◇ Han Kang, first Korean Nobel Prize in Literature winner
Han Kang won the Nobel Prize in Literature on Dec. 10 (local time). This is the first time a Korean has been selected as a laureate of the Nobel Prize in Literature, which has a 123-year history, and is also the first for an Asian woman. The Nobel Committee noted, "Han Kang has a unique perception of the consolidation of the physical and spiritual, the living and the dead, and has become an innovator of modern prose with her poetic and experimental style."
After the Swedish Academy announced the Nobel Prize in Literature winners on Oct. 10, all of Han Kang's works entered the top 10 bestsellers in major bookstores across the country, selling 1 million copies within six days. At a press conference held on Dec. 6 in Stockholm, Han Kang said regarding President Yoon Suk-yeol's declaration of a state of emergency, "I sincerely hope we do not return to the past when control was exercised through force or coercion, and the restriction of freedom of expression."
◇ 'Team Korea' secures two new nuclear power plants worth 24 trillion won
Team Korea, led by Korea Hydro and Nuclear Power Corporation, was selected as the preferred bidder for the construction project of nuclear power plants in the Czech Republic worth 24 trillion won, surpassing U.S. Westinghouse and France's Electricité de France (EDF) in July this year. This marks Korea's first nuclear power export since the Barakah project in the United Arab Emirates in 2009.
The project involves building two new nuclear power plants in the Dukovany region of the Czech Republic, with participation from Korea Electric Power Corporation (KEPCO), Doosan Enerbility, Hyundai Engineering & Construction, and Samsung C&T in the construction. Korea Hydro and Nuclear Power Corporation plans to finalize contracts with the Czech power authorities' delegation in early next year. The two Dukovany plants are expected to break ground in 2029 and begin commercial operation in 2036.
◇ SK Hynix rises to the top in HBM amidst the AI boom
- This year has marked a turning point for SK Hynix as it moved from being the "second player in the memory semiconductor sector" to leading the artificial intelligence (AI) memory semiconductor space. As the paradigm of memory semiconductors shifts from general DRAM to customized memory, SK Hynix was the most prepared company. In the high bandwidth memory (HBM) sector, a key component for AI data centers, it established itself as the primary supplier for its largest client, Nvidia. Furthermore, NAND flash, which had been a weak spot, has shown remarkable results in the enterprise solid-state drive (SSD) market. In the first three quarters of this year, SK Hynix reported an operating profit of 15.3845 trillion won, significantly outperforming Samsung Electronics' DS (semiconductor) segment operating profit of 12.22 trillion won.
◇ Korea's total fertility rate expected to rebound after 9 years
This year, Korea's total fertility rate is expected to rebound for the first time in 9 years since 2015. The Low Fertility and Aging Society Commission forecasts that the total fertility rate will increase to 0.74 from last year's 0.02 increase. This exceeds the previous estimate of 0.68. This projection reflects recent population statistics. According to the Statistics Korea, the number of newborns in October was 21,398, an increase of 13.4% (2,520 births) compared to the same month last year (18,878 births). The number of newborns in October was the highest in four years since 2020 (21,884), and the growth rate is the highest since 2010 (15.6%). Additionally, the National Assembly Budget Office reported, "This year, the total fertility rate is expected to rise by 0.2 compared to the previous year and will gradually increase until 2028." If this happens, Korea's total fertility rate will rebound after showing a declining trend since 2015 (1.24).
◇ South Korea's defense industry shines across all sectors… boom continues
Korea's defense industry continued to record export contracts across all land, sea, and air sectors this year. The regions for contracts have also diversified, including Europe, the Middle East, and Latin America. The estimated value of defense exports this year is around $15 billion (approximately 21.9 trillion won).
On land, Hanwha Aerospace secured export contracts with Poland and Romania. LIG Nex1 exported Cheongung-II surface-to-air missiles to Iraq, while Hyundai Rotem exported wheeled armored vehicles to Peru for the first time. At sea, HD Hyundai Heavy Industries exported vessels to Peru, and in the air, Korea Aerospace Industries exported Surion helicopters to Iraq for the first time.
◇ Korea's government bonds included in the World Government Bond Index (WGBI)
Korea's inclusion in the World Government Bond Index (WGBI) was confirmed for October 2024. WGBI is the world's largest advanced bond index that includes government bonds from 26 major countries, with the asset size tracking the index amounting to $2.5 trillion. The actual index inclusion will take place starting in November 2025.
The Ministry of Strategy and Finance anticipates that the index inclusion will bring in passive funds ranging from $50 billion to $60 billion (70 trillion to 84 trillion won) as well as $10 billion (14 trillion won) in active funds. The Korea Institute of Finance analyzed that with the inclusion in the WGBI, government bond yields will fall by 0.2 to 0.6 percentage points.
◇ Automobile exports expected to reach record highs
This year, automobile exports are projected to hit an all-time high. According to the Korea International Trade Association, from January to November this year, automobile exports reached $64.7 billion (approximately 94.3131 trillion won), representing a 0.4% increase compared to the same period last year ($64.5 billion). Although the cumulative export figure for November 2023 increased by 32% compared to the same period in 2022, the growth rate has slowed down. December remains, but the association anticipates that automobile exports will record the highest figures in history. The surge in automobile exports this year was driven by the robust sales of hybrid cars in the North American market.
◇ Korea's first domestic anticancer drug approved in the U.S.
In August, the 31st new drug developed in Korea, Rekludan (substance name: Lazertinib), the country's first anticancer drug, was born. Rekludan, developed by Yuhan Corporation by licensing the substance from the bio venture OscoTek, is the first targeted treatment for non-small cell lung cancer. It has been approved as a first-line treatment for non-small cell lung cancer in combination therapy with the intravenous drug from Johnson & Johnson's subsidiary Janssen, Ribociclib (amivantamab). Rekludan is a case where technology export leads to commercialization. Following its approval in the U.S., the European Medicines Agency's Committee for Medicinal Products for Human Use has also given a favorable opinion for Rekludan's product licensing, increasing the prospect of entering the European market.
◇ Naver Webtoon becomes the first Korean content corporation to enter the U.S. stock market
In June this year, Naver's subsidiary Webtoon Entertainment entered the U.S. Nasdaq market, making it the first Korean content corporation to do so. It was the first U.S. stock market listing for a Naver affiliate and is regarded as evidence of the global competitiveness of domestic content corporations. Webtoon Entertainment raised approximately $315 million (approximately 459 billion won) through the listing and is using this as a foundation to expand its platform business focused on the North American market, strengthen its intellectual property (IP) business, and invest in artificial intelligence (AI) technology development. In particular, several webtoon-based original contents in collaboration with Netflix have succeeded globally, demonstrating the potential of the IP conversion business. Notable works include "The Killer: A Girl's Diary" and "Chicken Gangjeong," which were popular in the first half of this year.
◇ 'The power of spicy chicken and indie brands' K-food and K-beauty soar
According to the Ministry of Agriculture, Food and Rural Affairs, K-food exports are expected to reach a cumulative total of $11.77 billion by the end of November this year, setting a record for the highest performance ever. In particular, Samyang Foods' "Spicy Chicken" ramen series has gained worldwide popularity, achieving $700 million in exports, becoming the first in the ramen industry to do so. As a result, Samyang Foods' market capitalization, which was 1.6271 trillion won at the end of last year, has recently increased to around 5.8 trillion won.
This year, cosmetic exports are also expected to surpass $10 billion, marking another record high. Indie brands such as Chosun Beauty, Witch's Shop, Anua, and Tirtir played a significant role in this success. As exports from indie brands increased, ODM (Original Design Manufacturer) corporations like Kolmar Korea and Cosmax also saw growth.
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