Ministry of Trade, Industry and Energy

Korea and Japan to boost joint efforts in hydrogen economy

Director General for Hydrogen Economy Policy Choi Woo-hyuk at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the second Korea-Japan Hydrogen Cooperation Dialogue meeting today in Tokyo with Sadanori Ito, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), with the participation of both countries’ 11 hydrogen-related institutions. On the margins of the Korea-Japan industry ministerial talks and the first Hydrogen Cooperation Dialogue meeting held in June 2024, the two countries have since then launched working groups for the development of a clean hydrogen supply chain, carbon intensity and certification, standards and criteria, and safety. During today’s second meeting, the two sides reviewed the details of these four working groups’ progress on cooperation agendas and discussed measures for wider collaboration going forward. Noting the private sector’s critical role in clean hydrogen supply chain cooperation, the two sides decided to establish a private Korea-Japan cooperative platform for hydrogen supply chain utilization alongside their intergovernmental cooperation channel. They also agreed to convene bilateral hydrogen seminars to make tangible progress in joint efforts regarding clean hydrogen supply chains, hydrogen co-firing, and hydrogen mobility expansion. In the area of carbon intensity and certification, the two countries will be working together to advance the methodologies of measuring greenhouse gas emissions generated over the process of producing clean hydrogen, for which they will also be making joint visits to major overseas sites. For standards and criteria, joint efforts will go toward the international standardization of primary hydrogen technologies. In the area of safety, Korea and Japan will boost exchanges in hydrogen safety information and best practice sharing.   date2025-03-26

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Minister Ahn holds roundtable with foreign business community in Korea

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a roundtable with the foreign business community in Korea today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. date2025-03-24

Minister Ahn attends foreign investment declaration ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended a foreign investment declaration ceremony today in Seoul for investment declarations made by global companies Vena Energy and Corning to Korea worth USD 0.3 billion in areas of offshore wind power and advanced materials. date2025-03-24

Global companies pledge investments worth $0.3 bln to Korea’s offshore wind power and advanced materials

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a foreign investment strategy meeting today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. At the meeting, the above representatives expressed appreciation towards the Korean government’s efforts to foster a business-friendly environment and suggested measures for stronger incentives and the easing of regulations regarding electric vehicles (EVs), healthcare, and offshore wind power, as well as the improvement of conditions for foreign investors’ settlement in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. On the occasion of today’s meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations to Korea worth USD 0.3 billion in the areas of offshore wind power and advanced materials.   date2025-03-24

Minister Ahn holds talks with U.S. Secretary of Commerce Howard Lutnick

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Commerce Howard Lutnick on March 21 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony on March 21 (local time) in Washington D.C. for strengthening the strategic partnerships among Korean Air, Boeing & GE Aerospace. The ceremony was attended by Chairman & CEO of Korean Air and Hanjin Group Walter Cho, President & CEO of Boeing Kelly Ortberg, and President & CEO of GE Aerospace Russel Stokes. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships and strengthen Korea-U.S. aviation cooperation

On the occasion of Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea’s visit to Washington D.C. from March 20-21 (local time), Mr. Ahn and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony with Korean Air, Boeing & GE to strengthen their strategic partnerships.   * Corporate Attendees: Walter Cho (Chairman & CEO of Korean Air and Hanjin Group), Kelly Ortberg (President & CEO of Boeing), Russel Stokes (President & CEO of GE Aerospace) The signing ceremony underscores Korean Air’s commitment to collaboration with Boeing and GE Aerospace prior to the finalization of large-scale contracts with a total value of 32.7 billion USD. In particular, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration, raising expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding and energy. * Details of the contract between Korean Air-Boeing: The two companies will soon finalize a firm order for twenty Boeing 777-9 and twenty Boeing 787-10 by 2033, and options for an additional ten aircraft (worth a total 24.9 billion USD). ** Details of the contract between Korean Air-GE: The two companies will soon finalize a firm order for eight spare engines (plus options for two additional engines) and engine maintenance services (worth a total 7.8 billion USD). Minister Ahn stated in his congratulatory remarks that “through these collaborations with prominent U.S. aviation companies, Korean Air is set to further strengthen its position in the global aviation market, accelerating its journey to becoming one the world’s top ten airlines.” Minister Ahn also emphasized that these agreements will pave the way for further strengthening the wide-ranging material and human exchanges between Korea and the United States, vowing that the Korean government “will continue to actively support cooperation in the private sector between both countries.” date2025-03-21

MOTIE kicks off Global Talent Supporters, boosting online recruitment support for foreign-invested firms

The Ministry of Trade, Industry and Energy (MOTIE) held the Global Talent Supporters (“Supporters”) kick-off ceremony today at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul as part of an aim to enhance support for foreign-invested firms’ talent recruitment. Now in its second year, the Supporters program for 2025 has chosen 20 university students with the aspiration to grow into global talents by gaining work experience at foreign-invested companies, each of whom beat 22 other competitors in the nationwide selection process.  Over the next two months, the Supporters will be promoting foreign-invested firms’ recruitment activities by visiting and reporting on leading global companies through YouTube and other media platforms. Leveraging their digital fluency and ability to create original content, the Supporters can act as a bridge between companies and youth by bringing quality recruitment information to young job-seekers. MOTIE will also be increasing year-round online hiring. Since 2019, the ministry has been running an online platform for the exclusive promotion of foreign-invested firms’ year-round recruitment at Job Korea (www.jobkorea.co.kr/Theme/kotra), a private career portal. Starting this year, MOTIE plans to strengthen support for the year-round online hiring of businesses in advanced industries by adding special sections introducing some of their high-performing companies and featuring interviews with HR managers. Among foreign-invested companies participating in the year-round hiring platform, additional support will go towards the development of a special webpage dedicated to those with plans for large-scale recruitment. The Korean government intends to make smooth progress in preparing for the Global Talent Fair 2025 slated for this May to actively assist job-seekers’ efforts for employment at global companies. Preregistration for the Global Talent Fair is open from March 20 to May 2 and those who are interested can preregister at the official website (globaltalentfair.kotra.biz) to take part in a variety of employment support programs.   date2025-03-21

Korea Trade Commission holds public hearing on petroleum resin imports

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held a public hearing today on whether Chinese and Taiwanese petroleum resin imports are causing damage to domestic industries, on which anti-dumping investigations were opened last August. As a result of a preliminary determination made last December, provisional anti-dumping duties of between 4.45% and 18.52% are currently levied on the said products. Held under Article 64 of the Enforcement Decree of the Customs Act, the public hearing aims to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. A final ruling will be given during the first half of this year following domestic and overseas due diligence procedures. The KTC also held its 458th meeting today, receiving reports on anti-dumping investigations launched on hot-rolled carbon and alloy steel products requested by Hyundai Steel and on single-mode optical fiber products requested by LS Cable & System.   date2025-03-20