Ministry of Trade, Industry and Energy

Minister Ahn meets Dutch Minister of Economic Affairs

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Dutch Minister of Economic Affairs Dirk Beljaarts on February 20 in Seoul for discussions on measures to strengthen Korea-Netherlands industrial cooperation as well as agendas like economic security, supply chains, and semiconductors. date2025-02-21

Korea’s top 10 manufacturing industries plan to invest $82 bln in 2025

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held the fifth Industrial Investment Strategy meeting today in Seoul with the participation of Korea’s 10 major manufacturing sectors, the Korea Chamber of Commerce and Industry (KCCI), and the Korea Institute for Industrial Economics & Trade (KIET) to discuss investment performance, investment plans for 2025, and measures to stimulate businesses’ domestic investment. Korea’s top 10 manufacturing industries’ investment outcomes of 2024 amounted to KRW 114 trillion won, surpassing their initial plan of ₩110 trillion. Even as businesses last year experienced difficult conditions as higher-for-longer interest rates increased financing costs and high exchange rates fueled prices of imported capital goods, semiconductors and automobiles led the overall investment performance on an upward trajectory. In 2025, Korea’s 10 leading manufacturing industries plan to make approximately ₩119 trillion (app. USD 82 bln) worth of investments, seven percent higher than the ₩110 trillion that had been planned for 2024. It is meaningful to note that Korea’s major manufacturing sectors’ investment targets are on an expansion trend, despite signs of an intensifying global tariff war and other external and internal factors. The semiconductor industry plans to raise investments centering on cutting-edge memory chips in response to the growing worldwide demand for artificial intelligence (AI) and the automobile industry is aiming to widen investment for its EV transition. Meanwhile, investments by the secondary battery and steel industries are expected to decline as a result of slowing demand and oversupply issues. At the meeting, companies requested that efforts be made to pass the investment tax credit extension bill, which fell through in 2024, and also asked for more drastic financial support as well as active government measures to minimize trade uncertainties. Noting the importance of domestic investment with respect to job creation and supply chain uncertainties, Minister Ahn stated that full support will be given towards fostering a more favorable environment for businesses to steadily increase domestic investments.   date2025-02-12

Korea and Czech Republic deepen standards cooperation in battery, hydrogen, and AI

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the Korea-Czech Republic Standards Cooperation Workshop (“Workshop”) today in Seoul with the participation of approximately 50 private standards experts and government officials of both countries. A follow-up to the action plan for standards cooperation signed between the two countries in October 2024 in Edinburgh to further the outcomes gained during the bilateral summit held last September, today’s Workshop brought Korean and Czech standards experts together to share technology and standardization trends in battery, hydrogen, and artificial intelligence (AI) and to engage in exchanges on standards information and joint standards development research for bilateral standards cooperation. On the margins of the event, the Korean Standards Association (KSA) and the Czechoslovak Association of Standardization (CAS) entered into a standards information distribution license agreement to promote support for Korean and Czech exporting businesses’ obtaining of standards approval for mutual market entry.   date2025-02-11

Korea’s annual retail sales grow 8.2% in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s annual retail sales for 2024 rose 8.2 percent year-on-year. Offline and online sales increased 2.0 percent and 15.0 percent, respectively. MOTIE's retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales decreased 0.8 percent despite the growth of food items (up 2.3 percent) as demand for nonfood categories dropped 7.9 percent.  SSM operators advanced 4.6 percent through their growing number of stores, increasing demand for home dining as well as trends for smaller purchases and shopping local. Convenience store sales (up 4.3 percent) achieved consistent growth throughout the year and even surpassed department store sales at one point but finished 0.1 percentage point short of the annual department store sales share in 2024, as department stores (up 1.4 percent) enjoyed a final spurt from the special seasonal demand in December.  In spite of domestic issues and overseas platforms’ active penetration, online retail sales in 2024 logged growth on the backs of robust demand for food products (up 22.1 percent) and services (up 58.3 percent) such as e-coupons, food deliveries, performances, and travel packages. With the move toward online shopping channels gaining stronger momentum, the percentage point gap between online and offline sales reached 13 percentage points in 2024, a steep climb from the 1.5 percentage point gap of 2023. By category, home appliances/culture (down 0.9 percentage points), fashion/miscellaneous (down 1.2 percentage points), and kids/sports (down 0.6 percentage points) contracted in retail sales share in 2024 owing to receding consumer confidence and the impact from overseas direct purchases (ODP), while food products (up 0.7 percentage points) and service/other (up 2.2 percentage points) expanded. For the month of December, Korea’s retail sales gained 8.9 percent overall as offline sales fell 0.3 percent year-on-year and online sales surged 18.8 percent.   date2025-01-23

Korea and Japan discuss bilateral R&D cooperation

Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee held a meeting with Kikukawa Jingo, Director General for Innovation and Environment Policy at Japan’s Ministry of Economy, Trade and Industry, today in Seoul and discussed government policies for innovation, measures for private-sector R&D investment support, and technological cooperation with the incoming U.S. administration. date2025-01-13

Korea to boost industrial technology innovation via bilateral collaboration with Israel and Japan

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held bilateral meetings with the Israel Innovation Authority and Japan’s Ministry of Economy, Trade and Industry today, respectively, to discuss measures for high-tech cooperation. During the Korea-Israel Industrial R&D Foundation (KORIL-RDF) board of directors videoconference, Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee and Dror Bin, CEO, at the Israel Innovation Authority reviewed the two countries’ joint projects slated for this year in areas like artificial intelligence (AI), quantum cryptography communication, semiconductors, autonomous driving, and bio, agreeing to make joint effort for smooth progress. The two countries are currently engaging in industrial, academic, and R&D collaboration via joint R&D support and technical seminars based on a joint annual funding of USD 8 million through the binational KORIL-RDF established in 2001. At present, 16 joint R&D projects are underway and seven new projects are in line for 2025. It is anticipated that the two countries can look forward to creating synergy by combining Korea’s leading manufacturing base and Israel’s powerful startup business ecosystem and technology talents in advanced industries like cybersecurity, AI, and semiconductors. Prior to the Korea-Israel videoconference, Director General Je also held a meeting with Kikukawa Jingo, Director General for Innovation and Environment Policy at Japan’s Ministry of Economy, Trade and Industry. They discussed government policies for innovation, measures for private-sector R&D investment support, and technological cooperation with the incoming U.S. administration. Sharing an understanding on the need for cooperation amid the changing industrial technology landscape, both sides agreed to expand the scope of joint research and bilateral industrial, academic, and R&D exchanges going forward while seeking further areas for collaboration.   date2025-01-13

Minister Ahn meets Atlantic Council Global Energy Center’s Distinguished Fellow Julia Nesheiwat

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with Atlantic Council Global Energy Center’s Distinguished Fellow Julia Nesheiwat on January 9 (local time) in Washington D.C. to discuss Korea-U.S. cooperation in shipbuilding. date2025-01-13

Minister Ahn attends meeting with NAM representatives

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea attended a roundtable meeting with National Association of Manufacturers (NAM) representatives on January 9 (local time) in Washington D.C. to discuss measures for Korea-U.S. cooperation in advanced industries. date2025-01-13

Minister Ahn visits SK hynix Cheongju Campus

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited SK hynix Cheongju Campus today where he took stock of the export and investment environment and held a conference with relevant companies. At today’s conference, attendees shared their forecast for next year’s semiconductor industry trends and exports and exchanged views on the Yongin Semiconductor Cluster project, MPE (materials, parts, equipment) R&D support, and chip manpower training. date2024-12-30

Trade Minister chairs 58th Industrial Technology Protection Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 58th Industrial Technology Protection Committee meeting on December 27 in Seoul for deliberation and resolution on agenda items like the fifth Comprehensive Plan on Prevention of Divulgence and Protection of Industrial Technology and the proposed export permit on national high-tech strategic technologies and national core technologies. The meeting was attended by approximately 20 committee members composed of relevant ministries, Korea Automotive Technology Institute (KATECH), Korea Institute for Industrial Economics and Trade (KIET), Korea University, and other experts. date2024-12-30