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Industry

Industry minister nominee backs US-style tax credits for chips, batteries SEOUL, July 15 (AJP) - South Korea’s nominee for industry minister, Kim Jung-gwan, is pushing for the introduction of production tax credits for semiconductors and battery materials, according to parliamentary documents released Tuesday ahead of his confirmation hearing. Kim, a former senior economic official and most recently an executive at power equipment firm Doosan Enerbility, said the government must adopt “strategic and proactive industrial policies with competitive incentive July 15, 2025
KCC Group pivots to defense tech, semiconductors as construction falters Editor's Note: This article is the 25th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, July 2 (AJP) - As South Korea’s construction industry struggles with a prolonged downturn, KCC Group, once a stalwart of the sector, is reinventing itself through a bold pivot toward advanced semiconductor materials and high-tech defense applications — an ambitious t July 3, 2025
Samsung and SK hynix on edge as US considers restricting equipment shipments to China facilities SEOUL, June 21 (AJP) - Samsung Electronics and SK hynix are closely monitoring developments after US officials reportedly notified the South Korean chipmakers this week about potential restrictions on American semiconductor equipment shipments to their China-based facilities, according to a report on Friday. The Wall Street Journal reported that Jeffrey Kessler, assistant secretary for export administration at the US Commerce Department, informed both companies along with Taiwan's TSMC about June 21, 2025
Finance minister to lead delegation to Washington for critical tariff negotiations Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, right, and Minister of Trade, Industry and Energy Ahn Duk-geun/ Yonhap SEOUL, April 16 (AJP) - South Korea will dispatch a high-level economic and trade delegation, led by Deputy Prime Minister and Finance Minister Choi Sang-mok, to Washington next week in a bid to avert the impact of sweeping U.S. tariffs. Choi is expected to meet with U.S. Treasury Secretary Scott Bessent on the sidelines of the G20 finance ministers April 16, 2025
KORUS FTA now a blank sheet as Trump imposes 'reciprocal' tariffs on Korean imports U.S. President Donald Trump shows an executive order on reciprocal tariffs at the Rose Garden of the White House, April 2, 2025. Xinhua-Yonhap SEOUL, April 3 (AJP) - The United States announced on Thursday that it will impose a 25 percent "reciprocal" tariff on all imports from South Korea, effectively nullifying the Korea-U.S. Free Trade Agreement. The sweeping measure marks a dramatic shift in economic relations between the two longtime allies. President Donald Trump signed an April 3, 2025
South Korea to set up 50 trillion won fund to support high-tech industries Government policy briefing March. 5, 2025/ Yonhap SEOUL, March 6 (AJP) - The South Korean government plans to inject 50 trillion won ($34.6 billion) over the next five years into key high-tech industries, including semiconductors, biotechnology, and artificial intelligence, through a newly established strategic fund. The initiative, led by the Ministry of Economy and Finance, will be managed within the state-run Korea Development Bank (KDB). The fund will be financed through government-guar March 6, 2025
Korea to launch $23.4 billion fund to support battery, bio sectors Acting President Choi Sang-mok speaks at a ministerial meeting held in the Government Complex Sejong, Feb. 5, 2025. Yonhap SEOUL, February 5 (AJP) - South Korea plans to establish a 34 trillion won ($23.4 billion) fund aimed at bolstering its high-tech industries, with a focus on batteries and biotechnology, as the country prepares for potential economic headwinds from U.S. protectionist policies. The fund, tentatively named the "Strategic Advanced Industry Fund," will be managed February 5, 2025
Gov't to unveil plan to bolster semiconductor, battery supply chains next week SEOUL, December 12 (AJP) - South Korea’s government will unveil a three-year plan next week aimed at strengthening supply chain resilience for strategic industries like semiconductors and batteries. The initiative will focus on building up public stockpiles, expanding domestic production, and diversifying import sources. “Industrial competitiveness enhancement is an essential task that cannot be halted under any circumstances,” Deputy Prime Minister and Finance Minister Choi December 12, 2024
South Korean man held in China on alleged espionage charges SEOUL, October 29 (AJP) - A South Korean man has been detained in China since late last year on alleged espionage charges, China's foreign ministry revealed on Tuesday. The man in his 50s, whose name has not been disclosed, was arrested at his home on suspicions of violating Beijing's anti-espionage law, which was amended to broaden the scope of espionage activities and took effect in July this year. China has detected an "illegal activity in accordance with the law," the min October 29, 2024
Korea unveils 8.8 trillion won package to support chip industry SEOUL, October 16 (AJP) – The South Korean government announced on Wednesday that about 8.8 trillion won (US$6.4 billion) will be injected into the semiconductor ecosystem by 2025. The comprehensive support package, unveiled by the Ministry of Economy and Finance, includes low-interest loans, fund investments and support for infrastructure and manpower development. Of the total investment, 4.7 trillion won will be provided through financial support programs, including 4.25 trillion won i October 16, 2024