Ministry of Trade, Industry and Energy

Korea-UAE Business & Investment Forum

Minister for Trade Inkyo Cheong attended the Korea-UAE Business & Investment Forum on May 28 with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, as well as 200 business leaders of both countries, where Medytox (Korea) and Tecom Group (UAE) signed a letter of intent (LOI) on the establishment of a plant in UAE producing botulinum toxin, the world’s first and only non-animal liquid toxin drug. date2024-05-28

Trade Minister meets ASEAN Secretary-General

Minister for Trade Inkyo Cheong met with the Association of Southeast Asian Nations (ASEAN) Secretary-General Kao Kim Hourn on May 28 in Seoul to discuss measures for expanding Korea-ASEAN trade, investment, and joint projects. date2024-05-28

Korea and UAE hold Business & Investment Forum on margins of state visit

Minister for Trade Inkyo Cheong attended the Korea-UAE Business and Investment Forum on May 28, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the United Arab Emirates (UAE)’ Ministry of Economy and co-organized by Korea Chamber of Commerce and Industry (KCCI) and the UAE Embassy in Seoul, with aim to encourage both countries’ business leaders and their new partnerships.   Held on the occasion of the UAE President Sheikh Mohamed bin Zayed’s first state visit to Korea and attended by UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, as well as 200 business leaders of both countries, this forum is significant in that it deepened the economic ties between the two countries through jointly seeking out new investment opportunities.   At the forum, Medytox (Korea) and Tecom Group (UAE) signed a letter of intent (LOI) on the establishment of a plant in UAE producing botulinum toxin, the world’s first and only non-animal liquid toxin drug. The two sides have previously entered an MOU during President Yoon Suk Yeol’s state visit to UAE in January 2023.   In his congratulatory address, Korea’s trade chief mentioned that the 100-fold increase in bilateral trade (from USD 0.2 billion in 1980 to $20.8 billion in 2023) and their advancement towards a special strategic partnership are all outcomes of hard work made by the two countries’ entrepreneurs and expressed anticipation for the forum to further strengthen the Korea-UAE economic cooperation network. date2024-05-28

Trade Minister monitors Korea’s exports to major destinations

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports with officials in charge of major destinations, including the U.S., China, ASEAN, EU, and the Middle East. Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27

Korea's exports to major destinations on upward trajectory

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports per major destination with officials in charge of each region.   Korea’s exports in 2024 are continuously increasing across key destinations like the U.S., China, and ASEAN, with six out of nine major regions showing growth through January–April in accumulation. Notably, exports to the U.S. (up 17.7 percent year-on-year to USD 42.4 billion) and India (up 4.0 percent to $6.1 billion) set record highs for the period.   U.S.-bound exports advanced, driven by demand for automobiles (up 28.2 percent), general machinery (up 46.6 percent), and semiconductors (up 212.5 percent). To China, the information technology industry’s recovery spurred the expansion of semiconductors (up 34.4 percent) and displays (up 26.7 percent), which boosted the entire China-bound exports by 5.7 percent. Exports to ASEAN (up 3.8 percent) maintained their growth pace on the backs of semiconductors (up 19.0 percent), petroleum products (up 8.6 percent), and petrochemicals (up 20.1 percent). Exports to Latin America increased as those of machinery (up 22.2 percent), steel (up 2.5 percent), and automobile parts (up 4.6 percent) rose, marking the steepest climb (up 25.4 percent) among all destinations.   Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27

Minister Ahn meets with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul concerning Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition. date2024-05-24

39th Trade Promotion Committee discusses Trade Policy Roadmap

Minister for Trade Inkyo Cheong chaired the 39th Trade Promotion Committee meeting on May 24 at the Korea Chamber of Commerce and Industry (KCCI) with related ministries to discuss the “Trade Policy Roadmap.”   The trade minister stated that “Over the last two years, the Government has actively responded to trade issues like the U.S.’ Inflation Reduction Act (IRA) and the EU’s Carbon Border Adjustment Mechanism (CBAM) to protect domestic companies’ interests, while expanding Korea’s trade network through various agreements like the Free Trade Agreement (FTA), the Trade and Investment Promotion Framework (TIPF), and the Economic Partnership Agreement (EPA) and achieving trade surpluses and new records in foreign investment.” He further requested the proactive cooperation of relevant ministries in establishing the abovementioned Roadmap, which is to lay out the vision and goals of Korea’s trade policies for the next three years.   At the meeting, the Ministry of Trade, Industry and Energy (MOTIE) and other ministries discussed measures for strengthening multi- and bilateral cooperation with major countries, taking the initiative in new trade norms formulation and multilateral consultative groups, entering new markets through wider cooperation with the Global South, enlarging the trade network, pushing industrial and trade convergence policies for industrial competitiveness, and promoting exports and foreign investment.   MOTIE plans to announce the Trade Policy Roadmap after further consultation with related ministries. date2024-05-24

Minister Ahn discusses response measures amid global uncertainties with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul.   Held on the occasion of President Matheny’s visit for meetings with Korean companies and experts concerning cooperation in defense, technology, and security, the talks covered Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition.   They also discussed the impact on Korea from the U.S.’ recent announcement to levy new tariffs on Chinese imports and China’s complaint filed to the World Trade Organization (WTO) over U.S. subsidies under the Inflation Reduction Act (IRA). date2024-05-24

Trade Minister meets MEDEF France-Korea Business Council Chairman

Minister for Trade Inkyo Cheong met with François Jackow, Chairman of the France-Korea Business Council of MEDEF International, on May 23 at the FKI Tower in Seoul to discuss measures for advancing bilateral economic cooperation. date2024-05-24

Trade Minister speaks at 1st “Korea-France Business Dialogue for Our Future”

Minister for Trade Inkyo Cheong spoke at the first “Korea-France Business Dialogue for Our Future” jointly launched by the Movement of the Enterprises of France (MEDEF) and the Federation of Korean Industries (FKI) on May 23 in Seoul and discussed measures for bilateral cooperation in aerospace, future mobility, low carbon and other advanced technology and future strategic industry areas. date2024-05-24