Ministry of Trade, Industry and Energy

Korea and U.S. hold Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum

Trade, Industry, and Energy Minister Dukgeun Ahn and U.S. Secretary of Commerce Gina Raimondo attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum on June 27 in Washington D.C., co-hosted by the two countries' semiconductor associations, as part of implementing the agreed outcome of the first Korea-U.S. SCCD Dialogue (April 2023) on deepening public-private bilateral semiconductor cooperation.   The SCCD Semiconductor Forum was attended by representatives of the Ministry of Trade, Industry and Energy (MOTIE), U.S. Department of Commerce (DOC), both countries’ semiconductor companies, and related organizations, including Samsung Electronics, SK Hynix, Intel, IBM, Synopsis, Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and Invest Korea. Attendees covered the semiconductor industry’s current issues in technological development, talent nurturing, supply chain stability, and discussed measures for strengthening bilateral cooperation.   Korea Semiconductor Industry Association (KSIA) and the U.S.' Semiconductor Industry Association (SIA) entered a memorandum of understanding (MOU) for semiconductor supply chain cooperation and agreed to cooperate in technological development, talent training, business and investment facilitation in artificial intelligence (AI) and other emerging markets, as well as for regularizing the Forum.   In his opening address, Minister Ahn stated that the ministry aims to increase global R&D project investments and support technology cooperation between the two countries through the Korea-U.S. Industry and Technology Cooperation Centers. He also expressed anticipation towards seeing the Korea-U.S. AI Semiconductor Innovation Center contribute to both countries’ industry exchanges upon its establishment in the U.S. during the second half of 2024 and for the SCCD Semiconductor Forum to serve as a channel for bilateral public-private communication. date2024-06-28

Centers for Korea-U.S. advanced industry and technology cooperation open across top U.S. universities

The Ministry of Trade, Industry and Energy (MOTIE) launched the Korea-US Advanced Industry and Technology Cooperation Forum 2024 in Washington D.C. and held the opening ceremony of Korea-U.S. Industry and Technology Cooperation Centers at Yale University, Purdue University, Johns Hopkins University, and Georgia Institute of Technology.   The Forum was attended by approximately 200 persons, including MOTIE Minister Dukgeun Ahn, U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries' governments, companies, academia, and research institutions.   Beginning in the latter half of this year, MOTIE will set to work on mid-to-large scale (app. KRW 10 bln), mid-to-long term (5 yrs max) global joint R&D projects in order to secure far-reaching next-generation growth engines as part of the ministry’s ongoing efforts for international cooperation in advanced technology areas. Korean companies expressed strong interest in global technology collaboration, with 247 consortiums entering into competition over this year’s 45 project tasks.   Six more universities will be selected for the establishment of cooperation centers at a total of 12 universities by 2027 in addition to the six previously selected, namely Massachusetts Institute of Technology (MIT), Yale University, Purdue University, Johns Hopkins University, Fraunhofer, and Georgia Institute of Technology. The cooperation centers are to be utilized for uncovering promising joint projects for R&D planning and researcher matching between U.S. universities and Korean companies. Each of the selected universities will be assigning coordinators fully in charge of these projects and provide R&D space and other forms of support.   In his welcome address, Minister Ahn highlighted that solidarity and cooperation among friendly nations are essential for responding to the global multicrisis and shared the ministry’s aim to lead the achieve industrial innovation through a solid bilateral technology alliance based on the cooperation centers. date2024-06-28

Korea-U.S. Advanced Industry and Technology Cooperation Forum 2024

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Advanced Industry and Technology Cooperation Forum 2024 on June 27 in Washington D.C. with U.S. Deputy Secretary Don Graves, Johns Hopkins University Vice Provost for Research Denis Wirtz, among 150 attendees composed of academia, industry, and research experts for the designation of top U.S. universities as Korea-U.S. Global Industrial Technology Cooperation Centers. date2024-06-28

Joint Statement on Japan-Republic of Korea-United States Commerce and Industry Ministerial Meeting

Joint Statement Japan-Republic of Korea-United States Commerce and Industry Ministerial Meeting June 26, 2024 – Washington, D.C.     We, U.S. Secretary of Commerce Gina Raimondo; Japanese Minister of Economy, Trade, and Industry Saito Ken; and Republic of Korea (ROK) Minister of Trade, Industry, and Energy Ahn Duk-geun met in Washington today for the inaugural meeting of Commerce and Industry Ministers. United by the vision established by our three leaders at their historic Trilateral Summit at Camp David on August 18, 2023, we resolve to focus our joint efforts on a set of strategic areas designed to enhance the security and prosperity of our people and the Indo-Pacific region.   Our shared intent is to leverage this trilateral mechanism to promote the development of critical and emerging technologies and strengthen the security and resiliency of our economies. Recognizing these two goals are intertwined, we aim to prioritize cooperation to strengthen the resilience of supply chains in key sectors, including semiconductors and batteries; and to promote the Principles on Resilient and Reliable Supply Chains, namely, transparency, diversification, security, sustainability, and trustworthiness and reliability. Together, we seek to deepen our coordination of export controls on advanced technologies; enhance private sector partnerships for collaborative research and innovation related to advanced industrial technologies; advance efforts to develop international standards and ensure safe, secure, and trustworthy use of artificial intelligence (AI); expand collaboration on critical and emerging technologies and on critical minerals; work together to strengthen economic security; and support long-term economic cooperation among the partners to support operationalizing the Indo-Pacific Economic Framework for Prosperity (IPEF).   As part of these efforts, there is an urgency to our three sides working closely together to identify potential supply chain vulnerabilities for strategic goods that have resulted from a wide range of non-market policies and practices. We share concerns over the weaponization of economic dependencies on certain supply sources for strategic goods. To address the resulting, systemic vulnerabilities stemming from such dependencies, we intend to promote a level playing field through more closely coordinated efforts – including working together, and with other partners, on relevant criteria that take into account not only economic factors, but also factors linked to the Principles on Resilient and Reliable Supply Chains.   Semiconductors: We reaffirm our recognition of the essential role that semiconductors play in a wide range of industries and applications important to the growth of our economies and preservation of our national security. We note our shared interest in building resilient semiconductor supply chains and aim to accelerate cooperation to achieve this goal.   Clean Energy: Recognizing the need to reduce the carbon intensity and overall greenhouse gas emissions of our respective economies, we reaffirm the importance of trilateral cooperation to strengthen global battery supply chains. In addition, we concur that clean/zero emission and low-carbon hydrogen and its derivatives, such as clean ammonia, will play an essential role in the decarbonization of a wide variety of sectors. Towards that end, we intend to cooperate to promote the development of secure and resilient global supply chains for clean/zero emission and low-carbon hydrogen and its derivatives, including the consideration of their carbon intensity, and to explore how the three ministries that we lead can enhance cooperation on low- and/or carbon-free energy emissions technologies, including clean/zero emission and low-carbon hydrogen and its derivatives.   Critical Minerals: We further reaffirm the importance of increasing the availa date2024-06-27

Korea-U.S.-Japan industry ministers’ meeting

Trade, Industry and Energy Minister Dukgeun Ahn attended the inaugural Korea-U.S.-Japan industry ministers’ meeting with U.S. Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. and discussed measures for accelerating the development of critical and emerging technologies and bolstering the three countries’ economic security as part of implementing the agreed outcomes of the trilateral summit at Camp David in August 2023. date2024-06-27

Minister Ahn meets Japanese Minister of Economy, Trade, and Industry

Trade, Industry and Energy Minister Dukgeun Ahn met Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. on the margins of the Korea-U.S.-Japan trilateral industry ministers’ meeting and discussed measures for implementation of agreed outcomes of the Korea-Japan summit held this May. date2024-06-27

Korea and Japan discuss measures for implementing summit outcomes on margins of Washington trilateral

Trade, Industry and Energy Minister Dukgeun Ahn met Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. on the margins of the Korea-U.S.-Japan trilateral industry ministers’ meeting and discussed measures for implementation of agreed outcomes of the Korea-Japan summit held this May.   The delegations of both sides welcomed the launching of the recent inaugural Hydrogen Cooperation Dialogue in Seoul and agreed on installing the Clean Hydrogen and Ammonia Supply Chain Development Working Group and on nurturing public-private cooperation through the “Korea-Japan Hydrogen and Ammonia Supply Chain and Utilization Cooperation Platform (tentative)” and other means.   The two sides also agreed to consult with experts for a more detailed cooperation on the Carbon Free Energy (CFE) Initiative and highly assessed the Korea-Japan Global Green Cooperation Working Group held this May and decided to bolster joint response.   The Korean and Japanese delegations agreed to continue their supply chain discussions across major industries while also making concerted efforts to stabilize the global supply chain for critical minerals. Lastly, they discussed measures for cooperation in key multilateral initiatives like the Indo-Pacific Economic Framework for Prosperity (IPEF) and the World Trade Organization (WTO), as well as the Korea-Japan-China and Korea-U.S.-Japan multilateral consultations. date2024-06-27

International Light Convergence Expo 2024 launches at KINTEX, Ilsan

The Ministry of Trade, Industry and Energy (MOTIE) is holding the opening ceremony of the International Light Convergence Expo 2024 (June 26–28) at KINTEX in Ilsan on June 26.   Now in its 22nd year as Korea’s largest light convergence industry exhibition, International Light Convergence Expo 2024 is launched with the participation of 150 relevant companies and institutions.   The Expo will be running buyer consultation sessions to support new market entry, showcase Korea’s latest light convergence technologies, and facilitate discussions on business strategies through an industrial forum.   Based on LED and laser technology, light convergence creates technological and market value through convergence with other industries and serves as a key foundational technology for ushering in future and advanced industries’ new sectors.   The opening ceremony is attended by 60 persons, including lawmaker Kim Sung-won, MOTIE officials, and related companies and institutions’ representatives. Contributors to the light convergence sector are awarded government commendations for developing new technologies and achieving other advancements.   The Presidential Commendation Award goes to Optoelec for developing ultrasmall optical devices for semiconductor manufacturing and the Prime Minister’s Commendation to SCL for developing high-efficiency smart lighting technology. The MOTIE Minister’s Commendation is awarded to four researchers at KIEL Institute for their contribution to the light convergence industry’s technological development. date2024-06-26

Minister Ahn meets with Brookings Institution President

Trade, Industry and Energy Minister Dukgeun Ahn met with Brookings Institution President Cecilia Elena Rouse on June 24 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea’s strategic measures regarding major U.S. technologies and industries. date2024-06-26

Korea’s retail industry grows 8.8% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 25 that Korea’s retail industry grew 8.8 percent year-on-year in May 2024, with offline and online sales advancing 0.9 percent and 16.5 percent, respectively.   MOTIE releases monthly retail sales figures based on surveys of 25 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 12 are online retailers.   Offline sales showed an uptick despite the sales decline across hypermarkets and department stores, as sales climbed at convenience stores and SSMs.   By offline retail channel, hypermarket sales dropped 3.1 percent as sales of most items decreased except for food products (up 2.9 percent), with home appliances/culture (down 19.1 percent), sports (down 14.2 percent), and miscellaneous goods (down 12.9 percent) shrinking.   Department store sales slid 0.1 percent despite the growth of food products (up 3.9 percent) and household goods (up 3.8 percent), as men’s clothing (down 9.3 percent), women’s suits (down 7.2 percent), and kids/sports (down 3.6 percent) dropped.   Convenience stores (up 4.1 percent) saw sales growth across all items, including miscellaneous goods (up 4.4 percent) and daily necessities (up 4.0 percent). Cost-effective food items like beverages/processed food products (up 5.1 percent), and instant food products (up 2.0 percent) also enjoyed robust demand.   SSM operators gained 4.8 percent despite the fall in non-food products like daily necessities (down 5.7 percent) and miscellaneous goods (down 0.4 percent), as increasing demand for home cooking boosted sales of agricultural, fishery, and livestock items (up 8.1 percent) and processed food products (up 5.3 percent).   Online sales soared 16.5 percent as various discount promotion events were launched amid the global e-commerce competition, driving sales of food products (up 26.1 percent), service/other (up 55.9 percent), and a majority of other items, with the exception of fashion/clothing (down 13.8 percent) and sports (down 4.3 percent). Demand for travel, performance, delivery services, and frozen food products expanded, leading to steep sales growth of cost-effective and bulk food items. date2024-06-25