Ministry of Trade, Industry and Energy

Trade Minister meets Chile’s Under–Secretary for International Economic Relations

Minister for Trade Inkyo Cheong met with Chile’s Under–Secretary for International Economic Relations Claudia Yamile Sanhueza Riveros on May 16 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed measures for improving Korea-Chile FTA and other bilateral trade issues. date2024-05-20

Trade Minister meets Peru’s Foreign Trade and Tourism Minister

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial, met with Peru’s Foreign Trade and Tourism Minister Elizabeth Galdo Marín on May 16 in Arequipa, Peru, and discussed bilateral trade issues and congratulated Peru’s APEC chairmanship. date2024-05-20

Vice Minister chairs Corporate Investment Conference with top 10 manufacturers

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues with representatives of Korea’s top 10 manufacturers.   Vice Minister Kang remarked that measures will be pushed to strengthen support for advanced industries, extend sunset-due tax credit incentives, and inspect business issues and foster conditions enabling companies’ timely investment.   The meeting was attended by representatives of 10 major manufacturers, including Samsung Display, SK Hynix, POSCO, and HD Korea Shipbuilding & Offshore Engineering. date2024-05-20

Government to give strong backing to corporate investment

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues. The conference is a follow-up to the Industrial Investment Strategy Meeting held in February this year.   Korea’s top 10 manufacturing sectors, namely semiconductors, automobiles, displays, secondary batteries, shipbuilding, bio, machinery/robotics, steel, petrochemicals, and textiles, were found to have implemented approximately 96 percent of the annual investment plan of 100 trillion won in 2023, and implemented 20 percent of the 10 percent-upped 110 trillion-won investment plan for 2024 during its first quarter.   Companies attending the conference voiced suggestions for stronger government support, such as heightening investment tax credit for securing advanced industrial super gaps and for the green transitioning of major industries, securing investment for advanced industries, and enhancing cost competitiveness. They also proposed measures for creating a sound industrial ecosystem through imposing stricter punishment on tech leaks and nurturing materials, parts, and equipment (MPE) manufacturers.   The Korea Chamber of Commerce and Industry (KCCI) suggested that it is necessary to introduce investment policies in line with global standards to address the issue of funding shortages, such as extending sunset-due investment tax credit incentives and expanding the subject scope to include buildings, introducing direct payment of tax credits, and improving the corporate inheritance tax system. date2024-05-17

MOTIE and steel companies take stock of global trade issues impacting domestic industry

Industrial Policy Deputy Minister Lee Seung-ryeol at the Ministry of Trade, Industry and Energy (MOTIE) chaired a meeting on May 17 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with major steel companies to review trade issues.   Korea’s steel industry is currently up against a number of challenges, including the 40 percent jump in China’s steel exports, Latin American countries’ heightened steel import duties, and the U.S.’ announcement on imposing a three-fold increase in the Section 301 tariff rate for Chinese steel imports. The “super low yen” and its impact on the domestic steel industry is yet another factor to watch.   Based on opinions gathered from the conference, MOTIE plans to establish detailed measures to support Korea’s steel businesses build competitiveness amidst the global oversupply and rising protectionism.   Deputy Minister Lee stated that “the Government will actively engage in dialogue with major countries on trade issues impacting our steel industry, while in the mid-to-long term, establish a system for domestic steel companies’ fair competition against foreign steel companies.” date2024-05-17

Trade Minister visits Kia’s West Point plant in Georgia

Minister for Trade Inkyo Cheong visited Kia’s West Point plant in Georgia, U.S., on May 15 and met with automakers and parts manufacturers to discuss the recent announcement by the U.S. Department of Commerce (DOC) on the preliminary determination on anti-dumping investigations covering Korean aluminum extrusions. date2024-05-16

Trade Minister visits Georgia Institute of Technology

Minister for Trade Inkyo Cheong visited Georgia Institute of Technology in Atlanta, Georgia, on May 14 and met with its Korean professors and researchers to discuss Korea-U.S. advanced industrial cooperation and toured research facilities. date2024-05-16

Trade Minister meets with Georgia Tech Vice Provost for International Initiatives

Minister for Trade Inkyo Cheong met with Bernard Kippelen, Vice Provost for International Initiatives at Georgia Institute of Technology, on May 14 and discussed universities’ technology commercialization process and U.S.’ exports controls. date2024-05-16

Korea and U.S. hold opening ceremony for launching of eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE), Korea Customs Service (KCS), and U.S. Customs and Border Protection (CBP) held the opening ceremony of the Electronic Certification System (eCERT), established as a bilateral platform for steel customs clearance, on May 15 (EDT) at CBP Headquarters in Washington D.C.   The eCERT is a filing system for quota-subject Korean steel that can manage quotas and customs, operated in sync with the export quota management system run by Korea Iron and Steel Association (KOSA). CBP will compare and cross-check the export approval document submitted by KOSA with the import declaration form and reply back on whether or not to approve customs clearance.   Beginning May 20, CBP will automatically reject filings with incompatible steel importer data. In other words, the export approval document from KOSA and import declaration form submitted to CBP must match for customs to clear.   MOTIE's Deputy Minister for FTA Negotiations Roh Keon-ki commented that “Whereas in the past it took over a week for Korean exporters to confirm customs clearance on their own through U.S. importers, now they can view the entire customs process with a single mouse click.” date2024-05-16

Korea's ICT exports climb 33.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 15 that Korea’s export and import of information and communications technology (ICT) goods for April recorded USD 17.1 billion and $11.6 billion, respectively, and the trade balance stood at a surplus of $5.5 billion.   April ICT exports achieved this year’s steepest climb of 33.8 percent year-on-year as the majority of key items like semiconductors, displays, mobile phones, and computers/peripherals advanced. The previous growth rate entering the 30 percent thresholds was set in March 2022 (33.6 percent).   By item, top items like semiconductors (up 53.9 percent), displays (up 15.2 percent), mobile phones (up 15.3 percent), and computers/peripherals (up 55.9 percent) increased in export.   By region, exports to China (including Hong Kong) (up 43.7 percent), Vietnam (up 22.4 percent), the U.S. (up 24.6 percent), Europe (up 15.5 percent), and Japan (up 9.1 percent) enjoyed growth.   Meanwhile, ICT imports rose 10.4 percent year-on-year as demand for semiconductor and display parts increased. date2024-05-16