Ministry of Trade, Industry and Energy

Trade Minister meets AfCFTA Secretary General

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea and exchanged views on expanding trade between Korea and African countries. date2024-04-26

Korea and U.S. discuss stronger semiconductor industrial cooperation and investment

Deputy Minister for Trade Yang Byeong-nae met Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, on April 25 in Seoul to discuss measures for strengthening bilateral semiconductor industrial cooperation and investment.   Deputy Minister Yang addressed the expanding Korea-U.S. cooperation in advanced industries and supply chains driven by Korean companies’ recently increasing investment in the U.S., stating that he looks forward to seeing synergy between Korean chip companies and U.S. firms and requested the U.S.’ support with respect to the CHIPS Act incentives in facilitating Korean firms’ investment in the U.S.   Moreover, he articulated Korean firms’ concerns over the extensive scope of the U.S.’ ongoing anti-dumping investigations on Korean aluminum extrusions and recent issues on visas required for Korean companies’ overseas personnel education and plant equipment handling, asking for interest and cooperation at the U.S. State Department level.   Assistant Secretary Toloui noted the strengthening public-private cooperation between the two countries and said that careful consideration will be given with regard to the above requests. date2024-04-25

Trade Minister and AfCFTA Secretary General discuss stronger Korea-Africa trade cooperation

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea on the occasion of the upcoming Korea-Africa Summit (June 2024) and exchanged views on expanding trade between Korea and African countries.   Noting the global rise of protectionism, Trade Minister Cheong highly assessed African countries’ efforts to achieve growth based on intraregional free trade and through the launch of AfCFTA (January 2021), assuring Korea’s strong support in the process.   Moreover, he warmly welcomed Secretary General Mene’s planned participation in the Korea-Africa Summit 2024, an event for establishing mutually beneficial, sustainable, and long-term cooperative ties between Korea and Africa. The trade chief also asked for interest and support towards the Economic Partnership Agreement (EPA) underway on the margins of the Summit among Korea and three African countries, namely Morocco, Kenya, and Tanzania.   Meanwhile, MOTIE plans to hold a business summit on the occasion of the bilateral Summit in June with joint organization by five major economic groups, led by the Korea International Trade Association (KITA). On the sidelines, Korea Trade-Investment Promotion Agency (KOTRA) will hold a business partnership event for bolstering economic cooperation and creating opportunities for tangible business outcomes between Korea and African countries. date2024-04-25

Trade Minister meets China's Liaoning Party Secretary

Minister for Trade Inkyo Cheong met with Hao Peng, Communist Party secretary of Liaoning Province of China, on April 23 in Seoul and discussed measures for supporting the approximately 500 Korean firms currently operating in the Liaoning Province. date2024-04-24

Minister to visit Czech Republic to bolster nuclear and investment cooperation

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the Czech Republic from April 24-26, his first on taking office. He will be meeting with the Czech Industry and Trade Minister Jozef Sikela and Finance Minister Zbynĕk Stanjura among other key government officials to discuss measures for stronger bilateral cooperation.   As one of the Visegrád Group (V4) members, the Czech Republic has built strong partnership over the years with Korea. The two countries’ bilateral trade volume hit all-time highs last year with USD 4.4 billion and Korean firms are currently in the running for the Czech government’s tender on the construction of new nuclear power plants. With next year marking the two countries’ 35th anniversary of the establishment of diplomatic relations, they will be signing the bilateral Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on the occasion of this visit and discuss measures to bolster cooperation in nuclear power, infrastructure, advanced industries, and technology.   On the margins of the visit, Minister Ahn will also convene a meeting with Korean companies operating in the Czech Republic to listen to suggestions and local business issues. date2024-04-24

Trade Minister discusses support for Korean firms operating in U.S. with Tennessee governor

Minister for Trade Inkyo Cheong held talks via videoconferencing with Bill Lee, Governor of Tennessee, U.S., on April 23 (KST) and discussed measures for stronger trade and economic cooperation.   Noting that the Korea-U.S. alliance is advancing to one of high-tech industries and supply chains, the trade chief said that Korean producers of battery, anodes, and cathodes investing in Tennessee is a good example of bolstered cooperation. Moreover, he highlighted that he looks forward to State Government-level support for Korean firms for stable investment and business management in terms of infrastructure and tax credit.   Trade Minister Cheong also requested that careful attention be given to ensure that Korean battery, anodes, and cathodes companies investing in the State of Tennessee duly receive their Inflation Reduction Act (IRA) tax incentives. In addition, he asked for cooperation with respect to recent issues on visas required for dispatching experts for local personnel training and equipment handling prior to factories’ commencing local operation.   Governor Lee addressed Korean companies’ recently increasing investment in the U.S. and stated that close attention will be paid with regard to Korea’s requests. date2024-04-24

Trade Minister holds 38th Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 in Seoul and led discussions on Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements utilization and Korea-EU Digital Trade Agreement negotiations progress.   The meeting was attended by representatives of related ministries, including the Ministry of Economy and Finance, Ministry of Foreign Affairs, and the Ministry of Environment. date2024-04-24

Trade Minister discusses support for Korean firms in China's Liaoning Province

Minister for Trade Inkyo Cheong met with Hao Peng, Communist Party secretary of Liaoning Province of China, on April 23 in Seoul and asked for interest and support towards the approximately 500 Korean firms currently operating in the Liaoning Province in terms of predictable business management conditions.   Secretary Hao replied that Korean firms take up the second largest portion in terms of the Liaoning Province’s foreign trade, and that their contribution to the local economy is substantial, stating that efforts will be made to further invigorate economic cooperation between Korea and Liaoning Province and to support Korean firms’ stable business operations.   The Ministry of Trade, Industry and Energy (MOTIE) is currently supporting local business operations of Korean companies in the Chinese market through activating communication channels at multiple levels with China’s central government and major local authorities. date2024-04-24

Trade Minister meets President of the Business Council of Canada

Minister for Trade Inkyo Cheong met with Goldy Hyder, President of the Business Council of Canada, on April 22 in Seoul and discussed measures for stronger bilateral economic and trade cooperation. date2024-04-23

Minister Ahn holds export promotion meeting with Korean firms in Japan

Minister Dukgeun Ahn chaired a meeting on April 22 in Tokyo with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports.   Attending the meeting were representatives of companies like Korean Air, POSCO, Hyundai Motor and related associations like the Korea International Trade Association (KITA) and K-SURE. date2024-04-23