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  • Debate Over Free Tuition Policy Shakes Higher Education in South Korea
    Debate Over Free Tuition Policy Shakes Higher Education in South Korea The foundation of regional universities is being shaken amid a declining school-age population and a concentration of students in the capital area. The government recently announced plans to fully subsidize tuition for new students at 30 national universities outside the capital using excess tax revenue from the semiconductor industry. In response, regional private universities have expressed strong opposition, claiming that this policy threatens their survival and leads to student poaching. Ajou Economic aims to examine the disparities between national and private universities, the implications of the free tuition policy, and the effectiveness of the government's future response fund and autonomous innovation university initiatives. Additionally, it seeks to diagnose practical solutions for enhancing educational and research competitiveness and achieving balanced regional development.On August 31, reports indicate that the Korea Council of Private University Presidents (KCPUP) has strongly opposed the government's free tuition policy for national universities, calling for a shift to an equitable support policy that does not differentiate between national and private institutions. Statistics support KCPUP's claims, showing that private universities in non-capital regions accommodate over 70% of higher education students. Despite this, a significant portion of higher education funding in South Korea continues to be concentrated on national universities, highlighting a structural imbalance.A survey conducted by KCPUP among 500 high school seniors revealed that even if tuition at regional national universities is fully waived, a majority still prioritize attending universities in the capital area. This suggests that simply waiving tuition fees will not prevent the concentration of students in the capital, as the quality of educational infrastructure, research standards, and employment connections are crucial for the policy's effectiveness.One expert in private university finance stated, "Students and parents seek quality education that is worth the investment, not just free education. Instead of populist budget allocations for tuition waivers, funding should be directed toward improving educational costs and research environments for all students, regardless of whether they attend national or private universities, to enhance the competitiveness of regional institutions."The Ministry of Education, aware of the backlash from private universities, has proposed expanding the 'Regional Talent Scholarship' program to support 10,000 students at private universities and nurturing the 'Autonomous Innovation University' model, which provides selective financial support based on institutional improvement. However, the feasibility and effectiveness of these measures remain in question.Lee Joo-yeol, chair of the University Innovation Support Council, criticized the Ministry for being trapped in a provider-centric perspective that distinguishes between national and private universities. He emphasized that from a student’s viewpoint, the distinction is irrelevant, and policies should be designed to benefit all young people in the region. He expressed concern that the 'Autonomous Innovation University' initiative, while aimed at institutional improvement, appears to promote a survival-of-the-fittest mentality that could exacerbate disparities and conflicts among universities.Critics argue that merely increasing the number of scholarship recipients is a temporary fix. What regional private universities urgently need is comprehensive financial support that can be used for establishing advanced programs, securing faculty, enhancing research infrastructure, and improving educational environments. Without sufficient communication with stakeholders, the 'Autonomous Innovation University' policy risks concentrating resources on a few institutions while leaving many struggling private universities in jeopardy.Jeon Min-hyun, president of KCPUP, lamented the lack of proper communication from the Ministry regarding significant policies like free tuition for national universities, which could have a devastating impact on the university ecosystem. He pointed out that while major national universities are often located in large urban centers, many smaller private institutions are situated in areas at risk of population decline. He warned that if the free tuition policy is implemented, it may not prevent student outflow to the capital but could instead accelerate the decline of regional private universities, ultimately exacerbating regional depopulation.In response to criticisms regarding a lack of communication and perceived discrimination against private universities, the Ministry defended the legitimacy of its policy, stating that the free tuition initiative for regional national universities has been a long-standing request aimed at preventing the outflow of local talent to the capital. Yeo Hye-ran, a senior official at the Ministry, explained that the primary goal is to reduce the financial burden on new students at approximately 30 national universities outside the capital, encouraging them to choose local institutions.Regarding the criticism of insufficient prior communication with private universities, the Ministry acknowledged the structural challenges in soliciting direct consent from private institutions for national university support policies. However, it asserted that during the revision process for the 'Regional Talent Scholarship,' it actively sought and incorporated feedback from private universities through the Korea Scholarship Foundation.The Ministry plans to increase the budget by 80 billion won, restructuring the existing scholarship program to focus exclusively on private universities and expanding the number of beneficiaries from 4,000 to 10,000 annually. Yeo noted that the Ministry has also extended the support period for private university students from one year to two years in response to their requests for longer assistance.At the recent summer seminar of the Korean Council for University Education, held from August 28 to 29 in Jeju, university presidents voiced concerns about the limitations of the government's higher education policies and called for structural reforms. They argued for a transition to a comprehensive financial support system that allows universities to autonomously improve their operations and innovate in research and education, while also advocating for a reduction in excessive regulations to balance public interest and institutional autonomy.Experts and university stakeholders assert that for the government's higher education policies to yield tangible results in terms of local talent employment, entrepreneurship, and settlement, a fundamental shift in perspective is essential. They emphasize the need to move beyond one-time financial support like tuition waivers to establish integrated educational programs linked to regional industries and advanced research infrastructure, fundamentally enhancing the educational and research competitiveness of universities. Strengthening the actual competitiveness of universities will attract high-quality talent and businesses.Furthermore, private universities must establish a public interest concept as regional public goods that support local economies and cultures, ensuring a fair financial support system centered on students, regardless of the institution's founding entity. Higher education policy cannot be solely the responsibility of the Ministry of Education; it requires multifaceted collaboration. A comprehensive approach that integrates housing, culture, and job creation with local governments and industries is crucial to effectively prevent youth outflow.A veteran educator and former university president remarked, "The government must move away from a justification-based approach to free tuition for national universities. It should grant significant regulatory relief and financial autonomy to universities with world-class competitiveness while ensuring equitable financial support for regional private universities. For struggling institutions, it is time to initiate macro-level structural reforms in higher education, such as the Private University Structural Improvement Act, to provide a viable exit strategy."* This article has been translated by AI. 2026-08-31 17:08:00
  • G-Star 2026 launches promotional push with first pop-up store
    G-Star 2026 launches promotional push with first pop-up store SEOUL, August 31 (AJP) - South Korea's largest gaming exhibition, G-Star 2026, has begun a pre-opening marketing campaign, unveiling a new "Special Pass" bundle and its first-ever pop-up store, as the country's game industry seeks to broaden its appeal beyond core players. The committee announced Monday that it will open the pop-up store from Sept. 1 to 6 at the Hyundai Department Store's Pangyo branch, south of Seoul, marking the first time the annual show has staged such an offline event ahead of the main exhibition. This year's show is scheduled for Nov. 19 to 22 at BEXCO in the port city of Busan. The Special Pass, developed in partnership with resale platform KREAM, bundles a business-to-consumer admission ticket, a collaboration keyring and promotional cards featuring the popular webtoon "Yumi's Cells," and a KREAM voucher. Visitors to the pop-up store can buy the pass at an early-bird rate discounted by up to 33 percent. The venue will also host a Hyundai Motor Company sim-racing experience zone, allowing visitors to sample the intensity of mobility e-sports in a blend of the gaming and automotive industries. Following the pop-up, the pass will go on sale through the KREAM platform starting Sept. 7, while general admission tickets will be sold from Sept. 29 via the official website under a fully advance-booking system. AJP Takeaways • Gstar 2026 organizing committee on Aug. 31 unveiled a new KREAM-partnered "Special Pass" bundle and said it would open the show's first pre-event pop-up store from Sept. 1 to 6 at Hyundai Department Store's Pangyo branch, south of Seoul. • The Special Pass, bundling a business-to-consumer ticket, "Yumi's Cells" webtoon merchandise and a KREAM voucher, sells at an early-bird rate discounted up to 33 percent. • The pop-up, featuring a Hyundai Motor Company sim-racing zone, marks the marketing lead-up to Gstar 2026, South Korea's largest gaming exhibition, running Nov. 19 to 22 at BEXCO in Busan. 2026-08-31 17:05:09
  • Mid-sized Housing Companies to Supply Nearly 10,000 Homes in September
    Mid-sized Housing Companies to Supply Nearly 10,000 Homes in September Mid-sized housing companies are set to supply nearly 10,000 homes nationwide next month. The increase in supply in the metropolitan area has more than doubled compared to both the previous month and the same month last year.The Korea Housing Association reported on August 31 that 18 member companies plan to supply a total of 9,951 homes across 19 projects in September 2026.This marks an increase of 5,328 homes from the 4,623 units offered in the previous month, representing a growth rate of 115.2%. Compared to 4,026 homes in the same month last year, this is an increase of 5,925 homes, or 147.2%.Regionally, the increase in supply is particularly notable in the metropolitan area. The planned supply for September in this region is 7,669 homes, up 6,174 from 1,495 homes in the previous month, a staggering increase of 413%. Compared to 1,563 homes in the same month last year, this reflects an increase of 6,106 homes, or 390.6%.In contrast, other regions are seeing a decrease, with 2,282 homes planned, down 846 from 3,128 homes in the previous month, a 27% decline. Compared to 2,463 homes in the same month last year, this is a decrease of 181 homes, or 7.3%.By city, Seoul leads with 3,160 homes, followed by Gyeonggi with 2,560 homes and Incheon with 1,949 homes, indicating a concentration of supply in the metropolitan area.In provincial areas, Gyeongbuk has the highest supply with 671 homes, followed by Daegu with 381 homes, Busan with 314 homes, Chungnam with 304 homes, Ulsan with 303 homes, Gangwon with 264 homes, and Jeju with 45 homes. No planned supply has been reported for Gwangju, Daejeon, Sejong, Chungbuk, Jeonbuk, Jeonnam, or Gyeongnam in September.As the supply in the metropolitan area significantly increases, the September subscription market is expected to show varying levels of demand based on location and pricing competitiveness.* This article has been translated by AI. 2026-08-31 17:04:20
  • One Store Launches Global Service in 122 Countries, Expands AI and Blockchain Game Distribution
    One Store Launches Global Service in 122 Countries, Expands AI and Blockchain Game Distribution App market One Store is accelerating its global market strategy. It officially launched 'One Store Global' in 122 countries and introduced the direct-to-consumer (D2C) payment platform 'One Shop,' aiming to expand its global business in game and content distribution as well as payments.On August 31, One Store announced the official opening of One Store Global and One Shop. One Store Global will begin services in 122 countries worldwide, including North America, Latin America, and Asia, with over 1,000 content titles available at launch.Notably, One Store is expanding its distribution channels for AI and blockchain games, setting itself apart from other app markets that apply separate review criteria and policies for apps involving virtual assets or tokens. One Store Global will apply the same content review standards and will not impose restrictions on the types of blockchain or wallets.This approach aims to establish One Store as a mobile channel that fully accommodates numerous blockchain games launched in the global market. Developers can release their games simultaneously in 122 countries with a single global build, reducing the development and operational burdens associated with country-specific adaptations.A service called 'AI Games,' which showcases games created using AI, will be introduced to global users in September. AI Games will offer games made by creators utilizing AI, allowing users to run them directly on One Store Global without needing to download a separate app. AI Games was soft-launched in the South Korean market in August.Users can make purchases using payment methods common in their respective markets, including credit cards and other localized payment options.One Shop is a D2C channel that integrates One Store's One Web Shop and Nexters' Cross Shop. Following its initial distribution in South Korea, it has expanded to six additional countries: the United States, Japan, Taiwan, Indonesia, Thailand, and the Philippines, bringing the total to seven countries. One Store has enabled developers to sell game items with only a 5% fee, excluding payment gateway fees, enhancing profitability for developers.Developers can implement One Shop without the need for separate build development by utilizing the existing One Store in-app payment integration standards, allowing them to operate both app distribution and web payments simultaneously. With this global launch, One Shop will also provide a site builder feature that allows developers to customize their sales pages. They can freely set product display methods, banner orders, background colors, and images to create a D2C channel that aligns with their brand.Users can access One Shop through various channels, including in-game pathways and the One Store Global app. This feature provides a seamless transition from the app market to web payments.Jang Hyun-guk, CEO of Nexters, One Store's parent company, stated, "We will connect the innovations occurring in AI and blockchain to game content and platforms."This global launch is part of Nexters' strategy for a global platform following its acquisition of One Store. In June, Nexters secured an 89.03% stake in One Store for approximately 62.6 billion won, becoming the largest shareholder. At that time, Nexters outlined plans to combine its AI and blockchain business capabilities with One Store's app market foundation to expand into a global gaming platform. One Store plans to continue expanding its service countries, One Shop support regions, and content lineup in the future.* This article has been translated by AI. 2026-08-31 17:04:00
  • SK Group Chairman Choi Tae-won Considers Semiconductor Joint Venture in Japan
    SK Group Chairman Choi Tae-won Considers Semiconductor Joint Venture in Japan Choi Tae-won, chairman of SK Group, announced on August 31 that SK Hynix is considering establishing a semiconductor joint venture in Japan for memory chip production.According to Bloomberg, Choi made the remarks during a meeting of the Korea-Japan Chamber of Commerce held in Sendai, Japan. He stated that the company is looking at locations across Japan, saying, "We are considering anywhere with abundant power and water." However, he did not respond to questions regarding potential partners or specific locations for the facility.Japan is home to major semiconductor material and equipment companies, such as Tokyo Electron, as well as key customers like Sony. Additionally, U.S. semiconductor firm Micron Technology operates a plant in Hiroshima. The Japanese government's policy of providing substantial subsidies to attract foreign semiconductor companies is also seen as a positive factor.SK Hynix is exploring global semiconductor production sites to meet the soaring demand for data storage driven by the AI boom. The company plans to invest 54 trillion won (approximately $39 billion) to expand its domestic semiconductor manufacturing facilities and is constructing an advanced memory packaging facility in West Lafayette, Indiana.This exploration of sites in Japan is interpreted as a move to strengthen collaboration with local customers and suppliers. SK Hynix holds over 14% of shares in Japanese flash memory manufacturer Kioxia through Bain Capital SPC.Last week, SK Hynix CEO Kwak Noh-jung also mentioned that the company is carefully considering ways to jointly develop the NAND flash market with customers and partners.However, an SK Hynix representative stated, "Our position remains unchanged that we are considering Japan as one of the candidates for a new production base," adding that there have been no specific discussions regarding joint venture establishment or investment plans.* This article has been translated by AI. 2026-08-31 17:04:00
  • The Origin of the Term Insurance
    The Origin of the Term 'Insurance' The term 'insurance' refers to a contract in which one party agrees to pay a premium, and in return, the other party promises to provide a certain amount of compensation or benefits in the event of an uncertain accident affecting property, life, or health (Commercial Code Article 638). In Chinese, it is written as '保險', and in English, it is 'Insurance'. The dictionary definition of Insurance aligns with the meaning of '보험' in Korean. When the concept of Insurance was imported from the West, it was translated as '보험' rather than using the English term 'insurance'. So, how did the term 'insurance' originate?Before the Western insurance system was introduced, historical records from China and Korea used expressions that conveyed the meaning of 'to occupy (rely on, protect) a dangerous area' (as seen in the Annals of the Joseon Dynasty, the Old Book of Tang, etc.). However, this usage is unrelated to the modern concept of Insurance. From the mid-19th century, East Asia began to encounter Western culture, leading to the translation of numerous concepts and terms, including 'freedom (自由)', 'rights (權利)', and 'society (社會)'. The term 'insurance' in its current sense also emerged during this period.The first appearance of the term 'insurance' in the context we use today in the Annals of the Joseon Dynasty was during the reign of King Gojong. The 5th article of the Treaty of Ganghwa, signed with Japan in 1883, mentions 'insurance fees' in relation to the specification of damaged cargo. Similarly, the 5th article of the Treaty of Commerce with Russia in 1888 and the 1st article of the Treaty of Commerce and Navigation with Austria in 1892 stipulated that 'insurance premiums' would be added to the value of cargo for tax assessment. By the end of the 19th century, the term 'insurance' frequently appeared in various Korean texts.While no records indicate that the concept of Insurance or the term '보험' was introduced in Korea before 1883, it is known that Japan was already familiar with the concept and widely used the term. The modern introduction of the Insurance system in Japan is attributed to Fukuzawa Yukichi, a prominent educator and philosopher, who explained Insurance in his books 'Western Affairs' and 'Guide to Western Travel', translating it as '請負' and '請合' based on earlier scholars. Following Fukuzawa, the understanding of Insurance spread in Japan, with the term '보험' quickly replacing earlier translations.This shift was influenced by the 'Yinghua Dictionary', a comprehensive Chinese-English dictionary published by German missionary Wilhelm Robsahm between 1866 and 1869, which defined Insurance as '보험'. This dictionary was widely read in Japan shortly after its publication and significantly impacted the compilation of modern Japanese-English dictionaries.However, there is speculation that the term '보험' may have originated in Japan before being reflected in the 'Yinghua Dictionary' and then re-exported back to Japan. Notably, a Dutch-Japanese dictionary compiled in Japan in 1816 referred to Insurance as '보험'.Nevertheless, before the introduction of the 'Yinghua Dictionary', terms like '請負' and '請合' were commonly used in Japan, and there is no evidence that Robsahm referenced Japanese materials when using the term '보험'. In fact, in southern China, where maritime trade flourished, terms like '担保' and '保险' were used to translate Insurance even before Robsahm's time, indicating that the introduction of Western insurance systems occurred in China before Japan.In summary, the term '보험' (保險, meaning to protect from risk) began to spread in the 1860s through the efforts of a German missionary in China. Subsequently, within about a decade, '보험' replaced existing terms in Japan, and it is likely that it was introduced to Korea by 1883. This is how the term 'insurance' came to be.* This article has been translated by AI. 2026-08-31 17:00:20
  • IBK Industrial Bank Announces Public Recruitment for 175 New Employees
    IBK Industrial Bank Announces Public Recruitment for 175 New Employees IBK Industrial Bank is launching a public recruitment for new employees in the second half of this year.The bank announced on August 31 that it will hire 175 new employees in the second half of the year, following the recruitment of 160 new employees in the first half. This brings the total planned recruitment for the year to 335 young talents.The recruitment will cover four areas: general finance (130 positions), digital (5 positions), information technology (IT) (25 positions), and high school graduates (15 positions).Applications will be accepted until September 14. After a document review, written tests, practical tests, and interviews, the final candidates will be announced in early December.Additionally, the bank will conduct a youth internship program that allows young people to experience on-site banking operations and work on projects with 'IBK Chang Kong' innovative companies. Related announcements will be posted at the end of October.For more details on the recruitment process and schedule, applicants can check the recruitment announcements and FAQs on the IBK Industrial Bank recruitment website.An IBK official stated, "We aim to provide quality jobs to many young people while selecting financial talents who can support productive finance and lead the digital and IT transformation across the bank."* This article has been translated by AI. 2026-08-31 16:52:00
  • Seongnam Mayor Shin Sang-jin: Swift Action on Redevelopment to Fulfill Residents Long-standing Wishes
    Seongnam Mayor Shin Sang-jin: Swift Action on Redevelopment to Fulfill Residents' Long-standing Wishes Seongnam Mayor Shin Sang-jin praised the recent designation and announcement of maintenance zones on August 31, stating, "This is the result of concentrating administrative efforts to swiftly advance the redevelopment project, which has been a long-standing wish of the residents."Mayor Shin noted that the procedures for designating maintenance zones for five redevelopment areas, including Sujin 2 District, were expedited, completing the designation and announcement approximately 11 months after initiating the maintenance plan.This initiative is part of Mayor Shin's key housing policy to accelerate redevelopment projects during his term.The designated maintenance zones include: Sujin 2 District, Taepyeong 2 and 4 Districts, Sanseong District, Dandae District, and Sangdaewon 1 and 3 Districts, with plans for a total of 13,505 housing units across these areas.The planned number of units per zone is as follows: Sujin 2 District with 3,275 units, Taepyeong 2 and 4 Districts with 4,458 units, Sanseong District with 1,884 units, Dandae District with 1,618 units, and Sangdaewon 1 and 3 Districts with 2,270 units.Notably, this designation and announcement significantly accelerated the first step of the redevelopment process compared to typical projects.Mayor Shin focused administrative efforts throughout the entire process, from establishing the maintenance plan to consultations with relevant agencies, gathering resident opinions, and final approvals.This approach minimized the time required for each procedure, allowing the designation and announcement to be completed in about 11 months after the maintenance plan was initiated.There is growing recognition that Mayor Shin's emphasis on 'swift administration that citizens can feel' and 'shortening the redevelopment project timeline' is yielding tangible results in the field.With the designation of these maintenance zones, the five areas can now proceed with follow-up procedures for the redevelopment project.Mayor Shin has consistently highlighted the improvement of living conditions in aging residential areas and the swift advancement of redevelopment projects as key policy objectives.He explained that the designation of these five maintenance zones translates this policy direction into concrete project outcomes.Residents in redevelopment target areas, such as Sujin 2 District, expressed their optimism regarding the designation and announcement, stating, "The redevelopment we have long awaited has taken a step closer to actual project implementation."One resident remarked, "No matter how fast residents push for redevelopment, if the administrative procedures are slow, the entire project will inevitably be delayed. This time, Seongnam City has moved quickly through the administrative process, which gives us great hope. I view positively that this has progressed to the point of designation and announcement, not just talk about redevelopment."Another resident added, "We have endured discomfort due to the aging living environment for a long time, but now with the maintenance zone designation, there is hope that our living conditions will actually change. I hope the administrative procedures continue to proceed swiftly without delays."Meanwhile, Mayor Shin Sang-jin emphasized, "We will not stop at achieving the fastest maintenance zone designation in the country but will actively support follow-up administrative procedures to ensure that the redevelopment project proceeds swiftly and smoothly."* This article has been translated by AI. 2026-08-31 16:48:00
  • Surge in Loans for Self-Employed Individuals in Their 30s and 40s Amid Economic Struggles
    Surge in Loans for Self-Employed Individuals in Their 30s and 40s Amid Economic Struggles A 40-year-old man in the livestock distribution business turned to illegal lending as his financial situation worsened due to management difficulties. He borrowed a total of 15 million won from seven lenders. The repayment structure required him to pay back the principal and high-interest rates in a short period, but after some repayments were delayed, he faced threats and verbal abuse. Eventually, he sought help at the Financial Supervisory Service's illegal lending victim reporting center and received one-stop support counseling from the Credit Recovery Commission.As the economy falters, the number of loans taken out by individuals in their 30s and 40s who transitioned from employment to self-employment has significantly increased. With more people entering self-employment while carrying debt, concerns are growing that rising benchmark interest rates could further strain their initial business funding.According to data from the loan comparison and brokerage platform Finda, 1,461 individuals who switched from being employees to self-employed took out loans in the first half of this year, a 42.5% increase from 1,025 during the same period last year.Among these borrowers, 40.2% were in their 40s, followed by 29.3% in their 30s. Seven out of ten individuals who took out loans after transitioning to self-employment were in their 30s and 40s.The increase in loan amounts outpaced the growth in the number of borrowers. In the first half of this year, 1,016 individuals in their 30s and 40s who transitioned to self-employment took out loans, a 42.9% increase from the previous year. The total loan amount they agreed to rose from 10.5 billion won to 15.54 billion won, marking a 48.0% increase. The average loan amount per person also increased by 3.4%, from approximately 14.79 million won to 15.30 million won.While Finda's data does not clarify the reasons behind these individuals' transitions to self-employment or the purposes of their loans, it is evident that the number of borrowers in their 30s and 40s has surged over the past year.The challenge is that the business environment for self-employed individuals is poor. According to the Ministry of SMEs and Startups, the Business Sentiment Index (BSI) for small business owners was only 55.6 in July. A BSI below 100 indicates that more business owners view the economy negatively than positively. The outlook BSI for August also dropped by 6.3 points to 71.0 compared to the previous month.Existing debts among vulnerable self-employed individuals are also rising rapidly. The loan balance for these individuals increased by 56.6% over four years, from 74.7 trillion won at the end of 2021 to 117 trillion won by the end of the first quarter of this year. This indicates that the debt burden on vulnerable self-employed individuals has more than doubled during the prolonged economic recovery.Additionally, the recent increase in benchmark interest rates compounds the issue. The Bank of Korea raised the benchmark interest rate from 2.50% to 2.75% in July and then to 3.00% this month, marking a 0.25 percentage point increase. With two consecutive months of rising benchmark rates, there is growing pressure for personal business loan rates, which are linked to market rates, to also rise.Self-employed individuals face greater income volatility than wage workers and must continue to bear fixed costs such as rent, labor, and materials. Borrowers who utilize loans from the outset of their businesses must repay principal and interest monthly, even if their sales do not meet expectations. The simultaneous occurrence of economic downturn and rising interest rates can quickly worsen their financial situations.Some borrowers unable to secure additional funds from formal financial institutions may be at risk of turning to illegal lending. From February 23 to this month, a total of 640 individuals utilized the Financial Services Commission's 'One-Stop Comprehensive Support System for Illegal Lending.' Among them, 29.2% were in their 40s, and when combined with those in their 30s, they accounted for 56.6% of the total.A financial industry official stated, "When interest rates rise, the interest burden on self-employed individuals with existing loans increases, and their repayment capacity may decline. If their creditworthiness deteriorates and they cannot secure additional funds from financial institutions, some borrowers may be pushed into illegal lending." 2026-08-31 16:44:00
  • New Kazakh parliament opens with 109 first-time deputies
    New Kazakh parliament opens with 109 first-time deputies SEOUL, August 31 (AJP) - Of the 145 members of Kazakhstan's new single-chamber legislature, 109 have never held a seat in the national parliament. Within four days of taking their seats, they had elected a speaker, confirmed a vice president and returned a prime minister to office. The Kurultai opened on Aug. 28, replacing the Mazhilis and the Senate under the constitution that took effect July 1. Its members were elected on Aug. 23 in the first national vote held under that constitution. Adilet took 110 of the 145 seats on 71.17 percent of the vote. The party was registered on June 1 and absorbed Amanat, which had governed the outgoing lower house. Four other parties cleared the 5 percent threshold, according to Kazakhstan's Central Election Commission. Auyl took 10 seats on 6.26 percent, Respublica nine on 5.56 percent, Ak Zhol eight on 5.21 percent and the Nationwide Social Democratic Party eight on 5.11 percent. The People's Party of Kazakhstan, which won 6.8 percent in 2023, dropped to 3.11 percent and lost every seat. Baitaq took 1.07 percent. The against all option drew 2.51 percent, more than either party. Turnout was 74.08 percent of an electorate of 12,623,289, against 54.21 percent at the last parliamentary election in 2023. Women hold 49 seats, or 33.8 percent, compared with 18 of 98 in the old Mazhilis. Eighteen deputies fall into the youth category and members range in age from 27 to 65, according to figures released by the Kazakh government. "This stage is not a time for empty promises, false speeches and populist slogans," President Kassym-Jomart Tokayev told the deputies at the opening session. "Our society is reaching maturity." The international observation mission for the election was made up of the OSCE Office for Democratic Institutions and Human Rights together with the OSCE and Council of Europe parliamentary assemblies. It found the election technically well prepared but held in an environment lacking political pluralism. Political choice was narrowed because all seven contesting parties supported the president's policies, the mission said, and Adilet had an undue advantage. The same statement described the campaign as orderly and said the parties were given equal campaign conditions. Tokayev nominated Aibek Dadebay as speaker and deputies approved him. Dadebay founded Adilet in May, days after stepping down as head of the presidential executive office. On Monday the chamber confirmed Erlan Karin as vice president, a post created by the new constitution, with 141 of 145 deputies voting in favor. Karin has advised Tokayev since 2019 and served as state counselor. Deputies also approved the reappointment of Olzhas Bektenov as prime minister. Adilet holds more than two thirds of the seats, enough to amend the constitution on its own. "The party that secured the support of the largest number of voters won the election and formed a constitutional majority in the Kurultai," Tokayev said. "High responsibility therefore rests on this party, and we associate particular hopes with it." The legislative program he set out for the first session covers bringing sectoral law into line with the new constitution, a government bill barring children under 16 from registering on social media, and a Golden Visa aimed at attracting foreign specialists and capital. Deputies are also to overhaul migration policy, pass measures on energy resilience and alternative energy, and draft a law on comprehensive support for children with disabilities. He asked them to use artificial intelligence in drafting legislation and to adopt an E-Parliament system, while warning that technology cannot replace legal expertise. "States, especially large countries, have essentially stopped trusting one another, which has had a damaging effect on the work of the UN and its institutions," he said. "The UN Security Council has ceased to carry out the mission entrusted to it of ensuring global and regional peace, stability and security." He said regional organizations and what are commonly called middle powers had become more prominent, and placed Kazakhstan in that category. He also noted a forecast that artificial intelligence tools would replace nuclear weapons within the foreseeable future. The pace and scale of the reforms had reached the point of irreversibility, he said, adding, "Simply put, there is no reverse gear." "Our history and literature are not a chronicle of endless victims, suffering and tragedies," he said near the end of the address. "The suffering our people endured cannot be the foundation of our national identity." Tokayev said the Kazakhstan Halyk Kenesi, or People's Council, will be formed in the second half of September as the country's first supreme consultative body, with the right to initiate legislation. 2026-08-31 16:37:03