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Korea seeks 'win-win' opportunities under UAE's mega-investment project: finance minister

Finance Minister Choo Kyung-ho speaks during a meeting in Seoul in this photo released by the Ministry of Economy and Finance, Feb. 28. YonhapKorea is seeking to lift potential hurdles for the mega investment pledge made by the United Arab Emirates (UAE) last month, the finance minister said Tuesday, to create "win-win" opportunities for both countries.Finance Minister Choo Kyung-ho made the remark during a meeting with economy-related ministers in Seoul, which aims to flesh out details of the $30 billion investment project announced by the UAE last month, according to the Ministry of Economy and Finance.The meeting was the first of its kind since January, when the UAE decided to make investments across various areas of strategic cooperation between the two countries, including in nuclear power, arms, hydrogen and solar power."In order to promptly visualize the investment by the UAE, we plan to discuss issues, such as the opening of the local office of the UAE sovereign wealth fund, as well as raising a joint fund with the Korea Development Bank," Choo said in a statement. "During th

Feb 28, 2023
Korea seeks 'win-win' opportunities under UAE's mega-investment project: finance minister

Lim Yun-suk elected as SFCC president

Channel NewsAsia correspondent Lim Yun-suk has been elected as the 39th president of the Seoul Foreign Correspondents' Club. Courtesy of SFCCLim Yun-suk, senior correspondent of Channel NewsAsia, has been elected as the 39th president of the Seoul Foreign Correspondents' Club (SFCC), the club said in a statement.Lim started her journalism career at The Korea Times where she worked from 1988 to 1990. Since then, she worked as a correspondent for Reuters, AFP and Bloomberg. Lim has been with Channel NewsAsia since 2006.Among those elected to the SFCC Board are 1st Vice President Lu Rui of Xinhua News Agency, 2nd Vice President Sakurai Norio of Sankei Shimbun, Secretary General Hwang Sung Hee of AFP and Treasurer Lim Jae Sung of Channel NewsAsia, the SFCC said.Founded in 1956, the SFCC has about 490 members, including representatives of 100 media organizations.

Feb 28, 2023
Lim Yun-suk elected as SFCC president

Main opposition party in turmoil after chairman barely escapes arrest

Main opposition Democratic Party of Korea Chairman Lee Jae-myung visits Susaek Elementary School in western Seoul, Tuesday, to meet school cafeteria workers. Joint Press CorpsDPK's factional rift expected to widen as prosecutors continue to hound leaderBy Nam Hyun-wooThe main opposition Democratic Party of Korea (DPK) is plagued by factional strife after its leader, Lee Jae-myung, narrowly escaped arrest in Monday's National Assembly vote. Some of his own party members voted to approve a request by prosecutors to take him into custody on charges of corruption and bribery.The DPK's leadership, Tuesday, called for unity between party members. But the party's mainstream pro-Lee faction chided members who voted for the arrest motion. Other factions of the DPK urged the chairman to step down.“The vote result was not in line with the DPK's consensus and the party's leadership will deeply ponder over its meaning,” DPK floor leader Park Hong-keun said during a party meeting.“The vote should not lead to further turmoil or conflict within the party. The leadership will do its

Feb 28, 2023By Nam Hyun-woo
Main opposition party in turmoil after chairman barely escapes arrest

Yoon vows to nurture biohealth sector into key strategic industry

President Yoon Suk Yeol, front, speaks during a meeting on promoting the biohealth industry at Cheong Wa Dae in Seoul, Feb. 28. YonhapPresident Yoon Suk Yeol vowed Tuesday to nurture the biohealth sector into a key strategic industry, saying he hopes it will become the nation's next semiconductor industry.Yoon made the remark while meeting with health industry executives, scholars and doctors to discuss ways to create new markets related to biohealth."The government plans to combine capabilities and provide support in order to develop the biohealth industry into a key strategic industry," he said during the meeting at the former presidential compound of Cheong Wa Dae, noting that the global biohealth market has enormous growth potential with a current value of around 2,600 trillion won ($1,974 billion)."First, there must be bold innovation and investment. We will have to focus investment on transforming medical, health and care services into those that are digital-based so that we can stay ahead of the global market," he said.Yoon unveiled plans to push for the creation of a biohealt

Feb 28, 2023
Yoon vows to nurture biohealth sector into key strategic industry

Yoon vows to create 'Boston Cluster' in Korea

President Yoon Suk Yeol speaks during a meeting with health industry executives, scholars and doctors to discuss ways to create new markets related to biohealth at the former presidential office compound of Cheong Wa Dae, Tuesday. YonhapGov't plans to foster biohealth sector as key strategic industryBy Jun Ji-hyePresident Yoon Suk Yeol vowed strong government support for domestic biohealth players in order to foster the industry as the country's core strategic business. During a meeting he presided over at the former presidential office compound of Cheong Wa Dae, Tuesday, Yoon said that the biohealth field, which includes pharmaceuticals, medical devices, medicines and bioengineering, has enormous growth potential, calling the sector “Korea's next semiconductor.”The meeting was aimed at exploring strategies for expanding exports and opening new markets for the biohealth industry. Participants included health industry executives, scholars and doctors as well as government officials from relevant ministries. “The global biohealth market is valued at about 2,600 trilli

Feb 28, 2023By Jun Ji-hye
Yoon vows to create 'Boston Cluster' in Korea

PM marks 63rd anniversary of pro-democracy uprising in Daegu

Prime Minister Han Duck-soo speaks at a ceremony to mark the 63rd anniversary of the pro-democracy uprising in the southeastern city of Daegu, Feb. 28. YonhapPrime Minister Han Duck-soo on Tuesday attended a ceremony to mark the 63rd anniversary of the pro-democracy uprising in the southeastern city of Daegu, Han's office said. The protest occurred on Feb. 28, 1960, in Daegu as part of a nationwide movement against the government of then President Rhee Syng-man, who had been in power since 1948.Han said the Daegu uprising sparked the April 19 pro-democracy movement in 1960 that led to the downfall of the Rhee government. Han said the Daegu uprising was "to preserve the values of freedom, democracy, peace and prosperity without yielding to injustice and violence." Han also pledged that the government will continue to make efforts to "enhance the value of patriotism and veterans of the nation's meritorious service." (Yonhap)

Feb 28, 2023
PM marks 63rd anniversary of pro-democracy uprising in Daegu

National Assembly passes bill on new veterans affairs ministry, overseas Koreans agency

The National Assembly approves a bill on upgrading the state agency on veterans affairs to a ministry-level body and establishing a new government agency to handle policies on overseas Koreans on Monday. YonhapThe National Assembly approved a bill on upgrading the state agency on veterans affairs to a ministry-level body and establishing a new government agency to handle policies on overseas Koreans on Monday.The revised Government Organization Act is expected to be endorsed by the Cabinet on Tuesday and take effect as early as June.As part of the revision, a sub-ministry-level agency will be created under the foreign ministry and replace the Overseas Koreans Foundation.The envisioned launch is aimed at strengthening government support for over 7 million Koreans living outside of their home country.The new agency will also provide a one-stop service for consular, legal, military, educational and other functions previously handled by separate bodies.The revision also calls for the establishment of the new Ministry of Patriots and Veterans Affairs, upgrading the current sub-ministry-le

Feb 27, 2023
National Assembly passes bill on new veterans affairs ministry, overseas Koreans agency

Main opposition leader narrowly escapes arrest after National Assembly vote

Main opposition Democratic Party of Korea Chairman Lee Jae-myung, center, talks with lawmakers after delivering a speech before lawmakers vote on his arrest motion during a plenary session at the National Assembly in Yeouido, Seoul, Monday. YonhapLee Jae-myung faces huge political repercussionsBy Nam Hyun-wooDemocratic Party of Korea (DPK) Chairman Lee Jae-myung barely escaped arrest, Monday, amid a relentless pursuit by prosecutors accusing him of corruption and bribery. The National Assembly narrowly voted down a motion to arrest Lee despite the DPK's parliamentary majority.The highly unexpected result is feared to wreak havoc on his leadership, trigger factional infighting and eventually weigh heavily on the main opposition party. During a plenary session of the Assembly, 297 out of 299 lawmakers cast their ballots on a parliamentary consent to arrest the former presidential candidate. Out of the total votes, 139 approved Lee's arrest and 138 rejected it, while nine were abstentions and 11 were considered invalid. The DPK has 169 lawmakers.The Assembly's consent to arrest an incu

Feb 27, 2023By Nam Hyun-woo
Main opposition leader narrowly escapes arrest after National Assembly vote

Yoon vows to create freer, fairer society for new graduates

President Yoon Suk Yeol shakes hands with a graduating student during a commencement ceremony at Yonsei University in Seoul, Monday. In his commencement address, Yoon vowed to create a freer and fairer society for new graduates, asking them to march together toward innovation. YonhapPresident Yoon Suk Yeol addressed the graduating class of Yonsei University on Monday, saying he will create a fairer society free from the "cartels of those with vested rights."In his commencement address, Yoon also asked the graduating students to march together toward innovation with the aim of adjusting the country's systems and institutions to the global standards of innovative and advanced nations."Innovation is achieved when we break up the cartels of those with vested rights, create a freer and fairer system, and practice it together," he said before some 1,300 graduates and school officials."Innovation is bound to be accompanied by the resistance of those with vested rights. When we have the will and courage to overcome this, that is when we can realize innovation," he added.President Yoon Suk Ye

Feb 27, 2023
Yoon vows to create freer, fairer society for new graduates
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