Thursday, March 16, 2023
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
The Constitutional Court of Uzbekistan decided on the referendum
At a meeting of the Constitutional Court of the Republic of Uzbekistan, the issue of compliance with the Constitution of the Republic of Uzbekistan was considered by the decision of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan “On holding a referendum of the Republic of Uzbekistan on the draft Constitutional Law of the Republic of Uzbekistan “On the Constitution of the Republic of Uzbekistan” (with annex). The court session was chaired by the Chairman of the Constitutional Court Mirzo Ulugbek Abdusalomov.
“The Constitution of Uzbekistan has a deep essence”
In the very first years of socio-economic transformations in the Uzbekistan, which began after the proclamation of its independence, the task of reforming the Constitution left over from the past appeared as one of the most urgent. The country’s independence required the constitutional consolidation of the nature of the new state, the principles of its foreign and domestic policy, its commitment to human rights, the principles of state sovereignty, the ideals of democracy and social justice.
“Malaysia is a pro-business, pro-investment, and pro-trade country”
"Malaysia is a pro-business, pro-investment, and pro-trade country," said Tengku Zafrul Aziz, Malaysia's Minister of International Trade and Industry (MITI). At the "Business Opportunities in Malaysia" seminar co-hosted by Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE), Minister Tengku Zafrul Aziz said, "We hope that many Korean businessmen will actively invest in Malaysia, a bridgehead for entering the Southeast Asian market, and have more trade opportunities with our country."
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Chosun Ilbo (http://english.chosun.com)
S.Korea to Buy Another 20 U.S. Stealth Fighter Jets
South Korea on Monday decided to buy another 20 cutting-edge F-35A stealth fighter jets from the U.S. It also wants to buy SM-6 ship-to-air missiles that are capable of intercepting North Korean ballistic and cruise missiles besides developing interceptor missiles on its own. The decision came amid an unprecedented flurry of missile launches by North Korea this year. In a meeting Monday, the Defense Acquisition Program Administration approved five weapons purchases worth a total of W7.31 trillion, including the next-generation fighter jets and ship-to-air missiles (US$1=W1,302).
New Busan Airport to Open 6 Years Earlier
A new airport being built on Busan's Gadeok Island will open in 2029, six years earlier than scheduled to improve the southern port city's chances of hosting the 2030 World Expo. The Ministry of Land, Infrastructure and Transport said on Tuesday that it will break ground next year and complete the new airport by December 2029. A feasibility study last year had put the construction period at nine years and eight months or until June 2035.
Busan to Host World Volunteer Conference
Busan will host the World Volunteer Conference in November 2024, the southern port city announced on Tuesday. The conference is organized by International Association for Volunteer Effort (IAVE) and has been taking place every two years since 1970. The last conference was held in Abu Dhabi, UAE, and Seoul hosted it in 2002. Busan put in its bid last November highlighting its location and tourism infrastructure and was chosen in an IAVE meeting on Feb. 28.
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Joongang Ilbo (https://koreajoongangdaily.joins.com )
Samsung Electronics to invest $230 billion into chip complex
Samsung Electronics will invest 300 trillion won ($230 billion) into a massive chip cluster in Yongin, Gyeonggi by 2042, the company and government said Wednesday, as Korea seeks to strengthen the supply chain amid the global competition to attract chipmakers. “Korea Silicon Hills,” a 7.1-million-square-meter (76.4-million-square-foot) site, will host five chip fabrication plants and 150 suppliers of parts and materials for manufacturing a wide range of processors powering computers, cars and appliances.
North Korea fires long-range ballistic missile
North Korea fired a long-range ballistic missile from Pyongyang on Thursday morning, according to South Korea’s Joint Chiefs of Staff. The missile launch comes hours before the leaders of South Korea and Japan are scheduled to meet for a summit in Tokyo to discuss a range of topics expected to include North Korea. Thursday's launch also comes amid the South Korea-United States Freedom Shield exercise, which North Korea has called "preparations for a war of aggression" against its regime.
Yoon aims to restore economic ties during Japan trip
President Yoon Suk Yeol will work to swiftly normalize economic cooperation between Korea and Japan during his two-day visit to Tokyo starting Thursday, according to the presidential office. "The government will swiftly restore the ministerial-level economic cooperation channels between the two countries that have been suspended, such as in finance, trade and science and technology," said Choi Sang-mok, senior presidential secretary for economic affairs, in a press briefing Wednesday. He stressed that "improving Korea-Japan relations in the economic field is not an option, but a necessity."
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The Dong-A Ilbo (http://english.donga.com/)
Samsung to build world’s largest semiconductor cluster in Korea
The government will foster the world’s largest system semiconductor cluster by attracting private sector investment of 300 trillion won by 2042. The government also plans to build 15 high-tech industrial complexes across the nation in semiconductors, futuristic cars, nuclear energy, and space industries. By easing various regulations, including development-restricted areas (such as green belt), to match the level of competitor nations, the government plans to attract corporate investment of 55 trillion won by 2026 in six businesses, including semiconductors, displays, and secondary cells.
DP proposes K-Chips Act
The main opposition Democratic Party of Korea on Wednesday proposed a revision to the Act on Restriction of Special Taxation to ensure that a tax credit rate of up to 15 percent is applied to large businesses’ investments in semiconductor infrastructure. In effect, it accepted the government’s proposed revision issued in January to increase tax credit rates as per the South Korean version of the Chips Act.
Mask mandate lifted for public transportation, pharmacies in discount stores
Beginning Monday next week, people can use public transportation, including buses, subways, and airplanes, without wearing a protective facemask. The government is taking the measure based on the judgment that the Covid-19 situation in the country remains stable even after the indoor mask mandate was lifted on January 30. On Wednesday, the Central Disaster and Safety Countermeasures Headquarters confirmed and announced a plan that switches the mask mandate to ‘mask recommendation.’
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea to set up world’s largest chip cluster in Seoul metropolitan area
The South Korean government plans to attract 300 trillion won ($230 billion) in private investment by 2042 to create the world’s largest advanced system semiconductor cluster in the Seoul metropolitan area. The plan envisions a semiconductor mega-cluster that connects existing production sites in Giheung, Hwaseong, Pyeongtaek and Icheon in Gyeonggi Province. The envisioned cluster of system semiconductors will harbor five advanced chip fabrication facilities and around 150 materials, parts and fabless companies by 2042, according to the plan released during an economic policy meeting chaired by President Yoon Suk Yeol.
Hyundai Motor Group ascends to No.3 in global sales
South Korea’s Hyundai Motor Group (HMG) has become the world’s third-largest automaker in terms of sales for the first time last year, boasting global presence after Toyota Group and The Volkswagen Group. According to investor relations data of each auto manufacturing group on Wednesday, HMG sold 6,845,000 cars globally in 2022, coming in third behind Japan’s Toyota that sold 10,483,000 units and Germany’s Volkswagen that sold 8,481,000 units.
New Busan airport to open in 2029, more than five years ahead of earlier plan
A new international airport near Busan will open more than five years earlier than planned to allow it to start operations in time for the World Expo in 2030, which South Korea’s second-biggest city is bidding for. The government is aiming to open the Gadeokdo airport in December 2029, about five years and six months earlier than the original plan, according to the Ministry of Land, Infrastructure and Transport.
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HanKyoReh Shinmun (http://english.hani.co.kr)
Doubts remain over whether Yoon will get his money out of trip to Japan
President Yoon Suk-yeol will visit Japan for a two-day trip starting Thursday, embarking on full-scale bilateral diplomacy, including a South Korea-Japan summit and participating in the South Korea-Japan business roundtable. The presidential office plans to discuss ways to normalize bilateral ties, including restoring “shuttle diplomacy,” through the first summit exchange between the two nations in 12 years. However, it is unclear if any progress will be made as Japan remains lukewarm even after South Korea’s proposal to resolve a ruling on compensation for victims of forced labor during the Japanese occupation.
China emerges as unlikely mediator as it seeks an alternative to US-led order
Could China replace the US as a peaceful mediator for the international community? Chinese leader Xi Jinping, who has officially begun his third term as president, is flexing his diplomatic muscles with back-to-back meetings with Russia and Ukraine. Now that he’s consolidated one-man rule over both the Chinese Communist Party (CCP) and the government, he appears to be turning abroad and attempting to build a Chinese order distinct from the US-led world order. The news of Xi’s diplomatic agenda took many by surprise on Monday.
Yoon orders review of workweek reform plan after sharp rebuke from young workers
On Tuesday, President Yoon Suk-yeol instructed a review of his administration’s labor policy that centered on increasing the maximum number of hours allowed per week to 80.5 hours. Having been at the top of Yoon’s domestic policy to-do list for his second year in office, the labor policy’s review appears to be his administration’s reaction to fierce discontent with the proposal from young people in the labor sector due to concerns of overwork.
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The KyungHyangShinmun (http://english.khan.co.kr/ )
An Exposé by Chun Doo-hwan’s Grandson, “Grandpa was a Slaughterer. My Family Is Spending Black Money.”
A, the grandson of former president Chun Doo-hwan, disclosed the luxurious life of the Chun family on social media. A said, “I think my grandfather is a slaughterer. He is not a hero who defended the country, but just a criminal.” He claimed he was exposing his family secret “to help reveal the criminal and fraudulent acts that my family is probably engaging in.” On March 15, A posted a video of a woman, presumed to be Chun’s widow, Lee Soon-ja, playing indoor golf on Instagram.
Masks No Longer Mandatory on Public Transportation Starting March 20
From March 20, people can take off their masks when using public transportation. Masks will no longer be mandatory anywhere except for some facilities vulnerable to transmission, such as hospitals. Han Chang-seob, second assistant director of the Central Disaster and Safety Countermeasure Headquarters and acting minister of the interior and safety, announced, “The government will lift compulsory mask regulations on public transportation, such as buses and subways, and in open-counter pharmacies in large facilities, such as major retailers and stations, beginning March 20 (Mon.),”
Kim Kwang-dong Insists, “We Cannot Exclude the Possibility of North Korea’s Involvement in the May 18 Incident”
On Monday, Kim Kwang-dong, head of the Truth and Reconciliation Commission, spoke on the May 18 Democratic Movement and said, “I cannot rule out the possibility of North Korea’s involvement.” He reaffirmed the argument that North Korea intervened in the May 18 pro-democracy movement. Kim was at the center of controversy for comments distorting history before and after he was appointed chairperson of the commission.
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KBS(http://world.kbs.co.kr/service)
JCS: N. Korea Fired Long-Range Ballistic Missile toward East Sea
The Joint Chiefs of Staff(JCS) said that North Korea fired a long-range ballistic missile toward the East Sea on Thursday, hours before President Yoon Suk Yeol is to embark on a two-day visit to Japan. The JCS said that it detected the missile launched from the Sunan area in Pyongyang at around 7:10 a.m. toward the East Sea. The South Korean military is analyzing other details of the launch. North Korea previously fired what it claimed was a Hwasong-15 intercontinental ballistic missile(ICBM) on February 18 at a lofted angle.
S. Korea to Create World's Largest System Semiconductor Cluster
The government has unveiled plans to create the world's biggest system semiconductor cluster near Seoul and establish new industrial complexes in 14 other regions. To foster high-tech industries, President Yoon Suk Yeol has vowed to actively support private investment. Our Bae Joo-yon has more. The Seoul metropolitan area is the prospective home of the world’s largest cluster for system semiconductors as the government seeks to gain an upper hand in cutting-edge industries.
Yoon-Kishida Summit to Have Press Conference, No Joint Declaration
The presidential office says the South Korea-Japan summit set for Thursday will be followed by a joint press conference but will not yield a joint declaration. A senior official of the top office said in a briefing on Wednesday that the upcoming summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida will not produce a joint declaration, citing the lack of time.
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Yonhap (http://english.yonhapnews.co.kr )
N. Korea fires 1 long-range ballistic missile toward East Sea ahead of planned S. Korea-Japan summit
North Korea fired a long-range ballistic missile toward the East Sea on Thursday, Seoul's military said, hours before the leaders of South Korea and Japan are set to meet to discuss the recalcitrant regime's evolving threats and other shared challenges. The Joint Chiefs of Staff (JCS) said it detected the launch from the Sunan area in Pyongyang at 7:10 a.m. It did not immediately provide other details. "While strengthening its monitoring and vigilance, our military is maintaining a full readiness posture in close cooperation with the United States," the JCS said in a text message sent to reporters.
Seoul stocks sharply rebound on eased U.S. banking, inflation woes
South Korean stocks on Wednesday rebounded from the previous session's plunge, on eased concerns over the fallout from the collapse of U.S. banks, which jolted the global financial market this week. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 30.75 points, or 1.31 percent, to close at 2,379.72 points. Trading volume was moderate at about 438 million shares worth some 7.5 trillion won (US$5.7 billion), with gainers outnumbering losers 713 to 183.
Yoon to visit Japan for summit with Kishida
President Yoon Suk Yeol was set to leave for Japan on Thursday for a summit with Prime Minister Fumio Kishida on a trip signaling a significant warming of long-strained relations following the resolution of a row over wartime forced labor. The two-day visit is South Korea's first bilateral presidential trip to the neighboring nation in 12 years, an illustration showing how long the relations between the two countries have been frayed over historical disputes. Yoon's predecessor had visited Japan in 2019, but it was for a Group of 20 summit, not a bilateral visit.
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The Korea Herald (http://www.koreaherald.com )
Korea sets out W300tr plan to build world's largest system chip cluster
South Korea will build the world's largest high-tech chip cluster in Yongin, Gyeonggi Province, with Samsung Electronics, the world's largest memory chip maker taking the lead in the 300 trillion won ($230 billion) project. The plan, unveiled during a presidential meeting with Cabinet members on the economy held on Wednesday, is aimed at boosting the nation's competitiveness in the chip industry, particularly in the non-memory chip technology sector such as system chips. It is set to be completed by 2042.
Government to hear from public on working hours plan
The presidential office said Wednesday that the maximum weekly working hours would be decided after adhering to the will of the public, especially underprivileged workers. This semi-reversal came just a week after the Ministry of Employment and Labor announced on March 6 that it would revise the current 52-hour workweek to allow workers to manage their working hours depending on their workload balance. “The core of President Yoon Suk Yeol’s labor market policy is to protect the rights and interests of the underprivileged workers, such as the MZ generation, workers not under a union group and those working in small and-medium-sized businesses,”
SVB collapse eases pressure on BOK
US Fed likely to hold back on rate hikes due to escalating volatility, giving room for BOK to keep its base rate unchanged. The abrupt fallout from the Silicon Valley Bank collapse has led to raised bets that the US Federal Reserve will be less aggressive in raising interest rates, lifting the burden on the Bank of Korea, which was under pressure from the widening key rate gap.
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The Korea Times (http://www.koreatimes.co.kr )
Yoon to visit Japan for summit with Kishida
President Yoon Suk Yeol was set to leave for Japan on Thursday for a summit with Prime Minister Fumio Kishida on a trip signaling a significant warming of long-strained relations following the resolution of a row over wartime forced labor. The two-day visit is South Korea's first bilateral presidential trip to the neighboring nation in 12 years, an illustration showing how long the relations between the two countries have been frayed over historical disputes. Yoon's predecessor had visited Japan in 2019, but it was for a Group of 20 summit, not a bilateral visit.
Korea to build $229 bil. mega chip cluster in Seoul metro area by 2042
The government will seek 300 trillion won ($229 billion) in investments from the private sector to establish the world's largest high-tech semiconductor cluster in Gyeonggi Province surrounding Seoul by 2042, the trade and land ministries said Wednesday. The massive investment will be handled solely by Samsung Electronics. The Korean semiconductor powerhouse plans to invest the amount to build the Yongin cluster over the next two decades. Market watchers say this will be a game changer for the Korean firm to challenge the dominant global market presence of its competitor TSMC of Taiwan.
US, Russian military chiefs resume contact to discuss drone
Defense Secretary Lloyd Austin spoke to his Russian counterpart on Wednesday about the destruction of a U.S. drone over the Black Sea after an encounter with Russian fighter jets, which brought the two countries closest to direct conflict since Moscow's invasion of Ukraine a year ago. It was the first call between Austin and Defense Minister Sergei Shoigu since October. And Gen. Mark Milley, chairman of the Joint Chiefs of Staff, had a similar call with his Russian counterpart, Gen. Valery Gerasimov, the chief of the General Staff of the Russian armed forces.
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