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Yahoo
03-05-2025
- Business
- Yahoo
Top US figures visit Seoul to meet defense industry leaders
May 3 (UPI) -- South Korea's defense industry is gaining global interest, as demonstrated by high-profile visits from U.S. figures like Donald Trump Jr., who met with business leaders in Seoul Tuesday. Reportedly, among them was Hanwha Group Vice Chairman Kim Dong-kwan. Vice Chairman Kim also hosted US Navy Secretary John Phelan Wednesday at Hanwha's shipyard in Geoje, roughly 200miles southeast of Seoul. "Working with leading shipyards like Hanwha Ocean Shipbuilding and HD Hyundai Heavy Industries is essential to ensuring deployed U.S. ships and systems remain fully operational in the Indo-Pacific," Secretary Phelan said. "Leveraging the expertise of these highly capable shipyards enables timely maintenance and repairs for our vessels to operate at peak performance. This level of large-scale repair and maintenance capability strengthens our combat readiness, sustains forward deployed operational presence, and reinforces regional stability," he stated Observers point out that such visits reflect growing global recognition of South Korea's defense capabilities. Hanwha Group operates such subsidiaries as Hanwha Aerospace, known for the K9 self-propelled howitzers, and Hanwha Ocean, a manufacturer of warships and submarines. As the eldest son of Chairman Kim Seung-youn, Vice Chairman Kim is regarded as the heir apparent of South Korea's seventh-largest conglomerate. "For the United States, South Korea is indispensable to reviving its shipbuilding industry, as President Donald Trump has stressed," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "Washington is likely to seek South Korea's capital and technology as the country is a global leader in naval vessel construction. Hanwha Ocean is well-positioned, having already invested in the U.S. last year," he said. In June 2024, Hanwha Ocean and its sister company channeled $100 million to acquire Philly Shipyard, which has delivered about half of the large U.S. Jones Act commercial ships since 2000. Hanwha Ocean was soon awarded a maintenance, repair, and overhaul (MRO) contract for the U.S. Navy's dry cargo and ammunition ship Wally Schirra. The task was completedin Geoje and Hanwha Ocean is now working on another MRO deal for USNS Yukon, a replenishment oiler assigned to the Navy's 7th Fleet. Beyond the U.S., the traditional weapons of South Korea gained popularity after the war between Russia and Ukraine started in early 2022. According to South Korea's defense ministry, arms exports more than doubled from $7.73 billion in 2021 to $17.3 billion in 2022. The figure dropped to $13 billion in 2023 and $9.5 billion last year, but is projected to rebound to $24 billion this year in consideration of ongoing negotiations with multiple countries. In addition to Hanwha, several other South Korean defense corporations have proactively entered the global market, including Hyundai Rotem, Korea Aerospace Industries, LIG Nex1, and HD Hyundai. "South Korean firms are favored by global buyers for their quick delivery and cost-effectiveness, the advantages shaped by the country's continued weapons production amid North Korean threats," Jeonbuk National University professor Jang Won-joon said in a phone interview. "Their international rivals are also trying to expand facilities to better meet demand. Against this backdrop, South Korean players will need to innovate to maintain their edge in the long run," he commented. However, some critics take issue with the Seoul administration's lack of transparency in arms exports. "The Korean government vows to become one of the world's top four arms exporters. Yet, it does not disclose related information transparently," attorney Lim Jae-sung noted in a local newspaper column.
Straits Times
30-04-2025
- Business
- Straits Times
South Korea officials heading to Washington for talks over US tariffs
SEOUL - South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
30-04-2025
- Business
- Yahoo
South Korea officials heading to Washington for talks over US tariffs
By Jack Kim SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports.
Yahoo
30-04-2025
- Business
- Yahoo
South Korea officials heading to Washington for talks over US tariffs
By Jack Kim SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports. Sign in to access your portfolio
CNA
30-04-2025
- Business
- CNA
South Korea officials heading to Washington for talks over US tariffs
SEOUL :South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports.
