Lee Jae Myung

Money Moves

Driving the 'Three Mega Projects' industrial plan

South Korea's chip buildout is producing contracts on several fronts. On November 2, Industry Minister Kim Jung-kwan said the three mega projects total 1,600 trillion won, about 60% of GDP in the year work starts, and promised faster permits to bring fab start-ups forward by more than two years. Samsung and SK Hynix have signed long-term memory supply deals with customers, and OpenAI's Sam Altman visited Seoul to talk with SK Group about HBM and data centers.

Updated Nov 2

Force in Play

Completed state visit to China in January 2026; Pyongyang has dismissed Seoul's outreach as 'wishful thinking' amid continued missile tests.

North Korea fired about 10 short-range ballistic missiles from the Wonsan area toward the East Sea on October 29, South Korea's military said. The launch came as Seoul accused Pyongyang of a landmine blast that wounded three South Korean soldiers, an accusation the North denied.

Updated Nov 1

New Capabilities

Observed the HGV test in person; pushing rapid development and deployment

South Korea launched its first domestically developed hypersonic glide vehicle on October 8, with President Lee Jae-myung watching from the test site. The weapon separated from its booster at altitude, dropped low, and maneuvered at more than five times the speed of sound before striking its target.

Updated Oct 29

New Capabilities

Ordered a shorter Nuri launch cycle and more satellite development after the fifth flight

South Korea's Nuri rocket placed five NEONSAT microsatellites in orbit on Oct. 7, and all five made contact with ground stations within hours. They sent back their first images about 14 hours after liftoff, the Korea AeroSpace Administration said on Oct. 15.

Updated Oct 24

Money Moves

Says the project must meet commercial viability and legal preconditions

South Korea still has not committed a dollar to Alaska LNG. Nearly three weeks after President Trump announced a $54 billion Korean investment, Seoul says it will decide only after the developer makes a final investment decision and the project proves commercially viable.

Updated Oct 20

Built World

Reached trade agreement with Trump in October 2025

The United States and South Korea selected a $22.3 billion natural gas power campus in Encinal, Texas, as the first project under their strategic investment agreement. The site will generate 6.47 gigawatts of electricity, enough to feed a 5-gigawatt data center campus being built next door by Related Companies.

Updated Oct 18

Force in Play

As of October 2026: Accused Ukraine of violating a non-disclosure agreement over the POW transfer; recalled ambassador on Oct 8

Zelenskyy told the UN General Assembly on Sept 23 that Ukraine had transferred two North Korean prisoners of war to South Korea. Seoul says the disclosure broke a secrecy deal, and it has demanded an apology and recalled its ambassador from Kyiv.

Updated Oct 10

Money Moves

As of September 2026: Managing extended crisis response; supplementary budget submitted March 31 and oil price relief payments began April 27

South Korea's stock market was the world's best performer in early 2026, with the KOSPI peaking at 6,347 in late February. When Iran closed the Strait of Hormuz, the passage for roughly two-thirds of the country's crude oil imports, the index crashed 19% in two days, the worst two-day drop in its history.

Updated Sep 12

Force in Play

As of August 2026: Reaffirms plan to retake wartime operational control of South Korean troops by 2030 and calls for a faster nuclear-submarine program

President Trump ordered the Pentagon to shrink the largest annual U.S.-South Korea military exercise. The drill ended six days early, on Aug. 21 instead of the planned Aug. 27, after the Pentagon canceled or simulated some live-training events.

Updated Aug 20

Money Moves

As of May 2026: Advancing corporate governance reforms and stock market development agenda

South Korea's benchmark KOSPI stock index crossed 6,000 points for the first time on February 25, 2026. It completed its climb from 5,000 to 6,000 in just 34 trading days, the fastest thousand-point advance in the index's history.

Updated May 29

Rule Changes

As of May 2026: In office

South Korea hasn't executed anyone in 28 years. On January 13, 2026, prosecutors asked a Seoul court for former President Yoon Suk Yeol's death sentence; three days later, another court handed down a five-year sentence for obstruction of justice—the first of eight verdicts from his December 3, 2024 martial law declaration.

Updated May 21

Force in Play

As of May 2026: In office since June 2025, term ends 2030

South Korea handed control of its military to the United States during the Korean War's desperate opening weeks in 1950. Seventy-five years later, Seoul is finally on the verge of getting it back. The new permanent Combined Ground Component Command—activated in January 2026—is the fourth of six command structures now operating year-round, putting a Korean general at the helm of ground forces for the first time.

Updated May 20

Rule Changes

As of May 2026: In office after June 2025 snap election triggered by Yoon’s removal

South Korea just made the quiet part of the 2024 martial-law crisis unmistakably loud: the country's top police officer is out for good. On December 18, 2025, the Constitutional Court removed National Police Agency chief Cho Ji-ho, ruling he helped former President Yoon Suk Yeol's power grab by using police to block lawmakers from reaching the National Assembly floor.

Updated May 15