Latest news with #ParkChung-hee
France 24
7 hours ago
- Business
- France 24
South Korea counts on shipbuilding to ease US tariff woes
Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8. AFP takes a look at what's going on: Why shipbuilding? In the 1970s, South Korea's military leader president Park Chung-hee accelerated the country's heavy industry, designating sectors such as steel and shipbuilding "strategically important" and rolling out state subsidies. At the same time, POSCO was founded -- now one of the world's largest steel producers -- and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly. European rivals struggled to keep pace. Sweden's Kockums Shipyard filed for bankruptcy in 1987 -- and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan. In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies. The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms. Now, South Korea ranks as the world's second-largest shipbuilding nation, trailing only behind China. Is it important? South Korea's exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers. The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year -- reaching $25.6 billion. Shipbuilding directly employs around 120,000 workers -- roughly one percent of the country's total workforce -- with indirect employment significantly higher in industrial hubs like Ulsan. Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion). In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan's Evergreen Marine, one of the largest single orders in the sector this year. - Why is it a 'bargaining chip'? - Trump has showed "significant interest in South Korea-US shipbuilding cooperation," said South Korea's trade, industry and energy minister Ahn Duk-geun in April. Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a "highly important bargaining chip in trade negotiations," he added. At an APEC finance ministers' meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country's largest shipbuilder, before he met Seoul's top officials. "South Korea's shipbuilding and defence industries see a window of opportunity," said Kim Dae-jong, a professor at Sejong University. How does it help the US? Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel. The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub. With worries growing about China's expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region. The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates. Any problems? Despite multi-billion-dollar contracts, data suggests South Korea's shipbuilding industry is losing ground in the global race. China dominates with South Korea's market share dropping, according to industry data. Demand for eco-friendly vessels is rising, and the government need to overhaul regulations "to support the development of next-generation eco-friendly vessels," Rhee Shin-hyung, a professor at Seoul National University, told AFP. South Korea's woeful demographics also make staffing hard. In Geoje -– home to Samsung Heavy Industries -– the number of residents in their 20s and 30s has nearly halved in recent years. Orders are down in 2025 which hints that "the shipbuilding boom may end sooner than the market anticipated," warned Rhee. Global ship orders between January and April fell by almost half the volume recorded during the same period last year. Shipbuilders have been enjoying a "supercycle" but unfortunately the "peak is expected to be lower and the boom shorter-lived compared to the past," Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP.
Int'l Business Times
8 hours ago
- Business
- Int'l Business Times
South Korea Counts On Shipbuilding To Ease US Tariff Woes
Asia's fourth largest economy South Korea is facing gruelling tariffs by US President Donald Trump, but its shipbuilding industry could prove a useful bargaining chip. Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8. AFP takes a look at what's going on: In the 1970s, South Korea's military leader president Park Chung-hee accelerated the country's heavy industry, designating sectors such as steel and shipbuilding "strategically important" and rolling out state subsidies. At the same time, POSCO was founded -- now one of the world's largest steel producers -- and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly. European rivals struggled to keep pace. Sweden's Kockums Shipyard filed for bankruptcy in 1987 -- and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan. In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies. The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms. Now, South Korea ranks as the world's second-largest shipbuilding nation, trailing only behind China. South Korea's exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers. The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year -- reaching $25.6 billion. Shipbuilding directly employs around 120,000 workers -- roughly one percent of the country's total workforce -- with indirect employment significantly higher in industrial hubs like Ulsan. Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion). In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan's Evergreen Marine, one of the largest single orders in the sector this year. Trump has showed "significant interest in South Korea-US shipbuilding cooperation," said South Korea's trade, industry and energy minister Ahn Duk-geun in April. Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a "highly important bargaining chip in trade negotiations," he added. At an APEC finance ministers' meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country's largest shipbuilder, before he met Seoul's top officials. "South Korea's shipbuilding and defence industries see a window of opportunity," said Kim Dae-jong, a professor at Sejong University. Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel. The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub. With worries growing about China's expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region. The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates. Despite multi-billion-dollar contracts, data suggests South Korea's shipbuilding industry is losing ground in the global race. China dominates with South Korea's market share dropping, according to industry data. Demand for eco-friendly vessels is rising, and the government need to overhaul regulations "to support the development of next-generation eco-friendly vessels," Rhee Shin-hyung, a professor at Seoul National University, told AFP. South Korea's woeful demographics also make staffing hard. In Geoje -- home to Samsung Heavy Industries -- the number of residents in their 20s and 30s has nearly halved in recent years. Orders are down in 2025 which hints that "the shipbuilding boom may end sooner than the market anticipated," warned Rhee. Global ship orders between January and April fell by almost half the volume recorded during the same period last year. Shipbuilders have been enjoying a "supercycle" but unfortunately the "peak is expected to be lower and the boom shorter-lived compared to the past," Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP.
Yahoo
8 hours ago
- Business
- Yahoo
South Korea counts on shipbuilding to ease US tariff woes
Asia's fourth largest economy South Korea is facing gruelling tariffs by US President Donald Trump, but its shipbuilding industry could prove a useful bargaining chip. Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8. AFP takes a look at what's going on: - Why shipbuilding? - In the 1970s, South Korea's military leader president Park Chung-hee accelerated the country's heavy industry, designating sectors such as steel and shipbuilding "strategically important" and rolling out state subsidies. At the same time, POSCO was founded -- now one of the world's largest steel producers -- and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly. European rivals struggled to keep pace. Sweden's Kockums Shipyard filed for bankruptcy in 1987 -- and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan. In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies. The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms. Now, South Korea ranks as the world's second-largest shipbuilding nation, trailing only behind China. - Is it important? - South Korea's exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers. The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year -- reaching $25.6 billion. Shipbuilding directly employs around 120,000 workers -- roughly one percent of the country's total workforce -- with indirect employment significantly higher in industrial hubs like Ulsan. Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion). In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan's Evergreen Marine, one of the largest single orders in the sector this year. - Why is it a 'bargaining chip'? - Trump has showed "significant interest in South Korea-US shipbuilding cooperation," said South Korea's trade, industry and energy minister Ahn Duk-geun in April. Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a "highly important bargaining chip in trade negotiations," he added. At an APEC finance ministers' meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country's largest shipbuilder, before he met Seoul's top officials. "South Korea's shipbuilding and defence industries see a window of opportunity," said Kim Dae-jong, a professor at Sejong University. - How does it help the US? - Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel. The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub. With worries growing about China's expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region. The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates. - Any problems? - Despite multi-billion-dollar contracts, data suggests South Korea's shipbuilding industry is losing ground in the global race. China dominates with South Korea's market share dropping, according to industry data. Demand for eco-friendly vessels is rising, and the government need to overhaul regulations "to support the development of next-generation eco-friendly vessels," Rhee Shin-hyung, a professor at Seoul National University, told AFP. South Korea's woeful demographics also make staffing hard. In Geoje -– home to Samsung Heavy Industries -– the number of residents in their 20s and 30s has nearly halved in recent years. Orders are down in 2025 which hints that "the shipbuilding boom may end sooner than the market anticipated," warned Rhee. Global ship orders between January and April fell by almost half the volume recorded during the same period last year. Shipbuilders have been enjoying a "supercycle" but unfortunately the "peak is expected to be lower and the boom shorter-lived compared to the past," Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP. hs/ceb/ecl
New York Times
10-04-2025
- Politics
- New York Times
Kim Shin-jo, a Failed North Korean Assassin, Dies as a Pastor in the South
Kim Shin-jo, the only captured member of a team of 31 North Korean commandos who came within striking distance of the South Korean presidential palace in central Seoul before they were repelled in 1968, died on Wednesday. He was 82. Mr. Kim's death at a nursing hospital was confirmed on Thursday by his Sungrak Church in Seoul, which cited old age as the cause. In January 1968, Mr. Kim and his colleagues did the unimaginable — slipping undetected through the heavily fortified border between North and South Korea and trekking 40 miles into Seoul on a mission to assassinate Park Chung-hee, who was the military dictator of South Korea at the time, and his staff. They got within hundreds of yards of Mr. Park's presidential Blue House but were stopped by South Korean forces in a fierce gun battle. All the North Korean assassins were gunned down or killed themselves except two. One of the two was believed to have made it back to the North. The other was Mr. Kim, who surrendered and later reinvented himself into a fiery anti-Communist lecturer and Christian pastor in the capitalist South. 'We came to slit President Park Chung-hee's throat,' Mr. Kim said shortly after his capture. The commandos' raid into the heart of Seoul on Jan. 21, 1968 — and North Korea's seizure of the American reconnaissance ship USS Pueblo two days later — marked one of the peaks of Cold War tensions on the divided Korean Peninsula. Stung by the attack, Mr. Park's government secretly trained its own assassins to exact revenge against the North's then leader Kim Il-sung, the grandfather of the current leader Kim Jong-un. (The unit was disbanded after the South Korean commandos mutinied in 1971.) South Korea also created a reservist army and introduced military training at high schools and universities. The 13-digit residential ID card, introduced at the time to help guard against North Korean spies, remains mandatory to this day for all South Koreans aged 17 or older. Part of the mountain route behind the Blue House that Mr. Kim's raiding party used to infiltrate the South Korean capital remained closed to the public for security reasons until a few years ago. 'If our mission had succeeded, South Koreans would be living under Communism now,' Mr. Kim said in an interview in 2008. Korea was divided into the pro-Soviet North and pro-American South at the end of World War II. Their three-year Korean War was halted in a truce in 1953, leaving them technically at war ever since. In the ensuing decades, both sides waged a clandestine war, with thousands of commandos and spies infiltrating each other's territory. Mr. Kim's fallen comrades remain buried in an 'enemy cemetery' north of Seoul, unclaimed by their government, which officially denies both their mission and existence. Back in 1968, Mr. Kim's team breached a section of the western inter-Korean border guarded by American troops. As they were hurrying through the hills toward Seoul, the North Koreans encountered four South Korean brothers collecting firewood. After much debate, they let the South Koreans live, warning them not to contact the police. That was their fatal mistake. The villagers alerted the police, and by the time the would-be assassins reached Seoul, the police were waiting. A ferocious gun battle broke out around Bukaksan, a craggy hill behind the Blue House, which was the seat of the South Korean presidency until former President Yoon Suk Yeol relocated his office to another government building in 2022. The fighting and manhunt continued for two weeks as the North Korean raiding party scattered and retreated northward. More than 30 South Koreans were killed, too. Mr. Kim was hiding in an abandoned hut, surrounded by South Korean troops and ready to kill himself with a grenade. He changed his mind and surrendered. 'I was single, a young man. I wanted to save myself,' he said in an interview in 2010. North Korean spies caught in the South often spent decades in solitary confinement in South Korean prisons. Some of them refused to disown their Communist ideology, in part because doing so would jeopardize their families in the North. But after two years of interrogation, Mr. Kim was pardoned. He successfully argued that he didn't kill any South Koreans, and also disowned Communism. South Korea saw propaganda value in converts like Mr. Kim. Soon after his release, he traveled across South Korea with counterintelligence officials, giving lectures at military units, churches and workplaces in which he railed against the North Korean government. He said that defectors from his North Korean hometown, Chongjin, told him that his parents were executed and his brothers had disappeared. 'In North Korea, my dead colleagues are heroes, and I am a traitor,' he said during the 2008 interview. Mr. Kim was survived by his wife, Choi Jeong-hwa, whom he met in South Korea and who turned him to Christianity. Mr. Kim was ordained as a pastor in 1997. He was also survived by a son and a daughter.
