Ministry of Trade, Industry and Energy

U.S.-based advanced industry & energy firms pledge $0.6 bln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 26 that three U.S companies (ON Semiconductor, Corning, Pacifico Energy) submitted declarations of investment in Korea totaling USD 0.6 billion (KRW 850 billion) on the occasion of Minister Dukgeun Ahn’s visit to Washington D.C for the inaugural Korea-U.S.-Japan trilateral industrial ministers' meeting.   ON Semiconductor is a leading power semiconductor company that completed the expansion of its silicon carbide (SiC) fabrication plant in Bucheon last October, with plans to further expand production facilities through this investment. SiC is a high voltage- and high temperature-durable next-generation material in which ON Semiconductor holds expertise. The company has been making large-scale investments in Korea since 2022 after choosing the Bucheon plant as its SiC power semiconductor manufacturing hub.   Corning is a global firm in advanced materials like specialty glass, ceramics, and fiber-optic cable for displays and mobile devices. Having invested over an estimated $9.3 billion (₩13 trillion) in Korea over the past five decades, Corning plans to invest in upgrading its Corning Precision Materials facility located in Asan, South Chungcheong Province, for next-generation processing technology applications.   Based in California, Pacifico Energy currently operates solar and wind power projects in the U.S., Japan, and Vietnam, and is aiming to build a large-scale 3.2GW offshore wind power complex in South Jeolla Province of Korea. The first U.S. energy firm to enter Korea’s offshore wind power market, Pacifico Energy’s investment success is anticipated to become the symbol of Korea-U.S. clean energy cooperation.   Minister Ahn stated that full measure will be given to make sure the investments help strengthen the two countries’ advanced industrial supply chain cooperation and energy security. date2024-06-27

Minister Ahn attends Korea-U.S. Networking Reception

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Networking Reception on June 25 in Washington D.C. and gave a congratulatory message in the presence of 130 attendees, including U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries’ governments, related associations, and business figures. date2024-06-26

Minister Ahn meets Special Presidential Advisor for the Americas

Trade, Industry and Energy Minister Dukgeun Ahn met former U.S. senator and incumbent Special Presidential Advisor for the Americas Chris Dodd on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea-U.S. trade, investment, supply chain and economic cooperation. date2024-06-26

Minister Ahn discusses Korea-U.S. cooperation with former U.S. representative

Trade, Industry and Energy Minister Dukgeun Ahn met with former U.S. representative Edwin Perlmutter on June 24 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed measures for Korea-U.S. trade, investment, and supply chain cooperation. date2024-06-26

Korea's corporate R&D investment grows 8.7% in 2023

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Institute for Advancement of Technology (KIAT) announced on June 24 the top 1,000 Korean R&D investor companies of 2023.   The sales of 1,000 top R&D investor companies declined 2.8 percent year-on-year in 2023, but their R&D investment increased 8.7 percent to KRW 72.5 trillion, up ₩5.8 trillion compared to that of 2022. Accordingly, the ratio of R&D investment to sales advanced from 3.9 percent to 4.4 percent.   The top 10 and top 50 investor companies’ R&D investment add up to ₩45.5 trillion and ₩56.6 trillion, respectively, each taking up 62.7 percent and 78.1 percent of the total 1,000 companies’ R&D investment. Samsung Electronics, Hyundai Motor, SK Hynix, and LG Electronics are among the nine companies that invested over ₩1 trillion, with Samsung Electronics’ R&D investment (₩23.9 trillion) taking up 32.9 percent of the total R&D investment of the top 1,000 investor firms.   The top 1,000 list consists of 171 large corporations, 491 middle-market companies, and 338 SMEs, with the number of middle-market companies rising by 84 in comparison with that of 2014. The top 100 list includes 33 middle-market companies, indicating their increasingly central role in the innovation ecosystem.   The top 1,000 companies expanded their average annual R&D investment by at least 6.6 percent over the last 10 years and the number of Korean firms among the top 2,500 global R&D investor companies is 47 in total as of 2022, ranking ninth by country.   Director General for Industrial Technology Convergence Policy Lee Min-woo stated that growing corporate R&D investment is leading industrial technology innovation, but that Korea’s R&D investment levels are quite low compared to other global companies. He added that a government jumpstart investment is necessary in next-generation technology and innovative areas in view of private investment challenges. date2024-06-24

Korea Trade Commission issues determination on patent infringement investigations

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 449th KTC meeting on June 20 and issued the decision regarding patent infringement investigations on age-related macular degeneration treatment and disposable medical gowns.   KTC commenced investigations upon the request of U.S.-based Regeneron Pharmaceuticals’ claim that Korean companies “A” and “B” are producing and exporting age-related macular degeneration treatments that allegedly infringe its patent.   Based on investigations launched August 9, 2023, and the following technical briefing session and visits to production facilities and laboratories, KTC gave the determination that companies “A” and “B” have not committed patent infringement and therefore have not violated unfair trade practice laws.   Investigations on disposable medical gowns were launched upon the request made by a domestic company in November 2023 claiming that another domestic company “C” is allegedly infringing on its patent by importing and selling disposable medical gowns.   After investigations launched November 13, KTC issued the decision that the medical gowns imported and sold by company “C” do not infringe on the plaintiff’s patent and therefore "C" has not committed acts of unfair trade practice. date2024-06-21

6th Korea-Jiangsu Economic and Trade Cooperation Exchange

Minister for Trade Inkyo Cheong attended the 6th Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 in Seoul, co-hosted by the Ministry of Trade, Industry and Energy (MOTIE) and the Jiangsu Provincial People's Government, and gave a congratulatory message to approximately 500 attendees from both countries’ governments, related institutions, and companies. date2024-06-20

Korea and China's Jiangsu province to expand cooperation in investment and new industries

The Ministry of Trade, Industry and Energy (MOTIE) and the Jiangsu Provincial People's Government co-hosted the sixth Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 in Seoul and discussed measures for stimulating Korea-China mutual investment and expanding cooperation in advanced manufacturing, and new energy areas.   Based on the memorandum of cooperation (MOU) for strengthening Korea-Jiangsu economic and trade cooperation signed in 2016 between Korea’s MOTIE and the Jiangsu Provincial People's Government of China, the two countries have alternately hosted the Exchange since 2019. This year, the Exchange was held in Seoul on the occasion of Jiangsu Party Secretary Xin Changxing’s visit to Korea.   Held under the theme of “Shared Growth through Stronger Economic and Trade Cooperation,” this year’s Exchange was launched with the participation of 500 attendees, composed of both countries’ government representatives and business leaders.   Trade Minister Cheong highly assessed the growth of Korea-Jiangsu trade and investment amid the rapidly changing global trade environment and maintained that the two countries expand cooperation in heightening the existing supply chain’s stability, while also expanding cooperation in new industries, assuring the Korean government’s support towards creating synergy between the two countries’ companies.   During the program, speakers also presented on ways to promote bilateral investment through Korea's Saemangeum National Industrial Complex and the Yancheng China-Korea Industrial Cooperation Complex, as well as measures for bolstering bilateral cooperation in advanced manufacturing and new energy areas in Wuxi and Changzhou, cities in the Jiangsu province. date2024-06-20

Minister Ahn meets China's Jiangsu province party secretary

Trade, Industry and Energy Minister Dukgeun Ahn met with Xin Changxing, the party secretary of China's Jiangsu province, on June 19 in Seoul to discuss measures for stimulating trade and investment, supporting firms’ local market entry, and stabilizing Korea-China supply chains. date2024-06-20

Trade Minister meets The Korea Society leaders

Minister for Trade Inkyo Cheong met Kathleen Stephens, The Korea Society Board Chair Ambassador, and Thomas Byrne, The Korea Society President and CEO and Honorary Ambassador for Foreign Investment Promotion for Korea, on June 19 in Seoul and discussed Korea-U.S. trade issues and measures for strengthening bilateral relations. date2024-06-20