Ministry of Trade, Industry and Energy

Six global institutions selected for Global Industry and Technology Cooperation Center project

Trade, Industry and Energy Minister Dukgeun Ahn held the Global Open Innovation Strategy Conference on April 5 at Josun Palace and announced the preferred bidders for the Global Industry and Technology Cooperation Center project.   The Global Industry and Technology Cooperation Centers are to be a platform for international joint R&D projects, partner matching, and technology collaboration, for which 30 universities and research institutes around the world applied. Paper and presentation evaluation rounds narrowed the applicants down to six overseas institutions, namely Massachusetts Institute of Technology (MIT), Yale University, Purdue University, Johns Hopkins University, Fraunhofer, and Georgia Institute of Technology.   The Ministry of Trade, Industry and Energy plans to launch around 45 joint global R&D projects this year with aim to secure 100 next-generation foundational technologies by 2028. date2024-04-05

MOTIE to support innovative SMEs with KRW 16.6 tln technology financing by 2028

Trade, Industry and Energy Minister Dukgeun Ahn attended the Technology Financing Investment Promotion Strategy Meeting on April 4 at Lotte Hotel Seoul and announced private-led technology financing promotion measures on providing KRW 16.6 trillion to SMEs and middle-market firms with innovative technologies over the next five years (2024-2028). A total of 3.4 trillion won is to be funded in 2024 alone.   First of all, a 2.4 trillion won public-private corporate venture capital (CVC) fund will be formed in 2024 for investment in innovative startups, whereas large corporations will be supported in their business, marketing, and innovative infrastructure establishment to expedite open innovation.   Second, the industrial technology innovation fund in 2024 will pour 400 billion won into defense, AI-based autonomous manufacturing, carbon-free energy, and other advanced industries, while also strengthening support for regions and middle-market companies short of private venture investment. As for the unprecedented 36 billion won high-tech civil-military cooperative fund, defense companies attending the meeting vowed support for nurturing innovative defense firms via means of additional investment, company scouting, and commercialization assistance.   Third, MOTIE will create a 540 billion won low-interest R&D loan to assist companies’ technology commercialization and join hands with the SMEs and Startups Ministry (MSS) to initiate a special exemption guarantee that offers fees reduced by 0.5 percentage points to mitigate burden on companies. Furthermore, a 170 billion R&D fund will be supplied in 2024 in line with venture capital investment.   On the margins of the meeting, the 13 banks that will be executing the newly launched R&D loan participated in the ceremony for the industrial technology innovation fund memorandum of understanding (MOU). In addition to POSCO Capital, SGC Partners and Ascendo Ventures were also selected to jointly manage the CVC fund, and the three companies entered an MOU on this account.   Also attending the event was Ely Razin, Chief Strategic Investments Officer at Israeli investment platform OurCrowd, who expressed commitment to injecting over 40 billion won worth of foreign capital into Korea’s technology innovation fund. OurCrowd was selected as one of the technology innovation fund managers in 2023. date2024-04-05

Vice Minister chairs meeting with petrochemicals industry leaders

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on April 3 in Seoul with petrochemicals industry leaders to discuss present challenges in export and investment.   The meeting was attended by representatives of Kumho Petrochemical, SK Geocentric, LG Chem, and Lotte Chemical. date2024-04-04

Vice Minister discusses measures to counter challenges for petrochemicals industry

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on April 3 with petrochemicals industry leaders to discuss countermeasures to the current crises caused by declining profitability from global oversupply, high oil prices, among several international factors.   At the meeting, the Ministry of Trade, Industry and Energy (MOTIE) gathered opinions and suggestions from industry leaders on issues on export and investment conditions. Attendees agreed that the current petrochemicals industry is up against a multi-crisis, and that businesses must dramatically shift their structures’ focus from general-purpose products to high value-added, eco-friendly, and fine chemicals items.   Noting that the petrochemicals industry is closely intertwined with semiconductors and secondary batteries and other major industries, Vice Minister Kang asked that the Government and industry players join hands to overcome the present challenge, for which the ministry will consult with tax authorities on further extending the exemption from customs duties on naphthalene, and also provide stronger support for the Shaheen Project and other large-scale projects through launching a task force for supporting their on-time completion. date2024-04-04

Government to nurture MPE specialization complexes into key bases for supply chain and super gap

Trade, Industry and Energy Minister Dukgeun Ahn attended the interministerial meeting on April 3, chaired by the Economy and Finance Minister, at the Government Complex Seoul for the deliberation and resolution on major agenda items concerning the materials, parts, and equipment (MPE) specialization complexes. The meeting was attended by representatives of relevant ministries and institutions, including the Ministry of Science and ICT (MSIT), Ministry of Environment (ME), Ministry of SMEs and Startups (MSS), Ministry of Employment and Labor (MOEL), National Intelligence Service, Financial Services Commission, and the Office for Government Policy Coordination. First, attendees carried out the deliberation and resolution process on measures for catered support towards MPE specialization complexes. For the Chungbuk Bio Specialization Complex, the Korean government plans to provide R&D support for joint technology development of bio MPE buyer and supplier companies, and give support for analysis of accredited tests on global standards, such as those by the U.S. Food and Drug Administration (FDA) and the EU’s European Medicines Agency (EMA). As for the Daegu Motor Specialization Complex, the Government will establish a rare earth elements permanent magnet circular production system for electric vehicles (EVs) and a motor performance certification support center. Inside the Gwangju Autonomous Vehicle Specialization Complex, an integrated recognition, control, and communications control system for self-driving cars will be developed, along with equipment for international certification utilizing a driving simulator. The Busan Power Semiconductor Specialization Complex will see the construction of an eight-inch silicon carbide (SiC) power semiconductor manufacturing and packaging center, while pushing the development of 1,700V high-voltage device technology. The Anseong Semiconductor Equipment Specialization Complex will focus on developing chemical mechanical polishing (CMP) equipment for semiconductor planarization. The Government will also provide tailored support for talent training and regulatory improvement for each complex. The Anseong Complex will have a semiconductor equipment demonstration center built inside its Polytech University, and the Daegu Complex will have a mobility-focused university established. The Gwangju Complex will push for designating an autonomous driving test operation zone, while the Osong Complex will provide licensing consultation from the R&D stage and onwards through a joint support group run by tenant businesses and regulatory institutions. Over a period of five years, the Government intends to pour a total of 506.7 billion won into R&D for MPE specialization complexes to back the 6.7 trillion corporate investment. Attendees decided to increase the number of MPE core strategic technologies to 200 from the previous 150 by a further designation of 40 technologies and creation of three areas (aerospace, defense, hydrogen) in addition to the existing seven areas, including semiconductors, displays, and bio. Moreover, they increased the number of bio MPE technologies to 19 through an additional designation of technologies on active pharmaceutical ingredients (API), functional material, and process machinery for high-speed, mass production in tandem with MSIT and Defense Acquisition Program Administration (DAPA). Attendees carried out the deliberation and resolution of cooperation- and mutual growth-based joint projects for MPE firms, into which approximately 100 billion won is to be funded over the next five years. Global joint projects were approved this year for the first time between overseas buyers and Korean MPE firms; one on communications and security system chip cooperation with a German company, and another on cooperation with a U.S. firm on biodegradable synthetic fibers. date2024-04-04

Korea Smart Grid Expo 2024

Trade, Industry and Energy Vice Minister Namho Choe attended the Korea Smart Grid Expo (KSGE) 2024, held through April 3-5 at COEX in Seoul, where visitors can check out the latest technologies and products in the smart grid and power industries. With this year marking the Expo's 14th anniversary, KSGE 2024 showcases three special booths focusing on energy storage systems (ESSs), distributed energy, and EV charging infrastructure. date2024-04-03

AI Semiconductor Cooperation Forum inauguration ceremony

Trade, Industry and Energy Vice Minister Kang Kyungsung and Science and ICT Vice Minister Kang Dohyun attended the “AI Semiconductor Cooperation Forum” inauguration ceremony on April 2, held at the Korea Semiconductor Industry Association (KSIA) as a follow-up measure to the semiconductor-themed public forum in January, with aim to foster the development of Korea’s AI semiconductor technology and to facilitate coordination between chip suppliers and buyers.   The ceremony was attended by representatives of related ministries and companies, including Samsung Electronics, Hyundai Motor, Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and the Korea Association of Robot Industry. date2024-04-03

Korea Smart Grid Expo 2024 showcases latest technologies in power industry

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that the Korea Smart Grid Expo (KSGE) 2024, hosted by MOTIE and organized by Korea Smart Grid Association and COEX, is held through April 3-5 at COEX in Seoul, where visitors can check out the latest technologies and products in the smart grid and power industries.   With this year marking the Expo's 14th anniversary, KSGE 2024 showcases three special booths focusing on energy storage systems (ESSs), distributed energy, and EV charging infrastructure.   The Energy Storage Industry Exhibition presents not only the conventional lithium-ion battery storage system, but other various energy storage technologies like flow battery, heat- and compressed air ESS, and pumped storage power plants.   The Distributed Energy Industry Exhibition, in line with the Special Act on the Promotion of Distributed Energy to be enforced in June, presents a new business model that caters to regional characteristics, ranging from integrated power plants to microgrids.   The EV Charging Infrastructure Exhibition showcases ultra-high speed, portable chargers, and operation platforms for both domestic and overseas markets, designed by charger manufacturers and operators. date2024-04-03

Korea launches AI Semiconductor Cooperation Forum for synergy along chip value chain

Trade, Industry and Energy Vice Minister Kang Kyungsung and Science and ICT Vice Minister Kang Dohyun attended the “AI Semiconductor Cooperation Forum” inauguration ceremony on April 2, held as a follow-up measure to the semiconductor-themed public forum in January, with aim to foster the development of Korea’s AI semiconductor technology and to facilitate coordination between chip suppliers and buyers.   At the ceremony were buyers consisting of firms representing Korea’s seven major industries, as well as suppliers in semiconductor intellectual property (IP), fabless, foundry, and post-process. Industrial associations making up the semiconductor value chain entered a memorandum of understanding (MOU) on invigorating the AI semiconductor ecosystem and discussed related policies.   The Korean government plans to support the cost of developing on-device AI semiconductor products through supplier-buyer matching and evaluations. Moreover, a system chip inspection support center project will be launched in the second half of this year to provide the testing and inspection service AI chip companies need. There are also plans to give financial support through the chip ecosystem fund and support R&D for developing next-generation intelligent semiconductor technology and processing-in-memory (PIM) semiconductors. date2024-04-03

Korean shipyards rank 1st in global orders for Q1 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that Korea’s shipyards landed first place in Q1 2024 in terms of new global orders, a first in in three years.   According to UK-based Clarksons Research, Korea won USD 13.6 billion worth of orders in the first three months of this year, up by 41.4 percent year-on-year. The value amounts to approximately 45.5 percent of last year’s annual orders ($29.9 billion) and 44.7 percent of total global orders. In the month of March alone, ship exports grew for the eighth consecutive month since July 2023, boosting the country’s total exports.   Korea's shipyards have been making effort to transition over to carbon-free and digital in step with the shifting global landscape, focusing on eco-friendly and high value-added ships. In the first quarter of this year, they won 100 percent of all global orders for eco-friendly vessels, comprising LNG carriers (29 vessels) and ammonia ships (20 vessels).   This March, MOTIE announced the “Next Generation K-Shipbuilding Initiative,” containing plans to invest 9 trillion won in the shipbuilding industry over the next five years through public-private joint efforts for securing super gap technologies and talent training. MOTIE also plans to develop eco-friendly ships and autonomous self-navigating ships into Korea’s core export items through active utilization of regulatory sandboxes. date2024-04-03