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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

Korean firms breathe sigh of relief after Seoul-Washington visa talks

Korean firms are preparing to normalize their investments in the United States after Washington reaffirmed that temporary business visitors holding B-1 visas, as well as those who enter through the Electronic System for Travel Authorization (ESTA) visa waiver program, can install, service and repair foreign-purchased equipment at their companies' U.S. plants. The U.S. government clarified the policy on Tuesday (local time) during the first working-level meeting with Seoul on the visa issue. The meeting was arranged after the U.S. detained more than 300 Korean workers — who mostly held B-1 visas or entered through the ESTA program — following an immigration raid last month at HL-GA Battery Company's plant construction site in Georgia, a joint venture between Hyundai Motor and LG Energy Solution (LGES). “We thank the government for its prompt support,” LGES said in a statement. “In line with the recent agreement between the two countries, we will make thorough preparations to normalize construction and operations at the U.S. plant.” Hyundai Motor is considering revising its gui

Oct 1, 2025By Park Jae-hyuk
Korean firms breathe sigh of relief after Seoul-Washington visa talks
Companies

POSCO collaborates with startups to lead innovation in technology

POSCO is working with startups to lead innovation in technology, navigating an unprecedented crisis in the steel industry caused by slow global demand, U.S. tariffs and a glut of low-priced Chinese products. In August, the steelmaker established a 50 billion won ($36 million) fund to invest in startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy — areas aligned with the company's future growth strategies. POSCO has allocated 20 percent of the fund to invest in promising overseas startups. The company also plans to continue seeking investment opportunities, conducting thorough reviews of both domestic and overseas startups' technologies, financial health and strategic relevance. POSCO is also considering joint research with startups and integrating their products and technologies into its own operations to maximize synergy and secure new growth drivers. “We will keep partnering with small- and medium-sized enterprises and startups that have high-potential technologies,” a POSCO official said. “By driving innovation in

Sep 29, 2025By Park Jae-hyuk
POSCO collaborates with startups to lead innovation in technology
Companies

'K-visa' proposed to help Korean firms navigate Trump's immigration policies

Business leaders and legal experts from Korea and the United States urged Washington on Monday to create a so-called "K-visa" to prevent Korean companies from facing setbacks in their U.S. investments amid tightening immigration regulations under the Donald Trump administration. Criticizing the lack of a dedicated U.S. visa category for Korean professionals, they said the K-visa would be the key to a stronger Korea-U.S. economic partnership. "The Georgia case underscores how essential it is for companies to fully understand and comply with U.S. visa rules. Beyond compliance, we must also prepare for new opportunities such as the proposed K-visa, which could strengthen workforce mobility and the U.S.-Korea partnership," American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim said during the chamber's U.S. Visa Seminar in Seoul. The annual seminar was held to introduce U.S. visa categories, procedures and application requirements to Korean companies seeking U.S. market entry. It also covered common pitfalls and how to avoid them, as well as workforce strategies for smoother mark

Sep 29, 2025By Park Jae-hyuk
'K-visa' proposed to help Korean firms navigate Trump's immigration policies
Tech & Science

SK Group to discuss AI ecosystem at APEC CEO Summit

SK Group said Sunday it will host the artificial intelligence (AI) session of the Future Tech Forum, scheduled to be held Oct. 28 in conjunction with the APEC CEO Summit in Gyeongju, North Gyeongsang Province. The conglomerate plans to discuss a national AI ecosystem with global AI industry leaders, renowned scholars and senior government officials at the event, introducing Korea's AI technology capabilities to the world. SK Group Chairman Chey Tae-won, who is also chair of the Korea Chamber of Commerce and Industry which is hosting the APEC CEO Summit, will deliver a keynote address at the session, outlining strategies for a sustainable AI ecosystem within Asia-Pacific countries. Ha Jung-woo, presidential secretary for AI, is scheduled to present on Korea's experiences. Naver CEO Choi Soo-yeon, AWS CEO Matt Garman and others will provide attendees an opportunity to engage with global AI leaders. The K-Tech Showcase will take place the same day at Gyeongju Expo Park, featuring the technologies of major Korean companies, including the AI data center solution jointly developed by SK Group

Sep 28, 2025By Park Jae-hyuk
SK Group to discuss AI ecosystem at APEC CEO Summit
Companies

Gov't, LGES face scrutiny after state data center fire

All eyes on cause of explosion LG Energy Solution (LGES) is facing scrutiny after it was revealed that the company supplied the batteries that exploded Friday at the state data center and sparked a fire in a server room. The resulting disruption to hundreds of online government services has prompted worry among the battery maker’s investors about a potential sharp decline in the company’s stock price in the coming week. However, industry officials raised the possibility that human error may have occurred during the relocation of uninterruptible power supply (UPS) systems inside the facility. According to the Ministry of the Interior and Safety, LGES supplied its lithium-ion batteries between 2012 and 2013 to power the UPS systems installed at the National Information Resources Service (NIRS) in Daejeon. Along with the batteries, LG CNS provided its battery management system to a UPS system manufacturer. The interior ministry, which oversees NIRS, said sparks were produced when outsourced workers moved the facility’s UPS systems to a basement floor. The workers were attempting to se

Sep 28, 2025By Park Jae-hyuk
Gov't, LGES face scrutiny after state data center fire
Companies

US unions urge SHIPS Act, boosting prospects for Korean shipbuilders

Cautious optimism is growing that Korean shipbuilders may win orders from the United States for commercial and naval vessels in the near future, as U.S. unions once again urged their country's lawmakers to pass a bill that would allow certain foreign-built ships to be treated as U.S.-built vessels. Industry officials view HD Hyundai as the top beneficiary of the proposed bill, given its operations of multiple shipyards across the globe and the planned merger of its two shipbuilding subsidiaries. Multiple U.S. news outlets reported that five U.S. labor unions, including the United Steelworkers and the International Brotherhood of Electrical Workers, sent a letter to U.S. lawmakers Tuesday (local time), as there has yet to be any major action to pass the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act, despite strong bipartisan support. "We urge you to support the SHIPS for America Act and to schedule action," the unions said in the letter, according to reports. In June, six U.S. unions sent a similar letter to U.S. senators and representatives. "W

Sep 26, 2025By Park Jae-hyuk
US unions urge SHIPS Act, boosting prospects for Korean shipbuilders
Companies

European firms denounce 'yellow envelope law' as threat to jobs

European companies doing business in Korea have once again urged the government to reconsider the planned amendment to the Trade Union and Labor Relations Adjustment Act — better known as the "yellow envelope law" — warning that they may withdraw from the Korean market if the changes proceed. The companies have also recommended establishing a system for proactive oversight of dominant digital platform providers, puzzling Seoul, which is facing strong U.S. opposition to the regulations. "Questions have been raised about whether criminal liability on top of existing economic and financial sanctions aligns with international standards. This year's white paper reflects these concerns," European Chamber of Commerce in Korea (ECCK) Chairman Philippe van Hoof said Thursday during a press conference for the publication of the chamber's 2025 white paper, which includes the abovementioned suggestions. According to the ECCK, the latest edition of the white paper includes a total of 70 recommendations submitted by 15 committees and two forums. While some suggestions have continuously been submit

Sep 25, 2025By Park Jae-hyuk
European firms denounce 'yellow envelope law' as threat to jobs
Companies

PHOTO Backing Saudi Arabia's shipbuilding industry

HD Hyundai Executive Vice Chairman Chung Ki-sun, right, shakes hands with Saudi Arabia's Investment Minister Khalid Al-Falih at a hotel in Seoul, Thursday, to discuss ways to facilitate the operation of a shipyard currently under construction in the Middle Eastern country, backed by joint investments from the company and the kingdom. HD Hyundai said the two also discussed their joint investment in an engine plant in Saudi Arabia and their development of the country's shipbuilding supply chain. Courtesy of HD Hyundai

Sep 25, 2025By Park Jae-hyukphoto
[PHOTO] Backing Saudi Arabia's shipbuilding industry
Tech & Science

Competition heats up to lead AI farming machine industry

Daedong, TYM and LS Mtron have each strengthened partnerships with other organizations to develop farming machines powered by artificial intelligence (AI) and take the lead in the future agricultural market. With Korea’s rural population aging, the country’s top three agricultural equipment manufacturers are ramping up efforts to attract older farmers and help them address labor shortages with smart technology. Earlier this month, two Daedong Group affiliates — Daedong Robotics and Daedong AI Lab — formed a consortium with domestic AI and robotics companies to foster growth in the AI-powered farming and field robot sector. This initiative aligns with Daedong’s push to develop robots that recognize human voices and offer autonomous driving features. The farming machine maker plans to use the consortium to upgrade core AI technologies such as robot arms and hands for agriculture. Daedong also expects the partnership to address issues facing rural communities, including an aging population, labor shortages and climate change. “The consortium marks a turning point for the domesti

Sep 23, 2025By Park Jae-hyuk
Competition heats up to lead AI farming machine industry
Companies

HD Hyundai foundation supports families of shipyard accident victims

For the first time since its launch in September last year, the HD Hyundai HeeMang Foundation has begun covering living expenses for families of shipyard accident victims. HD Hyundai said Tuesday that nine families of deceased shipyard workers began receiving financial support from the foundation at the HD Hyundai Heavy Industries guesthouse in Ulsan. The amount each family received was based on the number of family members. The foundation plans to cover these families' living expenses every month through the end of September next year, conducting annual reviews to determine whether to continue the support. According to HD Hyundai, this is the nation’s first foundation to provide financial support for families of shipyard workers who died on the job. The foundation was established with funds donated by HD Hyundai Chairman Kwon Oh-gap, who contributed his own money to fulfill the company’s responsibility as the world’s leading shipbuilder. The name “HeeMang,” meaning “hope” in Korean, reflects the organization’s mission. “I deeply sympathize with the pain experienced by f

Sep 23, 2025By Park Jae-hyuk
HD Hyundai foundation supports families of shipyard accident victims
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