Latest news with #Naver
Korea Herald
8 hours ago
- Business
- Korea Herald
Korea lays out lifelong support plan for science, tech talent
In a bid to bolster its science and technology capabilities, South Korea's new administration approved a major policy revision to provide lifelong, full-cycle support for students and professionals in science, technology, engineering and mathematics, or so-called STEM fields. The enforcement decree of the Special Act on supporting science and engineering fields was amended and passed during a Cabinet meeting on Thursday, the presidential office said. The revised decree aims to lay a legal foundation for government-led support for STEM talent, from primary school students to senior researchers. "The revision is a fast-tracked fulfillment of the government's promise to nurture science and technology talent and will significantly contribute to building a national growth system centered on science and technology," said Ha Jung-woo, senior presidential secretary for AI and Future Planning on Thursday. The amended decree includes key initiatives, such as focusing on early engagement with programs and content designed to spark interest in science and mathematics among elementary and middle school students, so that they are encouraged to pursue higher education in STEM. Integrated degree programs and customized education in partnership with industry and research institutes are included to support university students and graduates Ha, former head of Naver's AI innovation, emphasized the urgency of enhancing Korea's competitiveness in artificial intelligence. 'The next three to five years may prove to be a golden window in the AI era. I've joined with the determination to contribute all I can to strengthen Korea's AI capabilities with the experience and capabilities I have gained over time,' he said. He highlighted the importance of building a comprehensive value chain across infrastructure, data centers and semiconductors, and stressed the need to create a virtuous cycle in which startups can develop innovative services and grow globally. The revised decree also includes provisions to attract international STEM talent. 'The revision strengthens strategies to recruit global experts and incentivizes their return or long-term stay in Korea,' Ha noted. Asked about the recent trend of students gravitating toward medical school over science and engineering — largely due to salary prospects — Ha acknowledged that the issue cannot be solved through compensation increases alone. 'This is directly tied to corporate labor costs,' he said. 'We're seeking solutions from a long-term, multi-agency perspective involving the ministries of education, welfare, and science and ICT.'
Korea Herald
15 hours ago
- Business
- Korea Herald
[Editorial] Brains before algorithms
South Korea's push for AI leadership must confront the challenge of retaining talent South Korea has declared its ambition to become one of the world's top three powers in artificial intelligence. The goal is bold, the funding substantial: President Lee Jae Myung has pledged 100 trillion won ($72.5 billion) to the sector. Earlier this week, Lee appointed Ha Jung-woo, a respected AI researcher formerly at Naver, as the country's first senior presidential secretary for AI policy. A sweeping initiative, backed by public and private investment, is beginning to take shape. Alongside infrastructure plans such as a major AI data center in Ulsan co-funded by SK Group and Amazon Web Services, Lee's initiative signals a serious — if belated — push to catch up in the global AI race. But lofty goals and generous budgets alone do not make an AI powerhouse. Without the talent to match its vision, South Korea risks building a hollow structure: well-funded, well-planned and ultimately weakened by the steady loss of its brightest minds. The warning signs are clear. According to the Korea Chamber of Commerce and Industry, South Korea ranks 35th out of 38 OECD countries in net AI talent mobility. For every 10,000 residents, 0.36 more AI professionals leave the country than arrive. This widening 'brain deficit' threatens the very foundation of Lee's AI strategy. The trend is not confined to AI. Across science and technology fields, more Korean professionals are seeking careers abroad, while fewer foreign experts are choosing to relocate to South Korea. The KCCI analysis also shows that the country's innovation pipeline is faltering: fewer international research partnerships, declining venture investment and a generation of STEM graduates opting for medical school or emigration over startups and R&D. This is not simply about money. Young Korean scientists and engineers are drawn to countries where advancement is based on merit, not seniority. They want flexible work environments, robust research infrastructure and room to take intellectual risks. Yet at home, they face rigid institutional norms: a 52-hour workweek cap, seniority-based pay and limited opportunities for global collaboration — all of which hamper South Korea's ability to attract and retain top-tier talent. The financial cost of this exodus is high. Each college graduate who leaves to work abroad represents more than 550 million won in lost public investment and future tax revenue. The long-term damage is even greater. As the scientific workforce erodes, the innovations South Korea hopes will define its economic future could stall before they begin. The government's investment in AI infrastructure is a necessary step. Ha Jung-woo's appointment and his advocacy for a sovereign AI trained on Korean language and culture show strategic insight into the risks of overdependence on foreign platforms. But infrastructure must be matched by reforms that address the root causes of the brain drain. The task ahead is not just to slow the outflow, but to reverse it. South Korea needs a comprehensive 'brain gain' strategy that builds a national ecosystem where talent can thrive. This includes more flexible labor rules, performance-based rewards and stronger support for research and innovation. It also means creating meaningful incentives for foreign experts to come, and to stay, through streamlined visas, tax benefits and improved housing and education options. By the end of 2025, South Korea is expected to face a shortfall of nearly 15,000 AI professionals. And in an era when AI capability is closely tied to national security, economic competitiveness and global standing, there is little margin for error. South Korea has the financial resources, political resolve and technological foundation to lead in AI. But success will depend less on the amount invested and more on the country's ability to cultivate — and retain — the people who will drive that future forward. In the AI age, it is not the machines but the minds that matter most.
Korea Herald
a day ago
- Business
- Korea Herald
Naver shares surge on AI optimism, hit 52-week high
Naver shares surged for the second consecutive session on Thursday, buoyed by investor optimism over the Lee Jae Myung administration's commitment to nurturing the domestic artificial intelligence sector. The internet giant closed at 252,000 won ($182.47) on the main bourse Kospi, up 3.49 percent from the previous session. This followed a nearly 18 percent on Wednesday, marking a two-day rally that has captured market attention. It is the first time Naver shares have topped 250,000 won since Aug. 19, 2022, when it traded at 251,000 won. During early trading Thursday, Naver briefly touched 259,000 won, setting a new 52-week high. The company's market capitalization ranking also rose, climbing from 11th to 8th on the Kospi in just two trading days, overtaking Samsung Electronics preferred shares, Kia and Doosan Enerbility. Investor sentiment has been further buoyed by the appointment of Ha Jung-woo, head of Naver's Future AI Center, to the newly established post of senior presidential secretary for AI and future technology planning. His appointment is seen as a strategic move aligning with the government's AI ambitions. President Lee has pledged to build a national large language model to make AI accessible to all citizens, raising expectations for Naver's participation in the landmark project. Global investment banks have reinforced this momentum. On Tuesday, JPMorgan raised its target price for Naver from 250,000 won to 270,000 won, while maintaining its 'overweight' rating. Citigroup followed suit Thursday, naming Naver its top pick among Korean internet platform stocks and lifting its target price from 270,000 won to 300,000 won. 'Foreign investors turned net buyers after JPMorgan raised its investment rating on Naver to 'overweight,' citing potential benefits from the Korean government's 100 trillion won AI investment plan and the appointment of a new senior secretary for AI who previously served at the IT giant,' said Lee Kyung-min, an analyst from Daishin Securities. Meanwhile, shares of Naver's crosstown rival Kakao also rallied as a potential beneficiary of AI policies. Kakao closed at 60,400 won, up 9.42 percent from the previous session. During the day, the stock hit a 52-week high of 61,800 won.
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares up for 3rd day on top-cap, IT gains
South Korean stocks closed higher for the third consecutive session Wednesday, led by big gains in market heavyweight Samsung Electronics and IT shares. The local currency was trading lower against the US dollar. The benchmark Korea Composite Stock Price Index added 21.89 points, or 0.74 percent, to end at 2,972.19. Trade volume was moderate at 568.6 million shares worth 14.4 trillion won ($10.5 billion), with losers outnumbering winners 457 to 425. Foreigners net purchased 272 billion won worth of local shares, and institutions bought 130.6 billion won, while retail investors unloaded 432 billion won in apparent profit taking. Investors' eyes are on whether the KOSPI will hit the 3,000 mark for the first time in over three years this week despite the growing tensions in the Middle East. Overnight, Wall Street lost ground on news reports that US President Donald Trump has called for Iran's "unconditional surrender" and warned people in Tehran to evacuate immediately, suggesting a possible escalation of tensions in the region. Iran has been engaging in a military conflict with Israel after the latter conducted preemptive airstrikes on Iranian nuclear facilities earlier this week. Experts said foreign investors moved to buy IT shares on the Korean government's plan to make a massive investment in artificial intelligence (AI), while global investment bank JP Morgan recommended overweight of top search engine Naver in stock portfolio. On Sunday, President Lee Jae Myung appointed Ha Jung-woo, head of the Future AI Center at Naver, as the presidential secretary for AI policy, a newly minted position. Naver shot up 17.92 percent to 243,500 won, while Kakao, the operator of the country's dominant mobile messenger, jumped 6.56 percent to 55,200 won. NHN, a major IT and game company, also rallied 10.46 percent to 32,200 won. Tech behemoth Samsung Electronics climbed 2.93 percent to 59,800 won, and leading nuclear power plant manufacturer Doosan Enerbility advanced 2.69 percent to 61,000 won. Major oil refinery SK Innovation soared 10.98 percent to 101,100 won as the Israel-Iran conflict drove up international oil prices. On the other hand, chipmaking giant SK hynix lost 1 percent to 246,500 won, while defense industry leader Hanwha Aerospace dropped 2.83 percent to 927,000 won. The local currency was quoted at 1,369.4 won against the greenback at 3:30 p.m., down 6.7 won from the previous session. (Yonhap)
Mint
2 days ago
- Business
- Mint
South Korean shares climb as tech rally revives on AI, crypto optimism
KOSPI rises, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield steady SEOUL, - Round-up of South Korean financial markets: ** South Korean shares rose on Wednesday, led by a renewed rally across tech firms amid policy optimism over artificial intelligence and cryptocurrencies, while broader market sentiment was on geopolitical tensions in the Middle East. ** The benchmark KOSPI was up 20.55 points, or 0.70%, at 2,970.85, as of 0222 GMT. ** Search engine Naver surged 15.25% and instant messenger Kakao jumped 6.37%. ** The technology sector resumed a rally seen earlier this week after President Lee Jae Myung, who has pledged to increase investment in AI, on Monday appointed Ha Jung-woo — head of the Future AI Centre at Naver, South Korea's leading web portal — as his first AI secretary. ** "A U.S. bill on stable coins also boosted investor sentiment around the sector," said Huh Jae-hwan, an analyst at Eugene Investment Securities, referring to what is dubbed the GENIUS Act. ** Still, concerns over escalating hostilities in the Middle East remained at the forefront of market sentiment. ** U.S. President Donald Trump called on Tuesday for Iran's unconditional surrender and warned U.S. patience was wearing thin, but said there was no intention to kill Iran's leader "for now", as the Israel-Iran air war entered a sixth day. ** Among other index heavyweights, South Korean chipmaker Samsung Electronics rose 2.07%, while peer SK Hynix lost 0.10%. Battery maker LG Energy Solution slid 0.34%. ** Hyundai Motor and sister automaker Kia Corp were down 0.37% and 0.95%, respectively. Steelmaker POSCO Holdings added 0.19%, while drugmaker Samsung BioLogics fell 0.50%. ** Of the total 935 traded issues, 469 shares advanced and 401 declined. ** Foreigners were net buyers of shares worth 81.0 billion won . ** The won was quoted at 1,372.4 per dollar on the onshore settlement platform, 0.12% higher than its previous close at 1,374.0. ** In money and debt markets, September futures on three-year treasury bonds lost 0.01 point to 107.20. ** The most liquid three-year Korean treasury bond yield rose by 0.5 basis point to 2.454%, while the benchmark 10-year yield rose 0.5 basis point to 2.863%. This article was generated from an automated news agency feed without modifications to text.
