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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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North Korea

Seoul, Pyongyang make rare exchange of statements over drone intrusions

A rare volley of official comments between Seoul and Pyongyang over alleged South Korean drone incursions into North Korea has raised cautious hopes of renewed communication, as Seoul steps up efforts to revive long-stalled inter-Korean ties. South Korea's Ministry of Unification said Thursday that it acknowleges the North's response to Seoul's official comments regarding the drone incident. "We take note of the North's swift response to the government's expression of regret over the drone incident and its announcement of measures to prevent a recurrence,” a ministry official said. "The preventive steps announced yesterday by the unification minister are intended to safeguard the safety and peace of both the South and the North." Cheong Wa Dae also commented on the North's response, saying it hopes "both sides will refrain from actions that escalate tensions in border areas and will work together to build peace." A day earlier, Unification Minister Chung Dong-young announced steps aimed at preventing civilian drone intrusions into the North, including reviewing the reinstatement of no-

Feb 19, 2026By Lee Hyo-jin
Seoul, Pyongyang make rare exchange of statements over drone intrusions
Foreign Affairs

Korea to attend Trump's 'Board of Peace' meeting as observer

Korea will participate as an observer in the inaugural meeting of the U.S.-led "Board of Peace," dispatching a former envoy to the session in Washington, the Ministry of Foreign Affairs said Wednesday. "Kim Yong-hyun, former ambassador to Egypt, will attend the inaugural meeting of the Board of Peace scheduled for Feb. 19 as the Korean representative," the ministry said in a statement. A ministry official told The Korea Times that Korea will attend as a nonmember observer and that Kim will serve as a special envoy of the foreign minister. "No final decision has been made on whether Korea will formally join the board, and the government is reviewing the matter from various angles," the official said. Korea's decision to send a representative to the inaugural session appears to signal cautious support for the U.S.-led initiative, as Seoul weighs whether to join the newly launched forum. The foreign ministry has said that it is reviewing participation, taking into account the board's potential contributions to peace and stability, as well as Korea's possible role. At the first meeting, parti

Feb 18, 2026By Lee Hyo-jin
Korea to attend Trump's 'Board of Peace' meeting as observer
North Korea

S. Korea seeks to reinstate 'no-fly zone' to prevent civilian drone incursions into N. Korea

South Korea will actively seek to reinstate no-fly zones along its border with North Korea in a partial revival of the suspended 2018 inter-Korean military pact, Unification Minister Chung Dong-young said Wednesday, in a move aimed at preventing civilian drone flights into the North. The Ministry of National Defense also said it is reviewing the partial restoration of the military agreement in consultation with relevant government agencies and the United States. The announcement came five days after Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un, urged Seoul to take steps to prevent further incursions. Speaking at a press conference, Chung said the government is reviewing steps to partially revive the military agreement from Sept. 19, 2018, which created buffer zones and flight restrictions aimed at reducing the risk of accidental clashes. "In coordination with military authorities, the government will proactively review and pursue the restoration of the Sept. 19 inter-Korean military agreement, including the possible reestablishment of no-fly zones, in order to p

Feb 18, 2026By Lee Hyo-jin
S. Korea seeks to reinstate 'no-fly zone' to prevent civilian drone incursions into N. Korea
Law & Crime

Court to deliver verdict Thursday in Yoon’s insurrection trial

A court is scheduled to deliver its verdict at 3 p.m. Thursday in former President Yoon Suk Yeol’s insurrection trial stemming from his declaration of martial law, a case in which prosecutors have sought the death penalty. The ruling comes 443 days after Yoon abruptly declared emergency martial law on Dec. 3, 2024, a move that lasted about six hours before the National Assembly voted to overturn it. Yoon was indicted in January 2025 on charges of leading an insurrection and was removed from office in April that year. The ousted president faces four separate criminal trials related to the martial law fiasco, but this case — centered on the insurrection charge — is widely seen as the one most directly linked to the declaration itself. At the final hearing on Jan. 13, the special counsel urged the court to impose the harshest sentence available — death. Prosecutors argued that the martial law imposition was a long-planned attempt to dismantle the constitutional order through the mobilization of military and police forces. Armed troops were deployed to the Assembly in an attempt to d

Feb 18, 2026By Lee Hyo-jin
Court to deliver verdict Thursday in Yoon’s insurrection trial
Foreign Affairs

Korea wary of US tariff standoff spilling over into security talks

Korean officials appear wary of the possibility that ongoing tariff tensions with the United States could spill over into upcoming bilateral security talks, even as they emphasize that both sides are working to prevent economic disputes from undermining broader cooperation. Despite Foreign Minister Cho Hyun's visit to Washington last week, where he met U.S. Secretary of State Marco Rubio, the tariff situation remains largely unchanged, foreign ministry officials said Thursday. "The situation has not fundamentally changed," an official said on condition of anonymity when asked whether Cho's visit had altered Washington’s stance. "At its core, the issue remains the implementation of (Korea's) investment commitments. There has been no change in the fact that further progress is still needed on that." The official said one of the key outcomes of Cho's meeting with Rubio was a shared understanding that the tariff dispute must be carefully managed to avoid damaging the broader alliance. "Both sides agreed that the situation needs to be carefully managed, particularly to ensure that economic

Feb 12, 2026By Lee Hyo-jin
Korea wary of US tariff standoff spilling over into security talks
Global Community

20 universities slapped with visa curbs over poor oversight of international students

Twenty local universities will be barred from issuing student visas to foreign nationals for one year beginning this fall semester after failing to meet mandatory standards for managing international students, the Ministry of Education said Thursday. The designation follows the government's annual review of universities' oversight and support systems for foreign students. According to the ministry, 16 universities offering degree programs and four institutions operating Korean language courses have been classified as "universities requiring strict screening on visa issuance." This means that except under extraordinary circumstances, they will not be permitted to issue student visas for one year. Institutions facing such restrictions include Geumgang University, Suwon Catholic University, Joong-Ang Sangha University and Hyupsung University. Amid a steady rise in the number of foreign students in Korea, the education and justice ministries have jointly conducted annual evaluations since 2012 to assess universities' internationalization capacity and their management of foreign student progr

Feb 12, 2026By Lee Hyo-jin
20 universities slapped with visa curbs over poor oversight of international students
Foreign Affairs

Seoul-Washington trade tensions cloud US security delegation’s planned visit

Korea's tariff deadlock with the United States is raising concerns in Seoul over potential spillover into security negotiations with its key ally, including talks on nuclear-powered submarines and other nuclear-related issues. Analysts say that if the trade impasse persists, it could even lead to the cancellation of a U.S. government delegation's planned Seoul visit for high-level security consultations. These concerns began on Jan. 27, when U.S. President Donald Trump announced a plan to raise tariffs on Korean products from 15 percent to 25 percent, accusing the National Assembly of delaying passage of a bill required to implement a bilateral tariff agreement finalized last November. Since then, top Seoul officials, including Trade Minister Yeo Han-koo, Industry Minister Kim Jung-kwan and Foreign Minister Cho Hyun, made urgent visits to Washington to assure Seoul's commitment to the agreement and prevent the tariff hike — attempts that have yet to produce a tangible outcome. Adding to the pressure, U.S. Trade Representative Jamieson Greer told Cho that Washington would impose a 25 p

Feb 11, 2026By Lee Hyo-jin
Seoul-Washington trade tensions cloud US security delegation’s planned visit
North Korea

What to expect from North Korea's upcoming party congress

North Korea is set to convene a ruling Workers' Party congress later this month, a closely watched political gathering that will outline the country's military and foreign policy priorities throughout 2031, as well as the future of Kim Jong-un's leadership structure. Held every five years, the congress is North Korea’s largest political event. Thousands of delegates from across the country gather in Pyongyang, where the leader reviews the past term and unveils a new five-year plan outlining domestic and foreign policy priorities. The political bureau of the Central Committee of the ruling Workers' Party of Korea decided last week to open the ninth congress in late February, according to the North’s official Korean Central News Agency. While the exact date has not been disclosed, recent developments suggest that preparations are in the final stages. Kim has attended a series of ceremonies marking the completion of economic projects, moves seen as an effort to frame the upcoming congress as a celebratory milestone. According to South Korea's Ministry of Unification, the gathering, whic

Feb 11, 2026By Lee Hyo-jin
What to expect from North Korea's upcoming party congress
Society

PHOTO Lunar New Year shopping

People shop at a traditional market in Changwon, South Gyeongsang Province, Tuesday, for ingredients needed to prepare food for family gatherings and ancestral rites ahead of the Lunar New Year, which falls on Feb. 17 this year. Yonhap

Feb 10, 2026By Lee Hyo-jin
[PHOTO] Lunar New Year shopping
North Korea

South Korea calls for reopening of inter-Korean industrial complex

The South Korean government on Tuesday called for the swift reopening of the Gaeseong Industrial Complex in North Korea, marking 10 years since its shutdown and describing it as a "safety valve for peace on the Korean Peninsula." It acknowledged that Seoul's unilateral suspension of the inter-Korean complex in February 2016 under then-President Park Geun-hye had undermined the foundation of mutual trust between the two Koreas, calling it a "self-inflicted setback." "The government hopes for the swift normalization of the Gaeseong Industrial Complex," the Ministry of Unification said in a statement issued by its spokesperson. The ministry noted that in August 2013, the two Koreas signed an agreement during working-level talks guaranteeing the complex's normal operations regardless of the political situation. "The unilateral shutdown of the complex in February 2016 amounted to a self-inflicted setback that undermined the foundation of mutual trust and shared growth between the two Koreas," the statement said. Launched in 2004, the joint inter-Korean venture allowed South Korean manufacturer

Feb 10, 2026By Lee Hyo-jin
South Korea calls for reopening of inter-Korean industrial complex
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.