Month: June 2026

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Mortgage Corporation Limited (HKMC) today (June 11) announced the successful pricing of its inaugural digital bonds totalling approximately HK$12 billion equivalent (Issuance) under its US$30 billion Medium Term Note Programme. Following a series of effective pre-marketing exercises and investor roadshows, the bonds were successfully book-built and priced in Hong Kong on June 10, 2026. 
 
This landmark transaction marks the largest-ever digital bond issuance globally to date, underscoring the deep market liquidity and accelerating adoption by institutional investors. With the Issuance, the HKMC also becomes the first public sector entity in Hong Kong to issue digital bonds. In addition, the 5-year Hong Kong dollar (HKD) tranche represents the longest tenor ever for an HKD-denominated digital bond, setting a new benchmark in the HKD bond market.
 
The triple-tranche digital bond issuance comprises HK$6 billion 2-year, HK$2.5 billion 5-year and CNH 3 billon 3-year digital bonds. Building on the successful digital bond issuance mechanism adopted by the Government of the Hong Kong Special Administrative Region (HKSAR Government), the Issuance was well received by a diverse group of high-quality institutional investors. These included local, Southbound Bond Connect and international institutional investors, spanning multilateral development bank, central bank, banks, private banks, insurance and asset management companies. The Issuance attracted a combined peak orderbook of around HK$24 billion equivalent from more than 100 accounts. 
 
The digital bonds are digitally created on a distributed ledger technology platform operated by the Central Moneymarkets Unit (CMU), which also serves as the clearing and settlement system for the digital bonds.
 
The Issuance marks a significant milestone on the HKMC’s digital finance journey. Key features include issuing the bonds in a digitally native format for greater operational efficiency, providing investors the option to access via the existing CMU infrastructure and linkage to Euroclear and Clearstream, and successfully shortening the settlement cycle from five business days to three business days.
 
     Deputy Chief Executive of the Hong Kong Monetary Authority and Executive Director of the HKMC Mr Howard Lee said, “By launching tokenised fixed income products and driving market innovation, the HKMC demonstrates its unwavering support for the HKSAR Government’s strategic roadmap to cement Hong Kong’s position as a global fixed income and currency hub. This landmark digital bond issuance helps deepen Hong Kong’s digital asset ecosystem and accelerate the adoption of tokenisation technology in the fixed income market, inspiring a wider range of issuers, investors, intermediaries and other industry stakeholders to embrace this innovative financial instrument.”
 
     Executive Director and the Chief Executive Officer of the HKMC, Mr Colin Pou, said, “Through our effective pre-marketing exercises and roadshows to the investing community, the inaugural digital bonds issued by the HKMC were priced amidst strong market reception. This milestone highlights the growing participation from arranging banks and first-time digital bond investors. It reinforces Hong Kong’s distinctive role in bridging traditional finance with the digital asset era. Moving forward, the HKMC will continue to leverage its strengths to further develop the local bond market.”
 
The HKMC highly appreciates the professional advice and tremendous support from the Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers which comprised a total of 16 local and international financial institutions, in making a success of the Issuance. The full list of participating financial institutions is set out at the Annex.

Source: Hong Kong Government special administrative region – 4

     The Leisure and Cultural Services Department (LCSD) announced today (June 11) a new measure to enhance the authentication of the identity of hirers of leisure and sports facilities/venues, aiming to further combat unauthorised transfer of bookings of these facilities/venues (commonly referred to as touting activities).
 
     Under the new measure, with effect from July 7, 2026, SmartPLAY users who log into the My SmartPLAY mobile app via “iAM Smart” will have priority in booking facilities available within seven days from 7am each day. SmartPLAY users not intending to use “iAM Smart” can continue to log into the My SmartPLAY mobile app, the official SmartPLAY website, smart self-service stations or service counters at various leisure venues to make bookings from 7.15am each day. The new measure leverages the authentication function of “iAM Smart” to strengthen the verification of the identity of hirers of leisure and sports facilities/venues. As the period from 7am to 7.15am is the peak booking time of ordinary users and also the most active booking time of “touters” using computer programmes or automated tools, implementing the new measure in this period will more effectively prevent touting activities.
 
     As “iAM Smart” is for use by persons aged 11 or above, SmartPLAY users aged under 11 can continue to make bookings through the My SmartPLAY mobile app from 7am each day.
 
     For the above new measure, the LCSD strongly encourages SmartPLAY users aged 11 or above to register as “iAM Smart” users for making priority bookings of leisure and sports facilities/venues from 7am each day. Members of the public may visit the “iAM Smart” website (www.iamsmart.gov.hk/en/reg.html) to understand how to register as “iAM Smart” users. In addition, the Digital Policy Office will set up mobile service counters at the LCSD’s leisure venues from June 14 to August 9 to assist members of the public in registering as “iAM Smart” users. Details are set out in the Annex. For details of the identity authentication of “SmartPLAY” users via “iAM Smart”, please visit the “News” (www.smartplay.lcsd.gov.hk/website/en/news.html) and “Tutorial Video” (www.smartplay.lcsd.gov.hk/website/en/video/tutorial.html) sections on the official SmartPLAY website, or call the enquiry hotline at 3954 5150.
 
     For implementing the above new measure, the LCSD will temporarily suspend the services of the My SmartPLAY mobile app and the official SmartPLAY website from 10.30am to 1.30pm on June 22 (Monday) for conducting a system upgrade. Users who plan to access the system during the said period are advised to do so before or after that period. Alternatively, users may access the SmartPLAY system by using the smart self-service stations or service counters at various leisure venues in person.
 
     The LCSD once again reminds SmartPLAY users not to permit any third party to use their “iAM Smart” accounts, and not to provide their account information to “touters” for making bookings. Any users who have ever used touting services or provided their account information to others should change their passwords as soon as possible. The LCSD will continue to strictly enforce the Conditions of Use of SmartPLAY. For any users breaching the conditions concerned by using computer programmes or automated tools to make bookings or interfere with the normal operation of the system, regardless of whether they have logged into the SmartPLAY system via “iAM Smart” and whether any booking or transaction has been made, the LCSD will suspend their accounts for 360 days without giving any prior notice. 

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The Lands Department today (June 11) posted notices of land resumption and creation of rights of temporary occupation of land and easements and other permanent rights in accordance with section 14 and section 16 of the Roads (Works, Use and Compensation) Ordinance (Chapter 370) for the construction of a lift and pedestrian walkway system between Lai King Hill Road and Lai Cho Road, Kwai Chung.

A portion of private land with an area of about 560 square metres will be resumed by the Government. The private land will revert to the Government upon expiry of a period of three months from the date of affixing the notices (i.e. September 12, 2026). Another portion of that private land will be temporarily occupied from September 12, 2026 until June 30, 2030. After the temporary occupation period ends, an easement and other permanent rights will be created over a portion of the affected land, and the remainder of the land will be returned to the relevant land owner.

The Government will closely liaise with the relevant land owner and affected parties, and properly handle their compensation matters.

The aforementioned road works aim to improve the accessibility of residential areas, community facilities and transport facilities between the uphill areas and Lai King MTR Station.

Source: Republic of China Taiwan

On June 9, 2026 the Trade Remedy Commission of the Ministry of Economic Affairs (MOEA) made an affirmative preliminary determination in its injury investigation involving certain polyamide film from China.

The Trade Remedy Commission found that there is a reasonable indication that the domestic certain polyamide film industry is materially injured by reason of imports from China that are alleged to have been sold in Taiwan (ROC) at less than normal value.

Under the jurisdiction set forth in the Regulations Governing the Implementation of Countervailing and Antidumping Duties, the MOEA is in charge of investigation into whether a Taiwan (ROC) industry is injured by reason of imports. As a result of the MOEA’s affirmative preliminary determination, the Ministry of Finance will continue to conduct a dumping investigation on imports of certain polyamide film from China, and its preliminary determination will be made within 70 days (unless extended) after the day following receipt of notification of the aforementioned injury determination.

The public version in Chinese of the preliminary injury investigation report will be available after July 9, 2026 on the International Trade Administration’s website https://www.trade.gov.tw/.

Source: Government of the Republic of Korea

(Unofficial Translation)

A bold vision for an irreplaceable Republic of Korea is now unfolding!

My beloved fellow Koreans,

Having set sail amid a national crisis without even a moment to catch its breath, the government, founded on popular sovereignty, now marks its first anniversary.

We have pressed forward each day in a desperate mission to restore and normalize the Republic of Korea, carrying with us the earnest hopes and aspirations of 52 million citizens.

Over the past year, we have weathered three tumultuous crises that threatened the lives of our people and the future of the Republic of Korea.

These were the crisis of democracy brought on by the insurrection and the imposition of martial law, the crisis in trade and security triggered by upheavals in the international order and the crisis in people’s livelihoods caused by war in the Middle East. Yet, even amid these relentless challenges, we have once again confirmed that no hardship is insurmountable when the great people of the Republic of Korea stand united in their extraordinary resilience.

We have restored a constitutional order and democracy that had been shaken, proudly proclaimed to the world the return of a democratic Korea, and are paving a hopeful path of economic growth driven by a revitalized democracy.

Guided by the conviction that complex challenges demand our collective wisdom, we have made the voices of 52 million sovereign citizens the compass of national governance.

We have enhanced transparency in governance by communicating directly with the people and strengthened accountability in public office. I believe these are the most promising changes my administration has made over the past year.

My fellow citizens,

Over the past year, despite the series of crises, we have confirmed the Republic of Korea’s potential and identified various possibilities and opportunities.

The unprecedented crisis of democracy became a chance to demonstrate the remarkable strength of the great people of the Republic of Korea. The geopolitical crisis brought about by upheavals in the international order became a chance to prove the Republic of Korea’s outstanding industrial and technological competitiveness.

Meeting with leaders from around the world on the diplomatic stage over the past year, I came to realize that the world is paying close attention to the Republic of Korea.

Every maritime nation wants to cooperate with the Republic of Korea. Every country seeking to defend its territory wants to stand with the Republic of Korea.

The world is watching to see how the Republic of Korea solves humanity’s universal challenges, from the sweeping industrial transformation driven by artificial intelligence and the climate crisis to low birth rates and regional depopulation, as well as deepening polarization and inequality.

If we are the first to blaze a new trail, the Republic of Korea’s pursuit of challenges will become a new global standard and benchmark.

We will make 2026 the first year for the vision of an “irreplaceable Republic of Korea” – a country no nation can stand in for.

Building on the Republic of Korea’s experience, capabilities, values and inherent appeal, as well as our collective effort to overcome the national crisis, we will usher in a new era for the K-initiative.

We will become the first nation to fully integrate AI across industries and everyday life, the preferred partner for countries pursuing self-reliant defense, the foremost country among non-oil producers when it comes to the energy transition and the nation with the most efficient use of land. We will make a great leap forward – from being a nation that captures the world’s attention to becoming an indispensable nation.

To this end, let me outline my administration’s four key policy goals.

First, we will work to establish our country as an industrial powerhouse that holds a huge, commanding lead – one where every citizen and every region shares in the opportunities and benefits of growth.

By harnessing the full capabilities of both the government and the private sector, we will secure an unrivaled competitive edge in cutting-edge industries.

We live in an ever-shifting era of competition for technological hegemony. The moment we grow complacent with a slight lead in any given field, we risk falling behind.

To drive the Republic of Korea’s future prosperity, we will move beyond semiconductors, continuing to identify and foster growth engines with world-leading competitiveness across a wide range of industries.

Above all, the fruits of growth must not remain confined to a select few corporations, regions or sectors.

The gains and opportunities generated by the collective efforts of our entire society must extend to small and medium-sized enterprises and business ventures, be uniformly spread throughout every region and sector and translate into tangible changes in the people’s daily lives.

We will soon unveil to the Korean people a large-scale investment project, which will represent a fundamental transformation of our growth strategy.

We will also ensure that the National Growth Fund, which has received strong public support, fully serves its purpose of delivering “growth for all.” And we will determine how to most effectively utilize the surplus tax revenues generated by the semiconductor industry.

I firmly believe that only when people trust that the growth of our strategic high-tech industries will lead to improvements in their lives can we pursue bolder national investments and continuous innovation together with the people.

Second, we will work to make Korea a diplomatic and security powerhouse that safeguards the peace and pride of all citizens.

Over the past year, the Republic of Korea has proven that it is no longer a small East Asian country that lies at the mercy of surrounding great powers, nor a weak latecomer that passively follows shifts in the international order.

We will spare no effort to gain concrete results from the significant diplomatic and security achievements of the past year, including the revision of the Korea–U.S. Nuclear Cooperation Agreement, efforts to introduce nuclear-powered submarines and moves to restore wartime operational control ahead of schedule.

Guided by the fundamental principle that peace is the foundation of growth and our people’s livelihoods, we will also steadfastly pursue peace, stability, coexistence and shared prosperity on the Korean Peninsula.

The Republic of Korea – with its democratic system, industrial competitiveness and cultural influence – has already become an exemplary nation, one that countries worldwide aspire to learn from and emulate.

Building on the ironclad ROK–U.S. alliance, a strong, self-reliant national defense posture and pragmatic, national interest-focused diplomacy, we will strengthen our standing and role as a responsible global power.

Third, we will strive to build a properly functioning society with norms and rules that are agreed upon by all citizens and consistently upheld.

How can we expect innovation and a desire to take on challenges in a country where those who break the rules are rewarded and those who rely on unfair practices and shortcuts succeed?

We will resolutely rectify any instances of deceit, unfair privileges and injustice that undermine the people’s lives, no matter how minor they may seem. We will push even more vigorously to help “normalize the abnormal” throughout society.

We will strictly crack down on wrongdoings that harm people’s livelihoods and disrupt market order, including stock price manipulation and real estate-related crimes. We will steadfastly implement structural reforms in order to do away with unfair privileges.

Fourth, as a government devoted to saving lives, we will do everything we can to keep the people safe and help them live with dignity.

Neither the status of an economic and industrial powerhouse nor the achievement of becoming a diplomatic and security powerhouse can ever be a source of pride in a country where people undergo life-or-death struggles with debt and risk fatal accidents in the very workplaces where they strive to earn a living.

A state’s core duty is safeguarding the people’s lives. We will protect the people by creating a thick, unbreachable “social safety mattress” of life-saving financial support, workplaces where people can work with peace of mind, a welfare system that leaves no one behind and crime-free streets. In tandem with this, we will manage public administration in a proactive, meticulous manner.

We will establish a system in which people’s lives and safety are prioritized in all areas of state affairs, including finance, welfare, labor, healthcare, public security and disaster responses.

Fellow citizens,

As has been the case during the past year, the sole guiding principle of state governance will be the lives of the people.

To safeguard people’s livelihoods in this era of great upheaval, we will reinvent ourselves as an innovative and pragmatic government that leads the way in adapting to change.

We will break away from conventional practices, make extraordinary judgments and take swift action. The government will not just lead innovation, but will itself become a model of innovation.

We will continue to evolve into a government that has perfect coordination between ministries and agencies when it comes to the people’s livelihoods, that engages in fierce debates yet executes plans swiftly and that embraces any policy benefitting the people’s lives.

We will never compromise when it comes to the people’s lives. Nor will we rest content for even a single moment when it comes to the nation’s future.

Treating each day as if it were the final day of my term, I will give my all in serving the people.

In this way, we will challenge ourselves to do even better than during the past year of the government of popular sovereignty. The government will make the next four years even more promising than the year behind us. We will fulfill the mission entrusted to us with a heavier sense of responsibility than during my first year.

I am confident that the great people of Korea, to whom this nation truly belongs, will always stand with us on this journey toward a new leap forward for the Republic of Korea.

Just as we have done so far, using the wisdom of 52 million sovereign citizens as our guiding light, we will advance unhesitatingly toward the goal of becoming a nation that truly belongs to the people, a Republic of Korea where everyone is happy together.

Thank you.

Source: Government of the Republic of Korea

(Unofficial Translation)

My fellow Koreans, distinguished persons of national merit and bereaved families,

On the occasion of the 71st Memorial Day, we honor the noble sacrifices of the patriots and heroes who gave their lives for the Republic of Korea.

I also extend my deepest respect to all those who have been decorated for devotion to the common good, and to their bereaved families.

Joining us here today are bereaved family members of the late Assistant Inspector Lee Jae-seok, who perished in the line of duty at sea after giving his life jacket to someone in danger; and the late Warrant Officers Jeong Sang-geun and Jang Hee-seong, who held on to the controls of their helicopter until the very end to protect our people.

I would like to take this opportunity to extend my deepest condolences. The Korean people and the Republic of Korea will forever remember these heroes’ noble spirit.

Fellow Koreans,

Today is a day of solemn remembrance – a day for all of us to remember and preserve the noble spirit of all those who gave their lives for our country and to fulfill our responsibility to them.

We stand today on “all the tomorrows” they secured through their sacrifice.

Independence activists devoted their lives to regaining a country that had been taken from them.

Our fallen heroes fought through battlefields shrouded in gun smoke for their nation and fellow citizens.

Democratic citizens stood up to the violence of dictatorship, even in the face of guns and bayonets, and helped build the Republic of Korea into a strong democracy.

Without their noble sacrifice and devotion, the Republic of Korea that is admired around the world today would not exist, and the free and peaceful lives we enjoy every day would not have been possible.

Upholding the spirit of our forebears and honoring them with the respect they deserve is a historic and social responsibility that we, the survivors, must fulfill.

Respect for devotion is the driving force that sustains our national community and moves it forward.

If devotion to the good of all goes unrecognized, who will step forward for the community when the next crisis comes?

That is why an extraordinary sacrifice for the common good must be met with extraordinary compensation, commensurate with that sacrifice.

Honoring and compensating fallen heroes is a matter of action, not just words.

The government, founded on popular sovereignty, is steadily delivering on the pledges it made on Memorial Day last year.

A bill to amend the Act on the Honorable Treatment of Persons of Distinguished Service to Independence, which aims to broaden the scope of compensation for the bereaved families of independence activists, was passed by the National Assembly this year and is scheduled to take effect next year.

We are also faithfully honoring our commitment to provide livelihood support payments to the surviving spouses of our war veterans.

We are proceeding as planned with our commitment to gradually increase the number of contracted medical institutions with a view to establishing a veterans’ healthcare system that leaves no one behind.

We are preparing to designate quasi-veterans hospitals in Gangwon-do Province and on Jeju Island, which currently lack dedicated veterans’ hospitals, so that high-quality medical care can be provided to those in need.

We will only make promises we can keep, and once made, we will keep them unfailingly to ensure that the noble sacrifices made for the good of all are duly repaid.

Along with honoring those who protected our community, bringing to account those who betrayed it for personal gain is an equally vital responsibility entrusted to us survivors.

This is because righteous unity – essential for a national community’s preservation and continued progress – can be achieved only when dedication is lauded and betrayal is met with justice.

Through the Special Act on Asset Confiscation for Pro-Japanese and Anti-National Collaborators to the State, promulgated on June 2, we will investigate and recover assets unlawfully accumulated by pro-Japanese, anti-national collaborators, hold them firmly accountable and set a precedent to prevent any recurrence of such wrongdoings.

Just as we honor those who defended us in the past, we must also accord our “citizens in uniform,” who stand guard today, the full respect and recognition they deserve.

It is thanks to the dedication of our military personnel, firefighters, police officers, coast guards and correctional officers that our people are able to go about their daily lives with peace of mind.

The government will stand firmly behind our “citizens in uniform,” ensuring that they have everything they need to fully devote themselves to their fundamental duty of serving the nation and the people.

We will improve the system of support for injured service members so that those who are unfortunately wounded in service may receive the recognition and benefits they deserve as veterans immediately upon being discharged.

Also, we are now providing family allowances to all military personnel and police officers injured through a natural or humanmade disaster, up to the level of Injury Grade 7, which had been relatively overlooked.

I pledge to continue carefully monitoring the treatment they receive and to firmly address any shortcomings.

Fellow Koreans,

Throughout our history, whenever our national community has faced an existential crisis, the great people of the Republic of Korea have come together to overcome adversity.

That spirit has been carried on through the dedication of our fallen patriots and heroes, and it remains clearly etched in our hearts.

Today, the Republic of Korea is once again weathering waves of crisis. No sooner had we recovered from a devastating insurrection than the war in the Middle East struck, leaving us without a chance to catch our breath and significantly impacting our economy and lives.

However, I am confident that we will prevail over any challenge, thanks to the potential of the great people of the Republic of Korea, who always unite as a greater community in the face of national crises.

The government will surmount this crisis together with the people and devote itself to building a proud Republic of Korea – the kind of nation that our fallen patriots and heroes so earnestly longed for.

The Republic of Korea will become a nation where everyone enjoys equality regardless of where they live, a safe nation where everyone lives with peace of mind, a hopeful nation where people look forward to a better tomorrow and a peaceful, prosperous nation of great unity where everyone is well off.

I believe that building a proud nation like ours is the truest way to honor the sacrifices of our fallen patriots and heroes and to further exalt their noble spirits.

Marking the 71st Memorial Day, I pay tribute once again to the noble sacrifices and devotion of our fallen patriots and heroes.

Thank you.

Source: Government of the Republic of Korea

(Unofficial Translation)

My fellow Koreans, Korean and U.S. service members, and distinguished guests from home and abroad,

Today, we gather for a truly meaningful occasion: the first mutual repatriation of the remains of Korean and U.S. soldiers who fell in the Korean War here in the Republic of Korea – the country that our two nations defended together with unwavering resolve, shedding blood and sweat.

More than seventy years ago, these heroes sacrificed their prime years and precious lives to safeguard the Republic of Korea’s freedom and peace. Thanks to their noble sacrifice, we have been able to live in freedom and peace.

Yet even after the armistice, and during the ensuing decades, many of those heroes’ remains could not be returned to their beloved hometowns. Bringing them back to the full embrace of their homeland is our historic duty as survivors.

Today, the remains of thirteen heroes are returning home.

The remains of ten Korean soldiers, which had reposed in the distant and unfamiliar land of Hawaii, have at last returned to the embrace of their homeland.

With the highest honors, we will now send home the remains of three U.S. service members who had been laid to rest in the mountains and fields of the Republic of Korea, a faraway land.

Regrettably, their names could not ultimately be identified. That, however, in no way diminishes the weight of their noble sacrifice.

We will remember them forever by the most honorable name of all: “Heroes of the Republic of Korea.”

To remember and ever honor those who devoted their youth to the nation and sacrificed themselves for freedom and peace, to inscribe their names fully in the nation’s history and to ensure that no individuals who dedicated themselves to the homeland are ever forgotten or overlooked – these are the duties of a state and, indeed, its very raison d’être.

To ensure that the heroes who defended our nation may rest in peace in the embrace of their homeland, we will carry through with our DNA identification and tracking efforts to confirm the identity of every last fallen hero.

We will do everything possible to make sure that those who have sacrificed and devoted themselves to our community receive the honor and respect they deserve.

Today’s repatriation of remains is not just a humanitarian undertaking – it is far more profound and significant.

It is a pledge by both Korea and the United States, together, to forever remember the heroes who devoted themselves to freedom and peace, and it is the highest honor we can bestow to recognize their sacrifice.

Moreover, today’s repatriation is a meaningful milestone that serves to further deepen and strengthen the ROK–U.S. alliance, which was built upon the blood and dedication of our veterans.

The efforts to find and return not only our own fallen heroes’ remains, but those of our ally, to their bereaved families is the most powerful testament to the ROK–U.S. alliance forged in blood.

Delivering on promises made on the battlefield, even decades later – that is the robust bedrock that has sustained the ROK–U.S. alliance.

Drawing on this steadfast alliance, the Republic of Korea is astonishing the world by adding a new chapter to the story of its prosperity.

Since liberation, Korea has accomplished the rare feat of achieving both industrialization and democratization. It is an exemplary democracy – a nation that truly belongs to the people and that is closely watched by the whole world. It has risen to become an economic powerhouse that is in the global top ten, having gone from being an aid recipient to a donor in just half a century.

I am confident that if Korea and the United States join hands and move forward with unwavering resolve, permanent peace can take root in this land and the flower of mutual prosperity will reach full bloom.

We will continue to steadfastly uphold our legacy of noble solidarity in the cause of freedom and peace, together with the younger generations.

Fellow Koreans,

The peace and prosperity we enjoy today are a great legacy built upon the selfless sacrifices of the nameless heroes here before us.

A nation that remembers sacrifices made for all will have a bright future, and a community that repays their dedication will grow stronger.

The government will do everything possible to honor each and every hero and ensure that their noble ideals are faithfully passed on to future generations.

We will build a responsible Republic of Korea that repays extraordinary sacrifices with special honors and memorializes each and every hero. I will repay their sacrifice by building a safe and peaceful nation.

I offer my deepest respect and condolences once more to the heroes who have returned to the embrace of our homeland today, and I pray they rest in peace.

We will forever remember and honor them.

Thank you.

Source: Government of the Republic of Korea

(Unofficial Translation)

My fellow Koreans, citizens of Busan and maritime and fisheries professionals,

It is a great pleasure to join you in celebrating the 31st National Oceans Day.

National Oceans Day commemorates Admiral Jang Bogo’s establishment of the Cheonghaejin maritime command center. This year, we are holding the commemorative ceremony here in Busan to mark the opening of a new era for the Ministry of Oceans and Fisheries.

Korea is a shipbuilding and shipping powerhouse with world-leading technological prowess. It is also a trading powerhouse that has set a new all-time export record and is now advancing toward US$1 trillion in exports. Further, Korea has emerged as a global defense industry powerhouse whose products are sought after by countries around the world.

It was upon the sea that the Republic of Korea first set sail, launching its bold journey toward the wider world.

Our seafarers and maritime and fisheries professionals were at the forefront of opening of these vast sea routes.

The foreign currency you earned, risking your lives aboard foreign merchant ships and fishing vessels sailing to distant waters, sustained your families and laid the foundation to revive our national economy.

Just as we honor the dedication of Korean miners and nurses dispatched to Germany during the era of industrialization, we must also proudly remember the quiet toil of our seafarers and maritime and fisheries professionals – a remarkable achievement in the history of Korea’s industrialization.

In 1996, the Ministry of Oceans and Fisheries was launched under the Kim Young-sam administration. This was a powerful declaration of our determination to enhance the competitiveness of our shipping, ports, shipbuilding, marine industry and fisheries sector, and to establish the Republic of Korea as a maritime powerhouse.

Now, thirty years later, the sea is no longer just a space for logistics and industries. It has become the front line where our nation’s survival and future will be determined.

In this era of uncertainty – a time when the global maritime trade order and supply chains are being reshaped –securing a leading position and maritime safety, the lifeblood of the global economy, has become more important than ever.

Our government, founded on popular sovereignty, will hasten the realization of President Kim Young-sam’s bold vision of the Republic of Korea becoming a maritime powerhouse.

As a bridge between Eurasia and the Indo-Pacific, the Republic of Korea will safeguard the freedom of navigation and an open trade order for regional countries.

Furthermore, we will lead a new maritime order in which all can share the sea and prosper together through it.

The solid foundation for realizing this nation vision lies in the strength and resilience that our shipping and port industries have built over many years.

Recognizing that the shipping industry is not simply a logistics sector, but a key industry that firmly underpins the nation’s economy and security, the government will foster our shipping and port industries as national strategic industries.

First, we will accelerate the recovery of global shipping supply chains, which have yet to regain full momentum, and build new shipping supply chains that we can fully control.

We will also create an ecosystem in which shipping and shipbuilding can grow together and mutually prosper, while broadly fostering marine insurance, ship financing and maritime services to strengthen our shipping industry’s fundamentals.

We will also make every effort to cultivate skilled seafarers.

Joining us here today are students from Korea Maritime & Ocean University who have safely completed their deep-sea training.

These young people are the future of our shipping industry – these pioneers of the Northern Sea Route era will cross the world’s oldest sea lanes to open a new chapter for tomorrow.

We are also joined by the industry leaders who blazed new trails through their bold entrepreneurial spirit and made us a maritime powerhouse by proactively investing in vessels.

The government will fuse the pioneering spirit of our seasoned professionals with the passion of our young mariners, offering unstinting support so that our shipping industry can take the lead on the world’s oceans.

It is right here – in Busan and across Korea’s southeastern region – where we will fulfill the vision of becoming a true maritime power: a nation that brings countries together through the sea, blazes pathways to peace and builds a foundation for shared prosperity.

As the Republic of Korea’s proud Southern Maritime Capital Region, this area will rise higher, extend its reach further and grow stronger still.

My fellow citizens,

Developing the Southern Maritime Capital Region is not merely about developing a specific region. It is both a survival strategy for the Republic of Korea in this era of intense global competition, and a balanced growth strategy that directly translates the vision of becoming a maritime power into jobs and regional vitality.

Our southeastern region possesses the geopolitical potential and capabilities to emerge as a world-leading maritime hub.

It is a grand gateway connecting the Pacific and Eurasia, a comprehensive industrial hub for world-class businesses and the steadfast heart of Korea’s advanced manufacturing industry. When the southeastern region’s unparalleled strengths are united by the sea, the Southern Maritime Capital Region will reveal its value, blossoming fully and astonishing the world.

Building on this extraordinary potential, the government will integrate Busan and the broader southeastern region to create a new economic zone that is filled with possibility and opportunity.

We will expand logistics infrastructure to link our ports, airports, railways and roads, while also creating a marine tourism belt that encompasses the entire southern coast. In doing so, we will develop the region into a maritime economic zone that stands tall on the global stage.

Furthermore, right here in Busan, the new era of the Ministry of Oceans and Fisheries will begin in earnest.

Once relevant deliberations in the National Assembly are concluded, we will move swiftly to complete a maritime cluster that brings together shipping companies and related public institutions, along with the Maritime Court – for which the necessary legislation has already been passed – and the Southeast Investment Corporation.

We are told that following the relocation of the Ministry of Oceans and Fisheries to Busan, universities across the region – including Korea Maritime & Ocean University – have seen record high numbers of applicants, with a corresponding increase in the proportion of students from the Seoul metropolitan area.

It may not yet represent a major visible transformation, but it is the seed of new and significant change.

Without fail, the government will meet the expectations of our young people who chose the sea in their search for Korea’s future and for new opportunities.

We will develop Busan into the Republic of Korea’s maritime capital in both name and substance, and foster the Southern Maritime Capital Region, thereby fully realizing balanced national development – a vital national mission.

I am confident that all of you – marine and fisheries industry professionals across the country and citizens of the southeastern region – will be constant companions on the Republic of Korea’s journey toward becoming a true maritime power.

Thank you.