Ministry of Trade, Industry and Energy

Korea and ASEAN kick cooperation into high gear in supply chains, economy, and trade

Minister for Trade Inkyo Cheong attended the 56th ASEAN Economic Ministers (AEM) Meeting from September 21–22 in Vientiane, Lao People's Democratic Republic (PDR), and discussed economic agenda items for the coming 44th ASEAN Summit slated for this October. He also agreed to continue expanding cooperation with ASEAN and the Global South countries as part of follow-up measures to the Trade Policy Roadmap the ministry announced in August. Trade Minister Cheong first attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 and highlighted the need for cooperation at the EAS level to deal with challenging new trade issues such as supply chains, digital transition, and climate change, which are difficult agendas for countries to tackle on an individual basis. At the 21st Korea-ASEAN Economic Ministers Consultation held on September 22, he took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. In commemoration of the 35th anniversary of the establishment of Korea-ASEAN dialogue relations, the trade chief proposed that they launch the Korea-ASEAN Think Tank Dialogue in 2025 as a regular channel for bilateral consultations among ASEAN economic and trade research institutions, which was received favorably by the majority of ASEAN member states. Next, he attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he emphasized the need for the three countries’ cooperation on developing a stable supply chain and built shared consensus on East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. Moreover, at the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting, Trade Minister Cheong examined several issues including measures for stronger RCEP implementation for regional economic integration, laying down RCEP accession procedures, and setting up an RCEP support organization.  The trade minister also held bilateral talks with counterparts from other countries including India, the Philippines, Switzerland, and the UK on ways to expand bilateral cooperation across diverse areas such as trade, investment, supply chains, nuclear reactors, carbon-free energy utilization, and digital transition. MOTIE plans to keep expanding collaboration over supply chains, digital transition, climate change response and other areas in high demand by ASEAN countries to smoothly implement the joint projects discussed during the Korea-ASEAN Economic Ministers Meeting and closely cooperate with ASEAN for the successful launching of the 25th Korea-ASEAN Summit in October.   date2024-09-24

Minister Ahn holds talks with Czech Industry and Trade Minister

Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela held talks on September 20 in Prague to discuss cooperation in trade, investment, supply chains, advanced manufacturing, carbon-free energy, and nuclear energy. date2024-09-23

Korea-Czech Industry and Energy Technology Cooperation Forum

Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela attended the Korea-Czech Industry and Energy Technology Cooperation Forum on September 20 in Prague with the participation of both countries’ academia, industry, and research experts in R&D. date2024-09-23

Korea-Czech Republic Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela attended the Korea-Czech Republic Business Forum on September 20 in Prague and took part in the ceremony for signing of 14 bilateral MOUs in future mobility, battery, and robot. date2024-09-23

Korea and Czech Republic hold 1st bilateral Supply Chain and Energy Dialogue (SCED)

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela held the first bilateral Supply Chain and Energy Dialogue (SCED) on September 20 in Prague. The Korea-Czech SCED is Korea’s second ministerial-level consultative channel following the Korea-U.S. Supply Chain Commercial Dialogue (SCCD). As strategic partners, Korea and the Czech Republic agreed to further reinforce cooperation over supply chains and energy areas. Through the SCED, both sides reaffirmed the mutual importance of their global position in the industrial and energy supply chain and laid the groundwork for swift cooperation amid the growing urgency for energy security and increasing supply chain instabilities. During this first SCED meeting, the two trade and industry ministers shared areas of key interest per each cooperation sector and discussed measures to expand the scope of collaboration. For trade, investment, and supply chains, the two sides noted the rapidly increasing bilateral trade volume and diversification of trade items, seeking cooperation measures by sharing best practices of supply chain crisis response. In advanced industrial sectors, they discussed collaboration and R&D support for the three major high-tech areas—battery, robot, and future mobility. Regarding carbon-free energy, the ministers concurred on strengthening policy and technology exchange in areas of common interest such as hydrogen, energy storage systems (ESS), and energy efficiency. For nuclear energy, they agreed to continue effort towards realizing their shared vision of building the Czech nuclear reactor together. For joint action, they decided to discuss steps for joint entry into third countries among other cooperation measures. Lastly, Minister Ahn stated that the SCED will serve as an important cooperation channel closely connecting the two countries amid intensifying global uncertainties and the growing emphasis on energy security. He maintained that the director general-level consultative channel be established by the end of this year for discovering and discussing joint projects.   date2024-09-23

Korea and Czech Republic hold Industry & Energy Technology Cooperation Forum to step up high-tech collaboration

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Czech Industry and Energy Technology Cooperation Forum (“Forum”) on September 20 in Prague to bolster cooperation with the Czech Republic, which holds world-leading technology in advanced manufacturing industries like high precision engineering, optics, and nanomaterials. Participating in the Forum were 40 top R&D institutions from the Czech Republic including Czech Technical University and the Czech Academy of Sciences as well as a number of academic, industrial, and research institutions from Korea such as Korea Photonics Technology Institute (KOPTI), Hyundai Motor, and Sungkyunkwan University.  Twelve memorandums of understanding (MOUs) were signed between the two countries to identify projects for joint technology cooperation in various areas like robot, laser source, and hydrogen, increasing anticipation for substantial technology exchanges and collaboration ensuing the Forum. In areas where bilateral cooperation is currently ongoing such as high precision engineering and optics, the two sides aim to uncover mid-to-large sized R&D projects to achieve impactful outcomes. Moreover, Korea’s master’s and doctoral researchers will be sent to study at prestigious Czech universities to promote active technology exchanges and joint research between the two countries’ innovative talents. For this aim, MOTIE will be providing KRW 70 billion for joint Korea-Czech R&D. The ministry plans to discuss the prospects of establishing a Korea-Czech industrial cooperation foundation for paving the way to stable bilateral technology collaboration between the two countries’ academia, industries, and research institutions. MOTIE Minister Dukgeun Ahn assessed that Korean President Yoon Suk Yeol’s state visit has created the opportunity for both countries to step up cooperation in cutting-edge technology, vowing continued effort to uncover impactful joint projects on the occasion of this Forum to assist Korean firms’ open innovation.   date2024-09-23

Korea and Czech Republic to push comprehensive economic cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on September 20 that Korea and the Czech Republic will be extending the scope of economic cooperation in all areas such as trade, investment, high-tech industries, and carbon-free energy on the margins of President Yoon Suk Yeol’s state visit to the Czech Republic. MOTIE and the Ministry of Industry and Trade of the Czech Republic held a ceremony on September 20 in Prague for the signing of four intergovernmental memorandums of understanding (MOUs) with the attendance of Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala for bilateral cooperation on the Trade and Investment Promotion Framework (TIPF), Supply Chain and Energy Dialogue (SCED), Vltava High-Tech Industry Cooperation Vision, and battery collaboration. The Czech Republic is Korea’s 25th TIPF partner worldwide and fifth among EU member states. The Korea-Czech TIPF Agreement articulates the two countries’ goal of expanding economic cooperation over a variety of areas including trade, investment, industries, energy, and supply chains and is anticipated to spur joint project support and collaboration between their relevant businesses and institutions. The SCED is a ministerial-level communication channel with emphasis on supply chains and energy areas, through which the two sides plan to manage director general-level meetings across the following five areas: trade/investment/supply chain; advanced manufacturing; carbon-free energy; nuclear energy; and joint action such as market entry into third countries. The Vltava High-Tech Industry Cooperation Vision MOU addresses the two countries’ organized support for joint research, talent exchange, and technical demonstrations in advanced industries like robot, future mobility, and semiconductors. The collaboration synergy is expected to be substantial as both countries are manufacturing-intensive with a competitive edge in high-tech sectors. The battery cooperation MOU aims for comprehensive cooperation in the exchange of market information, sharing of best practices for supply chain response, and joint technology development. As a Korean maker of finished cars is already operating in the local Czech market and many Korean battery firms have entered the Polish and Hungarian markets, Korea and the Czech Republic look forward to the establishment of a battery cooperation ecosystem in the near to longer term. The Korea-Czech Business Forum and Korea-Czech Industry and Energy Technology Cooperation Forum, held in Prague on September 20, saw the inking of bilateral MOUs between the two countries’ research institutions and businesses for cooperation on talent training and technology exchange in battery, robot, and future mobility, which are expected to catalyze research and industrial collaboration in conjunction with the aforementioned intergovernmental MOUs.   date2024-09-23

Korea and Czech Republic hold policy dialogue aiming to establish bilateral policy exchange network

The Ministry of Trade, Industry and Energy (MOTIE) held the Korea-Czech Policy Dialogue (“Dialogue”) on September 20 as part of measures to establish a policy exchange network between the two countries’ related institutions. The Dialogue was organized in tandem with the Korea-Czech Business Forum and served as a venue for both countries’ government officials, businesses, and institutions to gain firsthand insight from experts’ in-depth analysis, discussions, and policy recommendations on promising economic cooperation prospects. The Korea Institute for International Economic Policy (KIEP), Korea Institute for Industrial Economics & Trade (KIET), and the Korea Economic Research Institute (KERI) each presented on Korea-Czech cooperation in view of the era of economic security, strategic approaches concerning bilateral investment, and measures for industrial collaboration across major strategic sectors. David Müller, Director General of the European Union and Foreign Trade Section of the Czech Ministry of Industry and Trade, presented on the progress and future of Korea-Czech economic cooperation. Noting that Korea and the Czech Republic are like-minded countries with export-oriented economic structures, KIEP President Siwook Lee stated that the two countries’ cooperation is essential in restoring free trade principles and responding to rising global protectionism, expressing anticipation of the Dialogue opening up new horizons for bilateral collaboration.   date2024-09-23

Korea and Czech Republic to establish cooperative system over entire nuclear energy cycle

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala attended the memorandums of understanding (MOUs) signing ceremony on September 20 at Doosan Škoda Power in Pilsen, Czech Republic, for the two countries’ bilateral cooperation across the entire nuclear energy cycle. First, MOTIE Minister Dukgeun Ahn and the Czech Industry and Trade Minister Jozef Sikela signed an MOU for Korea-Czech nuclear cooperation, agreeing to collaborate not only on nuclear reactor construction but to push across-the-board cooperation including manpower training and technological development. To this end, the two countries will be launching a director general-level consultative channel to discuss detailed cooperation measures. Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and Doosan Škoda Power sealed an agreement on the Czech new reactor project’s turbine supply, which Doosan Škoda Power will undertake upon KHNP’s inking of the final contract in March 2025. Doosan Škoda Power, acquired by Doosan Enerbility in 2009, owns foundational technology for steam turbine manufacturing and has supplied for the Dukovany (Units 1–4) and Temelin (Units 1 and 2) power plants. The Czech Republic’s Brno University of Technology (BUT) and Korea’s KEPCO International Nuclear Graduate School (KINGS) also forged an MOU on training nuclear energy talent. They agreed to establish a nuclear cooperation center at BUT to nurture master’s and doctoral graduates, train incumbent workers, and launch joint research projects in an effort to raise professional manpower. The Korea Atomic Industrial Forum (KAIF) and Czech Power Industry Alliance (CPIA) signed an MOU for localization cooperation, aiming to seek wide-ranging joint project opportunities for both countries’ businesses and provide support for the development of the materials and equipment supply chain. The Korean Energy Technology Evaluation and Planning (KETEP) and the University of West Bohemia entered into an MOU on technology cooperation for nuclear technology information exchange, joint research, talent exchange, and mid-to-long term research collaboration.  The two countries’ nuclear energy firms and related institutions sealed further MOUs for cooperation over a variety of areas such as materials and equipment, construction, design, trial operation, nuclear fuel, and radioactive waste management. Meanwhile, MOTIE plans to discuss with the Czech authorities the prompt launching of a director general-level consultative channel for a thorough implementation of follow-up measures.   date2024-09-23

Roadmaps to New Nuclear 2024 Conference

Deputy Minister for Energy Policy Lee Ho-hyeon attended the Roadmaps to New Nuclear 2024 conference on September 19 at the OECD Conference Center in Paris, France, where he introduced Korea’s nuclear energy policies.   The conference was attended by high-level government officials of 20 countries, CEOs of 40 nuclear energy companies, as well as relevant experts for discussions on measures to expand nuclear new build projects worldwide and accelerate the distribution of small modular reactors (SMRs). date2024-09-23