Koreas

South Korea’s per capita household net assets rose more than 9 percent from a year earlier in 2025 on higher housing and securities prices, the central bank data showed Wednesday.

The average value of net assets held by households per capita stood at 274.7 million won (US$185,600) last year, up 9.1 percent from the previous year, according to the national balance sheet from the Bank of Korea (BOK).

The figure was calculated by dividing the total assets of households and nonprofit organizations — 14,200 trillion won — by the country’s population of 51.6 million, according to the BOK.

It marked a sharp acceleration from the 3 percent growth tallied in 2024.

“Last year, South Korea’s main bourse and overseas stock markets were bullish, contributing to the gains,” a BOK official said. “Housing prices also rose, leading to an asset increase.”

The BOK said the latest figure translates into $193,000 when applying the average exchange rate for 2025.

At the end of 2024, the figure for the United States stood at $514,000, followed by Australia, Canada and Germany at $422,000, $297,000 and $267,000, respectively. Japan’s figure came to $172,000.

The average household net assets came to 634.3 million won, up 7.9 percent over the cited period.

South Korea’s total national net worth, meanwhile, reached 24,561 trillion won at the end of 2025, up 2.2 percent from a year earlier. The growth slowed from a 5 percent rise posted in 2024.

Non-financial assets, such as land and housing, came to 23,291 trillion won, up 3.8 percent from a year earlier, on the back of higher property prices.

The combined value of property assets in the country came to 17,836 trillion won, up 4.1 percent from the previous year.

Net financial assets, on the other hand, fell 20.4 percent to 1,271 trillion won.

The BOK said that while financial assets rose 11.4 percent to 2,794 trillion won, debt increased at a faster pace, rising 13.6 percent to 3,120 trillion won.

By sector, households and nonprofit organizations held the largest amount of net assets, worth 14,200 trillion won, followed by the government with 6,194 trillion won, non-financial corporations with 3,657 trillion won and financial corporations with 510 trillion won.

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South Korea’s exports of K-pop albums hit a record high in the first half of the year, government data showed Friday, driven in part by BTS‘ fifth studio album, “Arirang.”

K-pop album exports reached US$257.48 million in the January-June period, up 125 percent from a year earlier, according to import and export trade statistics from the Korea Customs Service.

The United States was the largest importer of K-pop albums during the period, with imports totaling $74.12 million, followed by China and Japan at $61.18 million and $45.61 million, respectively.

Rounding out the top 10 were Germany, Taiwan, Hong Kong, the Netherlands, Britain, France and Poland.

BTS, one of the world’s top boy bands, released its first new album in three years and nine months in March. Both the album and its lead single topped Billboard’s main charts.

Earlier in February, BLACKPINK released its third mini album, “Deadline,” which had sold nearly 2 million copies as of June.

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President Lee Jae Myung said Tuesday the experience of understanding North Korean-born citizens in South Korea will become a “special asset” to prepare for a future shared by the two Koreas.

Lee made the remarks in a written address delivered by Lim Woong-soon, the second deputy director of the National Security Office, in commemoration of the day for North Korean defectors, which falls on July 14.

“The experience of understanding and trusting one another in a new community will lay the foundation for social integration and serve as a valuable asset in preparing for a future in which South and North Korea live together,” Lee said.

“We will establish lasting peace on the Korean Peninsula and move steadily toward shared prosperity for the two Koreas,” the president said, adding that he will make all-out efforts to usher in a future of “coexistence and cooperation” beyond conflict and confrontation.

During the speech, Lee consistently referred to North Korean defectors as “bukhyangmin,” or people whose hometown is North Korea, a new term adopted by the unification minister earlier this year. The ministry is using “North Korean-born citizens” to refer to the North’s defectors.

Meanwhile, Unification Minister Chung Dong-young underscored at the event that it marked the first year to commemorate the third anniversary under the newly adopted reference, noting the term “North Korean defectors” implies discrimination and exclusion.

Tuesday’s event in Goyang, northwest of Seoul, was attended by some 1,000 people, including North Korean-born citizens and those who helped them settle into South Korea.

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Chinese President Xi Jinping met North Korea‘s premier in Beijing on Friday ahead of an event marking the 65th anniversary of the signing of a friendship treaty between the two nations, news footage aired by Chinese state broadcaster CCTV showed.

North Korean Premier Pak Thae-song arrived there earlier in the day for a three-day visit to attend the event commemorating the treaty anniversary at the invitation of China’s Communist Party, according to the report.

The Treaty of Friendship, Cooperation and Mutual Assistance was signed July 11, 1961, by late North Korea founder and former leader Kim Il-sung and then Chinese Premier Zhou Enlai.

The Korean Central News Agency (KCNA), Pyongyang’s state media, reported on Pak’s planned visit to Beijing the previous day, without specifying a detailed schedule.

North Korean leader Kim Jong-un and Chinese President Xi Jinping held summit talks in Pyongyang last month and vowed to strengthen bilateral ties through expanded exchanges across multiple sectors, from economy to culture, as well as more frequent high-level visits.

At that time, Xi stressed the importance of marking the anniversary, fueling speculation that the two countries would hold a large-scale event.

In socialist nations like North Korea and China, anniversaries that fall on five- or 10-year intervals carry particular significance and are typically celebrated with grand events. High-level official visits and exchanges of congratulatory messages had been widely expected.

South Korea’s unification ministry said at a briefing earlier in the day it will “closely monitor” related developments in Beijing.

According to the ministry, this marks the first time in seven years that a North Korean government delegation has been dispatched to Beijing in celebration of the treaty’s anniversary.

The ministry also noted that North Korea has elevated the rank of its chief delegate to premier this year from vice chairman of the Standing Committee of the Supreme People’s Assembly back in 2019.

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South Korean President Lee Jae Myung and Norwegian Prime Minister Jonas Gahr Store held talks Wednesday on ways to deepen cooperation between their countries in areas such as security and technology.

The two leaders met on the sidelines of the North Atlantic Treaty Organization summit in Ankara, Turkey, where Lee is participating as the leader of one of the alliance’s partner countries.

In his opening remarks, Lee stressed the importance of cooperation and exchanges between the two countries at a time of growing instability in the global security environment.

The South Korean president noted that against such a backdrop, South Korea and Norway are deepening their ties into a mutually beneficial relationship in the areas of the economy, industry, culture and defense.

“During today’s bilateral talks, I would like to discuss in depth how and in what areas we can further deepen our relations,” Lee said.

The Norwegian prime minister noted that the two countries have made progress in bilateral ties since last year, referring to what he described as important decisions in the defense industry that he said would help elevate bilateral ties into a strategic partnership.

In January, South Korea’s Hanwha Aerospace Co. secured a large-scale deal to supply Norway with Chunmoo artillery systems and guided missiles.

The Norwegian prime minister noted the two countries have witnessed progress in cooperation on security, trade and technology, and said he hoped to use Wednesday’s meeting to discuss ways to further deepen their ties.

Lee expressed hope that the two countries would further strengthen cooperation in advanced defense technologies and the broader defense industry, building on Norway’s trust in South Korean weapons systems, presidential spokesperson Kang Yu-jung said later.

The president cited new renewable energy, shipbuilding and maritime affairs as areas in which he hopes South Korea and Norway could achieve tangible cooperation, according to Kang.

Lee also called for the Norwegian government’s cooperation with a South Korean delegation currently visiting Norway to secure additional supplies of Norwegian mackerel, a staple food in South Korea.

Kang said the Norwegian prime minister also voiced hope for stronger cooperation in the maritime and energy sectors, as well as for elevating bilateral ties to a higher level by strengthening cooperation in key areas.

In addition, the two leaders agreed to exchange visits at mutually convenient times while pledging to continue close communication on ensuring peace and stability in the international community, Kang added.

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July 7 (Asia Today) — South Korea’s Naver is teaming with Korea Aerospace Industries to develop artificial intelligence models tailored for defense and future combat systems based on physical AI.

Naver said Tuesday that Naver, Naver Cloud and Korea Aerospace Industries signed a memorandum of understanding Monday at the aircraft maker’s headquarters in Sacheon, South Korea.

Naver CEO Choi Soo-yeon, Naver Cloud CEO Kim Yoo-won and Korea Aerospace Industries CEO Kim Jong-chul attended the signing ceremony.

The agreement brings together one of South Korea’s leading artificial intelligence companies and one of its main aerospace and defense companies as Seoul seeks greater technological self-reliance in national security.

The three companies said advanced AI has become a key factor in future defense competition. They plan to develop sovereign AI optimized for South Korea’s defense and security environment, reducing reliance on foreign technology and lowering security risks.

Sovereign AI generally refers to artificial intelligence systems developed and operated domestically to reflect a country’s language, data, laws and security requirements.

The companies will first work on a defense-specific AI foundation model. They also plan to jointly participate in government-led research and development projects and block-funding programs.

The partnership is expected to create a cooperation framework among industry, government and the military, linking core physical AI technologies for next-generation defense systems with future commercialization.

The scope of cooperation will extend across future combat systems. Korea Aerospace Industries plans to apply AI to unmanned aircraft platforms and AI pilot development for future battlefield environments, including its next-generation air combat system.

The companies also plan to raise the level of autonomy in future aerospace platforms, including manned-unmanned teaming systems.

Naver and Korea Aerospace Industries said they will also expand an AI cooperation ecosystem with defense and aviation suppliers to strengthen South Korea’s domestic AI industry.

“Technological self-reliance in national defense and security is directly connected to national sovereignty, making it essential to secure independent sovereign AI infrastructure,” Choi said. “By combining Team Naver’s advanced AI capabilities with Korea Aerospace Industries’ defense infrastructure, we will do our best to strengthen South Korea’s defense technology sovereignty and create new global competitiveness for the future defense industry.”

Kim said global competition in defense AI is intensifying.

“The three companies need to respond jointly by combining their core capabilities,” Kim said. “By bringing together Korea Aerospace Industries’ aerospace and defense expertise with Team Naver’s AI and cloud technology, South Korea can establish defense AI technology sovereignty and improve global competitiveness in unmanned aircraft and future combat systems based on physical AI.”

— 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=20260707010002305

July 5 (Asia Today) — Canada is nearing a decision on a major submarine program that could open the North American defense market to South Korea’s Hanwha Ocean or strengthen Germany’s naval defense ties with Ottawa.

The Canadian Patrol Submarine Project is intended to replace Canada’s aging fleet of four Victoria-class submarines with as many as 12 new conventionally powered submarines. Industry estimates put the program at as much as 60 trillion won, or about $39.3 billion, when shipbuilding and long-term maintenance are included.

Canada is expected to select a preferred bidder soon, with the timing drawing attention because Prime Minister Mark Carney is scheduled to attend the NATO summit in Ankara, Turkey, from Monday to Wednesday.

A decision near the summit could carry a political message about Canada’s defense cooperation with allies. Germany has been pressing its case through government-level support for TKMS, while Hanwha Ocean is emphasizing delivery speed, pricing and proven South Korean submarine technology.

German Vice Chancellor and Finance Minister Lars Klingbeil recently visited a TKMS site and said Berlin was making a broad push to support defense cooperation with Canada. He said Germany’s high production standards and submarine-building capacity put TKMS in a strong position.

TKMS CEO Oliver Burkhard has also expressed confidence that the company can win the contract. The German company is stressing its more than 100 years of submarine experience and interoperability with NATO navies.

Hanwha Ocean is offering a model based on the KSS-III Batch-II submarine, a 3,000-ton-class hybrid diesel-electric submarine developed for the South Korean Navy. The submarine uses fuel-cell air-independent propulsion and lithium-ion batteries, allowing it to remain submerged for more than three weeks, according to the company.

The submarine has a range of more than 7,000 nautical miles, or about 8,055 miles.

Hanwha Ocean has proposed delivering the first submarine in 2032 if a contract is signed in 2026. The company has said it could deliver four submarines by 2035 and then supply one additional submarine each year.

Delivery timing is considered a key factor because Canada’s Victoria-class submarines are expected to retire in the mid-2030s.

Hanwha Ocean is also seeking to strengthen its bid through long-term maintenance, repair and overhaul plans, as well as industrial partnerships in Canada. The company has promoted cooperation in shipbuilding, steel, artificial intelligence, space and defense technology.

If Hanwha Ocean is selected as the preferred bidder, it would mark a major breakthrough for South Korea’s shipbuilding and defense industries in North America. It would also expand South Korea’s submarine exports beyond Asia and Europe.

But TKMS remains a strong competitor because Canada may value closer defense industrial cooperation with Germany and other NATO partners at a time of heightened security concerns in the Arctic and North Atlantic.

Hanwha Ocean said no decision has been made.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260705010001602

July 3 (Asia Today) — Anthropic, the developer of the Claude artificial intelligence model, is in early discussions with Samsung Electronics about manufacturing a custom AI chip, according to a U.S. technology news report.

The Information reported Thursday, citing multiple people familiar with the discussions, that Anthropic is considering using Samsung’s 2-nanometer manufacturing process and advanced chip-packaging facilities.

The project remains at an early stage. Anthropic has not begun detailed chip design, testing or manufacturing, the report said.

Samsung’s 2-nanometer process is among the most advanced semiconductor manufacturing technologies available. Smaller manufacturing nodes can allow more transistors to be placed on a chip, potentially improving computing performance and energy efficiency.

Advanced packaging places processors, high-bandwidth memory and other chip components closer together. The shorter distance can increase data-transfer speeds and reduce bottlenecks when running large AI models.

Anthropic is studying the functions and performance required for the chip as well as how it could be integrated into servers, people familiar with the matter said. The company is also reportedly holding discussions with several chip-design companies.

Anthropic is considering using processors developed by Microsoft and British chip startup Fractile as it evaluates different approaches to expanding its computing infrastructure.

The company hired Clive Chan in June. Chan was the second hardware engineer to join OpenAI’s custom-chip program and worked on the project from its early stages.

Chan announced his departure from OpenAI and move to Anthropic in a June 7 post on the social media platform X. He said he was drawn by the opportunity to begin climbing a new technological mountain from the bottom.

The recruitment suggests Anthropic is building an internal team capable of designing specialized processors as competition with OpenAI expands from AI models into hardware and data-center infrastructure.

Anthropic raised $65 billion in a Series H investment round completed May 28, giving the company a post-investment valuation of $965 billion.

The funding was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Samsung Electronics, SK hynix and Micron participated as strategic infrastructure partners.

Anthropic said the three semiconductor companies provide technologies that play important roles in supplying memory, storage and logic chips.

Samsung is the only one of the three companies that also operates a large contract chip-manufacturing business, raising expectations that its relationship with Anthropic could expand beyond memory supplies.

A manufacturing agreement with Anthropic would give Samsung another major AI customer as the South Korean chipmaker seeks to challenge Taiwan Semiconductor Manufacturing Co. in the market for advanced processors.

Samsung previously signed a $16.5 billion agreement to manufacture next-generation AI chips for Tesla. Google is also reportedly considering using Samsung to manufacture part of a future tensor processing unit.

The potential Anthropic contract could strengthen Samsung’s position as demand for alternatives to Taiwan Semiconductor’s manufacturing capacity increases.

Major technology companies are developing specialized processors to reduce computing costs, improve energy efficiency and gain greater control over their AI infrastructure.

Google has developed several generations of its tensor processing units, while Amazon Web Services operates its Trainium processors for AI training.

OpenAI and Broadcom unveiled Jalapeño, OpenAI’s first custom inference processor, on June 24. Inference refers to the process through which a trained AI model generates responses to user requests.

OpenAI said the processor was developed from initial design to production in nine months. Early deployment is expected by the end of the year.

Broadcom Chief Executive Officer Hock Tan described Jalapeño as the beginning of a multigeneration processor roadmap. The companies plan to install the chips in large-scale data centers operated with partners including Microsoft.

Anthropic said its custom-chip work would not replace its existing relationships with hardware suppliers.

“Nvidia GPUs, Google TPUs and AWS Trainium chips will continue to play a central role in our computing resources,” the company said in response to a request for comment from The Information.

South Korea on Monday unveiled a wider semiconductor investment plan under which Samsung and SK hynix are expected to invest about 800 trillion won ($523 billion) over the next decade.

The plan includes four new semiconductor fabrication plants and expanded production of high-bandwidth memory and advanced packaging technologies used in AI systems.

Samsung has faced yield problems in some previous advanced manufacturing processes. Yield refers to the percentage of usable chips produced from each semiconductor wafer.

The performance and production stability of Samsung’s 2-nanometer process are therefore expected to be critical to its ability to compete with Taiwan Semiconductor for major AI-chip orders.

An industry official said Samsung has become more selective about accepting manufacturing orders, focusing resources on projects considered commercially and technologically viable.

Anthropic is entering the custom-chip competition later than several major AI and cloud-computing companies. However, rapidly rising demand for AI infrastructure is creating opportunities for specialized processors.

TrendForce projects that shipments of servers using cloud companies’ custom application-specific integrated circuits will grow 44.6% in 2026. Shipments of servers using general-purpose graphics processors are expected to grow 16.1%.

Nvidia remains the dominant supplier of AI processors, but the development of chips by OpenAI, Google, Amazon and other technology companies could gradually reduce their reliance on its hardware.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260703010001110

July 3 (Asia Today) — A U.S. battery joint venture between South Korea’s LG Energy Solution and Honda has begun mass-producing lithium-ion cells for energy storage systems at its Ohio plant, the company said.

L-H Battery Company began production Thursday at its factory in Jeffersonville, Fayette County.

The cells will be supplied through LG Energy Solution Vertech, the South Korean company’s North American energy-storage system integration subsidiary.

They are expected to be used in utility power grids as well as commercial, industrial and residential energy-storage systems across the United States.

The Ohio plant was originally built primarily to manufacture batteries for Honda electric vehicles.

The partners adjusted the factory’s production strategy as growth in the electric-vehicle market slowed and changes in the U.S. regulatory and policy environment increased uncertainty for automakers and battery manufacturers.

The joint venture decided to prioritize the faster-growing energy-storage market while maintaining the flexibility to produce cells for other applications.

It plans to consider manufacturing batteries for hybrid-electric vehicles at the plant as market conditions evolve.

Honda said in May that it would convert part of the joint venture’s electric-vehicle battery production lines to make batteries for hybrid vehicles.

The company also said it would use the Ohio battery facilities for other applications as it restructures its North American vehicle and battery production network.

Honda canceled plans in March to develop and launch three electric-vehicle models that had been scheduled for production in North America, citing changes in the business environment.

The start of storage-battery production marks a significant step in LG Energy Solution’s strategy to manufacture more energy-storage products within North America.

Demand is rising as utilities add renewable-energy capacity and seek batteries that can store electricity when supply exceeds consumption.

Artificial intelligence data centers are also increasing electricity demand and creating a need for additional power-generation, transmission and storage infrastructure.

Energy-storage systems can help stabilize power grids by storing electricity during periods of low demand and releasing it when demand rises.

LG Energy Solution has been converting or adapting electric-vehicle battery facilities to produce storage batteries as manufacturers respond to slower electric-vehicle growth.

The company plans to operate five energy-storage battery manufacturing sites in North America.

The network includes plants in Holland and Lansing, Mich., the NextStar Energy facility in Windsor, Ontario, the Ultium Cells factory in Spring Hill, Tenn., and the L-H Battery Company plant in Ohio.

LG Energy Solution said it aims to secure more than 50 gigawatt-hours of annual energy-storage battery production capacity in North America by the end of 2026.

The company said batteries manufactured in Ohio will support projects serving power grids, businesses and homes.

BloombergNEF has projected that the U.S. energy-storage market could expand to 485 gigawatt-hours in 2030 and 976 gigawatt-hours in 2035.

“Energy storage systems are an important future business for L-H Battery Company and will become a core business pillar along with the production of battery cells for hybrid-electric vehicles,” L-H Battery Company Chief Executive Officer Koo Ja-hoon said.

Chief Operating Officer Rick Riggle said the company has hired employees and begun production since the joint venture was established in 2023.

“This start of mass production is significant because it goes beyond simply operating a plant and establishes a stable production base for our North American business,” Riggle said.

LG Energy Solution and Honda formally established L-H Battery Company in 2023 to manufacture lithium-ion batteries in Ohio.

The joint venture was initially designed to support Honda’s expanding electric-vehicle production in North America.

The revised production strategy allows the companies to use the plant for energy storage and hybrid vehicles while retaining the ability to respond if electric-vehicle demand recovers.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260703010001209

July 3 (Asia Today) — South Korean President Lee Jae Myung will travel to Türkiye and Mongolia next week to promote defense industry cooperation, strengthen the country’s ability to respond to future warfare and expand economic ties with the resource-rich Central Asian nation.

Lee will attend the NATO summit in Ankara on Tuesday and Wednesday at the invitation of NATO Secretary General Mark Rutte, national security adviser Wi Sung-lac said during a presidential office briefing Friday.

He will then make a state visit to Mongolia from Thursday through Saturday.

The South Korean government said Lee’s participation in the NATO summit would provide an opportunity to promote the country’s defense products among members of the world’s largest military alliance.

Seoul also hopes to improve cooperation with NATO in emerging military technologies including drones, artificial intelligence and space systems.

Lee is scheduled to arrive in Ankara on Tuesday afternoon and hold talks with Rutte on strengthening cooperation between South Korea and NATO.

He will participate in a small-group meeting with Rutte and representatives of NATO’s four Indo-Pacific partners: South Korea, Japan, Australia and New Zealand.

Lee will also attend the NATO Summit Defense Industry Forum, which brings together government officials and defense executives to discuss industrial production, investment and technological innovation.

He is scheduled to deliver a keynote address during a session titled “Shared Values, Stronger Industrial Base” and participate in a panel discussion.

Lee will attend an official welcoming dinner hosted by Turkish President Recep Tayyip Erdogan and his wife Tuesday evening.

The South Korean president plans to hold bilateral meetings Wednesday with leaders of countries that have significant potential for defense and other economic cooperation. The presidential office said the schedules for those meetings were still being coordinated.

Wi said the visit would establish a foundation for South Korean defense companies to expand into NATO markets and participate in more resilient international supply chains.

South Korea is not a NATO member, meaning its weapons and communications systems must meet alliance standards to be integrated smoothly with equipment operated by NATO countries.

“We need to advance partnerships that strengthen interoperability in line with NATO standards so South Korean defense products can be exported smoothly to NATO allies,” Wi said.

South Korea has increased defense exports to European countries in recent years, particularly Poland, which has purchased K2 tanks, K9 self-propelled howitzers, FA-50 light combat aircraft and Chunmoo multiple-launch rocket systems.

The government has set a goal of making South Korea one of the world’s four largest defense exporters.

Wi said Lee would use the defense industry forum to emphasize South Korean manufacturers’ technological capabilities and ability to deliver weapons quickly.

“We will directly communicate the excellence and rapid procurement capabilities of South Korea’s defense industry to NATO allies and partners,” Wi said.

The government also hopes South Korean armed forces and private companies can participate more actively in NATO innovation networks involving drones, space technology and other emerging defense systems.

Wi said such participation could give South Korean organizations opportunities to acquire critical technologies, conduct joint research and strengthen their ability to respond to future conflicts.

Mongolia state visit

Lee will travel to Ulaanbaatar on Thursday after completing his NATO schedule.

He will meet Mongolian President Ukhnaa Khurelsukh for a summit followed by an exchange of agreements and memorandums of understanding and a joint news conference.

The two governments plan to issue a declaration titled “A Golden Era of South Korea-Mongolia Relations,” outlining a long-term vision for their strategic partnership.

Lee will deliver a keynote address Thursday evening at a South Korea-Mongolia business forum attended by government officials and business leaders from both countries.

The forum will focus on expanding cooperation in resources, supply chains, infrastructure and other industries.

Mongolia has significant deposits of coal, copper, rare earth elements and other minerals important to advanced manufacturing and clean-energy technologies.

South Korea, which depends heavily on imported energy and industrial resources, has sought to diversify its supply chains by expanding cooperation with Mongolia and other mineral-producing countries.

On Friday, Lee will visit a memorial honoring Lee Tae-jun, a Korean physician and independence activist who supported Mongolia’s medical development and Korea’s independence movement while living in the country in the early 20th century.

The president will then attend a luncheon with members of the Korean community in Mongolia.

Lee is also scheduled to meet Sandag Byambatsogt, speaker of Mongolia’s State Great Khural, and Prime Minister Nyam-Osor Uchral.

Khurelsukh will host a state dinner for Lee on Friday evening.

On Saturday, Lee and Khurelsukh will attend the opening ceremony of the Naadam Festival, Mongolia’s largest national celebration. Lee will attend as a guest of honor.

Naadam features traditional Mongolian wrestling, horse racing and archery and is one of the country’s most important cultural events.

Wi said the visit was expected to strengthen the strategic partnership between South Korea and Mongolia, expand practical economic cooperation and establish a closer partnership in efforts to promote peace on the Korean Peninsula.

Mongolia established diplomatic relations with North Korea in 1948, becoming the second country after the Soviet Union to recognize Pyongyang. It has maintained relations with both South and North Korea.

The presidential office said Mongolia’s traditional ties with North Korea could make it a useful diplomatic partner in efforts to reduce regional tensions and restart dialogue with Pyongyang.

“The two leaders will discuss peace and stability on the Korean Peninsula as well as practical ways to ease regional tensions and build trust,” Wi said.

“They will also explore feasible paths toward resuming dialogue with North Korea,” he said.

— 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=20260703010001267

The unification ministry said Friday it views growing calls to refer to North Korea by its official name as part of a broader effort to build public consensus on the issue.

“The ministry is paying attention to religious leaders’ call for the two Koreas to use each other’s official names,” deputy spokesperson Chang Yoon-jeong said at a regular briefing.

“Since their announcement, we have also noted support from various sectors of society, and we will continue listening to these voices going forward,” she added.

The Korean Council of Religious Leaders said the previous day that genuine peace begins with “acknowledging each other as they are,” urging both South and North Korea to refer to each other using their official names, respectively, the Republic of Korea and the Democratic People’s Republic of Korea.

“Respecting each other’s name is the first step” toward peaceful coexistence, the group said.

Kang Chang-il, vice chair of the Peaceful Unification Advisory Council, a presidential advisory body on unification, echoed the call.

“I would first like to express my deep appreciation for the senior religious leaders who said peace begins with respecting each other’s name,” Kang said Thursday.

South Korea currently uses “North Korea” rather than its official name, “Joson” in Korean, as Seoul does not recognize its ties with North Korea as state-to-state relations under the 1991 inter-Korean Basic Agreement.

The debate has gained momentum in recent months, with senior officials, including Unification Minister Chung Dong-young, raising the need for Seoul to call North Korea by its official name to achieve peaceful coexistence.

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President Lee Jae Myung said Wednesday the government will pursue sustained efforts to engage North Korea and replace the Korean War armistice with a peace regime.

Lee made the remarks in a meeting of the Peaceful Unification Advisory Council, a presidential advisory body on unification of the two Koreas.

“At least to open a ‘Korea premium’ era for the future Korean Peninsula that is drawing global attention, we must replace the armistice with a peace regime,” Lee said.

However difficult it may be, the government should continue to “knock on North Korea’s closed door,” the president said.

“Difficult does not mean impossible … If we keep knocking, it will eventually open.”

North Korea has remained unresponsive to the Lee administration’s repeated dialogue overtures, instead hardening its hostile stance toward Seoul.

Since the 1950-53 Korean War ended in an armistice, not a peace treaty, the two Koreas remain technically at war.

“Now is the time to resume action toward peace,” Lee declared, pledging to find a way for the two Koreas to peacefully coexist while respecting each other’s political systems and sovereignty.

“We will never give up (the effort), however slow (the process) may be,” he said.

The president also reaffirmed this administration’s commitment to nonaggression toward Pyongyang, saying Seoul will respect the North Korean system, will not pursue unification through absorption and will not engage in hostile actions.

“I will keep these promises without fail,” he pledged.

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June 30 (Asia Today) — South Korean battery materials producer EcoPro Group is expanding its investment in an Indonesian nickel smelter to more than double its access to the critical mineral used in electric vehicle batteries.

EcoPro and its subsidiary EcoPro BM plan to increase their combined stake in the Bahodopi Nickel Smelting Indonesia project to 39%, becoming major shareholders and taking a leading role in its development. The smelter is under construction at the International Green Industrial Park on the Indonesian island of Sulawesi.

The total investment is estimated at about 1.5 trillion won, or $967 million, based on an exchange rate of 1,550.77 won per dollar.

EcoPro completed the first phase of its Indonesian investment over the past four years, securing rights to about 29,000 metric tons of nickel. Once the second phase is completed, the group expects its total nickel supply rights to reach about 65,000 metric tons.

The group also plans to increase the BNSI smelter’s annual production capacity from the originally planned 66,000 metric tons to 90,000 metric tons. EcoPro said that would be enough nickel for batteries used in about 2 million electric vehicles.

The investment is part of EcoPro’s effort to secure raw materials directly and reduce the cost of nickel-rich cathode materials used in nickel-cobalt-manganese batteries.

EcoPro said it intends to establish an integrated supply chain covering nickel, precursors and cathode materials. The company said the structure is designed to meet U.S. requirements limiting reliance on prohibited foreign entities in clean-energy supply chains. U.S. tax rules restrict access to certain clean-energy credits when components or critical minerals receive material assistance from such entities.

EcoPro expects greater control over raw-material procurement to improve its cost competitiveness and strengthen its ability to win orders from global battery-cell manufacturers and automakers.

EcoPro BM will finance the investments through a 1.2 trillion won, or about $774 million, rights offering. Its board approved the issuance of 9,900,990 new common shares Tuesday.

Of the proceeds, 915 billion won, or about $590 million, will be used to acquire the BNSI stake and complete remaining investments in EcoPro BM’s Hungarian subsidiary.

An additional 135 billion won, or about $87 million, will be used as operating capital, including purchases of raw materials. The remaining 150 billion won, or about $97 million, will finance production facilities.

EcoPro, the group’s holding company, plans to subscribe for more than 120% of the shares allocated to it. The company said the decision demonstrated confidence in the Indonesian mineral business and a commitment to minimizing concerns about the dilution of shareholder value.

“This rights offering is a strategic decision to establish an early position in the global nickel market and improve our competitiveness in nickel-cobalt-manganese cathode materials,” EcoPro BM Chief Executive Officer Choi Moon-ho said.

“By combining EcoPro’s high-nickel technology with a decisive cost advantage, we will work to secure leadership in the global market for nickel-based batteries,” Choi said. EcoPro BM’s official English-language materials identify its chief executive as Choi Moon-ho.

— 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=20260630010010768

June 23 (Asia Today) — South Korean power equipment maker LS Electric is strengthening its ties with communities in Utah by honoring Korean War veterans and investing in local education as it expands in the fast-growing North American power market.

Demand for power equipment has surged as artificial intelligence companies build more data centers across North America. Against that backdrop, LS Electric Chairman and Chief Executive Officer Ja-Kyun Koo has emphasized what the company describes as a management strategy based on long-term trust with local communities.

LS Electric said Koo has pursued the strategy through LS Electric Utah, formerly MCM Engineering II, in Cedar City. The South Korean company acquired the operation in 2022 and has since directed an expansion of its production facilities.

Koo has highlighted a Korean War engagement involving soldiers from southern Utah as a historical link between the state and South Korea.

On May 26, 1951, 240 members of the Utah National Guard’s 213th Armored Field Artillery Battalion encountered a Chinese force of more than 4,000 troops near Gapyeong in Gyeonggi Province.

The engagement became known in Utah as the “Miracle at Kapyong.” Accounts maintained by the Utah National Guard say the soldiers fought off the advancing force without losing a member of the unit in the battle.

Families and descendants of the veterans remain part of the community around Cedar City, where LS Electric Utah is based.

Koo said the soldiers’ service in an unfamiliar country demonstrated the kind of courage and commitment that a Korean company operating in Utah should recognize.

LS Electric this year sponsored a Southern Utah University program supporting Korean War veterans. The company also paid the travel expenses of surviving veterans who visited South Korea in May for a ceremony marking the 75th anniversary of the Utah unit’s action near Gapyeong.

The company has also supported the development of science, technology, engineering and mathematics education facilities at Southern Utah University as part of its efforts to train workers for the region’s future industries.

LS Electric joined a separate initiative led by the Korea Chamber of Commerce and Industry to connect Korean companies operating in the United States with veterans who previously served with U.S. Forces Korea.

The company said the program could help Korean businesses recruit workers who already have experience with South Korea and its culture.

LS Electric’s community engagement has accompanied a sharp increase in orders for equipment used in North American data centers.

Korea Investment & Securities said LS Electric secured two North American data center equipment projects during the second quarter with a combined value of 489.3 billion won, or about $318 million.

The brokerage expects the company’s North American data center orders to increase by more than 50% from a year earlier and surpass 1.5 trillion won, or about $974 million, in 2026.

“Today, our firm footing in the U.S. market rests on the noble sacrifice of Utah veterans who fought for freedom and peace,” Koo said.

“Remembering and honoring the heroes who created the Miracle at Kapyong is a responsibility that companies should fulfill,” he said.

Koo said businesses built on strong relationships with their communities would be better positioned to achieve stable, long-term growth.

— 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=20260623010008080

June 15 (Asia Today) — Salt-damaged farmland once unsuitable for either agriculture or aquaculture has become a source of pension income for residents of islands in southwestern South Korea.

Shinan County in South Jeolla Province operates what it calls a “Sunlight Pension,” sharing part of the profits from solar power projects with local residents. The program is regarded as a social economy model that connects large-scale renewable energy infrastructure with household income and local spending.

The county began distributing the pension on Anjwa and Jara islands in 2021 under a renewable energy profit-sharing program. It has since expanded the program to Jido, Saokdo, Imjado and Bigeumdo.

Under the program, part of the profits generated by solar power projects is distributed to residents through local cooperatives.

South Korea’s Ministry of the Interior and Safety regards the Shinan program as a social economy model that converts local resources into resident income while keeping spending within the community. The program brings residents, local government and private businesses together to ensure that some profits from power generation remain in the region.

The model is also consistent with the national government’s initiative to create “Sunlight Income Villages,” where communities receive income from renewable energy projects.

Shinan County enacted an ordinance in 2018 establishing a system to share profits from renewable energy development with residents. Residents do not directly pay the cost of building the power plants. Instead, resident cooperatives participate in the projects and receive dividends from the resulting revenue.

The dividends are paid through local gift certificates, encouraging recipients to spend the money within Shinan County.

“Existing residents are guaranteed dividend benefits, while benefits for new residents vary according to age to encourage younger people to move here,” a county official said. “New residents age 40 or younger are eligible immediately, without a waiting period.”

The program has produced measurable results.

Renewable energy development dividends generated cumulative revenue of 24.71 billion won, or about $16.1 million, between April 2021 and April 2025. Of that amount, 22.32 billion won, or about $14.6 million, was distributed through the Sunlight Pension.

An additional 2.39 billion won, or about $1.6 million, was distributed as a Sunlight Child Allowance for residents younger than 18.

Of Shinan County’s 16,483 residents, 13,284 are members of participating cooperatives, representing a participation rate of 81%.

The Anjwa Solar City power plant serves as the foundation of Shinan’s Sunlight Pension model.

The facility has a combined generating capacity of 288 megawatts, consisting of a 96-megawatt first phase and a 192-megawatt second phase. The first phase began commercial operations in November 2020, followed by the second phase in January 2023.

Plant officials said the project cost about 560 billion won, or approximately $366 million. It generates annual revenue of between 80 billion won and 85 billion won, or roughly $52.3 million to $55.6 million.

The history of the site is also significant.

The land was originally used for farming but became unsuitable for both agriculture and aquaculture because of salt damage and years of use as fish farms. A 2019 revision to South Korea’s Farmland Act allowed salt-damaged farmland to be used temporarily for other purposes, clearing the way for the solar project.

The land is scheduled to be restored to farmland after the solar facilities cease operations.

Anjwa Solar City is considered a leading example of South Korea’s resident-participation renewable energy profit-sharing system. Large solar projects can generate local opposition when residents receive few tangible benefits, making the profit-sharing structure a central element in securing community acceptance.

The Shinan model, however, may be difficult to reproduce in every region. Large renewable energy projects require several conditions, including government approval, resident consent and access to transmission infrastructure.

Project profitability and local acceptance must also be considered to maintain a stable dividend system.

“The Sunlight Pension was designed to ensure that development profits remain with residents and circulate within the community,” the county official said. “We plan to expand the profit-sharing program beyond solar power to offshore wind and other renewable energy projects.”

— 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=20260615010005065

June 15 (UPI) — The Korean Federation of Community Credit Cooperatives, or KFCC, said Monday that it will provide AI-powered companion robots to elderly residents as South Korea faces the social challenges posed by rapid population aging.

The nationwide cooperative federation noted that a total of 200 robots will be supplied to senior citizens living alone, with the aim of dealing with social isolation.

The robots are designed to offer various support functions, including interactive conversations, medication reminders, and motion-detection capabilities. When emergencies arise, they can alert authorities and connect users with relevant services, according to KFCC.

Information collected by the robots can be shared with caregivers and social welfare workers to help track their health status and identify potential signs of social isolation, the cooperative said.

“The problem of social isolation among elderly people living alone is becoming more severe amid population aging and the growing number of single-person households,” KFCC said in a statement.

“We will continue our social contribution activities to help build warm and inclusive communities where no neighbor is left behind,” it added.

South Korea is one of the fastest-aging societies in the world. Data from the Ministry of the Interior and Safety show that people aged 65 and older accounted for 21.21% of the population as of the end of last year. When the proportion surpasses the 20% mark, a country is classified as as uper-aged society.

Single-person households represented 36.1% of all households in the nation as of the end of 2024.

KFCC is not a publicly listed company.

Seoul court sentences former leader for sending military drones into North Korea.

South Korea’s ex-President Yoon Suk Yeol has been sentenced to 30 years in prison for sending military drones into North Korea, a move prosecutors argued was aimed at creating a pretext for his disastrous martial law declaration in 2024.

The drone flights, which Pyongyang said included the dropping of propaganda leaflets, triggered a spike in military tensions between the nations in October 2024.

Special prosecutors, who had sought a 30-year prison term for Yoon, said in April that the ex-leader’s effort to “fabricate wartime conditions” with the drones had undermined state security.

Yoon was “given 30 years in jail” for the charges involving the drones, a spokesperson for the Seoul Central District Court told the AFP news agency on Friday, without giving further details.

Yoon had denied wrongdoing.

The ruling adds to a series of judgements against the ousted conservative leader, once South Korea’s top prosecutor, whose martial law order plunged Asia’s fourth-largest economy into its deepest political turmoil in decades.

In February, a South Korean court sentenced Yoon to life in prison after finding him guilty of leading an insurrection linked to the martial law attempt.

He was removed from office last year after the Constitutional Court upheld his impeachment, triggering a snap election that was won by liberal President Lee Jae Myung.

Yoon’s lawyers said he neither ordered nor later approved the drone operation, which they said was unrelated to martial law and instead a response to months of North Korean launches across the border of balloons stuffed with rubbish.

Yoon, who is already in custody, can appeal Friday’s lower court ruling.

Drone flights remain a flashpoint in tensions between the two Koreas, which remain technically at war.

Lee expressed regret earlier this year after an investigation found government officials had sent drones into the nuclear-armed North Korea in January.

North Korean leader Kim Jong Un’s powerful sister called Lee’s statement “wise behaviour”, but hopes for a rapprochement faded after the diplomatically isolated nation returned to calling South Korea its “most hostile” enemy.

North Korea has released photos of Kim Jong Un inspecting huge munitions at a weapons factory ahead of Chinese president Xi Jinping’s visit. Pyongyang has ordered missile production capacity to be doubled in the next five years.

South Korea is using AI-powered companion dolls to help tackle loneliness in its ageing population. The robots remind seniors to take medication, monitor wellbeing and call for help in emergencies. As AI expands, concerns remain over whether it can ever replace human connection.

The central bank on Thursday raised its economic growth forecast for South Korea to 2.6 percent for 2026 amid solid exports driven by a semiconductor super cycle.

The revision by the Bank of Korea (BOK) represents a 0.6 percentage-point increase from its previous forecast of 2 percent issued in February.

It is the largest upside revision since May 2021, when the BOK raised its growth projection by 1 percentage point from 3 percent to 4 percent.

For 2027, the central bank estimated its growth outlook at 2.1 percent.

The South Korean economy grew 1.7 percent in the first quarter, marking the sharpest quarterly growth in 5 1/2 years.

The revised outlook broadly aligned with forecasts from other institutions.

The International Monetary Fund (IMF) projected growth of 1.9 percent this year, while the Asian Development Bank (ADB) projected 1.9 percent growth.

The Korea Development Institute (KDI) earlier improved its growth forecast to 2.5 percent for 2026 from 1.9 percent.

The BOK also revised up its inflation prediction to 2.7 percent from 2.2 percent, citing higher international oil prices in the aftermath of the U.S.-Iran war.

For 2027, consumer prices are estimated to rise 2.3 percent, according to the BOK.

“The Korean economy is projected to expand by 2.6 percent this year, well above the February forecast of 2 percent, driven by robust semiconductor exports, while government measures, including the supplementary budget, partially offset the Middle East-driven supply shock,” the BOK said in a release.

BOK Gov. Shin Hyun-song said in a press conference that strong exports will likely contribute 0.7 percentage point to the country’s growth this year, alongside the 0.2 percentage point gains generated by the government’s fiscal support and the 0.1 percentage-point increase brought on by the local stock market rally. On the other hand, the ongoing U.S.-Iran war will drag down the economy by 0.4 percentage point, he added.

“Based on our analysis, we concluded that if the situation in the Middle East is resolved early, this year’s growth rate could exceed 2.6 percent,” he said. “We do not think the growth is a short-lived trend.”

The central bank presented an optimistic scenario in which semiconductor-driven exports gain further momentum, raising its growth forecast by 0.5 percentage point for 2026 and 0.3 percentage point for 2027.

Under a pessimistic scenario, however, a possible slowdown in artificial intelligence investments would lower economic growth by 0.3 percentage point this year and 0.2 percentage point next year, the central bank said.

In line with the upbeat outlook, the BOK kept the key interest rate unchanged at 2.5 percent but signaled a possible rate hike in the second half.

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SEOUL, May 18 (UPI) — North Korean leader Kim Jong Un convened a meeting with commanding officers from across the country’s armed forces and called for strengthening frontline defenses along the border with South Korea to create an “impregnable fortress,” state-run media reported Monday.

Kim held the meeting at the headquarters of the ruling Workers’ Party Central Committee on Sunday, the official Korean Central News Agency said. It was the first known gathering of all division and brigade commanders since Kim took power in 2011.

Kim called for the “rapid modernization of the military and technical equipment of our army” and stressed the need to adapt military training to the changing nature of modern warfare, KCNA said.

He emphasized the country’s “territorial defense” policy, including “strengthening the first-line units in the southern border and turning the border line into an impregnable fortress,” according to the report.

KCNA said Kim outlined plans to reorganize the military structure and bolster frontline and other major units with upgraded weapons and technology as part of efforts to strengthen deterrence.

Earlier this month, North Korea announced plans to deploy new 155 mm self-propelled howitzers to three battalions assigned to long-range artillery units along the southern border this year.

The meeting comes as Pyongyang hardens its military posture toward Seoul and formally abandons decades-old reunification language.

North Korea recently revised its constitution to remove all references to reunification with South Korea, cementing Kim’s push to redefine inter-Korean ties as relations between two separate states.

The two Koreas remain technically at war because the 1950-53 Korean War ended in an armistice rather than a peace treaty.

South Korea’s Unification Ministry assessed Monday that the meeting appeared aimed at encouraging the military while reinforcing ideological discipline and modernization efforts.

“North Korea has adopted a two-state stance, and there appear to be trends in that regard,” ministry spokesman Yoon Min-ho said at a regular press briefing. “We will continue to closely monitor related trends in the future.”

Asked whether the North’s latest moves could escalate the situation along the border, Yoon said Seoul would continue efforts to reduce military tensions and build trust on the Korean Peninsula.

South Korean President Lee Jae Myung has sought to reduce tensions since taking office in June, including by dismantling border propaganda loudspeakers and calling for renewed dialogue, but Pyongyang has largely ignored the overtures while continuing to expand its military capabilities.

On Monday, the Unification Ministry released its annual white paper, which defined Seoul’s new “Korean Peninsula peaceful coexistence policy.”

The policy is based on principles President Lee outlined in August, including respecting North Korea’s system, rejecting unification by absorption and avoiding hostile acts.