Ministry of Trade, Industry and Energy

Minister Ahn visits SK Battery America

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea visited SK Battery America in Georgia, U.S., on January 7 where he received a briefing on business management from SK Battery CEO Yoonsang Chaey and discussed U.S. investment issues. date2025-01-08

Minister Ahn meets U.S. lawmakers in Georgia

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. lawmakers including Georgia State Senator Michael Rhett on January 6 in Atlanta to discuss measures for Korea-U.S. and Korea-Georgia cooperation and received a resolution expressing appreciation for Korean firms’ investment in the state of Georgia. date2025-01-08

Minister Ahn meets Georgia Governor

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Georgia Governor Brian Kemp in Atlanta on January 6 and discussed measures for Korea-Georgia cooperation and asked for support and interest towards Korean businesses investing in the state of Georgia. date2025-01-08

Korea’s plant project bid wins surpass $30 bln for 2nd year running

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korean companies won a total of USD 34.1 billion (up 12.7 percent year-on-year) in plant projects during 2024, the highest in nine years since the $36.5 billion secured in 2015. Around 46 percent were Middle East projects, equivalent to $15.5 billion. In April 2024, Samsung E&A and GS E&C won Saudi Arabia’s $7.3 billion Fadhili Gas Increment Program, the third biggest mega deal following the United Arab Emirates (UAE)’ Barakah nuclear power plant project ($19.1 billion) of 2009 and Iraq’s Bismayah New City project ($7.7 billion) of 2012. Moreover, a Korean consortium’s early-stage participation in Qatar’s $2.8 billion desalination and combined cycle power plant project culminated in Samsung C&T’s securing of the EPC contract in November 2024. Meanwhile, large-scale project wins in Eastern Europe and Southeast Asia last year helped diversify Korea’s global plant market presence. Korean companies won $4.7 billion worth of projects in Eastern Europe alone including the $1.7 billion Serbian solar power plant project awarded to Hyundai Engineering, winning a total of $6.6 billion (up 250.6 percent) European projects in 2024. Bids won for Southeast Asian projects likewise soared 79.1 percent to $3.4 billion, including Malaysia’s $0.95 billion Phoenix Biorefinery Project won by Samsung E&A in December 2024.   date2025-01-07

FDI pledges to Korea reach historic high in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investment (FDI) pledged to Korea in 2024 reached a total of USD 34.6 billion (up 5.7 percent year-on-year), surpassing the previous high of 2023. FDI arrivals added up to $14.8 billion (down 24.2 percent). By industry, FDIs pledged to the manufacturing sector hit an all-time high of $14.5 billion (up 21.6 percent). Investments showed notable increases in areas like electrical and electronics (up 29.4 percent to $5.3 billion), machinery and precision medical devices (up 174.0 percent to $2.4 billion), and pharmaceuticals (up 113.2 percent to $0.7 billion). FDIs pledged to the service sector rose 0.3 percent to $17.8 billion. FDIs pledged from Japan (up 375.6 percent to $6.1 billion) and China (up 266.1 percent to $5.8 billion) climbed steeply, whereas those from the U.S. and the EU shrank to $5.2 billion (down 14.6 percent) and $5.1 billion (down 18.1 percent), respectively. The U.S. and EU’s reduced FDI pledges can be attributed to the high base effect of the previous year as well as investors’ wait-and-see stance in light of political factors arising from the regions’ leadership changes. In 2024, greenfield investments pledged to Korea jumped 13.5 percent to a historic high of $26.7 billion, while M&A investment pledges declined 14.5 percent to $7.9 billion.   date2025-01-07

Minister Ahn visits U.S. to promote bilateral cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea is visiting the U.S. through January 6–10 to meet with lawmakers and key figures of the U.S. federal and state government to discuss measures for stronger bilateral industrial, trade, and energy cooperation. He will also be paying respects to deceased former U.S. President Jimmy Carter. From January 6–7, Minister Ahn is first making a trip to the state of Georgia, home to numerous Korean automobile, battery, and semiconductor businesses, where he plans to meet Georgia Governor Brian Kemp to ask for active support and interest towards Korean companies investing in the state. Following the meeting, the minister will be heading to SK On’s Georgia plant for a conference with Korean businesses operating in the region to discuss investment issues as well as schemes at the state level for enhancing Korea-U.S. industrial cooperation. Through January 8–10, the minister will meet lawmakers in Washington D.C. to request the U.S. Congress’ support and interest for Korean firms’ stable investment and business activities in the U.S. Furthermore, he will be exchanging views with U.S. industry and think tank representatives on ways to deepen bilateral cooperation in high-tech areas. Regarding former U.S. President Jimmy Carter, Minister Ahn noted his significant contribution to stabilizing and solidifying Korea-U.S. relations. The minister further assessed that his visit serves as an opportunity to secure a stable business environment for Korean companies operating in the U.S., while also advancing bilateral industrial, trade, and energy cooperation under the new U.S. administration.   date2025-01-06

Minister visits Sunkwang New Container Terminal (SNCT) at Incheon New Port

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited the Sunkwang New Container Terminal (SNCT) at Incheon New Port on January 2 to mark the new year, where he received a briefing on terminal management issues and encouraged the site employees. Recording all-time high container traffic volumes for two years straight, the SNCT is rising as a global logistics hub. date2025-01-03

Largest integrated Korean pavilion to showcase at CES 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Korea Trade-Investment Promotion Agency (KOTRA) announced that government-wide collaboration is underway in setting up the largest integrated Korean pavilion in history at the Consumer Electrics Show (CES) 2025 slated for January 7–10 in Las Vegas, U.S. Under this year’s theme of “Connect. Solve. Discover. DIVE IN.” CES 2025 will be showcasing the latest AI technologies, products, and services of major global companies, including over 900 Korean firms like Samsung, LG, Hyundai, and SK. It is anticipated that CES 2025 will focus on the commercialization of AI technology, development of healthcare industries, social issues, and sustainability.  Based on consultations with relevant ministries and government bodies, MOTIE will establish an integrated Korean pavilion with a unified design and brand logo for 445 Korean companies and 36 institutions under an aim to boost marketing and exports. Prior to the CES 2025 opening ceremony, the ministry will host a seminar on January 6 featuring representatives of the Consumer Technology Association (CTA), host of CES, and U.S. investment bank and financial services company Morgan Stanley for discussions on U.S. consumer electrics market forecasts and investment attraction measures. On the day of the opening ceremony on January 7, KOTRA and the Industrial Bank of Korea (IBK) will enter a memorandum of understanding (MOU) to support the further discovery of innovative Korean businesses, overseas market entry, and investment attraction. The “K-Innovation Pitching Challenge” held the following day will offer Korean firms the opportunity to take part in a business pitch challenge and networking session with global companies like Walmart and IBM to enhance export outcomes. After the closing of exhibitions on January 23, MOTIE plans to launch a CES Innovations Awards Winners Forum where the award-winning companies and export assistance institutes can engage in the sharing of best practices, support measures, product demonstrations, and online export consultations. Notably, 129 of this year’s 292 first-round CES Innovations Awards winners are Korean companies, once again claiming the highest number among participating countries for the second year running.   date2025-01-02

Korea’s annual exports reach new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 1, 2025, that Korea’s annual exports for the year of 2024 amounted to an all-time high USD 683.8 billion, surpassing the previous high of $683.6 billion set in 2022. Daily average exports reached $2.53 billion (up 8.2 percent year-on-year), outperforming the $2.51 billion of 2022. According to World Trade Organization (WTO) statistics, Korea’s global ranking for accumulated exports through January–September 2024 jumped two places to sixth (8th in 2023), posting the steepest export growth rate (9.6 percent) among the world’s top 10 exporting countries. Korea’s imports for 2024 shrank 1.6 percent year-on-year to $632.0 billion amid reduced energy imports. The trade balance stood at a surplus of $51.8 billion (+$62.1 billion year-on-year), the nation’s largest since the record of $69.7 billion surplus in 2018. In 2024, eight out of 15 key export items enjoyed growth. Semiconductors soared 43.9 percent to $141.9 billion, maintaining their upward trajectory for the 14th consecutive month since November 2023 and renewing the record high ($129.2 billion, 2022) in just two years. Notably, despite price falls of general-purpose memory chips in Q4 2024, high value-added items like DDR5s and HBMs led the overall growth and chip exports continued their upward climb throughout the year. All IT items including semiconductors, wireless communication devices, displays, and computers advanced in exports as well, a first in three years since 2021. Exports of automobiles were retained at $70.8 billion (down 0.1 percent) due to partial production setbacks caused by strikes across major automakers and car parts producers, but still managed to enter the $70 billion thresholds for the second consecutive year. Ship exports logged double-digit growth (up 18 percent to $25.6 billion) as high value-added vessels like LNG carriers and large container ships ordered in 2021 were delivered. For petrochemicals, despite unit export price drops from oil price falls in H2 2024, exports rose 5.0 percent on the backs of increased shipments. Bio-health exports hiked 13.1 percent to $15.1 billion in 2024, the growth centering on biosimilars and other pharmaceuticals. With the growing popularity of K-food and K-beauty products worldwide, the export of both agriculture, fishery, and livestock products (up 7.6 percent to $11.7 billion) and cosmetic products (up 20.6 percent to $10.2 billion) entered the $10 billion thresholds for the first time. In 2024, exports to seven out of nine major destinations expanded. To China, semiconductors, petrochemicals, and wireless communication devices showed robust performance, boosting the overall exports 6.6 percent to $133.0 billion. China-bound exports showed growth all throughout the year, with only February and November as exceptions. U.S.-bound exports set historic highs for the seventh consecutive year at $127.8 billion (up 10.5 percent). Automobiles and general machinery drove overall exports, and semiconductors also logged triple-digit growth based on U.S. big tech firms’ wider investments in datacenters. To ASEAN, exports hit $114.0 billion (up 4.5 percent) thanks to the strong growth of semiconductors and petroleum products as well as the double-digit growth of IT items like computers and wireless communication devices. Among all nine major destinations, exports to Latin America ($29.0 billion) recorded the highest growth rate of 17.8 percent. Exports to India (up 4.2 percent to $18.7 billion) came in at an all-time second high and those to the Middle East (up 4.8 percent to $19.7 billion) achieved growth for the fourth consecutive year. Exports to Japan increased 2.0 percent to $29.6 billion. As for the month of December 2024, exports and imports improved 6.6 percent and 3.3 percent to $61.4 billion and $54.9 billi date2025-01-02

Trade Minister chairs foreign investment policy consultation meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting on December 26 at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. date2024-12-27