South Korea announced on July 5 that it will restart construction work on two nuclear reactors and continue operating those that are already running. The move was made “in accordance with the highest decision-making procedures” of new President Yoon Suk-yeol’s administration, according to South Korea’s Ministry of Trade, Industry, and Energy. The energy ministry said that…
South Korea to Restart Construction on 2 Nuclear Reactors
July 6, 2022
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Asia & PacificBusiness & Marketseconomic policieseconomyInvestmentnuclear energyNuclear powerSouth KoreaWorldYoon Suk-yeol
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US Deploys F-35 Stealth Fighters to South Korea for Joint Military Drills
The United States deployed six F-35A stealth fighters to South Korea for joint military drills to demonstrate U.S.-South Korea deterrence amid North Korea’s growing nuclear threat. The six aircraft departed from the Eielson Air Force Base in Alaska on Tuesday. The U.S. Forces Korea (USFK) said they would join several other U.S. and South Korean…
South Korea’s GDP Could Soar by Joining Indo–Pacific Economic Framework: Report
July 4, 2022
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Asia & PacificBusiness & Marketseconomic policieseconomyGDPIndo-Pacific Economic Framework IPEFSouth KoreaWorld
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South Korea joined the U.S.-led Indo–Pacific Economic Framework (IPEF) that aims to counter the Chinese Communist Party, a move which could increase the country’s GDP in the long-term despite a reduced economic dependence on China, economists said. In May, South Korea became a member of the IPEF, joining 12 other nations including Japan, Australia, New Zealand, and…
Over Half of South Korean Companies in China Seek to Reduce Operations or Withdraw: Survey
July 3, 2022
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Asia & PacificBusiness & MarketsChinaChina Business & EconomyCompanieseconomySouth KoreaWorldzero-COVIDzero-covid policy
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Over half of South Korean companies are preparing to either reduce or withdraw businesses from China over its stringent zero-COVID measures, according to a recent survey. Meanwhile, some 40 percent of the respondents urged the South Korean government to intervene by informing the Chinese regime of their losses and providing solutions. In mid-June, the Shanghai…
South Korea Joins US-Led Mineral Security Alliance, Aims to Curb Chinese Dominance in Critical Minerals Supply
June 29, 2022
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Asia & Pacificchinese importscritical mineralsIndo-Pacific Economic Framework IPEFMinerals Security Partnership (MSP)raw materialsSouth Koreasupply chainWorldYoon Suk-yeol
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South Korea has announced its participation in the U.S.-led Minerals Security Partnership (MSP) to cut its heavy reliance on Chinese mineral and raw materials imports. The announcement of joining the MSP came shortly after South Korea’s decision in May to participate in the U.S.-led Indo-Pacific Economic Framework (IPEF). IPEF outlines the United States’ key priorities…
South Korea’s Successful Rocket Launch Boosts Companies’ Aerospace Ambitions
South Korea’s successful launch of a domestically-developed rocket on Tuesday has spurred companies’ hopes to capitalize on prospects in the national space program. More than 300 private companies contributed to the development of the Nuri rocket, also known as Korean Space Launch Vehicle II (KSLV-II), which cost roughly 2 trillion won ($1.5 billion) in total….
South Korea Becomes More Reliant on China for Auto Parts, Expert Urges Supply Chain Diversification
June 24, 2022
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Asia & Pacificauto industryautomotiveBusiness & MarketsChinachinese importsdiversificationimports from Chinaproduction haltSouth KoreaureaWorld
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South Korea’s auto industry has become increasingly dependent on China for parts, leading to calls for supply chain diversification. Cho Chul, an analyst with the Korea Institute for Industrial Economics and Trade (KIET), a government-funded think tank, recently highlighted how automobile parts imports from China have increased over the past two decades. “China only accounted…
South Korea Confirms First Monkeypox Case, Infections Numbers From Around The World
South Korea has confirmed the first case of monkeypox infection in the country and has raised the nation’s alert level for the disease to “caution,” the second of its four alert levels. A Korean national showed symptoms of monkeypox infection on Tuesday afternoon after entering the country following his visit to Germany. The individual suffered…
South Korea Launches First Satellite With Homegrown Rocket
SEOUL, South Korea—South Korea conducted its first successful satellite launch using a domestically developed rocket on Tuesday, officials said, boosting its growing aerospace ambitions and demonstrating it has key technologies needed to launch spy satellites and build larger missiles amid tensions with rival North Korea. The three-stage Nuri rocket placed a functioning “performance verification” satellite…
Pianist, 18, From South Korea Wins Van Cliburn Competition
FORT WORTH, Texas—An 18-year-old from South Korea has won the 16th Van Cliburn International Piano Competition, one of the top showcases for the world’s best pianists. The competition held in Fort Worth, Texas, ended Saturday night with Yunchan Lim becoming the competition’s youngest winner of the gold medal. His winnings include a cash award of…
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