Korea's new PM Han Seong-sook vows AI focus and faster policy delivery SEOUL, July 01 (AJP) - South Korea's new Prime Minister Han Seong-sook pledged Wednesday bolder policy commitment in artificial intelligence and advanced industries while ensuring the benefits of economic growth reach ordinary citizens. Speaking to reporters as she arrived for her first day at the Government Complex Seoul, Han said she accepted "with great humility" the responsibility entrusted to her by the people and the National Assembly. Referring to the gove July 1, 2026

Korea's exports top $100 bln in June and near $500bn for H1 SEOUL, July 01 (AJP) - South Korea’s monthly exports topped $100 billion for the first time in June, with chips taking up nearly half of the record shipments, government data showed Wednesday. Exports reached $102.25 billion in June, up 70.9 percent from a year earlier, of which semiconductors reached $44.82 billion, nearly tripled on year, according to the Ministry of Trade, Industry, and Resources. It marked the first time Korea’s monthly exports exceeded the $100 July 1, 2026

Lee set to hold luncheon with former President Moon at Cheong Wa Dae SEOUL, July 1 (AJP) - President Lee Jae Myung is set to hold a luncheon meeting with former President Moon Jae-in at Cheong Wa Dae in Seoul on Wednesday. The meeting is intended to provide Lee with an opportunity to hear Moon's views on state affairs and seek advice on key national issues, according to presidential officials. Much attention is being paid to what the two are to discuss at their first meeting since Lee took office in June last year, including whether they will July 1, 2026

Korea's growth estimates turn more sanguine on stronger chip power SEOUL, July 01 (AJP) -South Korea’s economic growth forecast for this year is turning more sanguine regardless of energy challenges on sizzling chip demand. More than 10 domestic and foreign institutions project the economy to grow in the 3 percent range, well above the Bank of Korea’s latest forecast of around 2 percent, with some even forecasting around 4 percent. British research firm Capital Economics recently raised its forecast for Korea’s real gross dom July 1, 2026

Han Seong-sook heads for confirmation as Korea's second female PM SEOUL, June 30 (AJP) -Technocrat and SMEs Minister Han Seong-sook cleared a key parliamentary hurdle Tuesday to become South Korea's second female prime minister, as the ruling party pushed ahead with her confirmation despite a boycott by the main opposition. The National Assembly's special committee on Han's confirmation adopted a report endorsing President Lee Jae Myung's nominee, with support from lawmakers largely from the ruling Democratic Party (DP). The June 30, 2026

Korea's May factory output falls by steepest in a year on lower chip turnout SEOUL, June 30 (AJP) - South Korea’s industrial output fell for a second straight month in May as factory output dropped 3 percent on chip delivery adjustments, underscoring the weight of chipmaking on the economic performance, government data showed Tuesday. Manufacturing production fell 3.0 percent from the previous month, the steepest fall in a year, and dropped 0.9 percent from a year earlier. Output in the broader mining and manufacturing likewise fell 3.0 percent from June 30, 2026

The trillion-dollar chip project revives Korea's old Jeolla-Yeongnam rivalry SEOUL, June 29 (AJP) - Pork-barrel projects are always political. The debate becomes even hotter when the prize is the world's most coveted commodity — AI memory chips — and nearly $1 trillion in investment. A government-backed plan to steer hundreds of trillions of won in new semiconductor investment toward South Korea's southwestern Honam region has erupted into one of the first major political battles of President Lee Jae Myung's administration. The c June 29, 2026

BOK hunts for successor to lead its research institute SEOUL, June 29 (AJP) - The Bank of Korea (BOK) is scouting for an economist who will head its affiliated research institute, the central bank said on Monday. According to its open recruitment notice, the successful candidate, who will replace incumbent Lee Jae-won, a former professor at Seoul National University who took the role in 2023, will head the Economic Research Institute and be responsible for shaping the BOK's medium- to long-term research agenda as chief economist, June 29, 2026

South Korea to create second chip cluster at $520 billion *Updated with additional information SEOUL, June 29 (AJP) -South Korea envisions transforming itself into a "Chip Republic," committing more than 800 trillion won ($520 billion) to build a second semiconductor belt spanning the country's southwestern region in an unprecedented industrial strategy designed to preserve its leadership in AI-era chips. The master plan calls for four new wafer fabrication plants in the southwestern Honam region, an advanced semiconduc June 29, 2026

Lee's approval rating remains below 50% for another week SEOUL, June 29 (AJP) - President Lee Jae Myung's approval rating has stayed below 50 percent for another week, extending its decline for six consecutive weeks. In a survey of more than 2,500 adults nationwide conducted by pollster Realmeter last week and released on Monday, 46.5 percent of respondents said Lee was doing well, down 0.2 percentage points from the previous week. About 49.5 percent disapproved of Lee's performance, also down 0.2 percentage points, but still June 29, 2026