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Industry
AI Semiconductor Cooperation Forum inauguration ceremony
Trade, Industry and Energy Vice Minister Kang Kyungsung and Science and ICT Vice Minister Kang Dohyun attended the “AI Semiconductor Cooperation Forum” inauguration ceremony on April 2, held at the Korea Semiconductor Industry Association (KSIA) as a follow-up measure to the semiconductor-themed public forum in January, with aim to foster the development of Korea’s AI semiconductor technology and to facilitate coordination between chip suppliers and buyers. The ceremony was attended by representatives of related ministries and companies, including Samsung Electronics, Hyundai Motor, Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and the Korea Association of Robot Industry. date2024-04-03
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Industry
Korea Smart Grid Expo 2024 showcases latest technologies in power industry
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that the Korea Smart Grid Expo (KSGE) 2024, hosted by MOTIE and organized by Korea Smart Grid Association and COEX, is held through April 3-5 at COEX in Seoul, where visitors can check out the latest technologies and products in the smart grid and power industries. With this year marking the Expo's 14th anniversary, KSGE 2024 showcases three special booths focusing on energy storage systems (ESSs), distributed energy, and EV charging infrastructure. The Energy Storage Industry Exhibition presents not only the conventional lithium-ion battery storage system, but other various energy storage technologies like flow battery, heat- and compressed air ESS, and pumped storage power plants. The Distributed Energy Industry Exhibition, in line with the Special Act on the Promotion of Distributed Energy to be enforced in June, presents a new business model that caters to regional characteristics, ranging from integrated power plants to microgrids. The EV Charging Infrastructure Exhibition showcases ultra-high speed, portable chargers, and operation platforms for both domestic and overseas markets, designed by charger manufacturers and operators. date2024-04-03
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Industry
Korea launches AI Semiconductor Cooperation Forum for synergy along chip value chain
Trade, Industry and Energy Vice Minister Kang Kyungsung and Science and ICT Vice Minister Kang Dohyun attended the “AI Semiconductor Cooperation Forum” inauguration ceremony on April 2, held as a follow-up measure to the semiconductor-themed public forum in January, with aim to foster the development of Korea’s AI semiconductor technology and to facilitate coordination between chip suppliers and buyers. At the ceremony were buyers consisting of firms representing Korea’s seven major industries, as well as suppliers in semiconductor intellectual property (IP), fabless, foundry, and post-process. Industrial associations making up the semiconductor value chain entered a memorandum of understanding (MOU) on invigorating the AI semiconductor ecosystem and discussed related policies. The Korean government plans to support the cost of developing on-device AI semiconductor products through supplier-buyer matching and evaluations. Moreover, a system chip inspection support center project will be launched in the second half of this year to provide the testing and inspection service AI chip companies need. There are also plans to give financial support through the chip ecosystem fund and support R&D for developing next-generation intelligent semiconductor technology and processing-in-memory (PIM) semiconductors. date2024-04-03
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Industry
Korean shipyards rank 1st in global orders for Q1 2024
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that Korea’s shipyards landed first place in Q1 2024 in terms of new global orders, a first in in three years. According to UK-based Clarksons Research, Korea won USD 13.6 billion worth of orders in the first three months of this year, up by 41.4 percent year-on-year. The value amounts to approximately 45.5 percent of last year’s annual orders ($29.9 billion) and 44.7 percent of total global orders. In the month of March alone, ship exports grew for the eighth consecutive month since July 2023, boosting the country’s total exports. Korea's shipyards have been making effort to transition over to carbon-free and digital in step with the shifting global landscape, focusing on eco-friendly and high value-added ships. In the first quarter of this year, they won 100 percent of all global orders for eco-friendly vessels, comprising LNG carriers (29 vessels) and ammonia ships (20 vessels). This March, MOTIE announced the “Next Generation K-Shipbuilding Initiative,” containing plans to invest 9 trillion won in the shipbuilding industry over the next five years through public-private joint efforts for securing super gap technologies and talent training. MOTIE also plans to develop eco-friendly ships and autonomous self-navigating ships into Korea’s core export items through active utilization of regulatory sandboxes. date2024-04-03
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Industry
Minister Ahn holds meeting on biopharma manufacturing competitiveness
Trade, Industry and Energy Minister Dukgeun Ahn held a meeting on biopharma manufacturing competitiveness at the Pangyo Technovalley’s Startup Campus on April 1 to lead discussions on biomanufacturing development and future strategies with representatives of major producers of bio materials, parts and equipment (MPE) like Hanhwa and Amicogen, and bio companies like Samsung Biologics and Celltrion. Prior to the meeting, Korea’s Bio MPE Solidarity Cooperation Consultative Group entered a memorandum of understanding (MOU) with major bio companies like Samsung Biologics, Celltrion, and Samsung Bioepis, as well as research and education institutions like the Korea Research Institute of Bioscience and Biotechnology (KRIBB), K-NIBRT and Osong Medical Innovation Foundation to strengthen support for bio MPE firms’ demonstration projects. date2024-04-02
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Industry
Korea lays out blueprint for nurturing global biopharma hub
Trade, Industry and Energy Minister Dukgeun Ahn held a meeting on biopharma manufacturing competitiveness at the Pangyo Technovalley's Startup Campus on April 1 to lead discussions on biomanufacturing development and future strategies with representatives of major producers of bio materials, parts and equipment (MPE) like Hanhwa and Amicogen, and bio companies like Samsung Biologics and Celltrion. MOTIE is aiming to secure Korea’s supergap in advanced biomanufacturing by pouring KRW 2.1 trillion from 2024-2030 into R&D support for global market penetration and the establishment of a bio MPE ecosystem and industrial base to assist 17.7 trillion won worth of private investment by 2030. This is in line with the goal of nurturing five contract development and manufacturing organizations (CDMOs) and five global bio MPE companies by 2030. By 2030, MOTIE intends to produce 15 trillion won worth of bio pharmaceuticals and achieve USD 10 billion in their export. The ministry will also push a prefeasibility study for the Korean version of BioMADE, a project for advancing the high-tech bio production process. In order to advance the production process and accelerate commercialization in tandem with the public bio foundry project to be launched next year, MOTIE will collaborate with the U.S.’ Advanced Mammalian Biomanufacturing Innovation Center (AMBIC) in establishing an innovative bio manufacturing platform. Prior to the meeting, Korea’s Bio MPE Solidarity Cooperation Consultative Group entered a memorandum of understanding (MOU) with major bio companies like Samsung Biologics, Celltrion, and Samsung Bioepis, as well as research and education institutions like the Korea Research Institute of Bioscience and Biotechnology (KRIBB), K-NIBRT and Osong Medical Innovation Foundation to strengthen support for bio MPE firms’ demonstration projects. Companies and institutions participating in this MOU will be engaging in the establishment of a bio MPE testbed project through the Bio MPE Solidarity Cooperation Consultative Group for securing MPE products’ track record beginning this year. date2024-04-02
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Industry
Ministers make joint visit to Changwon Industrial Complex
Trade, Industry and Energy Minister Dukgeun Ahn and the Culture, Sports and Tourism Minister Yu In-chon visited the Changwon Industrial Complex on March 28 to meet with tenant business representatives, young workers, and cultural artists and seek ways to integrate cultural life into the industrial complex. The talks were also attended by Land, Infrastructure and Transport Ministry officials, governor of South Gyeongsang Province and the mayor of Changwon City. date2024-03-29
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Industry
Korea's industrial complexes to be enriched with cultural life for appeal to younger workforce
Trade, Industry and Energy Minister Dukgeun Ahn and Culture, Sports and Tourism Minister Yu In-chon visited the Changwon Industrial Complex on March 28 to meet with tenant business representatives, young workers, and cultural artists and seek ways to integrate cultural life into the industrial complex. The talks were also attended by Land, Infrastructure and Transport Ministry officials, governor of South Gyeongsang Province and the mayor of Changwon City. The talks were held as part of a follow-up measure to the order instructed by President Yoon through the 14th public forum on enriching the industrial complexes with cultural life and making them more appealing to youth. Industrial complexes have led Korea’s industrialization and economic growth at the helm over the last six decades. However, their lack of cultural lifestyle infrastructure is growing more prominent as they age and younger workers are inclined to avoid applying for jobs in these complexes, while companies also face manpower shortages. For example, the Changwon Industrial Complex enjoyed an all-time high of KRW 60 trillion in production value last year, but employment remained at 1,813 new recruits. Accordingly, the Government is designing several measures to blend cultural life into industrial complexes, such as expanding cultural life infrastructure, increasing support for cultural life programs, promoting cooperation between relevant ministries and local authorities from the planning stages of industrial complex development to foster cultural life facilities, and assisting cultural life related tenant businesses’ entry into industrial complexes. Minister Ahn remarked that the Government will increase pan-ministerial efforts to incorporate cultural life into industrial complexes. date2024-03-29
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Industry
Preemptive business realignments to accelerate New Industrial Policy 2.0
The Ministry of Trade, Industry and Energy (MOTIE) held the 41st deliberation committee meeting for business realignment on March 28 and granted approval to seven domestic companies that submitted plans to realign their business portfolio towards digital transition and carbon neutrality. TOPIND, a Korean manufacturer of special vehicle parts and prototype vehicles, aims to start producing lightweight electric vehicle (EV) parts using carbon-fiber reinforced plastic materials. Another car parts manufacturer Samhyun plans to secure its future growth engine in smart actuators for EVs with a three-in-one motor, controller, and brake system. Woorikidsplus, a cosmetics startup, plans to move into the global market with eco-friendly, water-soluble packaging. The approved seven companies revealed plans to make over KRW 91.1 billion in investment and create 285 new job openings over the next five years. MOTIE has announced that a support system for digital transition and carbon neutrality business realignment will be installed starting March 29, with the Corporate Vitality Improvement Special Act turning permanent and the special provisions of the Commercial Act and Fair Trade Act becoming applicable on all business realignments as of the second half of this year. date2024-03-29
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Industry
Global auto parts production facility completed, bolstering Korea's future mobility supply chain
Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex. The French company Valeo has steadily invested in Korea for over 35 years since its first joint investment with a Korean company in 1988, and its accumulated investment in Korea amounts to USD 485 million. It currently runs a total of 11 business sites in Korea. Upon making the $56 million investment decision in August 2022, the company launched the construction of the production facility in the Daegu National Industrial Complex for manufacturing future mobility core parts like sensors and image-recognition cameras of autonomous vehicles. The investment is anticipated to strengthen Valeo’s supply chain for future mobility transition and contribute to the local economy by generating an estimated 110 new job openings and KRW 200 billion in annual sales of future mobility. Since taking office, Korea’s current administration has focused on nurturing the world’s top investment environment for domestic and overseas companies by increasing investment tax credit, strengthening incentives for advanced industry sectors, and taking deregulatory measures. As part of these efforts, the budget for foreign investment cash grants has spiked from the previous 50 billion won (2023) to 200 billion won (2024). date2024-03-28