Korean

Feb. 4 (Asia Today) — Canada’s minister responsible for defense procurement toured major South Korean defense companies this week, praising their technology and production capabilities as Ottawa moves ahead with large-scale land and naval modernization plans.

Stephen Fuhr, Canada’s minister of state for defense procurement, visited facilities operated by HD Hyundai and Hanwha during a three-day trip to South Korea, industry officials said Tuesday.

Canada is preparing to procure new submarines valued at up to 60 trillion won ($44.9 billion) and self-propelled howitzers worth about 8 trillion won ($6.0 billion). Korean firms used the visit to highlight their submarine construction, artificial intelligence applications and plans for local production in Canada.

HD Hyundai said Fuhr and his delegation toured its research and development center in Pangyo, south of Seoul, where they reviewed models of destroyers, frigates and submarines built by its shipbuilding arm, HD Hyundai Heavy Industries. The delegation also examined progress on autonomous ship technologies incorporating AI.

Earlier, Fuhr visited Hanwha Ocean’s Geoje shipyard and boarded the Jang Young-sil, a next-generation Korean submarine proposed for Canada’s Canadian Patrol Submarine Project. The project, with bids due in early March, is expected to reach up to 60 trillion won and has attracted competition from Germany’s TKMS.

Industry officials said Fuhr’s tight schedule, traveling from South Gyeongsang Province to Gyeonggi Province, reflected Ottawa’s intent to closely assess Korea’s special-purpose shipbuilding capacity. Analysts say Korean firms have emerged as strong contenders in the final stage of the bidding.

“It is meaningful that Korea, with less than 50 years of submarine development experience, is competing head-to-head with Germany,” said Jang Won-jun, a professor of advanced defense technology at Jeonbuk National University. He added that Korean submarine construction has reached roughly 90% to 95% of Germany’s technical level, with an edge in price competitiveness.

Industry sources said Fuhr spoke favorably of the technology on display, describing the facilities as “feeling like the future has already arrived,” remarks viewed as an implicit endorsement of Korea’s capabilities.

Beyond submarines, Canada is also advancing its Indirect Fire Modernization program, which emphasizes land-based systems and involves investments of more than $6 billion to acquire new self-propelled howitzers and long-range rocket systems.

Fuhr visited Hanwha Aerospace’s Changwon plant, where he toured production lines for the K9 self-propelled howitzer, K10 ammunition resupply vehicle and Cheonmu multiple rocket launcher, and observed live maneuver demonstrations. The company proposed an integrated firepower and mobility package and pledged to establish manufacturing operations in Canada to support local jobs and technology transfer.

Hanwha Aerospace CEO Son Jae-il said the company aims to become a key partner in Canada’s military modernization based on its track record in delivery and accumulated technological expertise.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260205010001719

Feb. 4 (Asia Today) — Samsung Electronics’ common shares became the first single stock in South Korea to reach a market capitalization of 1,000 trillion won ($690.7 billion) as the benchmark KOSPI hovered near the 5,300 level.

The milestone came about two weeks after Samsung’s combined common and preferred shares exceeded 1,000 trillion won in market value.

The Korea Exchange said Samsung Electronics closed Wednesday at 169,100 won ($116.80), up 0.96% from the previous session. The shares have gained 31.6% from their closing level on Jan. 2 of 128,500 won.

Samsung opened lower, then turned higher late in the morning. After moving into positive territory in early afternoon trading, the stock set an intraday record of 169,400 won.

Individual investors bought a net 135.1 billion won ($93.3 million) of Samsung shares and institutional investors bought a net 650.2 billion won ($449.1 million), helping push the stock to the 1,000 trillion won threshold.

Analysts have linked the rally to rising memory prices amid expanding global investment in artificial intelligence infrastructure. Samsung posted 20 trillion won ($13.8 billion) in operating profit in the fourth quarter of last year, setting a quarterly record, and brokerages have forecast annual operating profit exceeding 130 trillion won ($89.8 billion) this year.

Samsung Chairman Lee Jae-yong attended a corporate roundtable on youth employment and regional investment expansion at the Blue House on Wednesday. The meeting included leaders from South Korea’s top conglomerates and marked President Lee Jae-myung’s first major gathering this year with business chiefs.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260204010001675

Jan. 28 (Asia Today) — South Korea’s opposition People Power Party and the ruling Democratic Party traded accusations Wednesday over U.S. President Donald Trump’s remarks about restoring higher tariffs, with conservatives faulting the government’s diplomacy and liberals arguing Seoul must move quickly to pass pending legislation tied to a bilateral investment package.

The dispute unfolded at a National Assembly Foreign Affairs and Unification Committee hearing, where Foreign Minister Cho Hyun faced questions about what the opposition described as a sudden reversal after the government promoted a tariff outcome that did not require a formal agreement document.

People Power Party floor leader Song Eon-seok said the public had been led to believe tariffs would remain lower once legislation related to U.S.-bound investment was introduced and processed. He said Trump’s renewed tariff warnings felt like a betrayal to many South Koreans and criticized the government for opposing parliamentary ratification procedures, arguing major commitments should be handled through proper legislative channels.

Several People Power Party lawmakers pressed the government over the effectiveness of its communication channel with Washington, mocking earlier claims that a high-level “hotline” had been established and questioning whether Seoul had meaningful leverage if tariff threats resurfaced so quickly.

Rep. Ahn Cheol-soo said the government’s claim that negotiations were so successful they did not require a joint statement was not credible. He argued that if talks had been truly successful, the two sides would have presented the outcome publicly through a joint briefing.

Ruling party lawmakers countered that Trump’s unpredictability is well known and that repeated focus on ratification could slow Seoul’s ability to respond diplomatically and economically. They urged swift deliberation and passage of a special bill tied to U.S. investment commitments, saying similar memorandums and fact sheets with partners are often handled without full treaty-style ratification.

The dispute comes as South Korea moves to implement a bilateral memorandum and related measures that had been linked to tariff levels, while Seoul says it has not received an official U.S. notice of any change.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260129010013250