Ministry of Trade, Industry and Energy

Korea launches 28th New Technology Commercialization Promotion Competition

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the New Technology Commercialization Promotion Competition (“Competition”) on December 11 in Seoul to encourage new technology development and catalyze the expansion of sales channels and investment support. At the Competition, government awards were presented to 47 persons and institutions of merit for their contribution to developing and commercializing new and innovative technologies in addition to expanding sales channels. Moreover, a total of 35 new technology and new product certificates were awarded for the second half of this year. This year’s Silver Tower Order of Industrial Service Merit went to JNG CEO Park Jong-woo for the groundbreaking contribution to improving the air conditioning and heating efficiency of geothermal heat pump systems through air-conveying power reduction technology. The Industrial Service Medal went to Park Chang-joo, a department head at DL E&C for contributing to enhancing fire safety and the firefighting industry by developing the two-way intake and exhaust control system. On the margins of the Competition, three memorandums of understanding (MOUs) were signed among certified firms, venture capital firms, and a technology evaluation institute to accelerate the initial follow-up investment outcomes of the agreement signed last year to promote investment for new product- and technology-certified firms.   date2024-12-12

New Technology Commercialization Promotion Competition 2024

Director General for Conformity Policy Chung Sang-yong at the Ministry of Trade, Industry and Energy (MOTIE) attended the New Technology Commercialization Promotion Competition 2024 on December 11 in Seoul and presented government awards to 47 persons of merit including JNG CEO Park Jong-woo, who received the Silver Tower Order of Industrial Service Merit. date2024-12-12

Trade Minister meets Mexican Ambassador to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea met Mexican Ambassador to Korea Carlos Penafiel Soto on December 11 in Seoul to discuss bilateral economic cooperation. date2024-12-12

Trade Minister meets Vietnamese Ambassador to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea met Vietnamese Ambassador to Korea Vu ho on December 11 in Seoul to discuss bilateral economic cooperation. date2024-12-12

Minister Ahn meets NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. date2024-12-11

Trade Minister holds conference with AMCHAM Korea delegation

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) led by its Chairman James Kim today in Seoul to discuss measures for promoting foreign investment and the impact from rapid changes in the global trade environment. date2024-12-11

Trade Minister holds conference with trade experts

Minister for Trade Inkyo Cheong of the Republic of Korea convened a conference on December 10 at the Korea Security Agency of Trade and Industry (KOSTI) in Seoul with trade and international relations experts, where he gave an opening message and led discussions on response strategies regarding the U.S.’ new administration’s trade policies. With the inauguration of the new U.S. administration a month away, the conference was held to share the Korean government’s progress in preparations and to facilitate in-depth discussions among trade experts and related leaders on strategic response measures. Attendees were composed of representatives of KOSTI and KITA as well as attorneys and university professors. date2024-12-11

Ttrade experts discuss strategic measures in response to incoming U.S. administration’s trade policies

Minister for Trade Inkyo Cheong of the Republic of Korea convened a conference on December 10 at the Korea Security Agency of Trade and Industry (KOSTI) in Seoul with trade and international relations experts. With the inauguration of the new U.S. administration a month away, the conference was held to share the Korean government’s progress in preparations and to facilitate in-depth discussions among trade experts and related leaders on strategic response measures. Trade Minister Cheong stated that, powered by large-scale investments, the two countries are highly interconnected in advanced technology and supply chain areas, based on which efforts will continue to maintain mutually beneficial cooperative relations and minimize negative impact on Korean businesses. Korea’s Ministry of Trade, Industry and Energy (MOTIE) plans to closely communicate with businesses while making whole-of-the-government efforts to prevent the recent domestic situation from affecting preparations with respect to the upcoming U.S. regime change.   date2024-12-11

Trade Minister Cheong Discusses Investment Cooperation with AMCHAM Korea to Address Changing Trade Landscape

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) today in Seoul to discuss measures for promoting foreign investment, propelling Korea as Asia’s leading business hub, and strengthening Korea-U.S. trade cooperation. AMCHAM Korea Chairman and CEO James Kim noted U.S. companies’ strong interest in the Korean market, highlighting the need for Korea to undergo regulatory reforms in labor markets, tax administration, and the digital economy among other areas to take the opportunity amid the recent global supply chain realignment and economic fragmentation to develop into a major business hub in the Asia-Pacific. Trade Minister Cheong expressed appreciation towards AMCHAM Korea’s confidence in the Korean market as well as its contribution to creating quality jobs and boosting local economies, vowing that government policies will be carried out according to plan despite the recent domestic situation so that foreign-invested companies can freely focus on business activities. Starting with today’s talks, the Ministry of Trade, Industry and Energy (MOTIE) plans to maintain communication with other foreign Chambers of Commerce in Korea as well in order to boost foreign investment.   date2024-12-11

Minister Ahn Discusses Korea-U.S. Economic Cooperation with NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. During the talks, Minister Ahn highlighted the need to enhance bilateral economic cooperation and to minimize business uncertainties for Korean firms engaging in close collaboration with U.S. companies through building trust and positive anticipation by maintaining the continuity of major U.S. policies throughout the change of administration. The two sides concurred on the importance of the Korea-U.S. cooperative relations in strengthening their respective industrial ecosystems and stabilizing the global supply chain, agreeing to make concerted efforts to establish constructive and stable Korea-U.S. ties. In addition, Minister Ahn suggested that the two sides seek concrete cooperation measures in view of the considerable potential for synergy from Korea’s aim to secure diverse energy sources to foster a stable energy ecosystem and Oklahoma’s abundance in resources like petroleum, gas, and renewable energy. He asked the NGA Vice Chair’s interest and support towards creating a consistent and stable investment and business environment to encourage Korean companies’ investment in the U.S.   date2024-12-11