Ministry of Trade, Industry and Energy

Trade Minister chairs 1st meeting of Public-Private Committee for Korea-Africa Economic Cooperation

Minister for Trade Inkyo Cheong chaired the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation on March 20 at Lotte Hotel Seoul as part of efforts to bring forth substantial outcomes from the coming Korea-Africa Summit 2024, and led discussions on related plans.   Attending the meeting were representatives of major economic groups, public companies and institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Electric Power Corporation (KEPCO). date2024-03-20

Korea and Africa discuss EPA-based economic cooperation

Minister for Trade Inkyo Cheong met with Moroccan and Tanzanian Ambassadors to Korea Chafik Rachadi and Togolani Mavura, respectively, and Chargé d'Affaires of Kenyan Embassy in Korea Kipkosgei Toroitich, on March 20 in Seoul to discuss measures for wider Korea-Africa economic cooperation through the Economic Partnership Agreement (EPA). date2024-03-20

Public and private sectors join efforts to launch preparations for Korea-Africa Summit 2024

Minister for Trade Inkyo Cheong chaired the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation (“Committee”) on March 20 at Lotte Hotel Seoul as part of efforts to bring forth substantial outcomes through the coming Korea-Africa Summit 2024, slated for June in Seoul.   Attending the meeting were representatives of major economic groups, public companies and institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Electric Power Corporation (KEPCO).   Hosted and organized by five of Korea’s major economic groups to be held in joint tandem with the bilateral summit for maximum outcome, the “Business Summit” is another large-scale event where business figures and government officials of Korea and Africa are to gather to share ideas on major agendas, namely trade, industrial development, infrastructure, farm productivity advancement and climate change response.   Trade Minister Cheong emphasized that cooperation with Africa is essential in view of the Global South’s rise as one the future core markets. He highlighted that the joint Committee will serve as a bridge between the two sides’ economic cooperation in order to strengthen support for companies entering the African market and bolstering cooperation with the continent’s business partners. The trade chief also mentioned that efforts will be made to seek measures for producing tangible outcomes through the participation of private companies with prospects for striking business deals and memorandums of understanding (MOUs).   On the sidelines of the summit, the two sides will hold the “Korea-Africa Business Partnership” on June 4 in Seoul, hosted by MOTIE and organized by KOTRA, where 50 business leaders are to be invited from Africa to uncover new business opportunities with approximately 200 Korean firms in critical minerals, energy, infrastructure, and other promising areas. date2024-03-20

Trade Minister holds talks with Governor of Alabama

Minister for Trade Inkyo Cheong held talks with Governor of Alabama Kay Ellen Ivey on March 14 in Washington D.C. via telephone to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures for resolving Korean firms’ U.S. investment challenges. date2024-03-18

Trade Minister chairs meeting with Korean companies operating in the U.S.

Minister for Trade Inkyo Cheong chaired a conference with representatives of Korean companies operating in the local U.S. market on March 14 in Washington D.C. to gather corporate opinions on business issues.   The conference was attended by representatives of Korean firms and related institutions, including Samsung Electronics, LG Group, Hyundai Motor and Korea Institute for Advancement of Technology (KIAT). date2024-03-18

Trade Minister meets Heritage Foundation's Senior Research Fellow

Minister for Trade Inkyo Cheong met with Bruce Klingner, Senior Research Fellow for Northeast Asia in the Asian Studies Center at the Heritage Foundation, on March 14 in Washington D.C. to discuss the U.S.’ trade policies, future outlook and Korea-U.S. trade issues. date2024-03-18

Trade Minister meets U.S. Representative

Minister for Trade Inkyo Cheong met with U.S. Representative Mike Kelly on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ U.S. investment challenges. date2024-03-18

Trade Minister meets Senior U.S. Senator

Minister for Trade Inkyo Cheong met with Senior U.S. Senator Jon Ossoff on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ investment challenges. date2024-03-18

Trade Minister meets U.S. Deputy National Security Adviser

Minister for Trade Inkyo Cheong met with Daleep Singh, Deputy National Security Adviser, on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ investment challenges. date2024-03-18

Trade Minister meets Council on Foreign Relations (CFR) President

Minister for Trade Inkyo Cheong met Council on Foreign Relations (CFR) President Michael B. Froman on March 14 in Washington D.C. and exchanged views on U.S.’ trade policies, future outlook and Korea-U.S. bilateral trade issues. date2024-03-18