South Korea Expands Military Service Options, Leads Critical Minerals Forum, and Boosts Market Ambitions
Updated (3 articles)
President Lee Pushes Alternative Service Model President Lee Jae Myung met with young scientists at Cheong Wa Dae, announcing a review of the mandatory conscription system that could allow citizens to fulfill national duties through research, technology, or community projects. The proposal aims to broaden participation and align service with the country’s high‑tech economy. Lee emphasized that any new framework would retain defense readiness while offering flexible contribution paths [1].
Prime Minister Orders Probe Into Disability Facility Abuse Prime Minister Kim Min‑seok directed a rapid, inter‑agency investigation after allegations surfaced that the head of an Incheon care home sexually abused multiple residents. The task force, convened at its inaugural meeting, will examine staff conduct, victim testimony, and institutional oversight. Kim pledged swift accountability and protective measures for vulnerable populations [1].
Parliament Advances Law Protecting Comfort‑Women Victims The National Assembly’s gender equality and family committee approved an amendment criminalizing false statements that defame World War II “comfort women,” imposing up to five years imprisonment. The bill now proceeds to the legislation and judiciary committee for further deliberation. Lawmakers argue the measure safeguards historical truth and deters revisionist propaganda [1].
Seoul to Chair FORGE Critical Minerals Initiative Until June 2026 The U.S. State Department confirmed South Korea will lead the Forum on Resource Geostrategic Engagement (FORGE), a multinational effort to diversify critical mineral supply chains. Seoul’s chairmanship runs through June 2026, positioning the country at the forefront of securing rare‑earths and battery materials essential for green technologies. Officials highlight the role in strengthening allied resilience against supply disruptions [1].
Defense Minister Ahn Discusses Submarine Cooperation With Canada Defense Minister Ahn Gyu‑back met Canadian procurement secretary Stephen Fuhr in Seoul, exploring joint development for Canada’s $41 billion Patrol Submarine Project. Fuhr toured South Korean shipyards during a week‑long visit, assessing domestic submarine capabilities and potential technology transfer. Both sides expressed interest in deep‑water collaboration and shared maritime security objectives [1].
KRX Chairman Projects KOSPI Surpassing 6,000 Points Jeong Eun‑bo, chairman of the Korea Exchange, told reporters the benchmark KOSPI index can exceed 6,000, citing global market comparisons and planned reforms. He announced initiatives such as extending trading hours to a 24‑hour schedule to attract foreign investors and improve liquidity. The outlook reflects confidence in South Korea’s economic recovery and market modernization [1].
Sources
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1.
Yonhap: South Korea Advances Military Reform, Critical Minerals Lead, and Market Ambitions: Details President Lee’s alternative service review, FORGE chairmanship, defense talks with Canada, KOSPI outlook, and related policy moves, emphasizing a broad reform agenda and economic goals .
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2.
Yonhap: Key Historical Milestones Marked on Feb. 1 in Korea: Chronicles events from the 1952 veterans association to the 2020 Wuhan evacuation, providing historical context without introducing new policy developments .
Timeline
1952 – Korea Veterans Association is founded to represent Korean War veterans and coordinate veteran affairs, reflecting post‑war support for former service members[2].
1968 – Construction of the Seoul‑Busan expressway begins, launching South Korea’s first major highway linking the capital with the southeastern port city and spurring economic growth and regional connectivity[2].
1989 – South Korea establishes diplomatic ties with Hungary, its first relationship with a communist state, signaling a shift toward Eastern Bloc engagement, and imports 20,000 tons of coal from North Korea, marking a rare commercial exchange across the DMZ[2].
2000 – The Cabinet approves a legal revision on human organ transplants, aiming to regulate donation and transplantation and address ethical and medical concerns within the national healthcare system[2].
2002 – A bipartisan group of 46 lawmakers submits a resolution demanding the release of Robert Kim, a Korean‑American former U.S. naval intelligence officer convicted of espionage, highlighting tensions over intelligence sharing between the United States and South Korea[2].
2004 – Robert Kim is released on probation after serving seven years of a nine‑year sentence, illustrating the outcome of the 2002 resolution and ongoing U.S.–Korea security dynamics[2].
2008 – Courts fine Lone Star Funds and Korea Exchange Bank 25 billion won each for stock manipulation in the 2003 KEB credit‑card unit takeover, underscoring regulatory enforcement in South Korea’s financial markets[2].
2013 – Lee Kun‑hee wins inheritance lawsuits for over 4 trillion won, reflecting the legal battles surrounding the Samsung conglomerate’s succession and wealth transfer[2].
2018 – North Korean athletes arrive for the PyeongChang Winter Games, demonstrating inter‑Korean sports cooperation amid heightened diplomatic engagement[2].
2020 – A chartered plane evacuates 333 South Korean citizens from Wuhan during the COVID‑19 outbreak, showing the government’s rapid pandemic response capabilities[2].
Dec 4, 2025 – President Lee Jae Myung meets about 90 veteran manufacturing and export workers at Cheong Wa Dae, praises their role in South Korea’s rags‑to‑riches economic trajectory, and pledges to intensify efforts to eliminate industrial deaths, citing his own factory experience as motivation[3].
Feb 5, 2026 – President Lee meets young scientists at Cheong Wa Dae and announces a review of an overhaul that could substitute mandatory military service with alternative contributions, aiming to broaden service options for citizens[1].
Feb 5, 2026 – Prime Minister Kim Min‑seok orders a swift, thorough investigation into sexual‑abuse allegations at an Incheon disability facility and inaugurates an interagency task force to address the claims[1].
Feb 5, 2026 – The National Assembly’s gender equality and family committee approves an amendment criminalizing false statements defaming World War II “comfort women,” imposing up to five years imprisonment and sending the bill to the legislation and judiciary committee for further review[1].
Feb 5, 2026 – South Korea assumes the chairmanship of the Forum on Resource Geostrategic Engagement (FORGE), a U.S.–led multinational effort to diversify critical mineral supply chains, and will steer the group until June 2026[1].
Feb 5, 2026 – Defense Minister Ahn Gyu‑back meets Canadian defense procurement secretary Stephen Fuhr in Seoul, explores arms cooperation, and tours South Korean shipyards as Canada evaluates bids for its $41 billion Patrol Submarine Project[1].
Feb 5, 2026 – KRX chairman Jeong Eun‑bo tells reporters the KOSPI index can exceed 6,000, cites global market comparisons, and pledges to extend trading hours to 24 hours to boost market performance[1].
Feb 5, 2026 – The parliamentary amendment protecting wartime sexual‑slavery victims moves to the legislation and judiciary committee, where further deliberation will determine its enactment and the enforcement of up to five‑year prison terms for defamation[1].
Feb 5, 2026 – South Korea’s leadership of FORGE continues through June 2026, positioning the country at the forefront of critical‑mineral diplomacy and supply‑chain diversification efforts[1].
Feb 5, 2026 – Canada’s evaluation of bids for the $41 billion Patrol Submarine Project proceeds, with South Korean shipyards under consideration as part of the bilateral submarine cooperation discussed by Defense Minister Ahn and Stephen Fuhr[1].
Feb 5, 2026 – The KRX plans to implement 24‑hour trading to help the KOSPI surpass the 6,000‑point threshold, reflecting a strategic push to enhance market liquidity and global competitiveness[1].