Ministry of Trade, Industry and Energy

New Technology Commercialization Promotion Competition 2024

Director General for Conformity Policy Chung Sang-yong at the Ministry of Trade, Industry and Energy (MOTIE) attended the New Technology Commercialization Promotion Competition 2024 on December 11 in Seoul and presented government awards to 47 persons of merit including JNG CEO Park Jong-woo, who received the Silver Tower Order of Industrial Service Merit. date2024-12-12

Tech-GPT Project Agreement Ceremony

Industries and Enterprises Deputy Minister Oh Seung-cheol attended the “Tech-GPT Project Agreement Ceremony” on December 3 in Seoul, where 10 companies and institutions entered an MOU for cooperation on promoting the Tech-GPT and nurturing the global open innovation ecosystem. The event was held with the participation of relevant institutions and companies including the Korea Institute for Advancement of Technology (KIAT), Korea Electronics Association (KEA), and the Korea Institute of Industrial Technology (KITECH). date2024-12-04

Korea to roll out AI-based “Tech-GPT,” connecting technologies, talents, and businesses worldwide

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea jointly held the “Tech-GPT Project Agreement Ceremony” today in Seoul with the Korea Institute for Advancement of Technology (KIAT), Korea Electronics Association (KEA), and the Korea Institute of Industrial Technology (KITECH). The agreement ceremony marks the beginning of the Tech-GPT platform project (2024–2028). This generative AI-driven platform will enable users to tap into technologies, businesses, and talents around the world. The project is a follow-up to the strategy on attracting and utilizing overseas high-tech talents for global open innovation, announced during the third talent nurturing strategy meeting chaired by Korea’s prime minister this September. To be established through public-private collaboration, the Tech-GPT will be given an input of data on 110 million patents registered in the U.S., China, Germany, Japan, and the EU in addition to 220 million papers recently published in Korea and overseas in order to provide chatbot search engine services on technology information starting in the second half of next year. In 2026, services will expand to cover real-time business and talent information searches. In 2027, through collaboration with major global platforms, Tech-GPT will be able to support users’ networking with global companies and talents. To invigorate the technological development and commercialization ecosystem centering on the Tech-GPT, a Tech-GPT Store will also be operated to connect users with specialized global companies’ paid services for more in-depth assistance in areas like technology transfer, supply chain analysis, and financial assistance for commercialization. Approximately 100 representatives of related businesses and organizations came to attend today’s ceremony, where a memorandum of understanding (MOU) was entered by 10 companies and institutions for cooperation on promoting the Tech-GPT and nurturing the global open innovation ecosystem.   date2024-12-03

Yongin Semiconductor Cluster infrastructure agreement ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn attended the agreement ceremony on establishing the infrastructure for the Yongin Semiconductor Cluster today at the Korea Semiconductor Industry Association (KSIA), held with aim to facilitate the smooth construction of power and water infrastructure. The ceremony was attended by representatives of relevant ministries, companies and institutions, including Samsung Electronics, SK Hynix, Korea Electric Power Corporation (KEPCO), K-water, and Korea Land and Housing Corporation (LH). date2024-11-27

Minister attends interministerial meeting on strengthening industrial competitiveness

Minister for Trade, Industry and Energy Dukgeun Ahn attended the interministerial meeting held for strengthening industrial competitiveness today with the participation of ministers of related ministries. date2024-11-27

Korea to Support Semiconductor Industry via Public-Private Partnership

The Korean government announced plans to enhance support for the semiconductor ecosystem today during an interministerial meeting held for strengthening industrial competitiveness.  First, the Government will work with the National Assembly to significantly reduce the burden on companies for semiconductor cluster infrastructure. The Government has promised to take on a significant share of the responsibility for KRW 1.8 trillion required to build underground power transmission cables for the Yongin and Pyeongtaek Semiconductor Clusters, while increasing the limit on infrastructure support for complexes specialized in national high-tech industries. It will also boost the operation of programs to attract overseas talents in high-tech sectors and scale up incentives for high-performing instructors at Korea’s four science and technology institutes and increase specialized graduate schools to train experts in various high-tech industries. The Government will also increase tax benefits for investment in R&D facilities. It will work with the National Assembly to include R&D equipment and facilities in the scope of investment tax credit for national strategic technologies and increase the investment tax credit rate for semiconductor companies.  In 2015, the Government will provide policy financing worth more than ₩14 trillion across all semiconductor sectors including MPE (materials, parts, equipment) and fabless manufacturing, marking the beginning of full-fledged investment in semiconductor funds. It will also launch a program through which the Korea Development Bank will provide low-interest loans totaling ₩4.25 trillion in 2025 at lowest-level interest rates. In the same year, a new semiconductor ecosystem fund worth ₩120 billion will be created, with plans to scale it up to ₩420 billion later on.  Lastly, the Government will finalize the power and water supply plan for the Yongin Semiconductor Cluster, under which relevant organizations will enter into an agreement. For the Yongin National Industrial Complex, the Government formulated a plan to supply power worth 3GW (starting in 2030, Phase 1) and divide the supply costs, and reached a provisional agreement on additional power supply (starting in 2039, Phase 2). For the Yongin General Industrial Complex, the Government followed up on the power supply agreement on 3GW in 2021 (starting in 2027) by reaching a final agreement on the supply of additional power (starting in 2039, Phase 2) and cost sharing. Moving forward, the Government will continue to build the competitiveness of the country’s semiconductor industry by closely working with the National Assembly to enact the budget and law revisions for semiconductor industry support.   date2024-11-27

Public and Private Sectors Join Hands in Establishing World’s Largest Semiconductor Cluster

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that relevant companies and institutions, including Samsung Electronics, SK Hynix, Korea Electric Power Corporation (KEPCO), K-water, and Korea Land and Housing Corporation (LH), attended the agreement ceremony on establishing the infrastructure for the Yongin Semiconductor Cluster today at the Korea Semiconductor Industry Association (KSIA) with an aim to facilitate the smooth construction of power and water infrastructure.  The agreement is in line with the detailed plans under the comprehensive semiconductor ecosystem support measures announced in June. The Government, public institutions, companies, and other related institutions will be stepping up efforts going forward to enable smooth production operations of the Yongin semiconductor cluster, which is scheduled for commercial operation in 2027. Private investment is also anticipated to gain traction as the Yongin cluster is expecting over KRW 600 trillion in investments. The Yongin High-Tech System Semiconductor National Industrial Complex (“National Industrial Complex”) and the Yongin Semiconductor Cluster General Industrial Complex (“General Industrial Complex”) require over 10 GW of electrical power supply by 2053, which is when all corporate investments will have arrived. Accordingly, the Government has been engaging in consultations with KEPCO and other companies through the task force (TF) formed in February to steer power supply measures and cost sharing. As for water supply, the two complexes will require around 1.33 million metric tons of water per day. To address the issue, the Government and related parties have been working together to secure stable and alternative sources. The integrated water supply project included in today’s agreement ensures 1.07 million tons of water per day, which is equivalent to the amount of water used by Incheon Metropolitan City’s 3 million citizens. The integrated water supply system saves roughly ₩330 billion compared to installing a double track tube for separate water supply facilities for each complex. The system also reinforces overall stability by providing better prevention of water shortage during emergencies. In October, the integrated water supply project was granted an exemption from prefeasibility studies. The ministry plans to swiftly proceed with follow-up measures to commence timely water supply beginning in 2031.   date2024-11-27

Korea’s retail industry climbs 6.7% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 6.7 percent year-on-year for the month of October 2024, with offline sales remaining flat (up 0.0 percent) and online sales advancing 13.9 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 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 10 are online retailers. By offline retail channel, hypermarket sales dropped 3.4 percent despite the increase in food products (up 2.4 percent), as home appliances/culture (down 22.2 percent) fell. Department store sales slid 2.6 percent despite the growth in food products (up 2.5 percent) and foreign designer labels (up 2.5 percent), as autumn apparel purchases and the number of holidays (-1) decreased in comparison with last year. Convenience store sales increased 3.7 percent overall, with food products (up 4.0 percent) and nonfood products (up 3.4 percent) both expanding. SSM operators climbed 7.1 percent, driven by food products (up 8.3 percent) from high demand for eating in, while nonfood products (down 5.5 percent) continued to drop. Online retail sales leaped 13.9 percent on the backs of robust demand for travel packages and food deliveries, steadily raising service/other (up 66.5 percent), food products (up 24.8 percent), and living furniture (up 11.7 percent). Meanwhile, the decline in consumer sentiment and impact from overseas direct purchases (ODP) are slowing down sales of fashion/clothing (down 9.8 percent), sports (down 6.6 percent), and home appliances/electronics (down 12.7 percent).   date2024-11-26

Startups now rising as key partners for middle-market businesses in open innovation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held a forum today in Seoul to spur shared growth between middle-market companies and startups, with the participation of roughly 130 attendees from relevant companies and institutions. Launched in 2020 by MOTIE and convened on an annual basis, the forum aims to catalyze joint growth through combining middle-market companies’ business capacity and startups’ innovative technologies. This year, the forum consisted of a presentation session for sharing best practices of global companies, middle-market firms, and startups; an artificial intelligence (AI)-based development program demonstration; and startups’ promotion of their leading technologies. In introducing best practices, India’s Tata Consultancy Services and Korean startups like Byucksan, Techcross Water & Energy, and Daewon CTS shared their experience and knowhow on joint projects with startups. DLIT gave a demonstration of its AI-based solutions for handling overseas firms’ RFx, developed through collaboration with a startup. In addition, four startups—Hulampro, Metazone, Kaier, and GUPSA—showcased their respective technology solutions for human resources (HR) automation, VR- and AR-based ultra-immersive interactive experience, and project-based interdivisional collaboration assistance. In this year alone, MOTIE uncovered seven project models for collaboration between middle-market companies and startups, providing support in areas of technical verification and new business development training.   date2024-11-25

Korea and Germany to deepen standards cooperation

Jin Jong-wook, President of the Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea, gave an opening message at the Korea-Germany Standards Dialogue jointly launched by KATS and the German Institute for Standardization (DIN) and the German Commission for Electrical, Electronic & Information Technologies (DKE) of DIN and VDE today in Seoul, attended by roughly 100 standards experts of both countries. date2024-11-22