Ministry of Trade, Industry and Energy

MOU signing for SMEs and middle-market companies’ trade financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 in Seoul for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March. date2024-06-17

K-SURE and Shinhan Bank sign MOU on ₩1 tln export financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March.   According to the MOU, Shinhan Bank and K-SURE are to provide preferential loans of KRW 1 trillion ($720 mln) as export financing to support the overseas production facility establishment of SMEs and middle-market companies entering foreign markets in response to global supply chain realignment. Such companies will be offered loans at preferred rates from Shinhan bank and guarantee fee discounts and feasibility study expense grants from K-SURE.   Shinhan Bank and K-SURE are to cooperate in nurturing tech export businesses with high potential in terms of technology, growth, and innovativeness by selecting and giving catered support to 100 companies over the next three years for them to grow into unicorn companies. To this end, Shinhan Bank plans to give preferential investment funding assistance via Future’s Lab, its startup nurturing program, and K-SURE plans to offer special guarantees up to ₩10 billion maximum per company as well as a 90 percent discount on insurance premiums and guarantee fees.   Minister Ahn stated that the MOUs signed this day are part of a leading financial cooperation model to boost SMEs and middle-market companies’ exports and overseas entry amid protracted high interest rates and intensifying supply chain realignments worldwide. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs

Trade, Industry and Energy Minister Dukgeun Ahn and Uzbekistan's Investment, Industry and Trade Minister Laziz Kudratov attended the Korea-Uzbekistan Business Forum on June 14 in Toshkent, inking 30 new joint projects in global supply chains, energy, and infrastructure in the attendance of both countries’ government officials and business representatives. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs for future cooperation in infrastructure, energy, and supply chains

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that on the occasion of President Yoon Suk Yeol’s state visit to Uzbekistan, the two countries held the Korea-Uzbekistan Business Forum, which inked 30 new joint projects in the participation of 700 key figures of their economic groups, large corporations, middle-market companies, and SMEs and facilitated discussions for stronger cooperation in global supply chains, digital transition, energy, and infrastructure.   In infrastructure, four memorandums of understanding (MOUs) were signed across a wide range of areas in city development and construction, laying down the foundation for future Uzbekistan infrastructure market entry in railways and other major businesses. In energy, seven MOUs were entered in district heating, hydroelectric power, and solar power development, through which Korean companies expect to penetrate the Central Asian carbon neutrality markets. In critical minerals and supply chains, five MOUs were signed for mining and geological research, building anticipation for prospects of securing mineral resources like lithium, molybdenum, and tungsten. In other future economic cooperation areas like digital transition, pharmaceuticals, food and beverage exports, 14 MOUs were inked with aim to establish a stable and forward-looking bilateral cooperation base.   With the Business Forum serving as a momentum for further advancing the two countries’ economic cooperation, Korea and Uzbekistan reaffirmed their shared understanding on the future partnership for development and joint projects in major areas like infrastructure, energy, and supply chains. The Korean government plans to provide public-private support for tangible business progress based on the above outcomes. date2024-06-17

Minister Ahn speaks on support for Uzbekistan’s World Trade Organization (WTO) accession

MOTIE entered a protocol for bilateral negotiations on supporting Uzbekistan’s World Trade Organization (WTO) accession on June 14 in Toshkent, which was signed by Minister Dukgeun Ahn and Azizbek Urunov, the special representative of the President of Uzbekistan on WTO issues. date2024-06-17

Korea Eureka Day 2024 launches in Türkiye

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that Korea Eureka Day 2024 is held through June 13-14 in Istanbul, Türkiye, with the participation of an estimated 100 industry and technology experts from 12 countries to share advanced industrial policies and technology trends through networking among industries, academia, and R&D institutions to promote Korea-Europe technology collaboration.   Co-hosted by Korea and Eureka’s Chair country, the 15th Korea Eureka Day was launched to promote partnerships between Korean and European industrial, academic, and R&D experts through global projects and to spur discussions on joint R&D tasks.   At Korea Eureka Day 2024, Doosan Robotics proposed the future vision of the advanced manufacturing environment, and 20 Korean firms presented their ideas for joint projects on advanced manufacturing and smart city. MOTIE plans to give strong backing to the quality project tasks uncovered through the event.   MOTIE is in the course of bolstering technology cooperation with major European countries, upping its financial support for Korea-Europe R&D projects from KRW 55 billion in 2022 to ₩63.7 billion last year. Having designated Germany’s Fraunhofer-Gesellschaft as a global center for industrial technology cooperation early this year, the ministry plans to add more top-notch European R&D institutions to the list in 2025. date2024-06-14

Korea and Kazakhstan ink 24 MOUs at bilateral Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Kanat Sharlapaev attended the memorandum of understanding (MOU) signing ceremony for the inking of 24 MOUs on the margins of the Korea-Kazakhstan Business Forum held June 12 in Astana, for cooperation in areas like critical minerals, energy, and consumer goods. date2024-06-13

Seoul Food 2024 caters to global palate with food and business opportunities on record scale

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 11 that Korea Trade-Investment Promotion Agency (KOTRA) is co-hosting Seoul Food 2024 with KINTEX and Informa Markets through June 11–14 at KINTEX in Ilsan.   The international food industry exhibition is now in its 42nd year since first launched in 1983, and ranks as Korea’s largest and Asia’s fourth largest food exhibition. Seoul Food 2024 draws a record 52 countries’ 1,605 food companies, up 20 percent compared to last year. This year notably has the EU taking part as the guest of honor, showcasing organic food product workshops, live cooking shows, and other vibrant programs.   On the occasion of this international event, 250 food retail buyers from 47 international markets will be touring the exhibition booths to experience K-food firsthand and to meet with domestic food companies for in-person business consultations that are estimated to reach USD 200 million this year. Wooltari (U.S.), Global Food Products (Thailand), and China Post (China) are among the major buyers that will be looking for prospective business opportunities.   Visitors can also enjoy the K-food promotion booth, where a variety of meal kits, alternative meats, and Korean traditional snacks are displayed to support the discovery of the next best-selling item and its manufacturer following BABA Gimbap, Korean company Allgot’s frozen gimbap product that recently gained huge popularity in the U.S.   Minister for Trade Inkyo Cheong attended the opening ceremony of Seoul Food 2024 and stated that MOTIE and the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) will work in tandem to provide public-private support across the entire process of K-food marketing, retail platform entry, logistics, and certifications. date2024-06-13

Korea launches Seoul Food 2024

Minister for Trade Inkyo Cheong attended the opening ceremony of Seoul Food 2024 on June 11 at KINTEX in Ilsan, where 1,605 companies from 52 countries have set up 2,969 booths. date2024-06-12

Trade Minister meets Vietnam's VASS President

Minister for Trade Inkyo Cheong met with Phan Chí Hiếu, President of the Vietnam Academy of Social Sciences (VASS), on June 11 in Seoul to discuss measures for Korea-Vietnam economic cooperation in trade, investment, critical minerals supply chain, and carbon neutrality. date2024-06-12