Ministry of Trade, Industry and Energy

G7 Trade Ministers’ Meeting Outreach Session

Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Trade Ministers’ Meeting Outreach Session as Chief Delegate of the Korean government on July 16 in Reggio Calabria, Italy.   The Session was attended by representatives of the G7 countries, Outreach countries, the business community of G7 countries (B7), and international organizations for discussions on strengthening the resilience of supply chains. date2024-07-17

Korea discusses measures for bolstering supply chain resilience with G7 member countries

Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Trade Ministers’ Meeting Outreach Session as Chief Delegate of the Korean government on July 16 in Reggio Calabria, Italy. The Session was attended by representatives of the G7 countries, Outreach countries, the business community of G7 countries (B7), and international organizations for discussions on strengthening the resilience of supply chains. During the Session, Deputy Minister Roh stated that unlike the past when low-cost and high-efficiency were endowed utmost priority, the global supply chain as of late is undergoing drastic changes. Highlighting the importance of cooperation with trustworthy partners in establishing a resilient and stable supply chain, he said that Korea is currently engaging in multilateral cooperation, including the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Minerals Security Partnership (MSP), as well as bilateral cooperation with Africa, Latin America, and other regions. Moreover, he introduced Korea’s domestic policies, including the early warning system and the industrial supply chain strategy of lowering key items’ dependency to 50 percent or less by 2030. On the margins of the G7 Trade Ministerial, Deputy Minister Roh met with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala to discuss measures for securing follow-up outcomes to the WTO's 13th Ministerial Conference (MC13) and asked for interest in Korean trade talent’s participation in WTO internships. The deputy minister also met with a government representative of Brazil, which holds this year’s G20 presidency, and discussed the Korea-Brazil Trade and Investment Promotion Framework (TIPF) implementation, Korea’s preparations for Asia Pacific Economic Cooperation (APEC) chairmanship in 2025, and both bilateral and multilateral measures for stronger cooperation. date2024-07-17

Trade Minister visits Renault Korea's Busan plant

Minister for Trade Inkyo Cheong visited Renault Korea's Busan plant on July 12 under the initiative of promoting foreign investment and discussed hybrid car investment and electric vehicle (EV) investment plans, then toured the stamping, welding, and assembly lines prior to going on a test drive on a new hybrid EV model. date2024-07-15

Korea and China launch 1st bilateral Export Control Dialogue meeting in Beijing

Director General for Trade Controls Policy Choi Woo-hyuk co-chaired the initial Korea-China Export Control Dialogue meeting on July 11 in Beijing with counterpart Jiang Qianliang, Deputy Director General for the Bureau of Industry, Security, Import and Export Control (BISIEC) of the Ministry of Commerce of China.   The two sides exchanged views on export control issues based on the shared consensus formed during the bilateral talks held on the margins of the ninth trilateral Korea-China-Japan summit convened in May this year. Moreover, both sides agreed to keep close communication and make joint effort towards maintaining stable and smooth industrial and supply chains to nurture favorable conditions for the two countries’ trade development. date2024-07-11

Export growth support program "Plan It!" launching ceremony

Minister for Trade Inkyo Cheong participated in the special trade insurance support program “Plan It!” launching ceremony held by K-SURE on July 8 in Seoul, where he gave a congratulatory message and awarded certificates to the program’s selected companies.   The launching ceremony was held with the participation of roughly 100 persons, including K-SURE President Jang Young-jin, Federation of Middle Market Enterprises of Korea Vice Chairman Lee Ho-joon, and KBIZ Vice Chairman Jeong Yoon-mo, and representatives of middle-market companies and SMEs. date2024-07-08

FDI pledged to Korea in H1 2024 reaches $15.3 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 5 that foreign direct investments (FDIs) pledged to Korea in the first half (H1) of 2024 reached USD 15.3 billion, the third highest in record. FDIs that actually arrived in Korea over the same period amounted to $6.9 billion.   As a result of the high base effect from last year’s FDI pledge outcomes from the state visits during H1 2023 ($3.1 billion), this year’s H1 pledges are down by 10.3 percent year-on-year, but still surpass 130 percent of the recent five-year average.   By industry, the manufacturing sector saw a pledged investment of $8.1 billion in the first half of the year, up 6.5 percent. Items that experienced growth were electrical/electronics (up 25.7 percent), machinery/equipment/precision medicine (up 102.6 percent), pharmaceuticals (up 70.6 percent), and other advanced industries and those related to MPE (materials, parts, equipment) sectors. Semiconductors (up 120.7 percent) and bio (up 207.5 percent) saw steep boosts in FDI in this half.   The service sector’s FDI pledges totaled $6.4 billion, down 24.3 percent and occupying 41.8 percent of total FDI. Its growth centered around information and communications (up 25.3 percent), R&D/specialization/science technology (up 10.8 percent), and other sectors with high degrees of economic growth contribution.   By region, FDI pledged from China and other regions, including Hong Kong, Singapore, Taiwan, and Malaysia, increased 25.7 percent to $3.9 billion; FDI pledged from Japan rose 18.9 percent to $2.9 billion; FDI commitments from the U.S. surged 17.0 percent to $2.6 billion; and FDI pledged by the EU climbed 12.8 percent to approximately $2.0 billion.   By type, M&A and greenfield investments pledged to Korea both dropped 13.7 percent and 9.1 percent, respectively, to $3.8 billion and $11.5 billion. date2024-07-05

Trade Minister holds conference with firms operating in Indonesia

Minister for Trade Inkyo Cheong met representatives of Korean firms operating in the local Indonesian market, including POSCO and Lotte Chemical, on July 3 in Jakarta and discussed measures for Korea-Indonesia economic and business cooperation. date2024-07-05

Korea and Indonesia sign smart e-mobility cooperation MOU

Minister for Trade Inkyo Cheong attended the ceremony for the inking of MOUs on electric two-wheelers and for smart e-mobility cooperation with Indonesia’s Investment Minister Bahlil Lahadalia and gave a congratulatory message with participation of both countries’ government delegations. date2024-07-04

Trade Minister attends Hyundai LG Indonesia (HLI) Green Power plant completion ceremony

Minister for Trade Inkyo Cheong gave a congratulatory address at the ceremony hosted by Hyundai Motor commemorating the completion of Indonesian battery cell mass production plant on July 3 in Indonesia with the participation of 80 attendees, including Indonesian President Joko Widodo and Hyundai Motor CEO Chung Eui-sun. date2024-07-04

Korea and Indonesia to accelerate bilateral economic cooperation

Minister for Trade Inkyo Cheong visited Jakarta, Indonesia (July 2–4) amid anticipation of stronger Korea-Indonesia cooperation across a wide range of industries, including future mobility and clean energy.   Trade Minister Cheong first attended the ceremony celebrating the mass production of Indonesian battery-embedded electric vehicles (EV), hosted by Hyundai Motor, in the presence of Indonesia’s President Joko Widodo and other government key figures. The trade chief gave a congratulatory message, stating that he looks forward to seeing “made-in-Indonesia” EVs cruising throughout ASEAN and the global market and expressing hopes for the two countries’ economic cooperation to expand in all directions on the occasion of the EV collaboration.   Then he met with Indonesia’s Investment Minister Bahlil Lahadalia to discuss bilateral economic cooperation measures, asking for support and interest towards locally operating Korean companies’ projects currently being pushed forward in various areas like EVs and petrochemicals. The two sides agreed to closely cooperate in carbon capture and storage (CCS), solar power, carbon neutrality, and other clean energy areas.   The trade minister also attended the ceremony for the inking of memorandums of understanding (MOUs) on electric two-wheelers and for smart e-mobility cooperation, organized by Korea Smart E-Mobility Association (KEMA).   He visited the Economic Research Institute for ASEAN and East Asia (ERIA) as well for a meeting with experts on measures for enhancing cooperation in East Asia and the Pacific region and held a conference with locally operating Korean firms and institutions to gather opinions and discuss local business issues. date2024-07-03