Ministry of Trade, Industry and Energy

Korea and Pakistan to launch negotiations for bilateral EPA

The negotiations for an Economic Partnership Agreement (EPA) with Pakistan, South Asia's second-largest market, officially commenced, marking the start of efforts in 2025 to further expand Korea's export base through strengthened trade networks. Minister for Trade Inkyo Cheong of the Republic of Korea and Pakistan’s Federal Minister of Commerce Jam Kamal Khan formally announced the initiation of the Korea-Pakistan EPA negotiations on the morning of January 9 in Seoul. Pakistan, the world’s fifth most populous country, boasts abundant labor resources (population of 250 million, 30% youth demographic) and natural resources (coal, natural gas, copper). Strategically located in South Asia, it serves as a key potential market with borders connecting to major Asian economies like China and India. Expanding trade and investment through the Korea-Pakistan EPA is expected to yield mutual benefits, securing an export growth market for Korea and contributing to Pakistan's stable economic development. Furthermore, as the Pakistani government actively promotes policies to foster its digital, IT, and automotive industries for economic growth, opportunities for collaboration in these sectors—where Korea excels—are anticipated to expand significantly. Trade Minister Cheong remarked, “Amid heightened uncertainties due to the rapid shifts in the trade environment following the inauguration of the new administration and the weakening of the multilateral trade system under the WTO, the importance of FTAs is growing even more significant.” He added, “Starting with Pakistan, we aim to broaden our trade networks this year, focusing on emerging markets in the Global South.” Following the commencement of negotiations for an EPA with Bangladesh in November last year, today’s launch of negotiations with Pakistan is expected to lay the groundwork for long-term partnerships with key South Asian nations that demonstrate significant growth potential.   date2025-01-09

Korea named Global Innovation Champion at CES 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea won a place among the new Global Innovation Champions this year at the Consumer Electrics Show (CES) 2025 currently in full swing in Las Vegas, U.S. As host of CES, the Consumer Technology Association (CTA) grades each country’s technological innovation capacity by the association’s Global Innovation Scorecard and announces the results during each year’s CES event. The CTA’s report evaluated 75 countries according to 15 criteria. Countries are classified into four groups by order of rank: Innovation Champions, Innovation Leaders, Innovation Adopters, and Modest Innovators. This year, Korea jumped up to the Innovation Champions league from its previous position as Innovation Leader (2023), gaining high scores in areas such as encouragement of global tech trade, allowance of cross-border data flow, startup and small business friendliness, pro-innovation legal environment, and digital transparency. Other countries in the Innovation Champion group include the U.S., the UK, Japan, France, and Germany.   date2025-01-08

Minister Ahn chairs meeting with Korean businesses operating in Georgia, U.S.

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea chaired a meeting on January 7 in Atlanta with representatives of Korean businesses operating in Georgia, U.S., including Hyundai Motor Group, Absolix, Aluko, Hyundai Mobis, and LS C&S as well as related institutions like KOTRA, to discuss investment issues. date2025-01-08

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