Ministry of Trade, Industry and Energy

Trade Minister holds roundtable with foreign business community in Korea

Minister for Trade Inkyo Cheong held a roundtable on September 5 at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel to enhance the foreign business community’s understanding of Korea’s major relevant policies and discussed measures to promote FDI and gathered corporate opinions. date2024-09-06

Trade Minister Cheong meets Wilson Center CEO

Korea’s Minister for Trade Inkyo Cheong met with Woodrow Wilson International Center President and CEO Mark Green on September 5 in Seoul and discussed response measures for Korea in the midst of intensifying geopolitical uncertainties and rising protectionism across the trade landscape in this super election year. date2024-09-06

Korea-Japan Energy Policy Dialogue

Korea’s Director General for Energy Policy Choi Yeon-woo (right in photo) at the Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Director General for International Policy on Carbon Neutrality Kihara Shinichi at the Ministry of Economy, Trade and Industry (METI) jointly held the Korea-Japan Energy Policy Dialogue on September 5 in Busan and discussed clean energy cooperation and launching of CFE global working group. date2024-09-06

Korea-U.S.-Japan Trilateral Executive Dialogue Bridge Building Dinner

Minister for Trade Inkyo Cheong attended the Korea-U.S.-Japan Trilateral Executive Dialogue Bridge Building Dinner on September 4 at the Grand Hyatt Seoul and gave opening remarks to attendees, including the U.S. congressional delegation, Korea’s Foreign Affairs Minister Cho Tae-yul, and Korea International Trade Association (KITA) Chairman Yoon Jin-sik. date2024-09-06

Vice Minister attends Clean Hydrogen International Forum

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Clean Hydrogen International Forum on September 4 in Busan and gave congratulatory remarks to Forum participants, including President and CEO of Korea Hydro & Nuclear Power (KHNP) Whang Joo-ho and Hyundai Motor Vice President Kim Dong-wook. date2024-09-06

Trade Minister meets ASEAN Deputy Secretary General

Minister for Trade Inkyo Cheong met Deputy Secretary General for ASEAN Economic Community Satvinder Singh on September 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed measures for bilateral economic cooperation. date2024-09-06

Vice Minister attends Korea-IEA Forum

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Korea-IEA Forum on September 4 at BEXCO in Busan and gave a congratulatory speech to approximately 800 participants, including IEA Executive Director Fatih Birol and representatives of 20 embassies to Korea. date2024-09-06

Vice Minister attends CFE Leaders Roundtable

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the CFE Leaders Roundtable on September 4 at BEXCO in Busan alongside KCCI Chairman Chey Tae-won, IEA Executive Director Fatih Birol, Busan Mayor Park Heong-Joon, and the representatives of 30 embassies to Korea, 24 national delegations, and those of 10 international organizations and companies. date2024-09-06

MOTIE holds conference with KCCI and foreign-invested companies

Minister for Trade Inkyo Cheong held a conference today at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel on measures to expand foreign direct investment (FDI) under the aim of nurturing Korea into a business and investment hub amid the vastly changing paradigm of the global trade order. Trade Minister Cheong noted how the Yoon administration is achieving fresh FDI highs each year since taking office, with this year’s advanced manufacturing sector enjoying an all-time high FDI for the first half (H1), displaying Korea’s potential as a supply chain hub. Introducing the Trade Policy Roadmap announced by the Government last month, the trade chief shared plans to drastically expand markets accessible to Korea-based firms and foster an attractive trade and investment environment suitable for the stable development of management strategies. Next, he introduced the Korea Trade-Investment Promotion Agency (KOTRA)’s Foreign Investment Ombudsman and Foreign Investor Support Office (FISO) services, as well as the amendment (January 2024) permitting the lease and sale of state and public property in Korea’s free economic zones (FEZs) to foreign-invested businesses.  Foreign-invested companies attending the conference expressed appreciation over the Korean government’s efforts to create a business-friendly environment and suggested incentives like tax credit, deregulation, and increased funding to promote freedom of management activities and expand investment. Based on suggestions from this conference, the Ministry of Trade, Industry and Energy (MOTIE) will continue efforts to improve the foreign investor environment. On the occasion of the Invest KOREA Summit slated for November, the ministry also plans to actively promote Korea’s investment environment and build up networking among foreign investors and Korea’s public-private entities with aim to broaden the base for foreign investment attraction.   date2024-09-05

Korea and Japan gear up joint efforts to catalyze carbon-free energy utilization

Korea’s Director General for Energy Policy Choi Yeon-woo at the Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Director General for International Policy on Carbon Neutrality Kihara Shinichi at the Ministry of Economy, Trade and Industry (METI) jointly held the Korea-Japan Energy Policy Dialogue today on the sidelines of the World Climate Industry EXPO (WCE 2024) in Busan.  In view of Korea and Japan’s high dependence on energy import and similarities in the energy supply and consumption structure, the two sides acknowledged the need to bolster energy security and carbon neutrality response amid the recently unstable global energy market and supply chain crises, agreeing to closely cooperate on expanding clean energy, such as hydrogen, ammonia, and offshore wind power. They also discussed plans for launching a global working group to accelerate the utilization of carbon-free energy sources and shared views regarding the collaboration between Korea’s Carbon Free Energy (CFE) Initiative and Japan’s Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Electricity Initiative (ICEI), the two countries’ respective clean energy campaigns. In April this year, the two sides held bilateral trade and industry ministerial talks, where they agreed to cooperate through the CFE Initiative to achieve carbon neutrality. Furthermore, they reaffirmed their role as co-leads of the global working group to be launched on the margins of the Clean Energy Ministerial (CEM) slated for October 2024 in Brazil and decided to discuss related issues in detail. With aim to promote carbon-free energy sources for electricity (Scope 2) based on mutual collaboration between the CFE Initiative and ICEI, the two sides exchanged joint measures to this end, such as encouraging IPEF member countries’ participation in the initiative, creating a guidebook for clean electricity procurement companies, and hosting joint seminars. Lastly, the director generals concurred on the importance of utilizing diverse and realistic means to achieve carbon neutrality in recognition of countries’ varying energy situations and industrial conditions, agreeing to further discussions on cooperation measures for carbon neutrality.   date2024-09-05