Ministry of Trade, Industry and Energy

MDB Project Plaza 2024 launches to enhance global project opportunities for Korean firms

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Economy and Finance (MOEF) of the Republic of Korea are jointly hosting the MDB Project Plaza 2024, organized by the Korea Trade-Investment Promotion Agency (KOTRA), through November 26–27 at the JW Marriott Hotel Seoul. The MDB Project Plaza was first launched in 2013 as a pan-ministerial, international event with the aim to provide Korean businesses with greater opportunities to participate in promising bid projects funded by multilateral development banks (MDBs) and to expand the scope of Korean businesses’ project collaboration with MDBs and other countries’ project owners. This year, the event will take off on the first day with an MDB project forum and briefing sessions on MDB trust funds and promising projects, followed by a one-on-one project consultation session the next day.  Representatives of the World Bank (WB), Asian Development Bank (ADB), Inter-American Development Bank (IDB), African Development Bank (AfDB), Central American Bank for Economic Integration (CABEI), and the European Bank for Reconstruction and Development (EBRD) will be introducing the financing procedures and each MDB’s key projects. Meanwhile, the Export-Import Bank of Korea (KEXIM) will outline the Korean government-contributed MDB trust fund system and the ADB and WB will be giving an overview of the details and project bidding procedures regarding each organization’s trust funds. Relevant authorities from Indonesia, Ukraine, Montenegro, and Oman will also introduce the participation procedures and plan concerning their upcoming projects during the briefing session on promising MDB projects. The second day of the event will have Korean engineering and construction companies engage in one-on-one consultations with overseas MDB-funded project owners over 24 projects worth approximately $47.9 billion in areas like energy, environment, and transport infrastructure.   date2024-11-26

Korea and Malaysia hold trade ministerial talks

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz today in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea (November 24–26) and discussed various pending issues including measures for the swift conclusion of the Korea-Malaysia Free Trade Agreement (FTA), clean energy projects in green hydrogen and carbon capture, as well as local business issues experienced by Korean companies in Malaysia. Notably, the two sides agreed to step up Korea-Malaysia FTA negotiations with the goal of reaching a deal by 2025. Malaysia is Korea’s third largest trading partner and fourth largest investment destination among ASEAN countries. In view of their mutually complementary trade structure, the bilateral FTA is anticipated to serve as a strong trade and investment foundation for Korea in the ASEAN market. On the margins of the Korea-Malaysia summit (November 25), MOTIE and Malaysia’s Ministry of Economy entered a memorandum of understanding (MOU) for cooperation in carbon capture and storage (CCS) with both countries’ leaders present. This agreement establishes the groundwork for cooperation on the smooth implementation of the two countries’ cross-border CCS project, while also facilitating discussions for the bilateral agreement on cross-border transport of carbon dioxide and thereby kicking related companies’ business endeavors into high gear. Korean President Yoon Suk Yeol proposed that the two countries seriously push forward bilateral efforts for greenhouse gas (GHG) reduction based on the CCS cooperation MOU sealed this day. Both leaders agreed that achieving carbon neutrality and transitioning to a green economy are vital for facilitating sustainable development. Meanwhile, Korea’s energy and industry institutions and companies signed three MOUs with their Malaysian counterparts for cooperation in minerals, trade, and hydrogen. MOTIE plans to strongly back these MOUs so that they can translate into tangible outcomes. Prior to the trade ministerial talks, the Korea-Malaysia Business Forum was jointly hosted by the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), attended by approximately 200 representatives of both countries’ governments and institutions. During the forum’s Q&A session, Prime Minister Ibrahim listened to local investment issues facing Korean firms in the Malaysian market.   date2024-11-25

Trade Minister chairs conference assessing trade landscape for firms in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam under the new U.S. administration and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies including KITA, KOTRA, KIEP, Samsung Electronics, and POSCO. date2024-11-25

Trade Minister chairs conference to assess trade landscape for Korean businesses in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies. Following the previous conference on Mexico, today’s conference aims to seek public-private joint measures regarding Vietnam, Korea’s third largest trading partner and home to 9,000 Korean businesses. Korea is Vietnam’s largest investor with firms locally operating in various areas including semiconductors, textiles, and electrical and electronics. Possible policy shifts toward Vietnam under the Trump administration may also impact Korean businesses in the market. MOTIE plans to thoroughly examine global trade environment changes based on today’s discussions to closely communicate with related industries and seek measures for policy assistance so that companies can effectively respond to changes.   date2024-11-25

Trade Minister chairs conference taking stock of trade landscape shifts

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy regarding Mexico and take stock of the possible impact on Korean businesses operating in the local Mexican market. The conference was attended by representatives of Kia Motors, Hyundai Mobis, POSCO, LG Innotek, and other companies and institutions. date2024-11-22

Minister Ahn meets U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg on November 20 on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation. date2024-11-22

Trade Minister chairs public-private conference to take stock of changing business landscape

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul with related ministries, institutions, and companies on response measures for the U.S.’ shifts in trade policy regarding Mexico to take stock of the possible impact on Korean businesses operating in the local Mexican market. Home to numerous Korean automakers and car parts manufacturers, Mexico is a favorable destination for nearshoring investments as companies can benefit from duty-free trade and subsidies upon fulfilling related requirements. Meanwhile, it is projected that possible policy shifts under the new U.S. regime may considerably impact Korean businesses operating in the Mexican market. Trade Minister Cheong stated that the Korean government will make efforts to minimize business uncertainties by activating intergovernmental cooperation channels with Mexico. The ministry plans to hold further meetings to seek public-private joint measures and assess the situation through the Global Trade Strategy Meeting and other platforms.   date2024-11-22

Korea Trade Commission launches investigation on alleged patent infringement of uninterruptible power system

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on November 21 during its 454th KTC meeting the decision to launch investigations on the alleged uninterruptible power system (UPS) patent infringement of Japanese supplier “A” at the request of another Japanese company TMEIC. As for investigations requested by Japanese company Semiconductor Energy Laboratory on the alleged smartphone secondary battery patent infringement by a Chinese smartphone manufacturer and a Korean importer, the KTC issued the determination that the respective respondents have not committed patent infringement. Meanwhile, the KTC overturned its previous judgment (January 20, 2017) ruling in favor of investigation requestor Infineum Korea on the alleged infringement of its patent on lubricant additives upon the patent being found invalid, determining that infringement was not committed.  At the request of camping equipment company Naturehike, the KTC has also launched investigations on a domestic camping gear importer’s alleged infringement of Naturehike’s tent and sleeping gear trademark.   date2024-11-22

Korea Industry Expo 2024 takes off at record scale in India

The Ministry of Trade, Industry and Energy (MOTIE) announced today the launching of the Korea Industry Expo 2024 (“Expo”) through November 21–23 in New Delhi, India. Held with the participation of 233 Korean companies alongside those currently operating in the local Indian market such as Hyundai Motor and LG Electronics, the Expo is Korea’s largest-scale trade show to be convened overseas by a domestic exhibition company. The expo site is the Yashobhoomi India International Convention and Expo Center (IICE), of which Korea International Exhibition Center (KINTEX) won the 20-year operation license last year from the Indian government. It is anticipated that this will serve as an occasion to provide catered export promotion opportunities to Korean businesses. The Korea Trade-Investment Promotion Agency (KOTRA) and Gyeonggi Business & Science Accelerator are supporting companies’ buyer attraction efforts to facilitate business consultations during the Expo, targeting 1,500 prospective buyer companies of India and other neighboring countries. Visitors will be able to take part in various Expo programs including kimchi making and a K-pop singing and dance contest, organized through collaboration with the Korean Cultural Center India to share the Korean culture with local citizens and promote the Expo. On the 22nd, the Korea-India Business Forum will be launched through co-organization by the Herald Media Group and the Confederation of Indian Industry (CII) with the participation of roughly 300 persons composed of the two countries’ governments, economic groups, and business leaders. Korea’s Deputy Minister for Trade and Investment Kim Dae-ja is to give a keynote speech at the Forum under the theme of Korea and India’s path to shared economic prosperity. Deputy Minister Kim stated that an expo is the SMEs’ most favored means of export marketing and this Expo’s direct launch by a Korean exhibition firm in the mega-sized Indian market is spurring expectations of substantial export outcomes, adding that the ministry plans to actively back the domestic exhibition industry’s global market penetration by leveraging Korea’s established overseas network.   date2024-11-21

Korea-Africa Trade and Industry Cooperation Forum 2024

Deputy Minister for Trade Park Jong-won of the Republic of Korea attended the Korea-Africa Trade and Industry Cooperation Forum 2024 (“Forum”) on November 19 at the Trade Tower in Seoul, the first large-scale economic cooperation event for the two sides following the Korea-Africa Summit 2024 in June, which was the first and largest multilateral summit meeting between Korea and Africa. In his congratulatory message, Deputy Minister Park stated that the Korea-Africa Summit 2024 is an invaluable culmination of Korea and Africa’s joint efforts and highlighted the importance of concretizing and developing its outcomes. Along this vein, he shared plans to actively support measures for implementation and new joint project discovery through platforms like the Public-Private Committee for Korea-Africa Economic Cooperation, while also reinforcing the institutional basis for economic cooperation via schemes such as the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF). The Forum convened with the participation of roughly 200 persons including Moroccan Ambassador to Korea Chafik Rachadi, ambassador-level figures of 12 African countries, business leaders, and related experts. date2024-11-20