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Park Jae-hyuk

Korea Times Business Reporter

Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.

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Companies

HD Hyundai chairman helps strengthen Korea-Philippines ties

HD Hyundai said Thursday that the shipbuilding group's chairman, Chung Ki-sun, helped boost relations between Korea and the Philippines during his recent trip to the Southeast Asian country as a member of the Korean business delegation accompanying President Lee Jae Myung’s state visit. On Wednesday, Chung laid a wreath at Manila’s Libingan ng mga Bayani, translated as the Cemetery of Heroes, to honor Philippine soldiers who fought and died in the 1950-53 Korean War. The Philippines was the first Asian country to send combat troops and dispatched the region’s largest contingent, the 7,420-member Philippine Expeditionary Forces to Korea. That same day, the chairman joined the Korea-Philippines Business Forum to discuss details about ways to enhance economic cooperation between the two nations. Co-hosted by the Federation of Korean Industries and the Philippine Chamber of Commerce and Industry, the forum was attended by the leaders of both countries. On Thursday, Chung visited HD Hyundai Heavy Industries Philippines’ shipyard in Subic Bay to inspect dormitory construction for empl

Mar 5, 2026By Park Jae-hyuk
HD Hyundai chairman helps strengthen Korea-Philippines ties
Companies

Philippines thanks LX International for restoring copper mine

LX International has received an official commendation from the Philippine government for successfully completing environmental restoration work at the Rapu-Rapu copper mine. The award ceremony took place Wednesday during the Korea-Philippines Business Forum in Manila, a day after President Lee Jae Myung arrived in the Southeast Asian nation for a two-day state visit. The forum was attended by the leaders of both countries. Juan Miguel Cuna, secretary of the Philippine Department of Environment and Natural Resources (DENR), personally presented the award to LX International CEO Koo Hyuk-seo, who attended the forum as part of the Korean business delegation. “Our continued commitment to seeing every stage of the resource development process through was highly appreciated,” an LX International official said. “It is also meaningful that the Philippine government recognized the country's first-ever fulfillment of an environmental restoration requirement in its mining history.” After the ceremony, Lee Joon-taek, head of LX International’s Manila branch, introduced the restoration pro

Mar 4, 2026By Park Jae-hyuk
Philippines thanks LX International for restoring copper mine
Companies

Korean shipbuilders expected to sell more LNG carriers amid Iran crisis

Cautious optimism is growing that Korea’s shipbuilding industry could benefit from rising tensions in the Middle East in the wake of U.S. and Israeli military strikes on Iran. The outlook stems mainly from expectations of stronger demand for vessels to transport liquefied natural gas (LNG) from the United States, after Qatar suspended operations at its Ras Laffan plant on Monday. The shutdown followed Iranian drone attacks on the world’s largest LNG export facility. “Korean shipbuilders can take advantage of the Strait of Hormuz blockade and the suspended LNG exports from Qatar,” DS Investment & Securities analyst Kim Dae-seong said Wednesday. He predicted that Asian and European countries would turn to the U.S. as an alternative source of LNG imports, given the mounting uncertainty over Middle Eastern supply chains. “The recent crisis will likely lead to purchase agreements and final investment decisions on U.S. LNG projects under the phase of front-end engineering designs,” Kim said. “Unlike Chinese shipyards relying heavily on orders from China and the Middle East, Korea

Mar 4, 2026By Park Jae-hyuk
Korean shipbuilders expected to sell more LNG carriers amid Iran crisis
Tech & Science

Germany's Phoenix Contact offers glimpse into 'all-electric society'

BLOMBERG, Germany — Two gigantic circular solar modules stand near the entrance to Phoenix Contact’s headquarters in this small German town, looking at first glance like radio telescopes. Called “solar trackers,” the 12-meter and 8-meter dishes were rotating slowly on Feb. 24 to follow the course of the sun, just as radio telescopes track radio waves in the sky. Now a local landmark, the solar trackers are part of Phoenix Contact’s All Electric Society Park, which opened in 2023 as part of the terminal block manufacturer's 100th anniversary celebrations. The family-owned company, which has more than 20,000 employees worldwide, built the park on 7,860 square meters of land with a 20 million euro ($23.6 million) investment to demonstrate that it is possible to secure sufficient and affordable energy from renewable sources. “This is a big exhibition booth,” Chief Operating Officer Ulrich Leidecker said as he welcomed global journalists to company headquarters a day ahead of a press preview event for the Hannover Messe trade fair in April. Phoenix Contact uses the park to showca

Mar 4, 2026By Park Jae-hyuk
Germany's Phoenix Contact offers glimpse into 'all-electric society'
Companies

Defense, refinery, shipping firms expected to gain from Iran crisis

Intensifying tensions in the Middle East following U.S. and Israeli military strikes on Iran, which killed Iranian Supreme Leader Ayatollah Ali Khamenei, have not only raised concerns about potential impacts on the Korean economy but also lifted investor sentiment toward several key sectors. With expectations that the ongoing conflict in the oil-rich region could disrupt shipments through the Strait of Hormuz, investors in the Korean stock market bet on defense, refinery and shipping firms on Tuesday, the first trading day since the war started. LIG Nex1 hit the daily upper price limit at 661,000 won ($451), driven mainly by expectations for its M-SAM II mid-range surface-to-air missiles. The company has already supplied the system to Saudi Arabia and the United Arab Emirates, both now under retaliatory attack from Iran targeting Arab allies of the United States. Other major Korean defense companies, including Hanwha Systems, Hanwha Aerospace, Hyundai Rotem and Poongsan, also saw sharp gains. Hana Securities analyst Chae Un-sam said a potential shortage of missiles capable of interceptin

Mar 3, 2026By Park Jae-hyuk
Defense, refinery, shipping firms expected to gain from Iran crisis
Economy

Hormuz disruption feared to hurt Korean economy

Concerns are mounting that the Korean economy could take a hit from disruptions to oil and gas shipments through the Strait of Hormuz, following U.S. and Israeli military strikes on Iran that began Saturday and killed Iranian Supreme Leader Ayatollah Ali Khamenei. James Kim, director of the Korea program at the U.S. think tank Stimson Center, warned that the conflict in the Middle East could hurt Korea’s energy supply, given the country’s dependence on the region for 70 percent of its crude oil imports and 30 percent of its natural gas supply. "As long as the conflict does not have a prolonged impact on the movement of cargo across the Strait of Hormuz, South Korea will manage," Kim said Saturday. "But if the conflict drags on for a prolonged period with the Strait of Hormuz being inaccessible to international shipping, there is likely to be a noticeable impact on South Korea's ability to not only keep its lights on but also manufacture and export products as part of the global supply chain." The Korea International Trade Association also warned of a possible spike in shipping costs

Mar 2, 2026By Park Jae-hyuk
Hormuz disruption feared to hurt Korean economy
Tech & Science

InterBattery 2026 to become battlefield for courting robotics firms

Korea’s leading battery makers announced Monday that they will unveil products and technologies designed for robotic applications at the upcoming InterBattery 2026 trade show in Seoul, signaling a shift in focus from the sluggish electric vehicle market. LG Energy Solution (LGES) will showcase LG Electronics’ CLOiD humanoid home robot, which drew wide attention at CES 2026 in Las Vegas earlier this year. The Carti100 autonomous mobile robot (AMR) developed by Bear Robotics, an LG Electronics subsidiary, will also be on display during the three‑day event starting March 11. The battery maker said it will highlight the broad use of its high‑performance cylindrical batteries in both household and industrial robots. “Visitors will be able to explore our all‑solid‑state battery technology, which will power next‑generation robots,” an LGES official said. Samsung SDI will also present its all‑solid‑state battery technology as a key solution for various forms of physical artificial intelligence (AI), including humanoid, mobile and industrial robots requiring high‑performanc

Mar 2, 2026By Park Jae-hyuk
InterBattery 2026 to become battlefield for courting robotics firms
Companies

Hannover Messe eyes Korea partnership to boost participation

HANOVER, Germany — The lead organizer of Hannover Messe, the world's leading trade fair for the manufacturing industry, pledged Wednesday (local time) to ramp up efforts to attract more exhibitors from Korea, acknowledging the event’s declining popularity in the manufacturing-reliant Asian country. Speaking to The Korea Times at a press preview held eight weeks before the trade show, Jochen Kockler, chairman of Deutsche Messe's managing board, said he believes his company should examine why the number of Korean participants has decreased and why it has not yet considered a partnership with the Korean government. Deutsche Messe selects a partner country for Hannover Messe each year. This year's partner country is Brazil, with a visit planned for President Luiz Inacio Lula da Silva in April. "It's really a challenge, but we will work on it," Kockler said. When Deutsche Messe hosted a separate press conference in Seoul on Feb. 5, the event organizer said HD Hyundai Electric would be the only conglomerate among 70 Korean institutions and companies participating in this year's show. Unlik

Feb 26, 2026By Park Jae-hyuk
Hannover Messe eyes Korea partnership to boost participation
Companies

US DOGE-style ministry feasible in Korea, AMCHAM chief says

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim supported the idea of the Korean government establishing a businessperson-led ministry, similar to the now-dissolved Department of Government Efficiency (DOGE) in the United States. Calling the concept one way to advance the chamber’s continuing efforts to encourage multinational companies to place their Asia-Pacific headquarters in Korea, the Korean American head of the U.S. business lobby emphasized the need for regulatory predictability and labor flexibility if Korea is to compete effectively with Singapore, Hong Kong and Shanghai. "It's very feasible, and it's important for Korea," Kim told The Korea Times in an interview on Feb. 10 when asked whether he intended to suggest that the government elevate the existing joint committee on regulatory reforms to a ministry or quasi-ministry similar to DOGE. Despite the common belief that Korea’s liberal party tends to tighten regulations when it comes to power, the chairman remained optimistic about potential deregulatory measures under President Lee Jae Myung, whom he de

Feb 23, 2026By Park Jae-hyuk
US DOGE-style ministry feasible in Korea, AMCHAM chief says
Companies

Hanwha Ocean mired in conflict with subcontracted workers over bonus payment

Unionized subcontracted workers at Hanwha Ocean’s Geoje shipyard in South Gyeongsang Province have denounced the company, accusing it of breaking a promise to align the ratio of in-house subcontracted workers’ performance-based bonuses to their base salaries with that of the company’s direct employees — a pledge praised by President Lee Jae Myung in December. After Hanwha Ocean distributed performance-based bonuses ahead of the Lunar New Year holiday, the workers claimed the company had continued to discriminate against them. “Unlike direct employees, whose length of service did not affect the ratio of their performance-based bonuses to base pay, the ratio for subcontracted workers varied depending on how many years they had worked at the shipyard,” the workers said in a statement Thursday. “Each of the 4,000 migrant subcontracted workers received a performance-based bonus equal to 46.8 percent of what Korean subcontracted workers with the same tenure received.” The union also said that employees of Welliv, the unit managing cafeterias and other amenities at the shipyard,

Feb 20, 2026By Park Jae-hyuk
Hanwha Ocean mired in conflict with subcontracted workers over bonus payment
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