Ministry of Trade, Industry and Energy

Korea celebrates 20 years of FTAs

Minister for Trade Inkyo Cheong attended, on March 28 at the Westin Josun Seoul, the celebration of Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004.   The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions. Trade Minister Cheong awarded 20 companies and institutions the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT). date2024-03-29

Looking back on 20 years of FTAs to seek future trade strategy with global experts

The Ministry of Trade, Industry and Energy (MOTIE) celebrated, on March 28 at the Westin Josun Seoul, Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004. The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT).   In his commemorative address, Minister for Trade Inkyo Cheong underscored that “Cooperation based on the spirit of free trade and solidarity is key to responding to the present global trade challenges, and we must recover the rules-based international order.” Noting that the trade network Korea has established through FTAs amount to 85 percent of the total global GDP, he assessed that this trade network is an important policy means for responding to external uncertainties and risks.   Experts from around the world gathered on this occasion to discuss the future direction of Korea in view of the changing global trade landscape, including International Institute for Management Development (IMD) Professor Richard Baldwin, Japan’s Research Institute of Economy, Trade and Industry (RIETI) Chairman Shujiro Urata, and Korea Institute for International Economic Policy (KIEP) President Lee Si-wook.   KITA, KOTRA, and aT presented success cases of FTA utilization and outcomes gained over the last two decades, and 20 companies and institutions were awarded the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas. date2024-03-29

Valeo Mobility Korea’s production facility completion ceremony

Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex.   The event was attended by approximately 70 representatives of related institutions and companies, including the mayor of Daegu and Hyundai Motor. date2024-03-29

Trade Minister visits Thermo Fisher Scientific Korea

Minister for Trade Inkyo Cheong met Thermo Fisher Scientific SVP Mark Smedley on March 28 at Thermo Fisher Scientific Korea in Seoul and received a briefing on company management issues and discussed prospects of investment in establishing a raw and subsidiary biomaterials production facility in Korea, as well as battery and chip cooperation. date2024-03-29

Korea and Uzbekistan step up cooperation on TBTs

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) invited the delegation from the Uzbek Agency for Technical Regulation to Korea for discussions on technical barriers to trade (TBTs) between the two countries, and visited the certification and testing sites of Korean companies exporting to Uzbekistan to discuss measures for resolving TBTs.   As of this January, the Uzbek government has mandated that one institution be in charge of conducting tests and issuing certifications to all imported home appliances as part of additional measures for enhancing the country’s electrical power industry productivity and export potential. However, Korean firms exporting to Uzbekistan reported certification and customs bottleneck issues, on which KATS and the Uzbek delegation gathered information and opinions and agreed to review the possibility of conducting on-site inspections on Korean exporters and issuing an import certification effective for a three-year period instead of testing each unit product.   In view of Uzbekistan’s active preparation for accession to the World Trade Organization (WTO), KATS Director General Changsoo Lee said that strengthening bilateral cooperation between KATS and the Uzbek Agency for Technical Regulation will serve as the future base for joint efforts in responding to TBTs through the WTO. date2024-03-28

Vice Minister chairs discusses cooperation among MOTIE, FEZs, and companies

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on March 27 at K-SURE in Seoul to discuss measures for cooperation between MOTIE, Free Economic Zones (FEZs), and tenant businesses in promoting foreign investment. date2024-03-27

MOTIE and FEZs share resolve for $1.1 bln foreign investment target in 2024

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on March 27 at K-SURE in Seoul to discuss measures for cooperation between MOTIE, Free Economic Zones (FEZs), and tenant businesses in promoting foreign investment.   At the meeting, tenant businesses presented opinions on FEZ experience and business environment. FEZs assessed working plans for investment promotion and shared success cases of foreign investment promotion in advanced industries like bio, secondary batteries, displays, requesting that the Government provide support concerning various onsite issues.   Moreover, the nine FEZs of Korea pledged to securing this year’s foreign investment target of USD 1.1 billion, up 11 percent from the $994 million drawn in 2023, through attracting advanced and core strategic industry businesses, for which they proposed to the Government several measures like deregulation, stronger incentives, and additional FEZ designations. date2024-03-27

Trade Minister holds conference with Korean firms locally operating in Malaysia

Minister for Trade Inkyo Cheong held a conference with Korean firms operating locally in Malaysia on March 26 in Kuala Lumpur to discuss investment, customs, and other local business issues.   Attending the conference were representatives of Korean firms, including POSCO, Kia, and Samsung C&T. date2024-03-26

Minister Ahn chairs 4th public-private exports promotion meeting

Trade, Industry and Energy Minister Dukgeun Ahn chaired the fourth public-private joint meeting on exports promotion measures on March 25 in Seoul to discuss the trade insurance expansion plan for 2024, e-mobility overseas market competitiveness, and measures for supporting exporting firms’ TBT response.   The meeting was attended by relevant ministries’ officials and representatives of companies and institutions, including K-SURE, Samsung Electronics, KOTRA, and Hana Bank. date2024-03-26

Korea to provide up to KRW 255 tln in trade insurance to promote exports

Trade, Industry and Energy Minister Dukgeun Ahn held the fourth public-private joint meeting on export promotion measures on March 25 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on the measures for strengthening trade insurance support, overseas market competitiveness of small-sized e-mobility, and support for exporting companies’ technical barriers to trade (TBT) response.   The above agenda items were selected as part of a follow-up to the pan-ministerial export promotion strategy established in February for achieving this year’s USD 700 billion export target, incorporating detailed finance, certification, and marketing strategies.   First, the plan is to provide up to an all-time high KRW 255 trillion in trade insurance and drastically improve the terms regarding recipient eligibility and provision method. Automobile, secondary battery, machinery, shipbuilding, petrochemicals, steel, and IT and other major export sectors will be eligible for 136 trillion won in total insurance. Defense, plant, nuclear power, and other energy industries will be eligible to receive up to 26 trillion won, while promising consumer goods like agriculture, fishery and cosmetic products and other Hallyu-leading items will be eligible for a total of 18 trillion won in insurance support. As a means to boost service exports, programs will be rolled out to grant production funding to global over-the-top (OTT) companies in charge of creating K-content. SMEs and middle-market companies in weakened state of financing from persistent high interest rates will be assisted with up to 90 trillion won for relief from funding burdens.   Second, relevant ministries will support overseas market penetration of small e-mobility items, as the market is forecast to grow into a hefty $120 billion market by 2030. Regions with low rates of e-mobility utilization and highly competitive markets can be target markets for tailored strategies. Meanwhile, South Jeolla Province, Gangwon and North Gyeongsang Province are some of the regions in Korea that can be connectively nurtured into an export cluster to establish a shared e-mobility platform for operation, charging, and after-sales services as part of the plan to reinforce the domestic industrial ecosystem.   Third, ministries and related institutions are seeking measures for responding more quickly and systematically to the increasingly complex TBTs to mitigate the burden on exporting firms, such as by improving the information provision service on unnotified and hard-to-find regulations and holding on-site business consultations for one-stop problem solving. date2024-03-26