IFEZ draws $553.5 million in FDI in Q3, reaching 92.3% of annual goal

SEOUL, October 21 (AJP) - The Incheon Free Economic Zone (IFEZ) announced that foreign direct investment (FDI) declarations in the third quarter of 2025 reached $553.5 million, achieving 92.3 percent of its yearly target. Following $494.7 million in the first half, an additional $58.8 million was reported in the third quarter, pushing total declarations close to the full-year goal. IFEZ reported strong results in its key strategic sectors, particularly bio and semiconductor ind

October 21, 2025

Korean Air partners with US startup to develop vertical takeoff, landing aircraft

SEOUL, October 21 (AJP) - Korean Air said Tuesday it has signed a memorandum of understanding with the U.S.-based startup Archer Aviation to jointly develop advanced air mobility (AAM) aircraft. The agreement, signed Monday at the Seoul International Aerospace and Defense Exhibition (ADEX) 2025, outlines plans to adapt Archer’s electric vertical takeoff and landing (eVTOL) aircraft, known as Midnight, for government and defense applications. The model is designed for rapid

October 21, 2025

Washington eases stance on upfront cash demand, trade minister says

SEOUL, October 21 (AJP) - Washington is no longer pressing for a lump-sum cash payment for Seoul's pledge of a major investment in the U.S., which was agreed to in return for lowering reciprocal tariffs from 25 percent to 15 percent, a South Korean trade chief said on Monday. Upon returning from his visit to the U.S., Trade Minister Kim Jung-kwan said the two sides had narrowed differences in the ongoing tariff-related talks including details on how to fulfill and finance the in

October 21, 2025

OPINION: Coupang can't build Korea's AI future alone

SEOUL, October 21 (AJP) - Artificial intelligence is fast becoming the engine of global economic growth. According to Precedence Research, the global AI market is projected to expand from 1,033 trillion won this year to more than 5,020 trillion won — about $3.68 trillion — by 2034. That figure is seven times South Korea’s annual budget and roughly half the size of the United States’ federal spending. Against this backdrop, South Korea has set its sig

October 21, 2025

OPINION: Pragmatic path to Korean reunification

SEOUL, October 21 (AJP) - During a recent parliamentary audit of the Ministry of Unification, Minister Chung Dong-young introduced what he called the “peaceful two-state theory” — a framework for institutionalizing coexistence between South and North Korea as a step toward eventual unification. The proposal, though easily misunderstood, seeks not to legitimize division but to manage it prudently. At its core, the theory rests on three principles. First, it doe

October 21, 2025

Asian markets rise on hopes of pro-stimulus government in Japan

SEOUL, October 20 (AJP) - Asian equities advanced on Monday, lifted by optimism that Japan may soon usher in a pro-stimulus government — a prospect that helped counterbalance mixed economic signals from China and cautious sentiment across the region. In Seoul, the benchmark KOSPI index gained 1.3 percent, supported by renewed optimism over a tariff deal with Washington and resilient semiconductor exports. The tech-heavy KOSDAQ also edged higher, though gains were more muted,

October 20, 2025

Cambodia scam networks and Korean deaths expose youth struggles at home

SEOUL, October 20 (AJP) - The murder of a South Korean student kidnapped for forced crime in Cambodia has shocked the nation — and exposed the hidden world of young Koreans trapped in Southeast Asia's online-scam networks. The body of a 22-year-old university student, surnamed Park, was found near Bokor Mountain in southern Cambodia in early August after his family received a ransom call. Cambodian police later arrested several Chinese nationals suspected of running the on

October 20, 2025

Korean central bank likely to save ammunition in this week's rate meeting

SEOUL, October 20 (AJP) - South Korea’s central bank, like most of its Asian peers, is expected to hold fire on interest rates this week, preserving policy ammunition amid mounting uncertainties from U.S. tariff and trade policies. At Thursday’s Monetary Policy Board meeting, the Bank of Korea (BOK) is widely forecast to keep its benchmark rate unchanged at 2.50 percent, maintaining its cautious stance since the last cut in August. The decision comes as inflation show

October 20, 2025

Two more rescued in Cambodia as about a dozen nabbed in online scams after crackdown

SEOUL, October 20 (AJP) - Two more South Koreans were rescued and about a dozen others reportedly involved in online job scams and phishing schemes were arrested in Cambodia, following a crackdown, Foreign Minister Cho Hyun told reporters during a press briefing in Seoul on Monday. According to Cho, they are expected to be repatriated this week, following last Saturday's deportation of more than 60 South Korean detainees allegedly involved in similar crimes in the Southeast As

October 20, 2025

Once Asia's creative powerhouse, Korean cinema faces its reckoning

SEOUL, October 20 (AJP) - Korea's once-vibrant movie scene is struggling to bring audiences back to theaters, and without serious soul-searching, it may follow the same decline once seen in Japanese and Hong Kong cinema. Multiplex chains are shuttering nationwide, often blaming global streaming platforms for their decline, but insiders argue the problem runs deeper — a shortage of compelling, diverse stories worth watching on the big screen. "The audience isn

October 20, 2025