Ministry of Trade, Industry and Energy

Trade Minister meets Rwanda’s Minister of Foreign Affairs and International Cooperation

Minister for Trade Inkyo Cheong met Rwanda’s Minister of Foreign Affairs and International Cooperation Vincent Biruta on June 4 at the Lotte Hotel Seoul and signed the Korea-Rwanda Trade and Investment Promotion Framework (TIPF) agreement and discussed bilateral trade and investment cooperation measures. date2024-06-07

Trade Minister meets Tanzania’s Minister for Investment, Industry and Trade

Minister for Trade Inkyo Cheong met Tanzania’s Minister for Investment, Industry and Trade Ashatu Kijaji on June 4 at the Lotte Hotel Seoul to discuss measures for accelerating the bilateral Economic Partnership Agreement (EPA). date2024-06-07

Korea-Madagascar Critical Minerals MOU signing ceremony

Minister for Trade Inkyo Cheong attended the Korea-Madagascar Critical Minerals MOU signing ceremony in the presence of both countries’ government delegations and Madagascar’s President Andry Nirina Rajoelina on June 4 at the Lotte Hotel Seoul. date2024-06-07

Trade Minister meets Côte d'Ivoire's Minister of Commerce and Industry

Minister for Trade Inkyo Cheong met Souleymane Diarrassouba, Minister of Commerce and Industry for the Republic of Côte d'Ivoire, on June 4 at the Lotte Hotel Seoul to sign the Korea- Côte d'Ivoire Trade and Investment Promotion Framework (TIPF) agreement and discuss measures for bilateral trade, investment, and economic cooperation. date2024-06-07

Trade Minister meets Malawi’s Minister of Finance and Economic Affairs

Minister for Trade Inkyo Cheong met Sosten Gwengwe, Malawi’s Minister of Finance and Economic Affairs, on June 4 at the Lotte Hotel Seoul to sign the Korea-Malawi Trade and Investment Promotion Framework (TIPF) agreement and discuss measures for bilateral trade, investment, and energy cooperation. date2024-06-07

Trade Minister meets Sierra Leone’s Minister of Trade and Industry

Minister for Trade Inkyo Cheong met Ibrahim Alpha Sesay, Sierra Leone’s Minister of Trade and Industry, on June 4 at the Lotte Hotel Seoul to discuss measures for bilateral trade and investment cooperation. date2024-06-07

Trade Minister meets Kenya’s Principal Secretary-State Department for Investment Promotion

Minister for Trade Inkyo Cheong met Abubakar Hassan Abubakar, Principal Secretary-State Department for Investment Promotion at Kenya’s Ministry of Investment, Trade and Industry, on June 4 at the Lotte Hotel Seoul to discuss measures for bilateral trade and investment cooperation. date2024-06-07

Trade Minister attends Korea-Africa Business Partnership 2024

Minister for Trade Inkyo Cheong attended the Korea-Africa Business Partnership 2024 on June 4 at COEX, along with representatives of African countries’ governments, public institutions, and companies, as well as Korean companies and related institutions. date2024-06-07

First and largest Korea-Africa summit seals 47 agreements and MOUs

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 5 that through the Korea-Africa Summit 2024, a total of 47 agreements and memorandum of understanding (MOUs) were sealed in various areas like energy, minerals, manufacturing, and infrastructure. Moreover, 12 countries participated in the ministerial talks held with aim to expand economic cooperation.   On the second day of the Summit on June 5, approximately 400 persons, composed of both sides’ entrepreneurs, experts, and key government figures, were present at the Korea-Africa Business Summit 2024. Hosted by MOTIE and co-organized by six related institutions, the Business Summit spurred discussions on industrialization, trade, investment, food, resource security, decarbonization, and climate change, drawing the blueprint for the shared growth of Korea and Africa in the future.   MOTIE sealed 12 MOUs with 11 African countries for intergovernmental economic cooperation in trade, investment, and minerals. First, with Tanzania, MOTIE jointly declared the launching of negotiations for the bilateral Economic Partnership Agreement (EPA). MOTIE also agreed to start pushing negotiations for an EPA with Morrocco, commencing discussions on a trade agreement that would cover supply chains, digital, and clean economy. With eight African countries, including Ghana, Malawi, Côte d'Ivoire, and Zimbabwe, the ministry signed the Trade and Investment Promotion Framework (TIPF) for establishing a tailored economic cooperation platform void of bound tariffs.   Also, with Tanzania and Madagascar, MOTIE entered bilateral MOUs on critical minerals cooperation for stronger supply chain partnership with African countries. To note, the Korea-Madagascar Critical Minerals Cooperation MOU signing ceremony (June 4) was held in the presence of Madagascar’s President Andry Rajoelina, who expressed anticipation towards the bilateral minerals partnership.   As for the private sector, a total of 35 agreements and MOUs were inked between the two sides’ private parties, through which Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), K-SURE, and Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) will be stepping up their cooperation with African countries in areas like small modular reactors (SMRs), energy storage systems (ESS), trade and investment, new renewables, and critical minerals.   Hyosung sealed a $30 million transformer supply contract with Eletricidade de Moçambique at the Korea-Africa Business Partnership and Wise Bridge entered an agreement with Ethiopian and Kenyan companies on a joint venture for establishing a home appliances parts assembly line. OHYOUNG signed a contract deal for exporting dyes ($10 million) and E Green Global (EGG) signed one on smart farming.   Furthermore, Korea International Trade Association (KITA) and the African Continental Free Trade Area (AfCFTA) Secretariat agreed on establishing a Korea-Africa Economic Cooperation Commission for the continued development of Korea-Africa economic cooperation.   Trade, Industry and Energy Minister Dukgeun Ahn and Minister for Trade Inkyo Cheong both held numerous talks with African counterparts on the sidelines of the Korea-Africa Summit 2024 to discuss measures for wider cooperation in trade, investment, resources, supply chains, and digital.   At the beginning of this year, MOTIE launched a public-private joint support group consisting of major economic groups, institutes, and companies to prepare for a successful summit. The ministry plans to keep providing support so that the economic cooperation measures and agreements discussed during the Summit produce tangible outcomes and that the two sides can envision a forward-looking partnership. date2024-06-07

Trade Minister attends IPEF ministerial meeting in Singapore

Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting and Clean Economy Investor Forum through June 5–6 in Singapore, where 14 IPEF partners – Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the U.S., and Vietnam – gathered to implement the Supply Chain Resilience (Pillar II), Clean Economy (Pillar III), and the Fair Economy (Pillar IV) Agreements and to uncover and facilitate joint projects in detail.   Ministers of partner countries signed the concluded Clean Economy Agreement and Fair Economy Agreement and agreed to promptly hold the inaugural Supply Chain Council meeting and push joint efforts in accordance with the Supply Chain Agreement that has come into effect.   On the margins of the meeting, Korea’s trade chief held bilateral talks with a number of counterparts, including U.S. Secretary of Commerce Gina Raimondo, on clean economy programs like clean electricity and small modular reactor (SMR) projects; Singapore’s Minister for Trade and Industry Minister Gan Kim Yong on measures for strengthening Korea-Singapore supply chain cooperation; and with Coordinating Minister for Economic Affairs of Indonesia Airlangga Hartarto, with whom he signed the memorandum of understanding (MOU) on implementing Article 6 of the Paris Agreement and on supporting companies’ global projects on carbon reduction and supply chain cooperation.   Over 300 persons participated in the Clean Economy Investor Forum, including the Asia-Pacific region’s governments and representatives of 103 investment firms, including the National Pension Service (NPS), Korea Post, Hana Financial Investment, Kohlberg Kravis Roberts (KKR), BlackRock, and Macquarie Group. The Forum also ran a briefing on a total of 72 clean infrastructure projects valued at USD 23 billion and 10 Korean startups like PMGROW and 60Hertz engaged in the Indo Pacific Climate Tech 100, a program connecting top climate tech startups to global investors through in-person meetings and presentations.   Trade Minister Cheong remarked that “This Forum proves that IPEF is up and running and that the region’s companies will tangibly benefit from the initiative,” and added that the Korean government will give full measure to accelerating Korean firms’ project bid winning and local market entry by building on this momentum. date2024-06-07