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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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Foreign Affairs

Korea-US joint fact sheet does not require Assembly ratification: FM

Foreign Minister Cho Hyun said Friday that the Korea-U.S. joint fact sheet outlining trade and security commitments following the recent summit between Presidents Lee Jae Myung and Donald Trump does not require National Assembly ratification, as it is structured as a memorandum of understanding (MOU) rather than a legally binding treaty. "From the beginning of discussions, the United States preferred this to take the form of an MOU rather than a treaty or a binding obligation, and it has done the same with other countries. The MOU clearly states that it does not contain any mandatory provisions," Cho said during a session of the National Assembly’s Foreign Affairs and Unification Committee, when asked about the fact sheet. "Therefore, we have decided that the MOU itself does not require parliamentary ratification. However, if it imposes burden on the public, we will seek National Assembly approval through a separate bill." On the enforceability of the fact sheet, Cho said, "While we can suspend investment pledges midway, the U.S. position is that tariffs would be raised again in such

Nov 28, 2025By Lee Hyo-jin
Korea-US joint fact sheet does not require Assembly ratification: FM
Foreign Affairs

All options open on NK peace plan: acting US ambassador to Seoul

U.S. options for a peace plan on North Korea remain open, acting U.S. Ambassador to South Korea Kevin Kim said Friday, casting President Donald Trump as a “peacemaker” willing to pursue unconventional approaches toward Pyongyang. "Given my experience working for the president on North Korea, one must always talk to the fact that he is the peacemaker himself. He can take approaches that have not been tried before," Kim said at a forum hosted by the Korea-U.S. Alliance Foundation, when asked whether the Trump administration is considering a peace initiative for North Korea similar to those pursued in the Middle East. "Our job as a staff working for him is to increase the number of options for the president to choose from. He is the deciding one," he added. "I never want to say 'never' about any possible options moving forward ... On the Korean Peninsula, whichever path that's taken will be based on ensuring the security of the Korean Peninsula.” Kim, who took office in October, previously handled working-level negotiations on nuclear talks with North Korea during Trump's first term.

Nov 28, 2025By Lee Hyo-jin
All options open on NK peace plan: acting US ambassador to Seoul
Foreign Affairs

Korea imposes sweeping sanctions on Southeast Asian crime syndicates

The Korean government on Thursday imposed sanctions on individuals and companies across Southeast Asia tied to regional crime rings, in response to a surge in crimes targeting Korean nationals. The move marks the largest sanctions package the government has ever issued. The sweeping measures target 15 individuals and 132 entities believed to have been directly or indirectly involved in online scams, luring schemes and the confinement of Korean nationals in Cambodia. According to the Ministry of Foreign Affairs, the sanctions include the Cambodia-based Prince Group and its chairman Chen Zhi, who oversaw the operation of large-scale scam compounds such as the Taizi and Mango complexes, where many Koreans were detained. Sanctions were also imposed on the head of a scam syndicate active in Cambodia's Bohai region and a gang member identified as a key suspect in the assault, confinement and death of a Korean university student in August. The Prince Group was blacklisted by the United States and the United Kingdom last month, while the China-based Huiyuan Group — also included in Korea's sanc

Nov 27, 2025By Lee Hyo-jin
Korea imposes sweeping sanctions on Southeast Asian crime syndicates
Politics

Lawmakers push to end detention of kids at immigration facilities

Korean lawmakers on Thursday proposed amendments to the nation’s immigration laws that would fundamentally change how foreign minors are treated, barring their detention in immigration facilities. The legislation seeks to end the Ministry of Justice’s long-standing practice of holding minors — often those facing deportation — in facilities officially designated as “protection centers.” For years, activists have argued that the policy violates both domestic and international human rights standards, prompting lawmakers to take action. The bill was introduced by 20 lawmakers, including Rep. Seo Young-kyo of the ruling Democratic Party of Korea and Rep. Han Chang-min of the minor Social Democratic Party. It would revise the Immigration Control Act to explicitly prohibit the detention of foreign nationals under the age of 19. According to justice ministry data submitted to Han's office, 886 foreign children have been held in government-run detention facilities over the past five and a half years. The facilities — officially classified as "immigration protection centers" — hous

Nov 27, 2025By Lee Hyo-jin
Lawmakers push to end detention of kids at immigration facilities
Defense

Free sub transfer could boost Korea’s chances of winning Poland naval upgrade project

Korea plans to transfer its first submarine, the 1,200-ton ROKS Jang Bogo, to Poland at no cost once it is retired later this year, military sources said Wednesday. The move is part of Seoul’s efforts to support domestic defense firms competing for Poland’s next-generation submarine program, known as the Orka Project. Officials in Seoul hope the free transfer of the Jang Bogo submarine could give Korean firms a competitive edge by demonstrating operational expertise and long-term commitment to Poland’s naval upgrade program. The submarine, Korea’s first, was built at Germany’s HDW shipyard in 1991. The Korean Navy acquired the sub the following year and commissioned it in 1994, marking a milestone in the country’s indigenous submarine capabilities. For more than three decades, the vessel has played a central role in Korea’s undersea defense operations. Set to retire at year’s end, it completed its final two-hour voyage from Jinhae Naval Base on Nov. 19. "The ROKS Jang Bogo is planned to be utilized effectively for defense exports and cooperation after its retirement," a N

Nov 26, 2025By Lee Hyo-jin
Free sub transfer could boost Korea’s chances of winning Poland naval upgrade project
Defense

ROK Army women paratroopers win top honor at world championship

Korea’s Special Warfare Command women’s parachute team drew global attention by clinching first place at the World Military Parachuting Championship, the Army said. The annual championship hosted by the International Military Sports Council was held from Nov. 13 to 23 at Umm Al-Shokhot Airfield in Doha, Qatar. It brought together participants from 28 countries and featured three main categories: formation skydiving, style competitions and accuracy landing. According to the Army on Tuesday, the Korean women’s team secured gold in the overall rankings, followed by China and France in second and third place. The team included Staff Sgts. Lee Ji-seon, Lee Jin-young, Park Yi-seul, Lee Hyun-ji and Joo Yoon-seok, as well as Sgt. Kim Kyung-seo. They performed exceptionally well in formation skydiving, an event in which four jumpers exit the aircraft from approximately 11,000 feet and complete a 35-second freefall while attempting to form five preselected formations. A fifth team member, the camera flyer, descends alongside them to record the sequence for the judges. In this category, the K

Nov 26, 2025By Lee Hyo-jin
ROK Army women paratroopers win top honor at world championship
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
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