Industry

  • Korea moves to establish renewable-powered industrial zone
    Korea moves to establish renewable-powered industrial zone SEOUL, July 16 (AJP) - South Korea is intensifying efforts to establish industrial zones powered primarily by renewable energy, part of a broader strategy to align with international sustainability standards and accelerate the country's corporate energy transition. On Wednesday, the Ministry of Trade, Industry and Energy convened the first meeting of a new task force at the Korea Chamber of Commerce and Industry in central Seoul. The group, composed of senior officials from July 16, 2025
  • US beef exporters intensify lobbying as Korea weighs lifting age restrictions
    US beef exporters intensify lobbying as Korea weighs lifting age restrictions SEOUL, July 16 (AJP) - American beef exporters are intensifying their lobbying efforts to convince South Korea to lift its 16-year ban on U.S. cattle over 30 months old. This push comes as Seoul seeks leverage ahead of critical tariff negotiations with Washington. South Korea has maintained the 30-month age limit on American beef imports since the 2008 bovine spongiform encephalopathy (BSE), or "mad cow disease," crisis. Officials have cited a heightened risk of dete July 16, 2025
  • Korean dessert chain Sulbing to enter Philippine market
    Korean dessert chain Sulbing to enter Philippine market SEOUL, July 16 (AJP) - South Korean dessert franchise Sulbing is expanding its footprint in Southeast Asia, announcing a new master franchise agreement with a local partner in the Philippines, Wednesday. The agreement, signed on July 15 at Sulbing’s headquarters in central Seoul, brings the brand into its third Southeast Asian market following Malaysia and Cambodia. Sulbing CEO Kim Eui-yeol and Winnie Go, head of Beyond Bingsu Cafe Inc. — a newly formed company unde July 16, 2025
  • The Shilla Seoul picked Koreas top hotel in global La Liste ranking
    The Shilla Seoul picked Korea's top hotel in global La Liste ranking SEOUL, July 15 (AJP) - The Shilla Seoul has been named Korea’s top hotel and ranked among the world’s 200 best in the 2025 edition of La Liste Top 1000 Hotels, an international ranking published by the French National Tourism Board. The annual list evaluates hotels around the globe based on aggregated scores from international guidebooks, professional media, industry journals, and online reviews. The Shilla Seoul stood out for its highly personalized service and cul July 15, 2025
  • Saltlux launches AI center to guide corporate adoption
    Saltlux launches AI center to guide corporate adoption SEOUL, July 15 (AJP) - South Korean artificial intelligence firm Saltlux on Tuesday announced the launch of its AI Work Innovation Center aimed at helping businesses integrate generative AI and AI agents into their operations from concept to deployment. The center is intended to support companies grappling with the challenges of AI adoption by offering a structured, end-to-end consulting and implementation service. Its offerings span strategy development, technology assessment, pr July 15, 2025
  • Koreas budget airlines see passenger decline despite peak travel season
    Korea's budget airlines see passenger decline despite peak travel season SEOUL, July 15 (AJP) - South Korea’s low-cost carriers reported disappointing results for the second quarter of 2025, as passenger numbers dipped below last year’s levels despite the start of the summer travel season. Total traffic on budget airlines fell 2.8 percent year-on-year to 17.46 million domestic and international passengers, according to data released by the Ministry of Land, Infrastructure and Transport. The decline comes amid ongoing fare suppression, pe July 15, 2025
  • Biopharmaceuticals account for growing share of new drug launches
    Biopharmaceuticals account for growing share of new drug launches SEOUL, July 15 (AJP) - Biopharmaceuticals made up 42 percent of new drug launches worldwide between 2020 and 2024, reflecting their growing influence in the pharmaceutical landscape, according to new data released Tuesday by market research firm IQVIA. The share of biological medicines among newly approved active substances has steadily increased over the past two decades — from 28 percent between 2005 and 2009, to 30 percent in the following five years, and to 39 percent be July 15, 2025
  • Industry minister nominee backs US-style tax credits for chips, batteries
    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 competi July 15, 2025
  • POSCO to supply advanced steel for Saudi Aramcos gas plant
    POSCO to supply advanced steel for Saudi Aramco's gas plant SEOUL, July 15 (AJP) - South Korea’s largest steelmaker POSCO will supply hydrogen-induced cracking (HIC) resistant steel to Saudi Aramco for its Fadhili gas plant expansion project. The agreement is a strategic win for POSCO and a notable shift in procurement norms for Aramco, the world’s largest oil producer, which has traditionally sourced such critical materials from European manufacturers. The Fadhili expansion, designed to increase the plant’s gas proces July 15, 2025
  • High-income YouTubers under crackdown over unreported earnings
    High-income YouTubers under crackdown over unreported earnings SEOUL, July 14 (AJP) - South Korea’s tax authorities have ramped up enforcement efforts against YouTubers and other online content creators, uncovering widespread tax evasion and imposing billions of won in penalties. According to data submitted to ruling party lawmaker Jung Tae-ho by the National Tax Service (NTS), audits were conducted on 21 YouTubers in 2024 alone, resulting in 8.9 billion won (approximately $6.45 million) in penalties. The intensified scrutiny reflects gro July 14, 2025