Seoul: In a significant moment in Korean history, 1988 marked a year of diplomatic and technological advancements for South Korea. North Korea proposed deputy premier-level political and military talks with South Korea, signaling a potential thaw in inter-Korean relations. This proposal came at a time when both nations were navigating a complex geopolitical landscape.
According to Yonhap News Agency, the same year witnessed Samsung Electronics Co. achieving a notable milestone in technology by developing the 1MB RAM (random access memory) for the second time in the world, reinforcing its position as a major player in the global semiconductor industry.
In 1995, a political upheaval occurred when former President Roh Tae-woo was detained on corruption charges linked to his involvement in a 1979 military coup and the 1980 massacre of pro-democracy protestors in Gwangju. Roh, who was elected president following democratic reforms in 1988, was later convicted in 1996 but received a pardon in 1997 by the then President Kim Young-sam and President-elect Kim Dae-jung.
The year 2005 saw an enhancement in diplomatic ties as South Korea and China held a summit in Seoul, further cementing their bilateral relations.
In 2017, South Korea expanded its financial network by clinching a standing bilateral currency swap deal with Canada, aimed at boosting financial exchanges between the two nations.
The following year, North Korea took a progressive step by proposing the creation of cross-border international air routes with South Korea. This proposal was made during the first-ever inter-Korean aviation cooperation meeting held at the joint liaison office in Kaesong, following the third summit between President Moon Jae-in and North Korean leader Kim Jong-un in Pyongyang.
In 2020, Korean Air Lines Co. announced its acquisition of Asiana Airlines Inc. in a deal valued at 1.8 trillion won (US$1.3 billion), a move that would position the merged entity as the world’s 10th-biggest airline by fleet, marking a significant consolidation in the aviation sector.