logo
Arms agency chief meets senior EU, NATO officials to discuss defense cooperation

Arms agency chief meets senior EU, NATO officials to discuss defense cooperation

Korea Herald24-04-2025
The head of South Korea's arms procurement agency held talks with high-level European Union and North Atlantic Treaty Organization officials this week to discuss ways to expand defense industry cooperation, his office said Thursday.
Defense Acquisition Program Administration Minister Seok Jong-gun met European Commissioner for Defence and Space Andrius Kubilius in Brussels on Wednesday, as Seoul seeks to strengthen arms industry ties with Europe amid the continent's rearmament push.
During the talks, Kubilius shared Europe's rearmament plans, while Seok briefed him on South Korea's arms industry capabilities and proposed joint research and development for advanced technologies, according to DAPA.
It marked the first time that a DAPA minister has held talks with a high-ranking EU official, DAPA said.
Seok also met NATO Deputy Secretary General Radmila Shekerinska the same day and proposed forming a joint consultative body on arms industry cooperation and holding its inaugural meeting this year.
Seok emphasized the need for an integrated deterrence strategy between the Indo-Pacific and the North Atlantic, citing Russia's war on Ukraine that has led to calls for interoperability between the weapons systems of South Korea and NATO, it said.
Meanwhile, Shekerinska thanked South Korea for its support for Ukraine and shared the need for cooperation on joint research and development of advanced weapons systems, according to DAPA.
The talks took place after the EU last month unveiled a new white paper titled, "Readiness 2030," outlining plans to enhance the continent's defense capabilities over the next five years. (Yonhap)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Citi eyes Korea's mid-market growth as key global hub
Citi eyes Korea's mid-market growth as key global hub

Korea Herald

time13 hours ago

  • Korea Herald

Citi eyes Korea's mid-market growth as key global hub

From K-beauty to tech and manufacturing, Citi supports Korean exporters with cross-border financing Tasnim Ghiawadwala, global head of commercial banking at Citi, reaffirmed the bank's long-term commitment to Korea, describing the country as a hub of innovative mid-sized companies eager to capture global market share. From cosmetics brands breaking into European retail chains to industrial suppliers expanding alongside global clients, she said Korea's export-oriented companies offer fertile ground for the bank's cross-border financing and advisory services. Making her first visit to Korea since assuming her role in 2021, Ghiawadwala spent three days meeting key commercial banking clients and reaffirmed Citi's long-term commitment to the Korean market. 'As Citi continues to grow its commercial banking client base worldwide, Korea remains a strategically important market within its global franchise,' Ghiawadwala said in an exclusive interview with The Korea Herald while visiting Seoul starting Tuesday. She shared her views on Citi's global strategy, how Citi Commercial Bank (CCB) supports client growth across markets and why Korea is integral to the bank's mid-market ambitions. Q. How important is the Korea market to CCB, and what does Citi hope to achieve here? Korea is an incredibly important market for CCB. We see Korea as one of the more exciting and active markets in Asia with innovative mid-sized companies disrupting long-established industries globally or reshaping the state of the global supply chain. Take beauty and skincare as an example. Since COVID-19, there's been an explosion of demand for Korean beauty and skincare brands not only at home but abroad as well – in the UK, Boots, a well-known pharmaceutical and beauty store, has started carrying select Korean beauty brands. CCB Korea provides banking services to the full K-beauty ecosystem, including major cosmetic ODMs, K-beauty brands and online retailers to aid in their global expansion. For example, a leading Korean skincare manufacturer seeking to set up overseas manufacturing facilities needs capital – that's where we can step up and support not just in one country but across the globe, including China and the US. A Korean online retailer selling abroad in the US and select European and Middle Eastern markets needs support with FX hedging and payments – again, CCB has provided those essential products and services to help grow sales. In recent years, Citi has supported Korean companies in strategic cross-border initiatives and maintained a strong relationship with K-SURE, aiding outbound financing and export capacity building. Q. What are some emerging industries or sectors in Korea where CCB sees strong growth potential, and how is Citi helping clients tap into those opportunities? In Korea, Citi Commercial Bank is structured by industry verticals, with teams of bankers specializing in specific industries. This allows us to deliver tailored financial solutions leveraging Citi's global capabilities across financing, global cash management, FX or cross-border expansion. Two sectors with strong momentum are digital technology & communication and industrials. These include online travel agencies, K-beauty ecosystem, cloud services, platform businesses, and mid-sized Korean suppliers across auto-parts, semiconductors, chemicals, and consumer electronics – many critical partners in the value chains of Korea's leading corporates. As these companies grow globally and expand production alongside their clients, Citi provides working capital loans and global cash management. For example, we support Korean suppliers entering new markets with solutions to manage liquidity, optimize FX flows, and navigate regulatory environments. Q. Could you tell us more about Citi Commercial Bank – the types of clients you serve, the financial solutions you provide, and where CCB operates globally? Citi Commercial Bank is an important part of Citi's strategy and a key growth driver. We have identified a significant opportunity to expand Citi's value proposition to mid-sized corporates globally. Our aim is to deliver all products and solutions available at Citi — payments, liquidity management, trade finance, working capital, hedging and advisory services — to mid-sized corporates throughout our global network spanning more than 90 countries. We generally define our market segment as companies with annual sales between $10 million and $3 billion. Our client base typically consists of mid-sized corporates that either already operate in multiple geographies or have plans for international expansion. As a leading global bank with an extensive network, we support these clients with diverse products across multiple countries and entities. Q. How important is the CCB business to Citi's overall franchise? How does CCB contribute to the bank's equity story? CCB is a significant contributor to our banking franchise and broader Citi. Within Banking, we work closely with the Investment Bank and Corporate Bank to provide strategic client coverage. We offer select mid-sized clients access to investment banking products and solutions, supporting them through their entire life cycle. We also advise finance and treasury teams and C-suite executives, tailoring financial strategies to their needs. This may involve leveraging products from other Citi businesses, such as treasury management, working capital and FX hedging. Many clients are privately owned, so we partner with our Wealth business to support founders and senior management with wealth management, enabling seamless management of financial and business affairs. Q. What are your key global priorities for the CCB business? Our key priorities include executing the 2022 growth strategy, aiming to double our market share in the addressable wallet to 4 percent. We've advanced initiatives such as upskilling bankers with training on market knowledge and Citi's product offerings, enhancing client-centric advisory. We launched CitiDirect Commercial Banking – a digital platform providing clients one-stop access to products and some self-service capabilities. Global banker driving Citi's mid-market push Before rejoining Citi in 2021 to lead Citi Commercial Bank, Ghiawadwala held senior leadership roles at Barclays and Citi across Europe, the Middle East and Africa, driving business expansion, innovation and key initiatives such as the UK COVID-19 government loan schemes. With over 20 years of experience in investment, corporate and commercial banking, she is recognized for her leadership in promoting workplace equality and diversity. She holds a degree from King's College London and is a Chartered Management Accountant. hnpark@

Ultra-luxury gifts from Van Cleef to Vacheron at center of Kim probe
Ultra-luxury gifts from Van Cleef to Vacheron at center of Kim probe

Korea Herald

time13 hours ago

  • Korea Herald

Ultra-luxury gifts from Van Cleef to Vacheron at center of Kim probe

As the special counsel investigation into former first lady Kim Keon Hee intensifies, the spotlight is on the ultra-luxury items allegedly gifted to her amid her husband Yoon Suk Yeol's rise to the presidency and during his three years in office, including a diamond necklace, a high-end watch and designer shoes. Among the most notable luxury items is a Van Cleef & Arpels diamond necklace, which Kim wore while accompanying Yoon on their first overseas trip as first couple to the NATO summit in June 2022. The necklace, crafted from 18K white gold and set with brilliant-cut diamonds, is currently listed on Van Cleef & Arpels' official website for approximately 83.5 million won, but at the time Kim wore it, it reportedly sold for 60 million won ($43,200). Details surrounding the luxury necklace are fuzzy, as Kim has contradicted herself multiple times regarding its provenance. In 2022, Yoon's office initially claimed that the then-first lady had borrowed it from an acquaintance, but Kim said in a written statement to the prosecution in May that the necklace was a counterfeit. During questioning by the special counsel team on Aug. 6, Kim claimed to have purchased the supposed counterfeit in Hong Kong in 2010 as a gift for her mother and borrowed it from her mother to wear it on the NATO trip. But it was found that the necklace design in question was first released in November 2015, which was five years after Kim claimed to have bought the supposed counterfeit. This has led investigators to suspect that Kim lied about the necklace. Also under scrutiny is a Vacheron Constantin watch. Investigators suspect that a "Historic American 1921" model from the high-end brand, valued at approximately 54 million won at a Seoul boutique in September 2022, was allegedly delivered to Kim by a businessman surnamed Seo. He claimed to have purchased the watch at a discounted price of 35 million won through a "VIP discount." While Seo claims he was simply running an errand for the former first lady, investigators suspect the luxury watch may have been given in exchange for a business favor. The main reason the special counsel team suspects a quid pro quo is the deal Seo's company signed with the presidential office in September 2022, which was for a pilot program using robot dogs for security. It was found that the Presidential Security Service had allocated 800 million won to buy robot dogs — a plan that was scrapped after it was revealed by the local daily Hankyoreh. Raids on the homes of Kim and her family have also uncovered other luxury items, including shoes from Chanel. The shoes are suspected of having been gifted by people related to the religious group Family Federation for World Peace and Unification. But questions remain over the shoe size, as the Chanel shoes allegedly intended for Kim were size 39 (European), equivalent to about 245–255 millimeters — smaller than Kim's reported shoe size of 260 millimeters. Kim was previously embroiled in controversy after accepting a luxury Christian Dior handbag, valued at 3 million won, from a Korean American pastor in 2022. Their meeting was secretly recorded on a hidden camera, and the footage was released by an online media outlet in November 2023.

Trump suggests he'll know if Putin wants a peace deal with Ukraine soon into their meeting
Trump suggests he'll know if Putin wants a peace deal with Ukraine soon into their meeting

Korea Herald

time15 hours ago

  • Korea Herald

Trump suggests he'll know if Putin wants a peace deal with Ukraine soon into their meeting

WASHINGTON (AP) — President Donald Trump said Monday that he expected to determine mere moments into his meeting with Russian leader Vladimir Putin this week whether it would be possible to work out a deal to halt the war in Ukraine. 'At the end of that meeting, probably the first two minutes, I'll know exactly whether or not a deal can be made,' Trump said at a White House press conference that he called to announce plans for a federal takeover of Washington's police force to help combat crime. He said he thought Friday's sitdown with Putin in Alaska would be "really a feel-out meeting." Trump added that 'it'll be good, but it might be bad' and predicted he may say, "lots of luck, keep fighting. Or I may say, we can make a deal.' Putin wants to lock in Russia's gains since invading Ukraine in February 2022 as Trump presses for a ceasefire that has remained out of reach. Trump's eagerness to reach a deal has raised fears in Ukraine and Europe about such an agreement favoring Russia, without sufficient input from Ukraine. Trump has alternately harshly criticized both leaders after promising — and so far failing — to swiftly end the conflict. Trump on Monday ducked repeated chances to say that he would push for Ukrainian President Volodymyr Zelenskyy to take part in his discussions with Putin, and was especially dismissive of Zelenskyy and his need to be part of an effort to seek peace. He said the Ukrainian president had been to 'a lot of meetings' without managing to halt a war that Russia started. Trump also noted that Zelenskyy had been in power for the duration of the war and said 'nothing happened' during that time. He contrasted that with Putin, who has wielded power in Russia for decades. Trump said that, after his meeting with Putin, 'The next meeting will be with Zelenskyy and Putin" but it could also be a meeting with 'Putin and Zelenskyy and me.' European allies have pushed for Ukraine's involvement, fearful that discussions could otherwise favor Moscow. To that point, Trump said he would call Zelenskyy and European leaders after his discussion with Putin to 'tell them what kind of a deal — I'm not going to make a deal. It's not up to me to make a deal.' Trump spent the early part of his administration decrying Zelenskyy, even suggesting he was a dictator because his country has not held elections during the war. Zelenskyy was hounded out of the Oval Office in February after Trump and Vice President JD Vance suggested he hadn't been grateful enough for US support. More recently, Trump has expressed frustration with Putin that Russia hasn't appeared to take a push for a ceasefire more seriously, and softened his tone toward Zelenskyy. His comments Monday suggested he might have had another change of heart. 'President Putin invited me to get involved,' Trump said. He noted that he thought it was 'very respectful' that Putin is coming to the US for Friday's meeting, instead of insisting that Trump go to Russia. 'I'd like to see a ceasefire. I'd like to see the best deal that can be made for both parties," Trump said. The president repeated that any major agreement could involve land swaps, without elaborating. He had threatened Moscow with more economic sanctions if more isn't done to work toward a ceasefire, but suggested Monday that, should Friday's meeting be successful, he could see a day when the US and Russia normalize trade relations. Putin is expected to be unwavering in his demands to keep all the territory his forces now occupy and to prevent Ukraine from joining NATO, with the long-term aim of returning it to Moscow's sphere of influence. Zelenskyy insists he will never consent to any formal Russian annexation of Ukrainian territory or give up a bid for NATO membership. Putin believes he has the advantage on the ground as Ukrainian forces struggle to hold back Russian advances along the 1,000-kilometer front. On the front lines, few Ukrainian soldiers believe there's an end in sight to the war. With the Europeans and Ukrainians so far not invited to the summit, Germany sought to prepare by inviting Trump, Zelenskyy, the NATO chief and several other European leaders for a virtual meeting on Wednesday. The German chancellery said the talks would seek additional ways to pressure Russia and prepare for peace negotiations and 'related issues of territorial claims and security.' Steffen Meyer, spokesperson for German Chancellor Friedrich Merz, said the German government 'has always emphasized that borders must not be shifted by force' and that Ukraine should decide its own fate 'independently and autonomously." Earlier, a Ukrainian drone attack killed one person and wounded two others in a region 418 kilometers east of Moscow. Russia's Defense Ministry said its air defenses intercepted and destroyed a total of 39 Ukrainian drones overnight and Monday morning over several Russian regions as well as over the Crimean Peninsula, which Russia annexed in 2014.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store