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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 promotes founder's grandson to chairman

HD Hyundai Executive Vice Chairman Chung Ki-sun was promoted to chairman Friday, ending three decades of management at the family-owned shipbuilding group by non-family executives. The 43-year-old’s elevation follows his promotion last year to executive vice chairman from vice chairman. Incumbent Chairman Kwon Oh-gap will step down from management after the shareholders’ meeting scheduled for March next year, as the 74-year-old has been named honorary chairman. Following an earlier-than-expected year-end executive reshuffle, HD Hyundai announced the promotion of Chung — one of the grandsons of late Hyundai Group founder Chung Ju-yung and the eldest son of Asan Institute for Policy Studies Honorary Chairman Chung Mong-joon, the group’s largest shareholder. Chung’s father, who entered politics as a lawmaker in the late 1980s, has not been involved in the company's management since then. “The latest executive reshuffle reflects our determination to pioneer a new era under new leadership amid increasingly fierce and diversified global business environments,” an HD Hyundai offi

Oct 17, 2025By Park Jae-hyuk
HD Hyundai promotes founder's grandson to chairman
Companies

Biz leaders from Korea, Japan vow efforts for Seoul to join CPTPP

The Federation of Korean Industries (FKI) and the Japan Business Federation, known as Keidanren, pledged Friday to coordinate efforts for the Korean government to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). During the 32nd Korea-Japan Business Summit in Tokyo, the two business associations agreed that Korea's CPTPP participation is crucial to responding to unstable global trade conditions triggered by U.S. protectionism and supply chain disruptions. “The participants shared the view that Korea’s membership would help Japan and other existing members stabilize supply chains and promote cooperation in the trade of advanced materials,” FKI said in a press release. The CPTPP, a multinational trade pact led by Japan, serves as a high-standard free trade agreement among member nations. It currently consists of 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam. Although both the liberal Moon Jae-in and conservative Yoon Suk Yeol administrations pursued CPTPP memb

Oct 17, 2025By Park Jae-hyuk
Biz leaders from Korea, Japan vow efforts for Seoul to join CPTPP
Companies

PHOTO Partnership for West Coast Energy Expressway project

HD Hyundai Electric CEO Kim Young-ki, third from left, poses with Niklas Persson, second from left, managing director of Hitachi Energy's grid integration business unit, after signing a memorandum of understanding on the sidelines of the Korea-Sweden Sustainable Partnership Summit at Grand Hyatt Seoul, Thursday. The two companies agreed to cooperate in the high-voltage direct current transmission business to provide the Korean government with a transmission system for the West Coast Energy Expressway project. Courtesy of HD Hyundai Electric

Oct 16, 2025By Park Jae-hyukphoto
[PHOTO] Partnership for West Coast Energy Expressway project
Companies

SK Enmove makes inroads into India's lubricant market

SK Enmove, the lubricant manufacturing unit of SK Innovation, said Thursday it has signed an agreement with Gabriel India, an affiliate of Indian automotive components maker Anand Group, to establish a joint venture in India. The Korean company will hold a 51 percent stake in the new entity, SK Enmove Gabriel India, while the Indian firm will own the remaining 49 percent. With the joint venture, SK Enmove aims to expand its presence in the world's third-largest automobile market with the world's largest population of 1.42 billion. "The joint venture will work to strengthen its sales network and market the brand," SK Enmove said in a press release. "Following its establishment in December, the new company plans to offer a range of products from engine oil and industrial lubricants to specialized lubricants for electric vehicles." Anand Group has set up 13 joint ventures with global companies such as HL Holdings and Henkel, building sales networks throughout India. In partnership with SK Enmove's high-quality products and technological expertise, both companies plan to establish a foundati

Oct 16, 2025By Park Jae-hyuk
SK Enmove makes inroads into India's lubricant market
Companies

Korea makes last-minute efforts as optimism grows over US tariff deal

Seoul's top trade negotiators expressed optimism over the possibility of reaching a tariff agreement with the United States soon, even before the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting scheduled to begin later this month in Gyeongju, North Gyeongsang Province. Amid signs of rapid progress after months of stalemate in the negotiations, they headed to Washington this week to finalize the talks, with both sides committed to accelerating efforts to break the deadlock. Kim Yong-beom, the presidential chief of staff for policy, said Thursday the government is "hopeful" about wrapping up negotiations soon. "Relevant U.S. departments, including the Department of the Treasury, the Department of Commerce and the Office of the U.S. Trade Representative (USTR), appear to be communicating much more closely with one another," he told reporters at Incheon International Airport. Kim made the remarks before departing for Washington to attend follow-up negotiations on the July deal to lower Washington’s proposed blanket duties on Korean products from 25 percent to 15 percen

Oct 16, 2025By Park Jae-hyuk
Korea makes last-minute efforts as optimism grows over US tariff deal
Companies

Will governor's upcoming visit help Georgia regain Korea's trust?

Georgia Gov. Brian Kemp’s upcoming visit to Korea is drawing attention, as questions swirl about how he will address negative public sentiment stemming from the mass detention of Korean workers in early September at a construction site in his state. While his office has remained silent about the message he will share and whom he will meet during the trip later this month, calls from the Korean side are growing for Kemp to offer an immediate apology for the weeklong detention of more than 300 Korean workers. The detentions followed a major immigration raid at the construction site of a plant jointly run by Hyundai Motor and LG Energy Solution (LGES). According to sources familiar with the matter, Kemp's office has decided to hire the Korean subsidiary of a major global PR agency ahead of his third trip to Korea since his inauguration in 2019. This move has been seen as part of the U.S. state’s attempt to rebuild trust after the immigration raid. “To monitor and analyze Korean news reports during the governor’s visit, his office is looking for an agency with extensive experience i

Oct 16, 2025By Park Jae-hyuk
Will governor's upcoming visit help Georgia regain Korea's trust?
Companies

Dongwha, Elementium join hands to commercialize new electrolyte

Dongwha Electrolyte, a battery materials affiliate of Dongwha Enterprise, said Wednesday that it has signed a letter of intent with Elementium Materials to form a strategic partnership aimed at expanding the global market share of its new electrolyte product. Elementium is a U.S. company that has addressed the limitations of conventional carbonate-based electrolytes by developing a new product with improved flame resistance, battery safety, energy density and charging speed. The core material of this electrolyte has been awarded a patent. Leveraging Elementium’s expertise in molecular design and Dongwha Electrolyte’s global infrastructure and supply chain, the companies plan to expand the use of the new electrolyte product beyond defense systems, urban air mobility and medical devices. According to the Korean company, the new product can enhance the performance of lithium-manganese-rich batteries, which have recently attracted the attention of global carmakers and battery manufacturers. The two firms also agreed to share global production facilities, exchange key technologies and coo

Oct 15, 2025By Park Jae-hyuk
Dongwha, Elementium join hands to commercialize new electrolyte
Companies

China sanctions Hanwha Ocean to retaliate against US port fees

Hanwha Ocean’s five U.S. affiliates have come under Chinese government sanctions, following the Korean company’s alleged support for the U.S. government’s investigation into Chinese competitors and the resulting imposition of new port fees. With the new fees taking effect Tuesday, China’s Ministry of Commerce said the same day that organizations and individuals within the country are banned from engaging in transactions, cooperation or any activities with Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings or HS USA Holdings Corp. Of the companies, Hanwha Philly Shipyard is a symbolic site of the shipbuilding cooperation between Korea and the U.S. President Lee Jae Myung visited the shipyard during his trip to the U.S. in August. “Hanwha Ocean’s U.S. subsidiaries have helped and supported the U.S. government’s investigations, which endanger our country’s sovereignty, security and interests,” the Chinese ministry said in a release. The ministry also claimed that the U.S. Section 301 investigation and follow-up actions against

Oct 14, 2025By Park Jae-hyuk
China sanctions Hanwha Ocean to retaliate against US port fees
Companies

Hanwha to light up Gyeongju night sky with fireworks, drones

Hanwha Group has pledged full support for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting set for later this month in Gyeongju, North Gyeongsang Province. The conglomerate said Tuesday it will stage a fireworks and drone light show during the gala dinner for summit participants on Oct. 31. It plans to launch 50,000 fireworks and illuminate the Gyeongju night sky with 2,000 drones, while also funding safety and environmental management for the event. Hanwha Group previously staged fireworks displays at major international events in Korea, including the 1986 Asian Games, 1988 Summer Olympics, 2002 FIFA World Cup, APEC South Korea 2005 and 2018 Winter Olympics. “In addition to fireworks, this performance will feature aerial and waterborne drones powered by information and communication technology and media art,” a Hanwha Group official said. “We aim to portray Korea as a cultural powerhouse inheriting a thousand years of tradition from Silla (an ancient Korean kingdom that set up its capital in Gyeongju) and moving boldly toward the future.” Hanwha Group will a

Oct 14, 2025By Park Jae-hyuk
Hanwha to light up Gyeongju night sky with fireworks, drones
Companies

HD Hyundai Electric eyes North American MV/LV circuit breaker market

HD Hyundai Electric said Tuesday its air circuit breaker, molded case circuit breaker, vacuum circuit breaker and magnetic contactor have received certifications from UL Solutions and UL Solutions in Canada, two leading safety testing institutions in North America. With these certifications, the electronic equipment manufacturer is seeking to expand its share in the North American medium- and low-voltage circuit breaker market. UL Solutions issues certifications for electrical and electronic products, home appliances and industrial equipment after rigorous safety and quality testing. Although not required by law, certifications from UL Solutions and UL Solutions in Canada are effectively mandatory for selling products in the North American market— especially those at risk for fire or electric shock — playing a crucial role in ensuring product reliability and market competitiveness. “With these certifications, we plan to expand our presence not only in the ultrahigh voltage transformer market — where we have long maintained a leading share — but also across distribution equipmen

Oct 14, 2025By Park Jae-hyuk
HD Hyundai Electric eyes North American MV/LV circuit breaker market
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