Ministry of Trade, Industry and Energy

Minister Ahn chairs conference on overseas resources development

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference with major overseas resources development companies on March 21 at Lotte Hotel Seoul, where he announced the “Public-Private Joint Strategy on Overseas Resources Development”.   The meeting was attended by representatives of major overseas resources development companies and public institutions, including SK E&S, LX International, and Korea National Oil Corporation (KNOC). date2024-03-21

Minister Ahn visits SK Hynix Yongin semiconductor cluster

Trade, Industry and Energy Minister Dukgeun Ahn visited the SK Hynix Yongin semiconductor cluster in Gyeonggi Province on March 21 to receive a briefing on construction progress and gather suggestions on site, and toured the production line for HBMs and cutting-edge memory chips. date2024-03-21

MOTIE announces “Public-Private Joint Strategy on Overseas Resources Development”

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference with major overseas resources development companies on March 21 at Lotte Hotel Seoul, where he announced the “Public-Private Joint Strategy on Overseas Resources Development”.   Amid intensifying energy supply chain uncertainties caused by growing geopolitical risks and the global race for dominance over critical resources, the Korean government is seeking to restore the ecosystem for overseas resources development in order to stabilize the supply chain of key resources as a national policy task.   Accordingly, the Ministry of Trade, Industry and Energy (MOTIE) collected opinions from industries, experts, and related ministries in establishing the “Public-Private Joint Strategy on Overseas Resources Development”.   Taking note of past policy outcomes and limitations, the above strategy was established in line with the following three policy aims: invigorating the ecosystem of private-led resources development; strengthening national resources security; and securing policy coherence.   The Government plans to stimulate private-led resources development by increasing financial and tax incentives, launching project tasks for mid-to-long term technology development and talent training, invigorating domestic resources development, strengthening public companies’ support for private firms, and bolstering resources diplomacy with resource-rich countries.   Minister Ahn emphasized that public-private cooperation is of utmost importance in stimulating the ecosystem for overseas resources development, as securing a stable energy resources supply chain is a priority task for economic stability and development of advanced industries. date2024-03-21

MOTIE to support groundbreaking for cutting-edge memory chip fab slated for March 2025

Trade, Industry and Energy Minister Dukgeun Ahn, on March 21, visited SK Hynix’s Yongin Semiconductor Cluster, a pillar of the semiconductor mega cluster plan announced during the public forum in January.   Approximately 35 percent of Fab 1 has been completed so far and site renovation is in smooth progress. By 2046, over KRW 120 trillion in investment will be poured to complete Fabs 1 through 4, and construction of Fab 1’s production line will commence in March next year. Once completed, the infrastructure will rank as the world’s largest three-story fab.   Having launched an electrical power supply task force in February this year to support the completion of cluster infrastructure, MOTIE plans to form another task force by March to steer the establishment of the high-tech specialization cluster for chips and other advanced industries.   Amid increasing demand for AI chips and high bandwidth memory (HBM), the ministry will aim to swiftly establish a comprehensive strategy for dominance in the AI chip market and devise measures for strengthening chip equipment competitiveness within the first half of this year.   MOTIE also plans to push forward the prefeasibility study for minifab projects in the Yongin testbed and inject policy funding to competent fabless and MPE (materials, parts, equipment) companies. date2024-03-21

Korea's accumulated Jan-Feb automobile exports grow 7.5% YoY

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 19 that the accumulated January-February exports of automobiles in 2024 reached USD 11.4 billion, up 7.5 percent year-on-year. The export unit price is also on an upward trajectory lately, around $1,000 higher than that recorded early last year.   February automobile exports recorded a monthly decline of 7.8 percent year-on-year at $5.2 billion, attributable to the relatively lower number of shipping days and the high base effect from last year’s steep climb, in addition to automakers’ production line maintenance work for future mobility transition.   This year’s accumulated number of automobiles produced from January-February grew 0.7 percent year-on-year to 658,923 units, with February’s monthly production volume alone surpassing 300,000 units despite the lower number of working days owing to the Seollal holidays.   Meanwhile, domestic car sales from January-February shrank 11.9 percent year-on-year to 232,217 units, but it is anticipated that sales will pick up pace once more as electric vehicle (EV) subsidies are issued and the plants in Asan and Ulsan resume operation. date2024-03-19

Public and private sectors join hands for global standards leadership in hydrogen and fuel cells

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook under the Ministry of Trade, Industry and Energy (MOTIE) held a business conference on March 19 at a hydrogen fuel tank manufacturing site to strengthen international standards in hydrogen and fuel cells in line with reaching the national policy targets for sustainable carbon neutrality.   KATS representatives attending the conference shared the current progress and policy directions in hydrogen and fuel cell standards development and gathered opinions and suggestions from firms participating in related projects.   Companies suggested that, in view of the technology and market of hydrogen and fuel cells still being in their early stages of development, firms be given support through standards development of Korean technologies in future key areas like hydrogen mobility, liquid hydrogen storage and transport, which can serve as a springboard for export to global markets.   KATS President Jin remarked that “based on today’s discussions, KATS will newly install and operate the ‘International Standards Forum on Hydrogen Technology’ for supporting companies’ participation and Korea’s leadership in international standards development.” date2024-03-19

MOTIE and U.S. DOC discuss healthcare industry cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) held the Korea-U.S. Supply Chain and Commercial Dialogue Healthcare Working Group meeting on March 14 via videoconferencing.   Launched in 2022, the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) is a bilateral ministerial-level channel between MOTIE and the U.S. DOC consisting of four Working Groups (WGs): 1. Advanced Manufacturing and Supply Chain Resilience, 2. Dual-Use Export Controls, 3. Digital Economy, and 4. Healthcare and Healthcare Technology. The Healthcare WG meeting was held to seek measures for enhancing the two countries' mutual understanding and cooperation with regard to their healthcare industries.   The two sides shared their respective healthcare industry issues and policies and discussed measures for expanding cooperation in the healthcare industry and related technologies. They also agreed to uncover opportunities for collaboration in joint private-sector R&D projects and to continue to actively utilize the SCCD Healthcare WG channel for advancing bilateral industrial cooperation. date2024-03-14

Vice Minister chairs pan-ministerial consultative committee for high-tech specialization complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for supporting the establishment of the national high-tech strategic industry specialization complex. date2024-03-14

MOTIE holds pan-ministerial meeting to review investment progress for high-tech complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for the successful establishment of the national high-tech strategic industry specialization complex (“high-tech complex”) and facilitation of corporate investment.   The committee meeting aimed at reviewing the current investment situation for the high-tech complex and its construction progress, and for local government bodies to share successful cases of other regions’ specialization complex establishment. Attendees consisted of representatives of related ministries, local authorities, Korea Electric Power Corporation (KEPCO) and K-Water.   According to local authorities’ estimations, the high-tech complex has so far secured approximately 70 trillion won in investments. Six local government bodies presented the “Specialization Complex Nurturing Plan”, including plans to allocate local governments’ budget in addition to national funding in order to accelerate the construction of basic infrastructure for power and water.   They also vowed active support in launching a talent training program and measures for low-interest loan support. Further plans include building boarding quarters for the young workforce, expanding roads connecting the high-tech complex and new cities to improve residential conditions, and mitigating regulatory burden on businesses. date2024-03-13

SK Group shares 76 patented technologies with 53 SMEs and middle-market companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 11 that SK Group shared 76 of its patented technologies to 53 middle-market companies and SMEs free of charge.   MOTIE's Deputy Minister for Industries and Enterprises Oh Seung-cheol attended the MOTIE-SK Group technology sharing event held this day, which was attended by representatives of 38 beneficiary companies and other relevant firms and organizations, including SK Innovation, SK Hynix, SK Telecom and Korea Institute for Advancement of Technology (KIAT).   SK Group has been launching the giveaway since 2014, transferring a total of 315 patented technologies to 197 companies so far.   Success cases of the technology sharing include ERANGTEK, a developer of wireless communication devices for signal processing, which managed to generate KRW 12.1 billion in sales to domestic and global mobile carriers and create 74 new job openings by leveraging technology freely shared by SK.   At the event, SK Group entered a memorandum of understanding (MOU) with MOTIE and KIAT expressing its commitment to continued technology sharing for the nurturing of an ecosystem for shared growth of both large and mid- and small-sized companies.   Deputy Minister Oh stated that “SK Group’s sharing of its leading technologies with other companies will serve as a great asset for SMEs and middle-market companies in building competitiveness,” and added that “POSCO Group, Samsung Electronics and public energy companies are also planning to share their technologies this year.”   Any middle-market company or SME wanting to participate in the technology sharing events slated for 2024 can apply in accordance with procedures that will be notified on websites of MOTIE (www.motie.go.kr) and KIAT (www.KIAT.or.kr).  date2024-03-11