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Yi Whan-woo

Korea Times Politics & City Reporter

Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.

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Foreign Affairs

President calls for Mongolian legislative, government support for summit follow-up

ULAANBAATAR — President Lee Jae Myung called for follow-up support from Mongolia's legislature and government as he met the country's parliamentary speaker and prime minister in Ulaanbaatar, Friday, a day after holding a summit with Mongolian President Khurelsukh Ukhnaa. Lee held separate talks with Sandag Byambatsogt, chairman of the State Great Khural, Mongolia's parliament, and Prime Minister Nyam-Osor Uchral, after the two presidents agreed to strengthen the countries' complementary partnership during Thursday's summit. The summit took place on the first day of Lee's state visit, which runs through Saturday. "I hope that yesterday's summit will serve as a turning point for building an even deeper and stronger relationship between Korea and Mongolia, and in that regard, the role of the legislature is especially important," Lee said during his meeting with Byambatsogt. Meeting with Uchral, Lee expressed hope that the prime minister "will closely follow up on the various agenda items agreed upon yesterday," noting that he oversees the government's “day-to-day affairs.” The presiden

Jul 10, 2026By Yi Whan-woo
President calls for Mongolian legislative, government support for summit follow-up
Foreign Affairs

President visits Korean independence activist memorial in Mongolia

ULAANBAATAR — President Lee Jae Myung visited a memorial dedicated to Lee Tae-jun (1883-1921), a Korean independence activist who lived in Mongolia, Friday, on the 105th anniversary of his death. The president paid tribute to the martyr, a physician who devoted himself to the movement for independence from Japan and is often dubbed as the "Schweitzer of Mongolia," during his three-day state visit to Mongolia through Saturday. It was the first visit to the memorial by a Korean president since August 2011 and came a day after the leaders of the two counties signed a memorandum of understanding to preserve the site at their bilateral summit. The president laid flowers at Lee Tae-jun's cenotaph in Ulaanbaatar and observed a moment of silence. The wreath bore a ribbon reading, "105th Anniversary of the Martyrdom of Lee Tae-jun — President Lee Jae Myung of the Republic of Korea." Lee Tae-jun established a clinic in Mongolia during 1910-45 Japan's colonial rule, introducing modern medicine while supporting Korea's independence movement. Touring the memorial's exhibition hall, the president ex

Jul 10, 2026By Yi Whan-woo
President visits Korean independence activist memorial in Mongolia
Foreign Affairs

President urges Korea, Mongolia to join forces for critical mineral supply chain

ULAANBAATAR — President Lee Jae Myung urged Korea and Mongolia to join hands to build a resilient supply chain for critical minerals, stressing that Mongolia's abundant natural resources and Korea's industrial know-how could create strong synergy. In his congratulatory speech at the Korea-Mongolia Business Forum on the sidelines of the bilateral summit in Ulaanbaatar, Lee called on the two countries to create more models of shared growth by expanding cooperation beyond retail and consumer goods. “Let us join forces as reliable partners in critical mineral supply chains,” the president said during the forum attended by about 300 entrepreneurs from the two countries. Business representatives from major Korean companies, including LS Holdings, POSCO Holdings, SK Group, LG CNS, GS Retail, Emart, BGF Retail and Hanwha Investment & Securities, attended the forum. Mongolia was represented by officials from MCS Group, Tavan Bogd Group and other leading companies. Lee pointed to Mongolia's abundant reserves of critical minerals such as copper, molybdenum, tungsten and rare earth elements, as

Jul 9, 2026By Yi Whan-woo
President urges Korea, Mongolia to join forces for critical mineral supply chain
Foreign Affairs

Korea, Mongolia discuss critical minerals, Korean Peninsula on president's state visit

ULAANBAATAR — The leaders of South Korea and Mongolia agreed to expand cooperation on critical minerals to build a resilient and complementary partnership in trade and supply chains during their summit in Ulaanbaatar, Thursday. President Lee Jae Myung also exchanged views with Mongolian President Khurelsukh Ukhnaa on promoting peace and prosperity on the Korean Peninsula by leveraging Mongolia's decadeslong friendly ties with North Korea. The bilateral summit took place on the first day of Lee’s three-day state visit to Mongolia — the first by a Korean head of state in 15 years and just one year after Lee took office in June 2025. According to Cheong Wa Dae, the timing reflected the two countries’ view of each other as important partners in diversifying their diplomatic horizons, with Seoul’s “pragmatic diplomacy” aligning with Ulaanbaatar’s “Third Neighbor Policy.” “Mongolia is a key partner in Korea’s pragmatic, national interest-focused diplomacy, and Korea is Mongolia’s most trusted partner for strategic cooperation. I hope that this message is clearly conve

Jul 9, 2026By Yi Whan-woo
Korea, Mongolia discuss critical minerals, Korean Peninsula on president's state visit
Foreign Affairs

Lee pledges $100 mil. to Ukraine in first summit with Zelenskyy at NATO meeting

ANKARA — President Lee Jae Myung had his first bilateral summit with Ukrainian President Volodymyr Zelenskyy on the sidelines of the NATO summit in Ankara, Wednesday. Lee announced a $100 million comprehensive support package for war-torn Ukraine, and they discussed how to handle North Korean prisoners of war (POWs) in the country in accordance with international law and humanitarian principles. "The president stressed that Korea will continue to provide humanitarian assistance needed by the Ukrainian people while also joining international efforts to support the country's recovery and reconstruction," Cheong Wa Dae spokesperson Kang Yu-jung said in a written briefing. According to Kang, Zelenskyy expressed gratitude for Korea's support and said he hopes to continue close cooperation with Korea and the broader international community to help bring about an end to the war and achieve peace and recovery. He also expressed hope for the continued interest and participation by the Korean government and companies in Ukraine's reconstruction. The two leaders agreed to address the issue of Nor

Jul 8, 2026By Yi Whan-woo
Lee pledges $100 mil. to Ukraine in first summit with Zelenskyy at NATO meeting
Foreign Affairs

Korea, NATO agree to open procurement talks for $9.9 bil. defense market

ANKARA — Korea and NATO agreed to open negotiations on a basic procurement agreement that would allow Korean defense companies to participate in NATO's joint procurement market, estimated to be worth 15 trillion won ($9.9 billion) annually, National Security Adviser Wi Sung-lac said Tuesday. Wi said the agreement was reached on the occasion of a meeting between President Lee Jae Myung and NATO Secretary General Mark Rutte in Ankara, where the NATO summit is being held from Tuesday to Wednesday. Lee is attending the summit at Rutte's invitation. "The agreement, once concluded, will provide an institutional framework for Korean companies to participate in NATO's joint procurement market," Wi said during a press briefing, pointing out that the market is estimated to be worth 15 trillion won per year. “The agreement would give Korea a foothold to enter NATO's defense market, the world's largest,” Wi added, referring to NATO's 32 member states, which make up the world's largest defense procurement market with a roughly 55 percent share of global defense spending. Wi said Korea and NATO

Jul 8, 2026By Yi Whan-woo
Korea, NATO agree to open procurement talks for $9.9 bil. defense market
Foreign Affairs

President calls for higher level of defense partnership between Korea, NATO

ANKARA — President Lee Jae Myung called for a higher level of defense partnership between Korea and NATO, Tuesday, with cooperation expanding beyond arms sales to the joint research, production and operation of weapons systems. In a keynote speech at the NATO Summit Defense Industry Forum on the sidelines of the NATO summit in Ankara, Lee underscored Korea's reputation as a trusted partner, saying it can ensure uninterrupted supply under any circumstances while safeguarding critical technologies. "I propose that we elevate our current defense cooperation, focused mainly on weapons system transactions, to a 'Korea-NATO Defense Industry Partnership 2.0,'" Lee said. He suggested expanding joint research on advanced technologies, expressing hope that Korea and NATO would launch more collaborative research initiatives similar to their existing cooperation programs on ammunition and space. Lee proposed strengthening defense cooperation in much the same way that members of the International Energy Agency jointly manage strategic oil reserves to respond to energy crises. Arguing that defense co

Jul 7, 2026By Yi Whan-woo
President calls for higher level of defense partnership between Korea, NATO
Foreign Affairs

President, NATO chief hold 1st in-person meeting as Korea eyes defense cooperation

ANKARA — President Lee Jae Myung and NATO Secretary General Mark Rutte held their first in-person meeting on the sidelines of the NATO summit in Ankara, Tuesday. The two leaders met after speaking by phone twice — first on July 3, 2025, shortly after Lee took office in June last year, and again on Feb. 10 this year — as the Lee administration seeks to expand defense exports and deepen strategic partnerships beyond Seoul’s traditional allies. Seoul has increasingly looked to NATO, whose 32 member states collectively account for about 55 percent of global defense spending and constitute the world's largest defense procurement market. NATO allies have also committed to a historic increase in defense spending, pledging to raise it to 5 percent of gross domestic product (GDP) in response to the changing global security environment. Rutte, speaking through an interpreter, greeted Lee, saying, "It's a great pleasure to meet you in person. Thank you for joining us, and thank you for your special efforts to ensure that relations between South Korea and NATO continue to grow stronger." Lee

Jul 7, 2026By Yi Whan-woo
President, NATO chief hold 1st in-person meeting as Korea eyes defense cooperation
Society

Paichai baseball team members apologize to Gwangju peers for disparaging chants

Students at a Seoul high school visited Gwangju Monday to formally apologize for chanting disparaging slogans about the 1980 Gwangju Uprising during a national baseball tournament last month. All 36 members of Seoul's Paichai High School baseball team visited Gwangju Jeil High School — the opposing team of which was targeted by the chants — for a reconciliation meeting. The 36 student athletes were accompanied by their headmaster, coaches, teachers and parents, bringing the delegation's total to 86 people. The visit was also accompanied by the superintendents of the Seoul and Gwangju regional education offices, Jung Keun-sik and Kim Dae-jung, respectively. "We sincerely apologize to the players and parents of Gwangju Jeil High School, as well as the citizens of Gwangju, who were deeply hurt by our inappropriate remarks and behavior," Paichai's team captain said, reading a written apology aloud before their Gwangju peers. "What we did was something that should never have happened between fellow athletes ... We know that our words and actions have hurt many people, and we will continue

Jul 6, 2026By Yi Whan-woo
Paichai baseball team members apologize to Gwangju peers for disparaging chants
Politics

Government eyes new fund to invest tax windfall from AI-driven chip boom

The government plans to establish a new fund to effectively invest windfall tax revenue generated by the semiconductor industry’s artificial intelligence (AI)-driven boom, presidential chief of staff Kang Hoon-sik said Sunday. He explained that the fund is intended to finance future priorities and challenges, including the government's three industrial megaprojects unveiled last week, as well as support for people in their 20s and 30s. "We must not spend the additional tax revenue resulting from the semiconductor upturn carelessly at this critical moment that will determine Korea's future," Kang said during a high-level meeting between the government and the ruling Democratic Party of Korea (DPK) at the prime minister’s official residence in Seoul. He went on to say the Lee Jae Myung administration plans to establish what he called a "future response fund" to use additional tax revenue as a "source of investment for future generations." “The creation of the future response fund will lay the foundation for realizing an ‘irreplaceable Korea,’” he added, calling for close cooper

Jul 5, 2026By Yi Whan-woo
Government eyes new fund to invest tax windfall from AI-driven chip boom
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