Ministry of Trade, Industry and Energy

Minister Ahn meets with U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Senator Marsha Blackburn on April 11 (local time) in Washington D.C. and discussed Korea-U.S. economic and trade cooperation, CHIPS Act, IRA incentives, and visa issues. date2024-04-13

Minister Ahn visits Heritage Foundation

Trade, Industry and Energy Minister Dukgeun Ahn visited the Heritage Foundation on April 11 in Washington D.C. (local time) and met with Anthony Kim, Research Fellow in Economic Freedom, Erin Walsh, Senior Research Fellow in International Affairs in the Asia Studies Center, and Diana Furchtgott-Roth, Energy, Climate, and Environment Center Director and the Herbert and Joyce Morgan Fellow in Energy and Environmental Policy, to discuss Korea-U.S. trade issues and bilateral industry and energy cooperation.   date2024-04-13

Minister Ahn meets with Wilson Center CEO

Trade, Industry and Energy Minister Dukgeun Ahn met with Mark Andrew Green, President and CEO of the Wilson Center, on April 10 in Washington D.C. and discussed Korea-U.S. trade issues and bilateral industry and energy cooperation. date2024-04-13

Korea and U.S. to use eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Customs Service (KCS) announced that the U.S. is introducing the Electronic Certification System (eCERT) as a new filing system for quota-subject Korean steel. U.S. Customs and Border Protection (CBP) has notified the above on the Federal Register on April 5 (local time).   The eCERT is CBP's new electronic document system for managing quotas and customs, and is anticipated to prevent illegal transactions, save time in information handling, and increase stability.   The system will run in tandem with the Korea Iron and Steel Association (KOSA)’s export quota management system. 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.   According to the Federal Register notice, the grace period for the new filing system takes effect April 22, 2024, and CBP will automatically reject filings without correct eCERT information beginning May 20, 2024. date2024-04-08

Minister Ahn discusses FDI strategy with foreign-invested companies

Trade, Industry and Energy Minister Dukgeun Ahn chaired a meeting on April 3 at Jinkwansa, a traditional Korean Buddhist temple, with the Korea Chamber of Commerce and Industry (KCCI) and foreign-invested companies to discuss strategies for attracting foreign investment and nurturing Korea into a more appealing and stable investment environment.   The meeting was attended by representatives of foreign-invested companies and other major related institutions, including DuPont Korea and AMCHAM. date2024-04-04

Minister Ahn discusses global business hub vision with foreign-invested companies and KCCI

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting on April 3 with the Korea Chamber of Commerce and Industry (KCCI) and foreign-invested companies to discuss strategies for attracting foreign investment, as part of the second industrial investment strategy meeting on the heels of the breakfast meeting for foreign-invested companies convened on February 14.   Minister Ahn led discussions on measures to expand foreign investment, followed by a “Get to Know Korea” event where attendees visited the Jinkwansa Temple for hands-on cultural experience of Korean traditional Buddhist temple trying Buddhist cuisine and viewing a part of the temple’s ritual called "suryukjae."   Minister Ahn highlighted that “We will stimulate active communication with KCCI and foreign-invested companies in view of our USD 35 billion foreign investment target,” and articulated the following measures for nurturing Korea into a more appealing and stable investment environment: draw global companies’ investment to create an industrial ecosystem with supply chain resiliency and advanced technological competitiveness; push regulatory reform in alignment with global standards; and establish a business-friendly support system that can impress customers.   Representatives of KCCI and foreign-invested companies attending the meeting expressed gratitude towards the Korean government’s attention to detail on providing the “Get to Know Korea” experience and suggested measures for increasing incentives like tax credit, expanding power and other infrastructure, and improving the certification and inspection system. date2024-04-04

Prime Loan Export Package guarantee certificate award ceremony

Trade, Industry and Energy Minister Dukgeun Ahn presented the guarantee certificate for the “Prime Loan Export Package” to Fusei Menix CEO Choi Byeong-cheol on April 3 at the Hana Bank Headquarters in Seoul, accompanied by Hana Bank President Lee Seung-lyul and K-SURE President Jang Young-jin. date2024-04-04

Semiconductor equipment manufacturer becomes first beneficiary of Prime Loan Export Package

Trade, Industry and Energy Minister Dukgeun Ahn presented the guarantee certificate for the “Prime Loan Export Package” to Fusei Menix CEO Choi Byeong-cheol on April 3 at the Hana Bank Headquarters in Seoul, accompanied by Hana Bank President Lee Seung-lyul and K-SURE President Jang Young-jin.   The prime loan export package, serviced by Korea's five major banks and K-SURE, offers KRW 2.2 trillion in funding benefits for exporting SMEs and middle-market companies with doubled limit and lower interest (down 0.7 percentage points max), while exempting trade insurance premium and guarantee fees.   The country’s first beneficiary of the prime loan, Fusei Menix is a Korean semiconductor equipment manufacturer specializing in hydraulic presses for printed circuit boards (PCBs) and currently exports to 20 countries. The company recently faced difficulty increasing production output to meet soaring demand overseas, and the prime loan package has enabled the firm to secure the necessary funds for export.   Minister Dukgeun Ahn remarked that the “Prime loan export package is the beginning of our efforts to help exporting companies overcome financial issues through an all-time high 255 trillion won trade insurance.” date2024-04-04

Government to set up one-stop help desk for exporters' CBAM response

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that relevant ministries gave a joint briefing on the EU’s Carbon Border Adjustment Mechanism (CBAM) and other international environmental regulations to discuss new export opportunities and presented the following measures for supporting companies’ CBAM response.   First, the Government has decided to integrate the briefings, which had previously been held separately per each ministry and institution, into joint interministerial briefings. The briefings will be held in regions with higher numbers of impacted companies, beginning with Yeongnam, followed by the capital region (May, October) and Chungcheong Province (July).   Second, the currently siloed help desks run by MOTIE and the Ministry of Environment (ME) will be streamlined into a one-stop government help desk for CBAM response to improve customer convenience.   Third, companies lacking experience in carbon emission calculation will be provided with consultation service starting this year. The Ministry of SMEs and Startups (MSS) will announce the project for the second time through May 6-31, and ME will open applications to interested companies from April 22-May 17.   Fourth, Korea Customs Service (KCS) will provide exporting businesses with information on CBAM via phone call, mobile text message, and email as to whether their export items fall under CBAM regulation. date2024-04-03

FDI pledged to Korea hits record-breaking $7.1 bln for Q1 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that foreign direct investments (FDIs) pledged to Korea in the first quarter of 2024 (Jan-Mar, acc.) jumped 25.1 percent year-on-year to a record-breaking USD 7.1 billion. FDIs that actually arrived in Korea over the same period reached $1.9 billion.   By industry, the manufacturing sector saw FDI pledges soar 99.2 percent to $3.1 billion, whereas those to service inched down 2.5 percent to $3.9 billion. Among manufacturing, electrical and electronics (up 113.5 percent to $1.5 billion), machinery and precision medical devices (up 49.2 percent to $0.5 billion), and chemical engineering (up 69.5 percent to $0.3 billion) advanced year-on-year. In service industries, finance and insurance (up 34.3 percent to $2.2 billion) enjoyed growth.   By region, FDI coming in from the U.S. and EU decreased owing to the high base effect from last year’s bulk investments, contracting 3.4 percent and 69.8 percent, respectively, to $0.7 billion and $0.6 billion. FDI from Japan and Greater China leaped 281.8 percent and 146.7 percent, respectively, to $1.1 billion and $2.1 billion.   By type, greenfield investments shrank 7.1 percent to $3.9 billion, while M&A investments expanded 115.4 percent to $3.2 billion. date2024-04-02