Latest news with #KoreaHerald
Canada Standard
2 days ago
- Business
- Canada Standard
South Korea strengthens economic ties with US to have China-free supply chain
Seoul [South Korea], June 18 (ANI): South Korea is actively pursuing 'China-free' supply chains by strengthening its economic ties and making new investments in the United States. This strategic shift comes amid ongoing trade tensions between the US and China, creating both opportunities and risks for global economies, including Korea. As reported by the Korea Herald, President Lee Jae Myung's administration is prioritizing economic cooperation with Washington, particularly in shipbuilding, energy, and critical minerals. While a planned meeting between President Lee and US President Donald Trump at the G7 summit didn't occur, a summit is anticipated at the upcoming NATO summit. Both US and South Korea are working on to strengthen their economic ties, since President Lee's took charge earlier this month. The two countries are expecting to look for cooperation in shipbuilding, energy and critical minerals, as well as negotiate the US-imposed tariffs on Korean exports. Korean businesses are quickly adapting to this new economic landscape. Korea Herald reports that SK Group Chairman Chey Tae-won has discussed with President Lee strategies for Korean industries to collaborate with the US in areas like AI, semiconductors, and mobility, demonstrating how Korean companies can support the US's goal of reducing reliance on China in supply chains. A significant move in this direction was Korea Zinc's USD 85 million investment to acquire a 5 per cent stake in The Metals Company, a Canadian deep-sea mining firm focused on EV and low-carbon energy metals. Korea Zinc stated this investment positions them as a crucial player in non-China supply chains due to The Metals Company's China-independent assets and technologies. Additionally, Korea Zinc recently made its first export of antimony, a strategic element used in electronics and military products, to the US, signaling its expansion into the American market. Korean Industry officials anticipate that,' Once allied economies such as Korea and the US begin discussing specific areas of cooperation through summits, companies are projected to be in step with them and move quickly.' (ANI)
India Gazette
4 days ago
- Business
- India Gazette
Korea Zinc begins antimony exports to US amid China supply concerns
New Delhi [India], June 17 (ANI): Korea Zinc, a global leader in non-ferrous metal production, has initiated its first shipment of antimony to the United States, South Korean daily newspaper Korea Herald reported. This signals a strategic move by the company to become a key alternative supplier amid rising geopolitical tensions and tightening Chinese export controls. The company announced that 20 tons of antimony produced at its Ulsan facility were shipped to Baltimore, Maryland, on Sunday, as reported by the South Korean english-language daily. The shipment will be distributed to around 10 US industrial clients engaged in defence and high-tech manufacturing, including producers of armour-piercing ammunition, military-grade electronics, and submarine ballast systems. Antimony, often extracted as a byproduct of lead smelting, is crucial in flame retardants, speciality alloys, infrared detectors, and missile guidance systems, due to its heat resistance and alloy-enhancing qualities. Given its strategic role, the US, South Korea, and China classify it as a critical mineral and maintain national stockpiles. While the shipment marks the start of a short-term supply contract, Korea Zinc has expressed intentions to secure long-term agreements with American companies. The firm aims to export 100 tons of antimony to the US by the end of 2025 and increase that to 240 tons annually starting in 2026. To meet growing demand, it is also considering expanding its current annual production capacity of 3,500 tons. Korea Zinc's move comes at a critical time for the US, which consumes around 22,000 metric tons of antimony annually but lacks domestic mining operations. China, which supplied 60 per cent of US antimony imports last year, began restricting exports of the mineral in September 2024, prompting American industries to diversify their supply sources. (ANI)
Korea Herald
12-06-2025
- Entertainment
- Korea Herald
Korea Herald organizes golf tournament in support of Hangeul promotion
The Korea Herald, South Korea's leading English-language daily, hosted a charity golf tournament Wednesday to celebrate its 72nd year and reaffirm its dedication to promoting Hangeul, the Korean alphabet. Held at Serenity Country Club in Cheongju, North Chungcheong Province, the event drew approximately 300 participants, including Sejong City Mayor Choi Min-ho, prominent business leaders, artists and professional golfers. Corporate sponsors included Yes24 and some 20 additional firms. The tournament, organized in a shotgun format, featured 60 teams. Kim Jong-cheon, the head of Mariee de el Wedding Convention, won first place, while Kim Chang-ryong, former Commissioner General of the Korean National Police Agency, placed second. The golf tournament was followed by a banquet. At the dinner event, tenor Yang Seung-ho and soprano Kim Jung-ah performed, as well as musical actor Lim Tae-kyung. Various prizes and raffle events were also offered to the golf tournament participants. Following the dinner, a charity auction showcased donated works by contemporary sculptors Kwon Chi-gyu, Kim Kyung-min, Lee Wal-chong, 5311 and MeME. A portion of event proceeds, including the auction, will go to support the expansion and enrichment of Sup Sogui Hosu, the world's first Korean language village, located within the Concordia Language Villages in Minnesota, United States. Founded in 1999, the village offers immersive, 24-hour Korean language education. The event also included the announcement of the 2025 Hangeul Run, scheduled for Hangeul Day on Oct. 9. Co-hosted by Herald Media Group and Sejong City, the marathon is expected to draw 10,000 participants. Courses will span symbolic distances of 10.9 kilometers — representing Hangeul Day — and 5.15 kilometers, in honor of King Sejong's birthday on May 15. 'We will create conditions for future generations around the world to communicate and form strong bonds through Hangeul,' said Herald Corp. Chairman Jung Won-ju during the event, adding, 'I hope today's event goes beyond being just a sports competition and becomes a gathering where we unite in pursuit of a greater goal.' 'Hangeul is not just a simple writing system, but a 'language of hope' that connects people and communities,' said Choi Jin-young, CEO and publisher of Herald Media Group. 'We will do our part as a seed in opening the future of a great Korea,' said Choi.
Korea Herald
11-06-2025
- Business
- Korea Herald
Uzbekistan sets GDP goal of $200 billion by 2030
Uzbek leader envisions growth driven by economic stability, digital innovation, green energy Korea Herald correspondent TASHKENT, Uzbekistan -- Uzbekistan's President Shavkat Mirziyoyev on Tuesday laid out a roadmap to raise the country's GDP to $200 billion by 2030. With an emphasis on structural reforms, digital transformation and a sustainable energy transition, the fourth edition of the Tashkent International Investment Forum was held to discuss Central Asia's growing appeal based on a modernization strategy centered on technological innovation. The forum drew about 7,500 delegates and over 3,000 international guests from 100 countries, according to the organizers. 'Our gross domestic product has doubled over the past eight years. We have now set a goal to increase it to $200 billion by 2030,' President Mirziyoyev said in his speech, underscoring financial reforms, green energy and logistics infrastructure as pillars of growth. 'In transitioning to a green economy, nearly $6 billion in foreign direct investment has been attracted in a short span,' he said, noting that electricity production has increased from 59 billion kilowatt-hours to 82 billion kilowatt-hours, and will exceed 120 billion in the next five years. "The share of green energy will rise to 54 percent," he added. According to the Asian Development Bank's outlook for April 2025, Uzbekistan's GDP is expected to reach 6.7 percent growth in 2026. The World Bank forecasts 5.8 percent growth for Uzbekistan in 2025 and 5.9 percent in 2026 — among the highest rates in Europe and Central Asia. The projections align with Uzbekistan's 2030 National Development Strategy to achieve upper-middle-income status by 2030. The president announced a $4 billion investment to upgrade the national power grid and the launch of a 'Green Uzbekistan' climate investment platform, marking the country's entry into the global carbon market this year. He highlighted the rise of Uzbekistan's digital economy, noting that IT exports will reach $1 billion this year, with the goal of quintupling that figure by 2030. 'Last year, two local startups exceeded $1 billion in capitalization. We are committed to increasing the number of such unicorns,' Mirziyoyev said, referring to proposals to build 20 data centers in the next five years and launch a national cloud platform in 2026. Uzbekistan will create a financial stability council and strengthen cybersecurity and fintech, Mirziyoyev said. He said that 'Metals of the Future' tech parks will offer 10-year tax breaks to firms that move to harness the country's estimated $3 trillion in mineral wealth. A new 'national regime' will ensure equal treatment for foreign investors, offering streamlined services and safeguards, according to the president. 'These measures aim to raise Uzbekistan's credit rating to 'investment grade' by 2030,' explained Mirziyoyev, emphasizing that 29 state-owned enterprises will be privatized over the next two years with international consultancy support. Uzbekistan's reform momentum is already being recognized internationally. S&P Global upgraded its credit outlook to 'positive,' and growth forecasts remain among the highest in the region: 6.7 percent by 2026 (ADB) and 5.9 percent by 2026 (World Bank). 'We've improved by 48 positions in the Index of Economic Freedom, and by 28 positions in Harvard's Economic Complexity Index,' Mirziyoyev noted. 'All doors are open to you in our country. We have an open state and hardworking people ready for cooperation — and laws that protect your activity.' 'Do come to Uzbekistan — this is the best time and the best market. Uzbekistan holds a lot of promise for investors.' Elena Son, executive director of the American-Uzbekistan Chamber of Commerce, told The Korea Herald: 'This is a government that supports reform, wants to listen and learn from investors. We, as American businesses, fully support these reforms.' Son, as an ethnic Korean, said she also welcomes Korean investors. 'Korea and Uzbekistan share deep cultural ties, and Korea's developmental experience offers many lessons Uzbekistan can benefit from.' 'I don't see many opportunities in Central Asia — but I see them in Uzbekistan,' said Jim Rogers, chairman of Beeland Interests, Inc. Responding to a question from The Korea Herald, Rogers said that Korea and Uzbekistan have histories of engaging successfully with the rest of the world. 'You Koreans need to find the smart companies and people in Uzbekistan,' said Rogers, suggesting that Korean investors connect with those in the country who are ready to engage globally. 'Somebody's doing something right here (in Uzbekistan),' said Rogers in a session with journalist Richard Quest from CNN. 'The world is divided between those who accomplish things and those who merely claim to. Let us be in the first group — together," said Slovak Prime Minister Robert Fico, praising Uzbekistan's reform efforts. Bulgarian President Rumen Radev also affirmed that Uzbekistan plays a critical role regionally and globally. 'We're ready to assist in developing its energy sectors and leveraging its natural resources responsibly," said Radev. sanjaykumar@
India Gazette
11-06-2025
- Business
- India Gazette
Semiconductors emerged as a key growth driver for South Korea's exports rebound in early June
ANI 11 Jun 2025, 12:42 GMT+10 New Delhi [India], June 11 (ANI): South Korea's exports witnessed a robust recovery in the first 10 days of June, climbing 5.4 percent year-on-year, according to the data released by the Korea Customs Service on Wednesday. According to a report in the Korea Herald, this uptick marks a significant shift from May's decline and is largely attributed to strong global demand for semiconductors and the June 1-10 period, outbound shipments totalled USD 15.47 billion, a notable increase from USD 14.68 billion recorded a year earlier. The daily average volume of exports saw an even sharper rise, jumping 15 per cent on-year, despite fewer working days (5.5 days compared to 6 days last year).Semiconductors emerged as a key growth driver, with exports surging 22 per cent to USD 3.62 billion, accounting for a substantial 23.5 per cent of the nation's total outbound shipments. The automotive sector also contributed significantly, with shipments rising 8.4 per cent to USD 1.3 billion. Shipbuilding experienced an impressive boom, skyrocketing 23.4 per cent to USD 896 not all sectors shared in the growth, sales of petroleum products saw a decline of 20.5 per cent, falling to USD 1.11 terms of destinations, exports to China, South Korea's top trading partner, increased by 2.9 per cent to USD 3.06 billion. Shipments to the European Union spiked by 14.5 per cent to USD 1.5 billion, while exports to the United States also saw a modest rise of 3.9 per cent, reaching USD 2.95 the positive start to June, the country remains cautious. An official from the customs agency noted that it 'remains to be seen whether the upward trend in monthly exports will continue.' This comes after a 1.3 percent drop in May's exports, which snapped a three-month winning streak, partly due to US President Donald Trump's tariff measures impacting shipments to the United States. The strong performance in early June provides a hopeful sign for the nation's trade outlook amidst evolving global economic conditions. (ANI)
