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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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Defense

Speculation rises over cause of US drone crash in waters off Korea

Speculation is mounting over the cause of an accident involving a U.S. Air Force MQ-9 Reaper drone that crashed into waters off Korea's west coast during a routine mission. The U.S. military said Tuesday MQ-9 operations will continue despite the accident, noting that all flight operations will be carried out with a heightened awareness and commitment to safety. According to the U.S. 8th Fighter Wing in Gunsan, North Jeolla Province, the drone was involved in an incident during a routine mission at around 4:35 a.m. Monday. It went down near Mal Island, off the coast of Gunsan. "No injuries or damage to public property are reported in relation to this incident, and it is currently under investigation," the unit said in a statement, noting that search efforts to salvage the aircraft are under way. The incident came two months after the U.S. military permanently stationed the surveillance-and-attack drones in Korea, following the creation of an expeditionary reconnaissance squadron at Kunsan Air Base in September. The deployment of Reapers reflects USFK efforts to extend its role beyond dete

Nov 25, 2025By Lee Hyo-jin
Speculation rises over cause of US drone crash in waters off Korea
Defense

Middle East emerges as Korea's key arms export market

Middle Eastern nations have become increasingly important customers for Korea as it seeks to position itself among the world’s top arms exporters, according to a recent research paper. A study published earlier this month by the Export-Import Bank of Korea, titled "Trends in the Middle Eastern Defense Industry and Implications," noted that Middle Eastern countries now account for roughly one-third of global weapons imports. Qatar, Saudi Arabia, Egypt and Kuwait rank among the world's top 10 arms buyers, driven in part by persistent geopolitical tensions across the region. Defense spending in major Middle Eastern nations surged to $220.6 billion last year, or about 9.5 percent of global military expenditures. Many governments in the region increased their defense budgets compared with the previous year, with an average growth rate of 15.6 percent. "Middle Eastern nations have shown strong interest in Korean defense companies for their competitive pricing, reliable delivery and the expandability of Korean weapons systems compared with U.S. and European options," the report said. It added

Nov 24, 2025By Lee Hyo-jin
Middle East emerges as Korea's key arms export market
Foreign Affairs

Korea vows to host 2028 G20 summit with ‘profound sense of responsibility’

President Lee Jae Myung pledged that Korea would approach its role as host of the 2028 G20 summit with a “profound sense of responsibility,” after the nation was formally confirmed as the next president of the annual forum during Sunday’s gathering in Johannesburg, South Africa, Sunday (local time). "As a country that helped build the G20 and has seen it serve as a compass for the international community in times of crisis, the Republic of Korea seeks to once again assume the presidency in 2028, marking the 20th anniversary of the G20 leaders’ summit," Lee said during the summit's third session. "With a profound sense of responsibility, we will do our utmost to ensure that the G20 further consolidates its role as the premier forum for international economic cooperation," he added. During the session, Korea was confirmed to take on the presidency after the United States in 2026 and the United Kingdom in 2027. This marks a major diplomatic achievement for the Lee administration, coming within the president's five-year term, which ends in 2030, and following Korea's recent roles as

Nov 23, 2025By Lee Hyo-jin
Korea vows to host 2028 G20 summit with ‘profound sense of responsibility’
Foreign Affairs

West Sea developments prompted backing for Korean nuclear sub, says acting US envoy

Acting U.S. Ambassador to Korea Kevin Kim said Thursday that events unfolding in the West Sea illustrate why the allies are moving to modernize their security alliance, a plan that includes Korea’s first nuclear-powered submarine. Speaking at a forum in Seoul, Kim stressed that Seoul and Washington must work together to address evolving security challenges in the Indo-Pacific region, calling the Asian nation "a model ally willing to invest in its own defense." "Look no further than what has happened in the Yellow Sea (West Sea) recently. That is why President Trump and President Lee agreed to modernize the U.S.-ROK alliance, increase Korea’s defense spending and seek new capabilities, such as nuclear-powered submarines, to meet that challenge," Kim said in his keynote speech. ROK stands for the Republic of Korea, Korea's official name. Although Kim did not elaborate on recent developments in the West Sea, China has been installing artificial structures in the area. Beijing says the facilities support fishing activities, but critics see them as part of an effort to expand its maritim

Nov 20, 2025By Lee Hyo-jin
West Sea developments prompted backing for Korean nuclear sub, says acting US envoy
Foreign Affairs

Escalating China-Japan tension puts Korea in diplomatic tight spot

Korea may find itself walking a tightrope between China and Japan as tensions intensify between its two closest neighbors, analysts said Wednesday, adding that Seoul is advised to pursue strategic ambiguity. While the current tensions between Tokyo and Beijing largely revolve around tourism and culture, they show signs of spilling over into trade and economic issues, according to experts, potentially creating broader challenges for Seoul. The latest flare-up was triggered by comments from Japanese Prime Minister Sanae Takaichi earlier this month, in which she said that a military emergency involving Taiwan could be construed as a threat to Japan’s survival. China quickly condemned the remarks as dangerously provocative. China escalated its response Wednesday by suspending imports of Japanese seafood, following Friday's advisory for its citizens to avoid traveling there. Tokyo cautioned its nationals in China to stay alert and avoid large crowds. Senior diplomats from both countries met in Beijing on Tuesday, but the talks ended without any signs of progress. For Korea, the ongoing spat

Nov 19, 2025By Lee Hyo-jin
Escalating China-Japan tension puts Korea in diplomatic tight spot
North Korea

N. Korea unlikely to respond to S. Korea's proposal for military talks: experts

North Korea is unlikely to respond to South Korea's proposal for military talks, analysts said Tuesday, undercutting the Lee Jae Myung administration's latest attempt at easing tensions on the Korean Peninsula. The proposal, announced Monday, is widely seen as South Korea's most assertive bid to revive inter-Korean dialogue since the president took office in June. But analysts said that Pyongyang has little incentive to treat Seoul as a serious negotiating partner, noting that the North’s policy toward the South remains unsettled. The Ministry of National Defense formally proposed that military authorities from both sides meet to establish a mutually recognized baseline for the Military Demarcation Line (MDL) to prevent unintended clashes near the border. The offer follows several incidents in recent months in which North Korean soldiers crossed over to the southern side of the Demilitarized Zone. This marks South Korea's first formal request for military talks with the North in seven years. The Ministry of Unification confirmed Tuesday that North Korea has not responded to the hotline

Nov 18, 2025By Lee Hyo-jin
N. Korea unlikely to respond to S. Korea's proposal for military talks: experts
Defense

Korea's nuclear sub plan carries wider role in countering China: US Navy chief

Korea's plan to build its first nuclear-powered submarine marks a step toward broader regional responsibilities for Seoul, particularly in countering China, U.S. Chief of Naval Operations Adm. Daryl Caudle said, Friday. The admiral described Washington's commitment to support the submarine acquisition as a historic milestone, while noting that such capabilities carry heightened strategic expectations for Seoul. "The difference between a country with a nuclear-powered submarine and a conventional power is significant. Once obtained, [Korea] will be having a submarine that truly is worldwide deployable," he said during a press conference in Seoul. The event took place during Caudle's first visit to Korea since assuming office in August, marking his first overseas trip as chief of naval operations. "With great power comes great responsibility," the admiral said, quoting a line from "Spider-Man" in the Marvel comics. “With that type of capability, I think the U.S. would expect our partnership to meet our combined goals on what the U.S. considers to be our pacing threat, which is China. To a

Nov 16, 2025By Lee Hyo-jin
Korea's nuclear sub plan carries wider role in countering China: US Navy chief
Foreign Affairs

Korea wins US support to reprocess spent nuclear fuel, enrich uranium

President Lee Jae Myung said Friday that Korea has secured U.S. support for expanding Seoul's authority over uranium enrichment and spent nuclear fuel reprocessing. He described the development as a highly significant step forward as the nation seeks to build its first nuclear-powered submarine. "Korea and the United States have agreed to move forward with the construction of nuclear-powered submarines, a long-standing goal for Korea and a strategic asset deemed essential for peace and stability on the Korean Peninsula," Lee said during a televised briefing announcing the conclusion of a joint fact sheet between the two countries. "In addition, the two sides will explore institutional changes that would allow not only U.S. commercial vessels but even U.S. Navy ships to be built in Korea," he added, calling the move a foundation for both nations to strengthen their shipbuilding industries. While Lee did not immediately clarify whether Korea's nuclear-powered submarine would be built at a Korean shipyard or in the U.S., National Security Advisor Wi Sung-lac confirmed during a follow-up bri

Nov 14, 2025By Lee Hyo-jin
Korea wins US support to reprocess spent nuclear fuel, enrich uranium
Politics

Seoul's plan to redevelop Jongmyo Shrine area triggers political pushback

Seoul Mayor Oh Se-hoon's push to build a high-rise commercial complex near Jongmyo Shrine, a UNESCO World Heritage site, has emerged as a political flash point, pitting the city government against the ruling Democratic Party of Korea (DPK). The dispute is intensifying ahead of the local elections slated for May 2026, with DPK members framing the controversy as a referendum on the mayor's governance. For the liberal party, reclaiming the capital from Oh — a member of the main opposition People Power Party (PPP) — is a key objective in the upcoming elections. The controversy deepened following a recent Supreme Court ruling that paved the way for the city to approve the Sewoon District 4 redevelopment plan, which envisions a 100-meter-tall commercial and residential complex located about 180 meters from Jongmyo. Under the plan, the height limit for nearby buildings will be raised from 55 to 101 meters. Critics warn that the redevelopment could undermine the shrine's historical integrity, while the Seoul mayor has defended the project as a necessary step to revive a dilapidated section

Nov 12, 2025By Lee Hyo-jin
Seoul's plan to redevelop Jongmyo Shrine area triggers political pushback
North Korea

South Korean civic group launches online broadcast aimed at NK

A new internet-based broadcast was launched on Tuesday to deliver uncensored information to North Koreans, as civic groups intensify efforts to connect citizens of the isolated regime with the outside world. The Korea Internet Studio (KIS), a Seoul-based internet broadcasting network, was created in response to what organizers called a growing "information vacuum" following the suspension of South Korean government-led broadcasts targeting North Korea earlier this year. "Information is the single most powerful force for change, and truth always finds a way," Jung Sung-jin, the network's inaugural chairman, said during a launch ceremony at the Korea Press Center in downtown Seoul. "Our mission is clear: to act as an information missionary linking North Korea to the wider world. Our broadcasts will serve as the oxygen that sustains and revitalizes North Korean society." Organizers said the new platform seeks to fill the gap left after the South Korean National Intelligence Service ended its decades-old propaganda transmissions to the North in July. The unprecedented decision to halt radio

Nov 11, 2025By Lee Hyo-jin
South Korean civic group launches online broadcast aimed at NK
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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.