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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

World Korean Business Convention seeks cooperation between Korean SMEs, diaspora communities

The 2025 World Korean Business Convention concluded in Atlanta, Georgia, drawing significant attention from industry insiders eager to explore business opportunities with companies run by Koreans. Held from Thursday through Sunday at the Gas South Convention Center, the business event was hosted and organized by the Overseas Koreans Agency (OKA) and the Korean American Chamber of Commerce USA. The Korea Federation of Small and Medium Business (KBIZ) and local business daily Maeil Business Newspaper also sponsored the four-day event. It has been held since 2002 to promote business opportunities and networking between domestic and overseas Korean businesses. OKA said in a press release that this year’s convention aimed to help foster a supply chain connecting production, consumption, investment and workforces between Korean businesses and diaspora communities. “I congratulate the opening of the World Korean Business Convention,” Prime Minister Duck-soo said in his congratulatory address, read by SMEs and Startups Minister Oh Young-ju during the event’s opening ceremony on Thursday

Apr 21, 2025By Jhoo Dong-chan
World Korean Business Convention seeks cooperation between Korean SMEs, diaspora communities

Lotte Group chairman to lead Korean business delegation to Indonesia

Lotte Group Chairman Shin Dong-bin will lead a delegation of Korean businesses to Indonesia next week, the Federation of Korean Industries (FKI) said Sunday. FKI said the two-day trip on April 28-29 will be joined by representatives of Korean business groups and companies, including Samsung Electronics, SK, Hyundai Motor Company, LG, Lotte, POSCO, Hanwha, HD Hyundai and KB Financial Group. The FKI plans to use the trip as an opportunity to establish a network with Indonesia’s new administration under President Prabowo Subianto, who was inaugurated in October last year. The delegation will discuss ways to strengthen economic cooperation and expand mutual investment between the two countries, the lobby group said. On the first day of the trip to Jakarta, the Korean delegation will meet the Indonesian Employers Association in a bilateral business roundtable. With business representatives and government officials from both countries, the roundtable will discuss a comprehensive framework for bilateral cooperation and measures from both governments to support it. Indonesian ministers and off

Apr 20, 2025By Ko Dong-hwan
Lotte Group chairman to lead Korean business delegation to Indonesia

Korea, US to hold high-level trade talks this week

Korea will hold a "two-plus-two trade consultation" with the United States this week among the finance and trade ministers from both countries, Korea's Ministry of Trade, Industry and Energy said Sunday. For the upcoming tariff negotiations, Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun will meet with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Washington sometime around Thursday or Friday. "The consultation was arranged at the request of the United States, and detailed schedules and agendas are currently being coordinated with the U.S.," the ministry said in a text message to reporters. Against this backdrop, attention is turning to whether U.S. President Donald Trump will participate in the talks, as he did during negotiations with Japan last week. Trump's potential participation rattled the negotiation table, as he mentioned "the cost of military support" as part of the agenda while in discussions with Japan's chief negotiator Ryosei Akazawa, the minister in charge of economic revitalization. "So far, the U.S. has not raised

Apr 20, 2025By Lee Min-hyung
Korea, US to hold high-level trade talks this week

Kia EV3 selected 2025 World Car of the Year

The Kia EV3 electric vehicle was selected as the World Car of the Year at the 2025 World Car Awards, marking the second consecutive year the carmaker has earned the prestigious title. Kia said Sunday its EV3, an electric compact SUV, won the title at the car awards held during the New York International Auto Show last week. The World Car Awards are widely seen as one of the world’s top three automotive awards along with the North American Car of the Year and the European Car of the Year. A panel of 96 automotive journalists from 30 countries, including Korea, the United States, Europe, China, Japan and India, evaluates and selects the winners in each category. According to the World Car Awards, the Kia EV3 received 780 points overall to outpace two other top contenders — the Hyundai Casper Electric with 764 points and the BMW X3 with 754 points. The Audi A5, the Ford Mustang, the Mini Cooper Electric, the Suzuki Swift, the Toyota Camry, the Toyota Land Cruiser and the Volkswagen Tiguan were also finalists. Kia also claimed the top award at the World Car Awards last year for its large

Apr 20, 2025By Lee Min-hyung
Kia EV3 selected 2025 World Car of the Year

Kakao Mobility forms ties with Japanese taxi association

Kakao Mobility signed a memorandum of understanding with a Japanese taxi association to establish smart taxi infrastructure, paving the way for the digitization of Japan’s taxi industry, the ride-hailing platform said Sunday. Kakao Mobility said it signed the agreement with X Taxi during a visit by a delegation from the Japanese taxi association to its headquarters in Pangyo, Gyeonggi Province, on Thursday. X Taxi was established in 2020 with the goal of driving innovation in the Japanese taxi industry. Its members include CEOs and other key officials from more than 100 taxi companies across Japan, including in Tokyo, Hokkaido, Chiba, Kanagawa and Okinawa. X Taxi representative Kiyokawa Susumu was among the more than 10 officials from the association who visited Kakao Mobility headquarters to gain insights into digital transformation aimed at addressing the aging workforce issue in Japan’s taxi industry. During the meeting, Kakao Mobility provided a detailed presentation of its Kakao T service, including its taxi firm management software, unmanned kiosks for more efficient vehicle di

Apr 20, 2025By Nam Hyun-woo
Kakao Mobility forms ties with Japanese taxi association

US sales of Hyundai Palisade SUV exceed 500,000 units

Hyundai Motor, Korea's top automaker, said Sunday it has sold over 500,000 units of the Palisade sport utility vehicle (SUV) in the United States. The cumulative sales of the Palisade in the United States reached 506,425 units as of the end of last month, according to Hyundai's sales data. Hyundai Motor launched the first-generation Palisade SUV in the U.S. market six years ago in 2019. The second-generation model is set to be released there later this year. In 2024, about two-thirds of the Palisade's global sales of 165,745 units came from the U.S. market. Citing the U.S. as the "world's most competitive SUV market," Hyundai said it will further boost sales there with a diversified SUV lineup composed of the Tucson, Santa Fe and Palisade models. Of 4.02 million vehicles sold in the U.S. in the January-March period, 3.12 million units, or 78 percent, were SUVs and other multipurpose vehicles, according to automotive sales data firm MarkLines. The second-generation Palisade SUV will be available in the world's most important automobile market in the second half of the year. Domestically, it

Apr 20, 2025By Yonhap
US sales of Hyundai Palisade SUV exceed 500,000 units

US port fees on Chinese ships likely to benefit Korea

Korean shipping companies and shipbuilders are emerging as potential beneficiaries of the U.S. Trade Representative's (USTR) recent decision to impose new port fees on ships built or operated by Chinese firms. Citing the low share of Chinese-built vessels in HMM's fleet, analysts predict that more freight owners will turn to Korea's largest container carrier when shipping goods to the United States. "Chinese-built vessels account for only 6 percent of HMM's entire container fleet — the lowest among global shipping companies," Hana Securities analyst Ahn Do-hyun said. "Since HMM has not placed any orders with Chinese shipyards, it is unlikely to be affected by U.S.-China tensions." Among HMM's 83 container ships, five were built in China. Two of those are rented and will be returned soon, while the remaining three are used mainly for Southeast Asian routes. "HMM is expected to gain the upper hand over competitors in securing cargo volume, as it is free from U.S. regulations on Chinese-built ships," Meritz Securities analyst Oh Jung-ha said. Korean shipbuilders are expected to benefit from

Apr 18, 2025By Park Jae-hyuk
US port fees on Chinese ships likely to benefit Korea

US urges LNG import ahead of high-level tariff talks with Korea

Washington renewed calls Friday for Korea to increase imports of liquefied natural gas (LNG) from Alaska, ahead of formal negotiations next week aimed at reducing tariffs under U.S. President Donald Trump's revised trade strategy. However, Seoul remained cautious about gas imports from the northwestern U.S. state and a related pipeline construction project, amid persistent concerns over their feasibility. Tommy Joyce, acting assistant secretary for the U.S. Department of Energy's Office of International Affairs, encouraged Korea and other allies to support the U.S. government's plan to expand LNG exports, which it claims will help bolster global energy security. "The Trump administration is committed to unlocking the 20 million tons per year of gas exports from Alaska and views this as a fantastic opportunity to strengthen Asia's energy security," Joyce said in a pre-recorded video message during the Evolving Energy Forum hosted by the American Chamber of Commerce in Korea (AMCHAM). He described Korea as a key player in helping unleash American energy and advancing Trump's vision of buil

Apr 18, 2025By Park Jae-hyuk
US urges LNG import ahead of high-level tariff talks with Korea

Asiana Airlines faces backlash for mislabeling Ukrainian cities as Russian territory on in-flight map

South Korea's Asiana Airlines on Friday came under fire for mislabeling two Ukrainian cities as part of Russia on its in-flight infotainment system, drawing criticism from Ukrainian nationals and social media users. According to a passenger who shared a photo on Instagram, the cities of Dnipro (formerly Dnepropetrovsk) and Donetsk appeared under Russian territory on the airline's digital map. The labeling is not found on Asiana's official website, suggesting the issue may be limited to the in-flight entertainment platform. In an Instagram direct message exchange, Yuliana Romaniv, the Ukrainian passenger who uploaded the photo on social media, told Yonhap News Agency that the photo was taken Wednesday on an Incheon-London flight. "It was heartbreaking, honestly. Dnipro was never under Russian occupation, so that was a shock for me," Romaniv said. "A lot of Ukrainians lost their loved ones who went to defend those cities, and seeing it labeled as Russian territory was very painful." Romaniv said she notified Asiana Airlines of the blunder via social media "but (I) haven't gotten a response

Apr 18, 2025By Yonhap
Asiana Airlines faces backlash for mislabeling Ukrainian cities as Russian territory on in-flight map

Daewoo E&C signs framework agreement to build fertilizer plant in Turkmenistan

Daewoo Engineering & Construction has signed a $700 million framework agreement to build a fertilizer plant in Turkmenistan, Seoul's industry ministry said Friday. The agreement was signed in Seoul with Turkmenistan's state-owned chemical firm, Turkmenhimiya, according to the Ministry of Trade, Industry and Energy, noting the Korean firm was named the preferred bidder for the project in October. The project aims to construct a fertilizer plant that will extract phosphoric acid from phosphate rocks and process the substance into 300,000 tons of fertilizers annually in eastern Turkmenistan by 2029. After the agreement signing ceremony, Korean Industry Minister Ahn Duk-geun met with his Turkmen counterpart, Baymyrat Annamammedov, and discussed expanding bilateral cooperation in other industrial plant projects, the ministry said. "Turkmenistan is a key region that we expect to serve as a strategic hub for the construction market in Central Asia," a company official said. "We will do our best to explore new markets and diversify our business portfolio."

Apr 18, 2025By Yonhap
Daewoo E&C signs framework agreement to build fertilizer plant in Turkmenistan
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