Industry

  • Hanwha Ocean lands $1.61 billion order for container ships
    Hanwha Ocean lands $1.61 billion order for container ships LNG carrier Lebrethah delivered by Hanwha Ocean/ Courtesy of Hanwha Ocean SEOUL, March 18 (AJP) - South Korean shipbuilder Hanwha Ocean has secured a contract to construct six ultra-large container vessels for Taiwan’s Evergreen Marine, one of the world’s leading shipping companies. The deal, valued at 2.33 trillion won (approximately $1.61 billion), marks the highest price ever paid for container ships of this class, capable of carrying 24,000 twenty-foot equivalent units (TEUs March 18, 2025
  • South Korea belatedly scrambles to avoid fallout from inclusion on US sensitive country list
    South Korea belatedly scrambles to avoid fallout from inclusion on US 'sensitive country' list SEOUL, March 17 (AJP) - Last week's abrupt revelation of South Korea being classified as a "sensitive country" has sent shockwaves through political circles and government agencies here, with key diplomatic figures and senior officials scrambling to assess its implications and potential fallout. Such a classification by the U.S. Department of Energy (DOE), which could restrict cooperation in advanced technologies, may reflect a shift in U.S. policy toward South Korea, one of its c March 17, 2025
  • US defense secretary to skip Seoul visit amid political turmoil
    US defense secretary to skip Seoul visit amid political turmoil SEOUL, March 15 (AJP) - U.S. Defense Secretary Pete Hegseth will skip South Korea during his first official tour of the Indo-Pacific region. Hegseth plans to visit Guam, Hawaii, Japan, and the Philippines later this month to discuss military cooperation and regional security concerns, according to Pentagon officials on Friday. A potential stop in Seoul was considered but later excluded, reportedly due to political uncertainty here in the wake of President Yoon Suk Yeol's martial law debacl March 15, 2025
  • US adds South Korea in bottom category of sensitive countries list
    US adds South Korea in bottom category of sensitive countries list SEOUL, March 15 (AJP) - The U.S. government officially confirmed Friday that it added South Korea to its “Sensitive and Other Designated Countries List (SCL)” in early January. The U.S. Department of Energy (DOE) said Friday that South Korea was placed in the lowest category on the list, labeled as an “Other Designated Country,” during the final days of the Biden administration. The list includes countries subject to additional oversight due to concerns related to nucle March 15, 2025
  • Poland hopes for swift weapons procurement from South Korea
    Poland hopes for swift weapons procurement from South Korea SEOUL, March 7 (AJP) - Polish President Andrzej Duda on Thursday expressed his hope for the swift shipment of weapons as part of its massive arms deal with South Korea. In a meeting with South Korean Foreign Minister Cho Tae-yul in Warsaw, Duda "expressed his hope for swift progress" in finalizing the second-phrase purchase deal of K2 battle tanks to facilitate local production, the Foreign Ministry here said in a press release, quoting his as saying. Speaking later at a joint press March 7, 2025
  • Military vows support for victims after live-fire drill mishap
    Military vows support for victims after live-fire drill mishap SEOUL, March 7 (AJP) - Military authorities on Thursday vowed support for the victims of an accidental bombing in Pocheon, north of Seoul the previous day, pledging to come up with measures to prevent similar incidents. Fighter jets accidentally dropped eight bombs outside a training range during a live-fire drill in Pocheon, Gyeonggi Province, injuring 15 people including villagers and soldiers and also destroying five homes along with several other buildings and structures. Initial findings March 7, 2025
  • South Korea to set up 50 trillion won fund to support high-tech industries
    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
  • UK strengthens cooperation with Seoul through cybersecurity drill
    UK strengthens cooperation with Seoul through cybersecurity drill SEOUL, March 5 (AJP) - A week-long computer-simulated defense drill on the outskirts of Seoul wrapped up last week, the British Embassy in Seoul said on Tuesday. Dubbed "Defense Cyber Marvel 4 (DCM4)" and hosted by the U.K. Ministry of Defense, this year’s drill, involving more than 1,000 participants from around 26 countries via Zoom at 20 different locations across the world, was held in Goyang, just northwest of Seoul, with over 400 representatives from South Korea, the U.K., March 5, 2025
  • Pentagon deputy nominee urges US allies to share greater burden, stresses strengthening alliance with Seoul
    Pentagon deputy nominee urges US allies to share greater burden, stresses strengthening alliance with Seoul SEOUL, March 5 (AJP) - A nominee for a high-ranking post at the Pentagon stressed the need for U.S. allies to take greater responsibility for regional and global stability, arguing that the U.S. has long shouldered an unfair burden. In a written statement submitted to the Senate Committee on Armed Services ahead of his confirmation hearing on Tuesday, Elbridge Colby, the nominee for U.S. undersecretary of defense for policy, said, "I believe alliances are key. But, as President Tr March 5, 2025
  • Seeking to counter China, US looks to South Korea for naval shipbuilding
    Seeking to counter China, US looks to South Korea for naval shipbuilding Guided missile destroyer USS Arleigh Burke (DDG 51)/ Courtesy of the U.S. Navy Editor's Note: This is the first in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 4 (AJP) - As the Trump administration presses ahead with its March 5, 2025