
Govt. holds strategy meeting for successful hosting of APEC biz events
South Korea plans to hold four major business events on the sidelines of the APEC summit, slated for Oct. 31 and Nov. 1 in the country's southeastern city of Gyeongju, according to the Ministry of Trade, Industry and Energy.
The four events are the APEC CEO Summit, the Invest Korea Summit, the Export Boom-up Korea Week and the 2025 DIPS Global Tech Conference.
The APEC CEO Summit, scheduled for Oct. 28-31, will be co-hosted by the industry ministry and the Korea Chamber of Commerce and Industry in Gyeongju, about 275 kilometers southeast of Seoul, and will bring together some 1,700 participants, including leaders of APEC member economies and global companies.
The Invest Korea Summit, jointly organized by the industry ministry and the Korea Trade-Investment Promotion Agency, will attract around 2,000 investors, diplomats and government officials from across the globe on Oct. 30-31 to promote investment in South Korea.
The Export Boom-up sessions will take place in Seoul, Ilsan, Busan and Daegu between Oct. 21-Nov. 7 to connect foreign buyers with Korean companies, and the global tech conference will be held in Seoul to discuss the development of advanced technologies.
To boost participation and interest in the upcoming events, the industry ministry launched a control tower tasked with promoting communications and partnerships between Korean and foreign companies, as well as expanding Seoul's exports.
Trade Minister Yeo Han-koo, who presided over Monday's meeting, said this year's APEC-related business events will help South Korea demonstrate its open leadership and economic resilience while providing new opportunities to Korean companies amid the global rise of trade protectionism. (Yonhap)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
23 minutes ago
- Korea Herald
Westinghouse deal tensions loom over Korea-US summit
Controversial KHNP agreement faces backlash at home as leaders prepare to discuss nuclear energy cooperation Escalating tensions over a deal between South Korea's state-run energy firms and US company Westinghouse are complicating the agenda for the upcoming Korea-US summit, where nuclear energy cooperation is expected to take center stage. South Korean President Lee Jae Myung and US President Donald Trump are scheduled to meet in Washington next Monday for their summit, with officials saying nuclear partnership will be high on the agenda. According to a local media report on Wednesday, state-run Korea Hydro & Nuclear Power and Westinghouse, the two companies at the heart of the controversy, are preparing to form a joint venture to enter the US nuclear reactor market on the occasion of the upcoming summit. The report explained that since KHNP cannot independently access the US market, it plans to enter through a partnership with the American firm while handling most of the construction work. Nuclear energy's inclusion on the summit agenda was widely expected, given that the sector was part of South Korea's $200 billion investment pledge in the US under the tariff deal announced last month. President Trump has vowed to expand US nuclear energy capacity from 97 gigawatts to 400 gigawatts by 2050. Achieving this target would require constructing approximately 300 new 1,000-megawatt reactors. Industry observers view the US as eyeing Korean companies' technological expertise and construction capabilities to meet this goal. The plan comes amid controversy over a separate agreement that KHNP and Korea Electric Power Corp. struck with Westinghouse in January, sparking worries about potential summit implications. The settlement resolved Westinghouse's claims that KHNP had violated its intellectual property rights by using licensed Westinghouse technology in the development of its APR 1000 and 1400 nuclear reactor designs. The deal cleared the way for a KHNP-led consortium to sign an estimated 26 trillion won ($18.58 billion) contract in June to build two nuclear reactors in the Czech Republic. But after details of the settlement came to light on Monday following another local media report, the state-run company came under fire for agreeing to lopsided conditions to reach a swift deal, while burdening itself with hefty financial commitments. According to the agreement, KHNP agreed to sign contracts for goods and services worth $650 million with Westinghouse for each export of a single nuclear reactor, and to pay an additional $175 million per reactor in technology licensing fees. The 50-year deal also contains a provision requiring Westinghouse to verify the technical independence of Korean companies before they can bid on overseas nuclear reactor projects, including small modular reactors. It also restricted KHNP to pursuing nuclear projects in only 12 designated countries -- including the Philippines, Vietnam, Kazakhstan, Morocco, Egypt, Brazil, Argentina, Jordan, Turkey, UAE, Saudi Arabia and South Africa -- while barring it from new deals in North America, Britain, Japan, Ukraine and the EU, except for the Czech Republic. Lawmakers blamed KHNP for bowing to US pressure to secure the Czech deal. 'It has been confirmed that the Yoon Suk Yeol government signed an unfair contract with Westinghouse to break the deadlock in the Czech project,' said Rep. Han Jeong-ae of the ruling Democratic Party of Korea at the National Assembly on Tuesday. Amid the controversy, KHNP CEO Whang Joo-ho on Tuesday said the deal terms remain within acceptable limits, but he declined to provide detailed answers, citing confidentiality obligations. 'While I cannot say (Westinghouse's demands) are justified, they are something tolerable enough for us to endure and still generate profit,' Whang said at the National Assembly. Meanwhile, opposition People Power Party lawmakers also stressed that just before the Korea-US summit, it may not serve the national interest for the parliament to directly confront the Westinghouse issue. 'Westinghouse may hold the original technology, but it lacks the construction capacity to independently build reactors, which means Korean companies are likely to handle the construction,' said an industry insider on condition of anonymity. 'Even if the deal is viewed as unfavorable, I believe it was inevitable if Korean companies are going to expand their overseas nuclear businesses.' Amid growing backlash, South Korea's presidential office has ordered the Industry Ministry to investigate the deal to verify that the negotiations and contract process were carried out based on laws and regulations and in accordance with principles and procedures.


Korea Herald
23 minutes ago
- Korea Herald
Seoul shares fall for 3rd day amid AI bubble woes; won sharply down
South Korean stocks closed lower for the third consecutive session Wednesday as big-cap tech shares tracked overnight losses of US tech giants sparked by concerns over a possible bubble in the artificial intelligence sector. The Korean won was trading sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index dipped 21.47 points, or 0.63 percent, to close at 3,130.09. Trade volume was moderate at 331.7 million shares worth 11.6 trillion won ($8.3 billion), with losers outnumbering winners 643 to 241. Retail and foreign investors dumped local shares worth 392.7 billion won and 232.6 billion won, respectively, while institutions purchased 516.3 billion won. Overnight, the tech-heavy Nasdaq composite closed 1.46 percent lower, and the S&P 500 shed 0.59 percent after OpenAI CEO Sam Altman warned that the AI market may be in a bubble like the dot-com bubble during the late 1990s, which led to a stock market crash in the early 2000s. AI chip giant Nvidia lost 3.5 percent, AMD shed 5.44 percent, and TSMC slipped 3.61 percent. Investor sentiment was also dampened by heightened caution ahead of the Jackson Hole economic policy symposium, slated for Friday (US time), where Federal Reserve Chair Jerome Powell will make a speech on his outlook for the economy. Wall Street had initially been almost certain that Powell will signal a rate cut in September, but concerns have grown that the Fed chief may take a more cautious approach as the latest US producer price data showed sticky inflation. "Wednesday's slump of the Kospi can be attributed to the concerns over an AI bubble as seen in the US stock market overnight, the selling of tech shares, profit-taking of shipbuilding, nuclear power and defense shares that had led the recent increase of the Korean stock market," Seo Sang-young, an analyst at Mirae Asset Securities, said. Seo said nuclear power shares lost ground on foreign selling, while defense shares went down on a profit-taking sentiment. Shipbuilding shares showed weakness amid concerns domestic companies will again face fierce competition against Chinese firms, he added. In Seoul, chip giant SK hynix slid 2.85 percent to 255,500 won, while its rival Samsung Electronics gained 0.71 percent to 70,500 won. Leading battery maker LG Energy Solution lost 1.69 percent to 377,500 won, and defense powerhouse Hanwha Aerospace dipped 1.33 percent to 816,000 won. Nuclear power plant builder Doosan Enerbility shot down 3.53 percent to 57,400 won, and internet portal operator Naver declined 1.77 percent to 221,500 won. Shipbuilders were mixed, with Hanwha Ocean down 0.75 percent to 105,200 won and HD Korea Shipbuilding slipping 1.55 percent to 349,500 won. HD Hyundai Heavy gained 0.67 percent to 450,500 won. Automakers were among the few gainers. Hyundai Motor increased 0.68 percent to 220,500 won, and its sister Kia climbed 1.06 percent to 105,100 won. The local currency was quoted at 1,398.4 won against the greenback at 3:30 p.m., down 7.5 won from the previous session. (Yonhap)


Korea Herald
41 minutes ago
- Korea Herald
Do Koreans support child benefits for foreign children?
Most S. Koreans back child benefits for long-term foreign residents — but not for all migrants Eight in 10 South Koreans support granting child benefits to foreign children if their parents hold permanent residency, a survey showed Wednesday. The findings, published in a July report by the Korea Institute for Health and Social Affairs, analyzed public attitudes toward immigrant rights and welfare policy, revealing a broad public consensus on the issue of child benefits for long-term residents. Support levels varied depending on immigrant status. Nearly 80 percent approved of granting the 100,000 won monthly child benefit to children of permanent residents, and 74.2 percent agreed to the same for children of marriage immigrants. Currently, the child benefit program, giving 100,000 won per month for children under 8 years old, is limited to Korean nationals, with exceptions for recognized refugees and certain special contributors. But less than half of respondents said they were supportive of granting the benefit to children of migrant workers and overseas Koreans, which stood at 45.3 percent and 45.4 percent, respectively. Some 32 percent agreed to offering the state support to children of international students. A similar pattern emerged when respondents were asked about extending access to the basic living allowance, a program that provides cash support for food, clothing, heating and other essential daily needs under the National Basic Living Security Act. While 72.5 percent supported granting these benefits to permanent residents and 60.9 percent supported it for marriage immigrants, agreement dropped to the 20-30 percent range for overseas Koreans, migrant workers and international students. Currently, foreign residents in Korea are not entitled to the basic living allowance, except in limited cases, such as being married to a Korean or raising a Korean child. Eligibility under the program is otherwise restricted to Korean citizens whose household income falls below the government's minimum subsistence standard, and who lack family members capable of providing support. Research fellow Kim Ki-tae noted this may be because 'the influx of immigrants performing low-wage labor can be perceived as a threat to vulnerable domestic groups,' in the report. When asked about the rights of foreign nationals living in Korea, respondents generally recognized them as "not so respected" and 'only somewhat respected.' Perceptions were most positive about foreign residents' right to health, followed by basic human rights, housing rights, labor rights and access to welfare benefits. As for when immigrants should receive the same social welfare rights as Korean citizens, 49.2 percent answered 'after working and paying taxes for at least a year.' Another 32.6 percent supported granting access 'immediately after acquiring citizenship,' while smaller shares supported access a year after arrival regardless of employment (9.7 percent) or immediately upon entry (3.6 percent). Income and education levels also influenced opinions. Higher-income, higher-educated respondents were more supportive, while lower-income groups tended to view welfare rights for foreign residents more cautiously. While Kim cautioned against indiscriminate welfare expansion, he stressed that policies should not be shaped by prejudice. 'For genuine social integration, it is necessary to increase contact between native and immigrant communities, strengthen protections for vulnerable Koreans, and improve perceptions about equitable welfare,' he said.