Ministry of Trade, Industry and Energy

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

Korea and Germany Strengthen Standards Cooperation to Address Climate Crisis

Korean Agency for Technology and Standards (KATS), under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea, collaborated with the German Institute for Standardization (DIN) and the German Commission for Electrical, Electronic & Information Technologies (DKE) to hold the Korea-Germany Standards Cooperation Forum (“Forum”) today in Seoul. The event brought together approximately 100 standards experts from both countries, marking a significant step in bilateral collaboration. The Forum began with the introduction of the two nations’ national standards strategies: Korean Government National Standardization Strategy for the High-tech Industry and Germany’s SMART Standards for the Future. This was followed by discussions on technical issues related to Sustainability and Digital Transformation, with active participation from standards experts on both sides. The program included panel discussions in seven technology areas—artificial intelligence (AI), smart manufacturing, battery technologies, hydrogen, climate change/carbon neutrality, smart standards and direct current power sources—to share technical standards trends, exchange policy directions, and explore opportunities for joint international standards projects. KATS also announced plans to strengthen bilateral standards activities with DIN and DKE in clean energy sectors, building on the agreement reached during the bilateral summit in July to enhance Korea-Germany collaboration in addressing the climate crisis and other global challenges. As part of this initiative, the two countries agreed to establish a working group of standards experts to achieve tangible outcomes, such as joint research and the development of international standard proposals in areas including hydrogen, battery technologies, and other clean energy fields.   date2024-11-22

Korea sets sail to lead global autonomous navigation market via public-private joint efforts

Deputy Minister for Industry Policy Lee Seung-ryeol of the Republic of Korea attended the sail away ceremony for the SHIFT-Auto, Samsung Heavy Industries (SHI)’s autonomous navigation demonstration vessel, today on Geoje Island. The SHIFT-Auto is a culmination of the regulatory sandbox passed during the third meeting of the Deliberative Committee on Regulatory Exceptions for Industrial Convergence (“Committee”) in July, confirmed by the Korean government prior to the effectuation of the Act on Promoting the Development and Commercialization of Autonomous Ships (January 3, 2025) and before related procedures are established so as to enable timely industry demonstrations. The SHIFT-Auto will be demonstrating various technologies such as collision-avoidance, optimum ship routing, and low earth orbit satellite communications-based remote control. Its goal is to complete the mission instructed from land without any crew intervention. Meanwhile, HD Hyundai Heavy Industries (HHI)’ 8,000 TEU containership also passed the Committee and started demonstrations this November, and Hanwha Ocean is set to launch its autonomous vessel demonstrations beginning next year. The demonstrations of the Korean autonomous ship system model, co-developed by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Oceans and Fisheries (MOF), also took off in September loaded atop the 1,800 TEU containership. MOTIE plans to continue supporting these autonomous navigation demonstration opportunities gained through the regulatory sandbox, while also aiming to seamlessly back the Act on Promoting the Development and Commercialization of Autonomous Ships coming into effect next January.   date2024-11-21

Korea Sale FESTA promotion at CU convenience store

Industries and Enterprises Deputy Minister Oh Seung-cheol visited a CU convenience store in Seoul on November 19 to check out the discount promotion as part of Korea Sale FESTA. date2024-11-20

MOTIE launches Financial Caravan to lend assistance to MPE-specialized complex businesses

The Ministry of Trade, Industry and Energy (MOTIE) and North Chungcheong Province of the Republic of Korea held the Materials, Parts, and Equipment (MPE)-Specialized Complex Financial Caravan (“Caravan”) today in the MPE-specialized complex in North Chungcheong Province with the participation of roughly 150 representatives from bio and secondary battery MPE industries. The Caravan is a site visit program to facilitate discussions on measures to resolve financial issues for firms in the MPE-specialized complex. Starting with North Chungcheong Province, the ministry plans to launch a site tour with relevant institutions across Gwangju, South Gyeongsang Province, and other regions. At today’s event, a financial assistance agreement was sealed among financial policy institutions, North Chungcheong Province, and MPE-specialized complex’s anchor businesses. Financial institutions pledged robust support for MPE companies through specialization assistance programs and other forms of preferential assistance, to which MPE firms like LG Chem, GC Biopharma, and Celltrion vowed to give full measure to Korea’s MPE localization and establishment of a production base for the global supply chain. In addition, a public-private joint team introduced financial support programs to address the four major financial issues, namely investment, loans, guarantees, and subsidies. Meanwhile, a session for investor relations (IR) and one-on-one investment counseling was held by relevant institutions. Companies interested in investment will be provided with assistance through follow-up measures regarding due diligence and investment negotiations to help reach actual investment deals.   date2024-11-20

Minister Ahn attends Korea Sale FESTA

Minister for Trade, Industry and Energy Dukgeun Ahn visited the major designer brand stores at the Korea Sale FESTA on November 13 in Pangyo and introduced the event at a live show. date2024-11-15

Korea’s auto industry enjoys triple growth in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile production, domestic sales, and exports all posted growth in October, a first in 16 months since June 2023. October automobile production reached 367,624 units (up 7.8 percent year-on-year), which can be attributed to automakers’ new model releases as well as the higher number of working days (+ 1 weekday) in the month compared to last year. Domestic sales snapped the 11-month downward streak and recorded 145,756 units (up 3.1 percent), helped by a new model release and hybrid electric vehicles (HEVs) selling a historic 49,257 units (up 50.3 percent). Meanwhile, exports advanced 5.5 percent to $6.2 billion, selling 243,367 units overseas and coming in at an all-time high for October. HEVs achieved $1.1 billion in export, surpassing the previous record set in August 2024 and driving Korea’s January–October accumulated export value over $59.1 billion (up 2.0 percent year-on-year).   date2024-11-14

Korea’s ICT exports advance 22% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the export and import of Korea’s information and communications technology (ICT) goods for October 2024 logged USD 20.8 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $7.5 billion. ICT exports for the month of October increased 22.0 percent year-on-year to enter the $20 billion thresholds for the third consecutive month on the backs of robust demand for major items like semiconductors, mobile phones, and computers and peripherals.  Semiconductors soared 39.9 percent to an all-time October high at $12.6 billion. Memory chips (up 63.9 percent to $7.4 billion) and system chips (up 13.1 percent to $4.6 billion) both performed strong. Finished mobile phones (up 47.2 percent to $0.4 billion) and parts (up 15.9 percent to $1.4 billion) both advanced, retaining their growth rates since March 2024. Computers and peripherals grew 48.4 percent based on sharp demand for solid-state drives (SSDs) (up 67.9 percent to $0.7 billion). By region, ICT exports to China (including Hong Kong) climbed 9.9 percent to $8.3 billion, achieving growth for the 12th consecutive month, thanks to demand for semiconductors and mobile phones. Exports to Vietnam (up 6.4 percent to $3.4 billion) increased for the 15th consecutive month, with semiconductors and mobile phones at the helm. Exports to the U.S. (up 35.6 percent to $2.4 billion) grew for the 12th consecutive month as semiconductors (up 66.3 percent to $0.8 billion) and computers and peripherals (up 143.8 percent to $0.5 billion) jumped, driven by demand for servers and datacenters. EU-bound ICT exports (up 13.4 percent to $1.0 billion) maintained growth for the eighth consecutive month, led by mobile phones (up 122.9 percent to $0.2 billion) and computers and peripherals (up 44.2 percent to $0.2 billion). Exports to Japan (down 7.3 percent to $0.3 billion) contracted despite growth of semiconductors and displays, owing to decreased mobile phone shipments.   date2024-11-14

Minister Ahn attends Design Korea 2024 opening ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn attended the opening ceremony of Design Korea 2024 today at COEX in Seoul, held with the participation of 46 booths set up by 400 companies under the theme of people’s changing daily lives with the advent of AI. The ceremony was attended by representatives of relevant institutions and businesses including Korea Institute of Design Promotion (KIDP) and Korea Fashion Designer Association (KFDA).   date2024-11-13