Ministry of Trade, Industry and Energy

Electric power equipment industry gearing up as Korea's new export growth engine

Trade, Industry and Energy Minister Dukgeun Ahn visited HD Hyundai Electric on July 4 in Gyeonggi Province to discuss export assistance measures for the electric power equipment and materials industry.   As vast amounts of electric power are needed in the recent expansion of artificial intelligence (AI) datacenters and the diffusion of carbon-free power sources like renewables and nuclear power, the electric power equipment and materials market has recently been enjoying its supercycle. The industry’s exports are likewise on the rise, competing with bio health and secondary batteries after surpassing home appliances and textiles in 2023. Should electric power equipment and materials attain this year’s export and bid targets of USD 16.2 billion and KRW 20 trillion, respectively, they will rank among Korea’s top 10 export items.   At HD Hyundai Electric, Minister Ahn toured the exhibition hall showcasing the world’s first direct current (DC) distribution facilities for 1 megawatt-class buildings. This was followed by the signing of the “K-grid Export Cooperation MOU” among Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), and K-SURE. Viewed as a leading export business model for energy sectors, the MOU is significant in that it brings public companies in electrical power and export assistance together for collaboration.   With aim to support power equipment and materials exports, the Government plans to supply the industry with a ₩2.7 trillion special preference trade insurance program this year. Moreover, for the North American, European, and ASEAN markets where power grid demands are forecast to surge, trade centers will be designated with emphasis on power materials and equipment. Overseas marketing support will be strengthened through increased matching opportunities with domestic and overseas clients via trade shows. In the latter half of this year, the Government will establish measures for expediating the export of power equipment and materials with plans for a stronger ecosystem, export committee, and increased R&D.   Minister Ahn stated that the public and private sectors will work in tandem to support not only “K-grid”, but also energy sectors like renewables, energy efficiency, and energy storage systems (ESS) to grow into pillar export industries. date2024-07-05

Lotte Biologics’ biopharma plant groundbreaking ceremony

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Health and Welfare Vice Minister Park Min-soo, Lotte Group Chairman Shin Dong-bin, Lotte Biologics CEO Richard Lee, and global pharmaceutical companies. date2024-07-04

Lotte Biologics' biopharma plant breaks ground in Songdo

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Lotte Group Chairman Shin Dong-bin, major domestic and overseas pharmaceutical companies, and government officials, including Prime Minister Han Duck-soo, whose congratulatory message was shared via video.   In view of the announcement by Ministry of Trade, Industry and Energy (MOTIE) on June 27 on the designation of five strategic high-tech bio industrial complexes, Lotte Biologics is investing KRW 4.6 trillion for the establishment of a large-scale biopharma production plant in Songdo, Incheon.   With the goal of ranking among the global top 10 biopharma contract development and manufacturing organizations (CDMO), Lotte Group launched Lotte Biologics in June 2022. With the acquisition of an overseas biopharma manufacturing plant (BMS) in 2023, it officially entered the CDMO market within one year of launch. Starting this year, it plans to build up its global biopharma manufacturing competitiveness through a ₩4.6 trillion investment in the establishment of three biopharma plants with a total manufacturing volume of 360,000L by 2030.   The completion and operation of the plants are anticipated to create an economic effect of ₩7.6 trillion and 37,000 related jobs, according to the company’s estimation. Moreover, Lotte Group will actively support the provision of tenant space for biotech venture capital firms entering the site and nurture professional talent through industry-academia joint programs.   With Korea’s biopharma exports achieving 8.8 percent year-on-year growth to USD 7.4 billion in H1 2024, MOTIE aims to continue supporting the bio sectors become future economic growth engines through the expansion of the national strategic high-tech bio industrial complexes. date2024-07-04

Nano Korea 2024 opening ceremony

Industry Policy Deputy Minister Lee Seung-ryeol attended the opening ceremony of Nano Korea 2024 on July 3 at KINTEX in Ilsan and in the ribbon cutting ceremony after giving congratulatory remarks, then toured the exhibition booths. The event was also attended by Science and ICT Ministry Vice Minister Lee Chang Yune and lawmaker Choi Soo-jin. date2024-07-04

Vice Minister attends 1st General Assembly of SMR Alliance

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, and gave a congratulatory message to 200 attendees, vowing that utmost priority will be placed on safety in invigorating the SMR industry, while also strongly supporting private sector’s flexible and efficient performance. date2024-07-04

SMR Alliance to push for incorporation into formal association in 2025

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, where he shared the strategy for global SMR leadership.   MOTIE’s policy directions on building global SMR leadership includes the following key strategies: supporting the construction and operation of Korea’s unique i-SMRs; accelerating SMR-based private businesses; establishment of foundries; and maintenance of infrastructure. The ministry plans to nurture a KRW 80 billion policy funding necessary for the construction and management of the ongoing development of the first-of-a-kind SMR (i-SMR), establishment of a private-led corporation, backing related demonstration projects, and for investment in SMRs and nuclear power industries. It is anticipated that the expansion of SMRs will lead to more opportunities for private sector creativity in areas of project development and marketing across Korea’s nuclear power industry.   Meanwhile, the SMR Alliance’s 44 member companies announced the plan of incorporating the Alliance into a formal association with aim to better support its SMR project developments. As the 11th Basic Plan on Electricity Supply and Demand takes SMRs into consideration and conditions for commercialization have improved, member companies declared the vision to launch preparations this year to convert the SMR Alliance into a form of an association by H1 2025, which would enable the private sector to take the reins while serving as a communication channel with the Government authorities and lawmakers. date2024-07-03

MOTIE and MSIT launch Nano Korea 2024

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) are hosting the 22nd International Nano Tech Symposium and Exhibition (“Nano Korea 2024”) for three days starting July 3 at KINTEX in Ilsan.   One of the three largest global nanotechnology events, Nano Korea acts as a venue for exchanges and collaboration between nano convergence companies and researchers.   Samsung and LG are among this year’s 356 companies exhibiting various nanotechnology products at 661 booths, showcasing the transparent display demonstrated at CES 2024 among other technologies applied across various advanced industries. Visitors can check out promising future items like special eco-friendly materials and graphene-based nano materials. Buyer and supplier companies can also engage in one-on-one business matching.   Experts from 28 different countries are gathering at Nano Korea 2024 to give professional lectures on 16 areas, including materials for extreme conditions, energy, and bio. At the opening ceremony, contributors to the development of the nanotechnology industry and R&D innovations are awarded Prime Minister’s Awards and Minister’s Awards from MOTIE and MSIT.   Those wanting to participate in Nano Korea 2024 can either pre-register or register onsite (https://nanokorea.or.kr). date2024-07-03

Vice Minister chairs 2nd K-Shipbuilding Super Gap Tech Alliance

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the second K-Shipbuilding Super Gap Tech Alliance meeting on July 2 at Panasia, an eco-friendly ship materials and equipment producer, where he announced the K-Shipbuilding Super Gap Vision 2040 and signed the MOU with three major Korean shipyards for joint R&D cooperation and discussed measures for enhancing future shipbuilding competitiveness.   The meeting was attended by representatives of related companies and institutions, including HD Hyundai Heavy Industries, Korea Evaluation Institute of Industrial Technology and Korea Marine Equipment Research Institute. date2024-07-02

Vice Minister visits Panasia

Trade, Industry and Energy Vice Minister Kang Kyungsung visited Panasia, an eco-friendly ship materials and equipment producer, on July 2 in Busan announcing the K-Shipbuilding Super Gap Vision 2040 and inspected the company’s industrial site safety. date2024-07-02

Vice Minister visits Hanwha Ocean shipyard

Trade, Industry and Energy Vice Minister Kang Kyungsung visited Hanwha Ocean on July 2 in Gyeongnam on announcing the K-Shipbuilding Super Gap Vision 2040 and received a briefing from Hanwha Ocean CEO Kwon Hyuk-woong and toured the company's smart shipyard.   date2024-07-02