Ministry of Trade, Industry and Energy

Minister Ahn attends conference on catered financing support for businesses

Trade, Industry and Energy Minister Dukgeun Ahn attended a conference on February 15 in Seoul for discussions on measures to provide catered financial support to businesses.   The conference was attended by the representatives of policy financing institutions and banks, including Financial Services Commission (FSC) Chairman Kim Joo-hyun and SMEs and Startups Minister Oh Youngju. date2024-02-15

Korea's ICT exports advance 25.1% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 15 that Korea's exports and imports of information and communications technology (ICT) goods for January recorded USD 16.4 billion (up 25.1 percent year-on-year) and $11.9 billion (down 3.2 percent), respectively. The trade balance stood at a surplus of $4.5 billion.   January ICT export growth was powered by semiconductors, as they posted double-digit growth for the third consecutive month and led ICT exports at the helm, which recorded double-digit growth for the first time in 20 months since May 2022. Memory chips’ fixed price rose for the fourth consecutive month, driving the entire semiconductor exports rebound.   Displays (up 2.6 percent to $1.5 billion) advanced in exports for the sixth consecutive month as high value-added items like panels for TVs and laptops met increasing demand.   Exports of mobile phones (down 20.1 percent to $1.1 billion) dropped, owing to the high base effect from the spike of last year’s finished product exports and as major global firms’ demand for parts declined.   Computers and peripherals (up 33.6 percent to $0.8 billion) returned to an expansion for the first time in 19 months as demand for solid-state drives (SSDs) hiked 57.5 percent.   Communications equipment (up 27.6 percent to $0.2 billion) enjoyed growing demand in regions like Vietnam and the U.S.   By region, exports to China and Hong Kong (up 43.1 percent to $7.5 billion), Vietnam (up 11.6 percent to $2.5 billion), the U.S. (up 4.9 percent to $1.8 billion), EU (up 1.9 percent to $0.9 billion) and Japan (up 1.5 percent to $0.3 billion) showed growth.   Korea’s ICT imports for January shrank as those of major devices like mobile phones (down 28.7 percent to $0.8 billion) and computers and peripherals (down 10.5 percent to $1.5 billion) contracted. date2024-02-15

Minister Ahn chairs conference with international standards experts

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on February 7 in Seoul with international standards experts to discuss measures for expanding the leadership of homegrown technologies in the domain of international standards.   Minister Ahn gave an opening address and led discussions on Korea’s current international standards activities and future plans.   The conference was attended by 33 international standards experts, including International Organization for Standardization (ISO) President Sung Hwan Cho. date2024-02-08

Experts lay down vision for international standards leadership of Korea's homegrown technologies

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on February 7 in Seoul with international standards experts to discuss measures for expanding the leadership of homegrown technologies in the domain of international standards.   Conference attendees included International Organization for Standardization (ISO) President Sung Hwan Cho among a number of other leaders initiating the standards strategy development and legislation of international standards in organizations like the International Electrotechnical Commission (IEC).   Standards experts voiced in unison the importance of securing competitive advantage in international standards as not only an essential part of overseas market entry but also a means for gaining hegemony in advanced technologies and outpacing rival countries in the intensifying race for international standards dominance.   In this regard, a wide range of opinions were presented on ways to expand the development of draft international standards in collaboration with R&D, training next-generation international standards experts, and strengthening partnerships with leading countries in international standards.   Minister Ahn stated that “the ministry will establish the advanced industries’ standards strategy within the first half of this year to bolster the leadership of homegrown technologies in international standards and related organizations.” date2024-02-08

Korea to spur economic vitality with 110 tln won private investment in 2024

Trade, Industry and Energy Minister Dukgeun Ahn chaired the first Industrial Investment Strategy Meeting on February 7 with representatives of Korea’s 10 major manufacturing companies and economic groups to discuss investment plans and business support measures for 2024.   The top 10 manufacturing companies’ major facility investment plans for 2024 amount to KRW 110 trillion, up 10 percent from last year’s 100 trillion won. Amid persistent high interest rates and supply chain anxieties, the Korean government intends to provide strong support to companies for smooth investment facilitation. Top 20 key investment projects will be selected, to which Trade, Industry and Energy Ministry (MOTIE)’s director-level officials will be assigned to monitor the investment project situation on a monthly basis until issues are resolved.   The Government will also support the fostering of favorable investment conditions for firms through a number of measures. First, the Government will extend the deadline for investment tax credit regarding national strategic technologies and for temporary investment tax credits.   Second, for advanced industries, three major regulatory innovations will be pushed: easing of existing regulations through the National High-Tech Strategic Industry Committee; high-tech industry impact evaluation for preliminary assessment of new regulations; and the development of high-tech industry regulation indices for assessing the regulation level on an annual basis.   Third, local governments are to establish a win-win belt for sharing investment returns to prevent large-scale manufacturing facility investments from being delayed by local governments’ belated licensing.   Lastly, the Government will push three major projects for the making of investments in concert with the private sector’s investment plans: infrastructure investment for establishing the power and water infrastructure; supply chain self-reliance investment for supporting the development of domestic MPEs (materials, parts, equipment) in line with production facility investment; and preemptive securing of manpower investment for time-appropriate activation of production lines.   Attendees also discussed “New Industrial Policy 2.0”, which lays out the Government’s new policy directions. Over the last two years, the Government has pushed “New Industrial Policy 1.0” to construct the industrial innovation basis for the 20-plus law enactments for sector- and function-specific industrial strategies, advanced industries, digital transition and talent training, such as the initiation of the industrial transformation and strategy for nurturing Korea into a semiconductor powerhouse. Now the time has arrived for Korea to build on the past policy tasks and seek future industrial strategy directions through New Industrial Policy 2.0.   New Industrial Policy 2.0 is speed- and goal-oriented, designed to secure super gaps in advanced industries, achieve industrial transformation across core sectors and upgrade Korea’s export portfolio, while simultaneously setting the convergence of AI and industries as the nation’s future priority task and aiming to create industry policies for this AI era.   Minister Ahn stated that “investment is a core element for recovering economic vitality,” and asked that companies make bold investment commitments, as MOTIE will likewise be making across-the-board effort to stimulate corporate investment this year. date2024-02-07

Vice Minister attends SEMICON Korea 2024 Industry Leadership Dinner

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the SEMICON Korea 2024 Industry Leadership Dinner on January 31 at Grand InterContinental Seoul Parnas and held talks with Semiconductor Equipment and Materials International (SEMI) Chairman Ajit Manocha to discuss cooperation with Korean and overseas semiconductor companies.   During his Industry Leadership Dinner congratulatory message and talks with Chairman Manocha, Vice Minister Kang stated that “this year, we are seeing the beginning of the end of the global chip industry’s downturn, with the global chip market projected to grow by over 14 percent year-on-year in 2024,” and highlighted that “the Korean Government is aiming to nurture a robust semiconductor ecosystem within the mega cluster that was announced on January 15 by establishing a cutting-edge testbed, providing 24 trillion won in policy funding over the next three years and stabilizing the supply chain via cooperation through the global chip solidarity.” date2024-02-02

Global semiconductor cooperation to continue strong in 2024

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the SEMICON Korea 2024 Industry Leadership Dinner on January 31 at Grand InterContinental Seoul Parnas and held talks with Semiconductor Equipment and Materials International (SEMI) Chairman Ajit Manocha to discuss cooperation with Korean and overseas semiconductor companies.   Annually hosted by SEMI, SEMICON Korea is Korea’s largest semiconductor material and equipment exhibition, and its Industry Leadership Dinner is an event that gathers around 400 chip industry leaders from around the world.   Throughout 2023, the Ministry of Trade, Industry and Energy (MOTIE) has been strengthening its cooperation network with countries taking up core roles in the global semiconductor value chain via summit diplomacy to build up a semiconductor alliance. The alliance is a major project under the semiconductor mega cluster plan announced on January 15, and MOTIE intends to continue utilizing the alliance in 2024 to bolster efforts to stabilize the global chip value chain.   During his Industry Leadership Dinner congratulatory message and talks with Chairman Manocha, Vice Minister Kang stated that “this year, we are seeing the beginning of the end of the global chip industry’s downturn, with the global chip market projected to grow by over 14 percent year-on-year in 2024,” and highlighted that “the Korean Government is aiming to nurture a robust semiconductor ecosystem within the mega cluster that was announced on January 15 by establishing a cutting-edge testbed, providing 24 trillion won in policy funding over the next three years and stabilizing the supply chain via cooperation through the global chip solidarity.”   Meanwhile, MOTIE’s Semiconductor Division Director Lee Kyu-bong met with the UK’s Department for Science, Innovation and Technology Director Rebecca Chapman on January 30 at the Government Complex Sejong to discuss measures for stronger cooperation based on the Korea-UK semiconductor cooperation framework, in tandem with the Korea Evaluation Institute of Industrial Technology, Innovate UK and other related institutions. The two countries discussed mutually beneficial measures for cooperation in manpower training, technology development, supply chain and policies incorporating semiconductor industry trends. date2024-01-31

Korea's retail industry grows 6.3% in 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 30 that Korea’s annual retail sales for 2023 advanced 6.3 percent year-on-year. All offline channels (up 3.7 percent), including hypermarkets, department stores, convenience stores and super supermarket (SSM) operators, showed growth in 2023. Online retail sales rose 9.0 percent amid widening age range of consumers. For the month of December, offline sales achieved a 4.5 percent growth year-on-year despite December 2 date2024-01-31

Minister Ahn chairs discussions on regulatory innovation for green mobility

Trade, Industry and Energy Minister Dukgeun Ahn announced eco-friendly mobility regulatory innovation measures on January 30 at LG Science Park together with other relevant ministries and held a meeting to discuss the automotive industry’s major issues and strategic export measures. The meeting was attended by representatives of the industry’s relevant companies and institutions, including Korea Association of Autonomous Mobility Industry (KAAMI), Hyundai Motor, GM Korea and Renault date2024-01-30

Korea aiming to enlarge future green mobility pie by removing "killer" regulations

The Ministry of Trade, Industry and Energy (MOTIE) announced the eco-friendly mobility regulatory innovation measures on January 30 at LG Science Park together with other relevant ministries and held a meeting to discuss the automotive industry’s major issues and strategic export measures. As technological breakthroughs like autonomous self-driving and AI, software and advanced automotive parts of future mobility are converging and the competition for global dominance is intensifying, the date2024-01-30