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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.

PM says revitalizing economic growth more important than managing national debt

Prime Minister Kim Min-seok said Tuesday revitalizing the nation's sluggish economy is more important than managing national debts, adding that the level of debts remains "manageable." Kim made the remarks during a parliamentary interpellation session at the National Assembly, in response to an opposition party lawmaker's question about the government's debt management plans. "I believe that turning economic growth from negative (to positive) is far more important than national debt, and that is where we are concentrating our efforts," Kim said. Kim said the country's total debt remains at a "manageable" level compared to other countries, though he stressed that the government still takes the issue seriously. "I believe restoring the growth rate and managing the debt level is the most appropriate policy at this point," he said. According to data released by the Bank of Korea, the Korean economy expanded 1 percent last year amid a slump in the construction sector. In the October-December period, Asia's fourth-largest economy unexpectedly contracted 0.3 percent from the previous quarter, mar

Feb 10, 2026By Yonhap
PM says revitalizing economic growth more important than managing national debt

Lee instructs authorities to beef up crackdown on drug crimes

President Lee Jae Myung on Tuesday instructed relevant authorities to ramp up crackdowns on drug crimes to better track down increasingly sophisticated trafficking methods. "Drug problems make people sick and are closely linked to the underground economy," Lee said during a Cabinet meeting, calling for the mobilization of all available resources to combat drug crimes. Lee said drugs are being smuggled not only by individual travelers but also through cargo containers, including cases in which narcotics are dropped offshore near the southern island of Jeju, as well as via international mail deliveries. He urged the Korea Customs Service to accelerate the implementation of his directive to reinforce personnel at regional postal distribution hubs to detect drugs concealed in mail, warning that "people are being contaminated." Lee also stressed the need to keep a regular check on law enforcement officers exposed to narcotics during crackdown operations, citing reports that some senior police officers had defied drug tests. According to the National Police Agency, 893 senior police officers un

Feb 10, 2026By Yonhap
Lee instructs authorities to beef up crackdown on drug crimes

President urges faster passage of bill on US investment as Trump steps up tariff pressure

President Lee Jae Myung urged the National Assembly on Tuesday to move faster on legislation, warning that its current pace leaves Korea dangerously exposed to rising global trade pressures. The appeal is aimed squarely at speeding up the passage of the bill related to Korea's investment in the U.S., which was introduced in the National Assembly last November. What Washington describes as a delay has begun to test the patience of the U.S. Donald Trump administration, which warned that inaction could prompt the return of 25 percent tariffs on Korean exports. In a Cabinet meeting, Lee said the country now faces fundamentally different conditions from the past, pointing to heightened global instability, intensifying competition among nations that is reshaping the international order, sweeping changes driven by artificial intelligence and shifts in the international system unfolding faster than forecasts can keep pace. “With the current pace of legislation, it is extremely difficult to respond proactively to these changes in the international community,” Lee said. “To support trade neg

Feb 10, 2026By Anna J. Park
President urges faster passage of bill on US investment as Trump steps up tariff pressure

DPK puts brakes on merger plans with Rebuilding Korea Party, for now

The ruling Democratic Party of Korea (DPK) has decided to pause its push to merge with the minor Rebuilding Korea Party, concluding that moving ahead before the June 3 local elections would be impractical. The decision followed a closed-door meeting of DPK lawmakers held Tuesday at the National Assembly. After hours of discussion, most lawmakers concluded that, while party integration might be justified in principle, the timing was inappropriate given mounting internal tensions. Park Soo-hyun, the party’s chief spokesperson, said the meeting reflected growing concern that the merger debate itself had become divisive. “Even if the proposal to merge with the Rebuilding Korea Party was made with sincere intentions to support the Lee Jae Myung administration’s policy agenda, lawmakers shared the view that the process has ended up fueling internal conflict,” Park told reporters after the meeting. He added that lawmakers asked the leadership to “bring the discussion to a swift conclusion” by reflecting the outcome of the meeting. According to party officials, only a small number of

Feb 10, 2026By Bahk Eun-ji
DPK puts brakes on merger plans with Rebuilding Korea Party, for now

Ruling party proposes bill to set up regulator on property markets

The ruling Democratic Party of Korea (DPK) proposed a bill Tuesday to establish a state regulator tasked with supervising the property markets and boosting oversight into unfair trading in the real estate industry. The bill, sponsored by Rep. Kim Hyun-jung of the DPK, calls for the creation of the real estate watchdog that would oversee and if necessary, conduct investigations into irregularities that arise in the real estate market. "We need an integrated management and oversight system at the state level to prevent money from flowing into unproductive speculation and to avoid following the path of Japan's real estate bubble burst," DPK lawmakers said during a press conference. The agency, to be set up under the prime minister's office, will be granted the authority to access credit information of individuals, including their financial transaction records and the loan status, without a court warrant. It will, however, be required to undergo deliberation by a separate supervisory council within the agency to exercise that authority. Kim said the bill aims to ensure market transparency and

Feb 10, 2026By Yonhap
Ruling party proposes bill to set up regulator on property markets

Korea bets on swift legislative action to head off US tariffs threat

The government sees a clear window to avert a potential U.S. tariff increase, Industry Minister Kim Jung-kwan said Monday, adding that he expects the swift passage of a special bill to implement Korea’s investment package for the United States could persuade Washington to defer the hike. The minister stressed that Seoul is prioritizing passage of the special bill, with bipartisan discussions underway and approval targeted for early March, as it views legislative delays as the key obstacle to easing the trade friction. The National Assembly established a special committee to handle legislation for Seoul's investment commitment to the U.S. as part of the trade negotiations last year. “The main cause (of the hike threat) is delays in passing the bill,” Kim said during a press briefing at Government Complex Sejong. “If the special bill passes in March, we believe there is a high possibility that the tariff hike could be postponed or withdrawn, since U.S. President Donald Trump cited that issue as the main reason for the increase.” Last month, Trump announced that he would raise tari

Feb 9, 2026By Lee Gyu-lee
Korea bets on swift legislative action to head off US tariffs threat

Lee floats scrapping tax breaks for registered rental business operators

President Lee Jae Myung on Monday floated the idea of phasing out tax breaks for registered home rental operators as the government is set to end tax exemptions for owners of multiple homes to cool the overheated property market in the Seoul metropolitan area. In his second consecutive day of social media posts on the issue, Lee said it was unfair for registered landlords who own and rent out multiple homes for profit to continue receiving generous tax breaks, especially when other multiple home owners are set to face heavier capital gains taxes once the temporary exemption expires in May. "While there should be a grace period allowing them to sell their properties, wouldn't it be fair to apply the same taxation system to registered rental homes and ordinary rental homes once the mandatory rental period ends?" Lee wrote on the social media platform X. Registered rental homes are subject to caps on rent increases and guarantee tenants a minimum rental period. While tax incentives were expanded in 2017, the apartment rental and short-term rental schemes were scrapped in 2020 amid criticis

Feb 9, 2026By Yonhap
Lee floats scrapping tax breaks for registered rental business operators

Nat'l Assembly forms special committee to advance US investment bill

The National Assembly on Monday established a special committee to handle legislation aimed at implementing Korea's investment pledges to the United States under a trade deal between the two nations. During a plenary session, the Assembly approved a resolution with bipartisan support to form the committee to deal with the special bill on U.S. investment. The move came after Trump threatened to raise reciprocal tariffs on Korean goods back to 25 percent from 15 percent last month, citing a delay in Seoul's legislative process to pass the bill facilitating the implementation of the trade deal. The bill was introduced by the ruling Democratic Party of Korea (DPK) last November to carry out Seoul's investment pledges to the U.S. as part of a trade deal reached by the two countries last year. Late last month, U.S. President Donald Trump said Washington could raise tariffs on imports from Korea, citing a delay in enacting the bill that would support Seoul's investment commitment. Under the deal, Seoul has committed to investing $350 billion in the U.S., among other pledges, in return for Washin

Feb 9, 2026By Yonhap
Nat'l Assembly forms special committee to advance US investment bill

Ruling party decides to expel head of Jindo County over controversial remarks on foreign women

The ruling Democratic Party of Korea (DPK) decided Monday to kick out the head of Jindo County over his controversial comments on "importing" women from overseas to cope with population decline. The DPK's Supreme Council unanimously voted to expel Kim Hee-su, the county chief of Jindo in South Jeolla Province, for his derogatory remarks, DPK spokesperson Park Soo-hyun told reporters. The decision came five days after Kim suggested "importing young women from Vietnam and Sri Lanka" to marry young men in rural areas during a televised town hall meeting in South Jeolla last Wednesday, triggering public outrage. Kim issued an apology the following day, saying his remarks were intended to highlight structural problems facing rural regions, including severe population decline and the "weakening foundations for marriage," and to stress the need for a merger between South Jeolla Province and Gwangju. In response, the Vietnamese Embassy in Seoul sent a letter to the province in protest of Kim's remarks. South Jeolla Province earlier said it extended its apology to the Vietnamese Embassy and the Vi

Feb 9, 2026By Yonhap
Ruling party decides to expel head of Jindo County over controversial remarks on foreign women

Lee congratulates snowboarder Kim Sang-kyum on silver medal win

President Lee Jae Myung on Monday congratulated alpine snowboarder Kim Sang-kyum on winning a silver medal at the Milan-Cortina Winter Olympics. "I extend my warm congratulations," Lee wrote on Facebook after Kim clinched the silver medal in the men's parallel giant slalom, earning Korea's first medal at the 2026 Winter Olympics on Sunday (local time). Lee noted that Kim won the medal in his fourth Olympic appearance since making his debut at the 2014 Winter Olympics in Russia's Sochi, crediting years of perseverance and dedication. "This medal is even more meaningful as it is the 400th Olympic medal in the history of the Republic of Korea," Lee said, noting it is also the country's second silver medal in a snow-based event. Lee expressed hope that Kim's achievement would inspire courage and confidence among other Korean athletes, adding that he would continue to cheer for their performances together with the Korean people. Kim, 37, became the second Korean to win an Olympic snowboarding medal, following Lee Sang-ho, who earned silver in the men's parallel giant slalom at the 2018 PyeongC

Feb 9, 2026By Yonhap
Lee congratulates snowboarder Kim Sang-kyum on silver medal win
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