kim Il-sung and Kim Jong-il, this revision has also deleted related paragraphs that remained in the preamble. Instead, it added the phrase “the Workers' Party of Korea is centered around its leader” and the ‘five principles of party building’ for the Kim Jong Un era.Kim In-tae, the chief researcher at the institute, stated, “By completely eliminating the remaining symbolism of previous leaders, it has unequivocally established the character of the Labor Party charter as that of Kim Jong Un,” adding that “the core of the revision is the strengthening of Kim Jong Un's leadership system and preparation for long-term rule.”The revised party charter has raised the age for party membership from 18 to 20. This marks the first increase in the age limit since North Korea lowered it from 20 to 18 during the 3rd Party Congress in 1956 to expand party membership after the war. The institute noted that since the actual age at which North Korean residents typically join the party is generally in their 20s, this adjustment reflects reality, although linking it directly to Kim Jong Un's daughter, Kim Ju-ae, as a successor is considered speculative.Meanwhile, the institute anticipates that North Korea is likely to demand measures beyond merely reducing U.S.-South Korea joint exercises in any potential dialogue with the U.S. Choi Yong-hwan, a deputy researcher at the institute, stated, “North Korea believes its negotiating power has increased compared to 2018-2019, so it will likely seek to exclude denuclearization from the starting point of negotiations and obtain maximum concessions.”* This article has been translated by AI. 2026-09-03 13:28:00
-
Korea's crypto access can strengthen stablecoin-FX link:BOK SEOUL, September 03 (AJP) - Wider corporate and foreign participation in South Korea's crypto market could allow dollar stablecoin demand shocks to pass more directly into foreign-exchange trading and the won, Bank of Korea researchers said Thursday. Kim Ji-hyun and Cho Sang-heum of the BOK's International Finance Research Team said in an Issue Note that the presence of global intermediaries can determine how closely stablecoin markets are linked with traditional FX markets. The researchers said regulatory changes that broaden participation by corporations and foreign investors could allow demand shocks in dollar stablecoins to trigger FX transactions and affect exchange rates more directly. Dollar stablecoins track the U.S. dollar, so buying them with a non-dollar currency such as the Korean won is economically similar to using that currency to purchase a dollar-denominated asset. Whether such demand translates into actual FX transactions, however, depends heavily on how the stablecoin market is structured. The researchers used the start of direct trading between selected fiat currencies and dollar stablecoins on Binance as an event marking the entry of global intermediaries into those markets. When direct fiat-stablecoin trading is available, professional market makers can supply stablecoins in exchange for local currency. They can then sell that currency for dollars in the FX market to manage the resulting currency mismatch. The study divided the linkage into two channels. Price integration occurs when stablecoin prices converge toward spot exchange rates, while shock transmission occurs when stablecoin demand generates FX transactions and affects exchange rates. An analysis of 12 currencies, including the euro, Turkish lira and South African rand, from 2019 through 2025 showed that direct Binance trading reduced dollar stablecoin premiums by about 0.33 to 0.38 percentage points. The researchers also found that stablecoins flowed from Binance into local markets when premiums on local exchanges rose above those on Binance. They said the pattern showed that access to global liquidity helped narrow pricing gaps. Greater price integration came alongside stronger transmission of stablecoin demand into foreign-exchange markets. Before direct trading was introduced, the relationship between dollar stablecoin premiums and movements in the corresponding currency against the dollar was not statistically meaningful. After trading support began, higher stablecoin premiums were associated with depreciation of the local currency, according to the study. A comparison between Korea and Brazil illustrated the difference. In Korea, a one-standard-deviation increase in Google searches for Bitcoin, used as a proxy for crypto investment demand, raised the dollar stablecoin premium by about 0.85 percentage point. The effect on the won-dollar exchange rate was not statistically meaningful. In Brazil, where direct trading between the real and dollar stablecoins was available on Binance, the same shock raised the stablecoin premium by about 0.11 percentage point. The real weakened by about 0.12 percent against the dollar, showing a clearer transmission into the FX market. Korea currently has a different market structure because Binance does not support direct won-dollar stablecoin trading and corporate and foreign participation in the domestic crypto market remains restricted. Those restrictions limit the role of global intermediaries that can access both stablecoin and FX markets. As a result, stablecoin demand pressures in Korea tend to be absorbed more through local crypto prices than through the exchange rate, the researchers said. The median premium on won-denominated dollar stablecoins since 2022 stood at 1.67 percent despite Korea's relatively high degree of capital-market openness. That was close to 1.86 percent in Ukraine and 1.80 percent in South Africa, where capital controls are considerably stronger. The researchers said broader participation in Korea's crypto market could strengthen the link between dollar stablecoins and the FX market. They called for digital-asset regulation to be considered alongside efforts to internationalize the won and deepen the country's FX market, saying greater participation and liquidity could improve the market's capacity to absorb shocks. AJP Takeaways Wider corporate and foreign participation in Korea's crypto market could strengthen the transmission of dollar stablecoin demand into FX trading and the won. Direct fiat-stablecoin trading on Binance reduced stablecoin premiums by 0.33 to 0.38 percentage points while strengthening transmission into exchange rates. The researchers said digital-asset reforms should be considered together with won internationalization and deeper FX liquidity. 2026-09-03 13:24:56 -
Government Raises Small Business Export Target by 20% and Introduces Insurance for Military Service Youth The government has increased its export target for small businesses to $180 billion by 2030, a 20% increase from previous national objectives. Starting in July next year, all mandatory military personnel will be covered by accident insurance, and a health insurance plan will provide medical cost support for 18 months after discharge. Prime Minister Han Seung-soo emphasized the need to expand the global stage for small businesses to strengthen the economy during the 13th National Policy Coordination Meeting held at the Government Seoul Complex on September 3. The meeting discussed four key innovation strategies for small business exports, improvements to policies for military service youth, preparations for the launch of the Population Strategy Committee, and plans for the 24th World Korean Business Convention. The government will operate the 'Export ON 2000' program to support young startups, small businesses, and regionally specialized companies in their overseas expansion, while promoting fashion, food, and beauty devices as next-generation K-brand strategic items. Efforts will also accelerate to explore emerging markets such as India and Brazil. The export support platform 'GoBiz Korea,' utilizing artificial intelligence, will be enhanced into a comprehensive platform linking online and offline services. Prime Minister Han stated, "We aim to achieve the $180 billion small business export target for 2030 by raising the initial goal by 20%." Support for military service youth will also be strengthened. Starting in July, all active-duty soldiers and reserve forces will be enrolled in accident insurance, with the government covering the premiums. The insurance will cover diagnosis fees for fractures and amputations, mental health support, hospitalization, and surgical costs for illnesses and injuries incurred during service. A health insurance plan for discharged military personnel will also be introduced at the same time, providing medical cost support for 18 months post-discharge, regardless of the severity of the illness or its connection to military service. The age limit for 34 youth policy programs operated by central administrative agencies will also be extended by the duration of military service. Prime Minister Han remarked, "We will ensure that the time dedicated to serving the nation does not result in disadvantages, providing necessary support during and after service, so that opportunities are not missed due to military duty." On September 10, in line with the implementation of the Basic Law on Population Strategy, the Low Birthrate and Aging Society Committee will be expanded and reorganized into the Population Strategy Committee. The new committee will serve as a government-wide control tower addressing not only low birth rates and aging but also regional population imbalances, changes in household structures, inter-country population movements, and labor shortages. Regarding the upcoming regular National Assembly session, Prime Minister Han stated, "Policies cannot be completed solely by the government's will; they must be supported by laws and budgets to lead to changes felt by the public." He urged each ministry to actively communicate with the National Assembly to reflect necessary legislation and budgetary needs.* This article has been translated by AI. 2026-09-03 13:24:00