Ministry of Trade, Industry and Energy

Trade Minister attends 12th Korea-EU FTA Trade Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 12th Korea-EU FTA Trade Committee meeting on March 10 in Brussels and discussed various issues including sanitary and phytosanitary (SPS) measures, electric vehicle (EV) subsidies, and market access with the EU delegation led by European Commissioner for Trade and Economic Security Maroš Šefčovič. date2025-03-12

Trade Minister meets European Commissioner for Trade and Economic Security

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with European Commissioner for Trade and Economic Security Maroš Šefčovič on March 10 in Brussels and discussed the changing global trade landscape and trade cooperation measures. date2025-03-12

Korea’s Ambassador for International Investment Cooperation to carry out various outreach with major U.S. think tanks

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Ambassador for International Investment Cooperation Choi Joong-kyung is visiting Washington D.C. through March 10–14 to engage in various outreach activities with major U.S. institutions to strengthen Korea-U.S. economic, industrial, and investment cooperation. Appointed this January by the Korean government as an ambassador-at-large, Ambassador Choi will be visiting think tanks, the U.S. Chamber of Commerce, and companies to expand the scope of bilateral cooperation through discussions on promising areas for industrial cooperation. First, a seminar for promoting Korea-U.S. industry and investment cooperation will be held on March 11 (local time) at the Heritage Foundation, one of the leading U.S. think tanks, where Ambassador Choi introduces the potential and industrial competitiveness of the Korean economy to relevant experts, business leaders, and special correspondents, highlighting that the two countries are most suitable partners for economic and industrial cooperation as allies sharing common values of democracy and free market economy. In his keynote address, Ambassador Choi states that the U.S.’ advanced technology and Korea’s manufacturing capacity can create mutually beneficial synergy based on the two countries’ complementary industrial structures. He proposes that shipbuilding, defense, AI and semiconductors, nuclear reactors, energy, and batteries are six promising areas of bilateral industrial cooperation, maintaining that both countries will be able to enhance their global competitiveness through combining the U.S.’ cutting-edge technologies and security cooperation needs with Korea’s manufacturing infrastructure and highly skilled human resources. Ambassador Choi adds that policy continuity and legal stability are essential prerequisites for Korean companies’ wider investments in the U.S. going forward in areas such as semiconductors, batteries, and other manufacturing sectors, underscoring the need for transitional measures in adjusting existing policies when it comes to business projects for which investments have already been made. During his visit, Ambassador Choi plans to also meet with key experts at the U.S. Chamber of Commerce, Peterson Institute for International Economics (PIIE), Korea Economic Institute of America (KEI), Brookings Institution, and the Center for Strategic and International Studies (CSIS) to discuss strategic bilateral cooperation across all areas including politics, economy, security, and international environment.   date2025-03-11

MOTIE holds conference on promoting R&D of foreign-invested companies

Director-General for Cross-Border Investment Policy Peob-min Ryu at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea visited energy solutions company Danfoss Korea today in Seoul, where he held a conference with foreign-invested companies to discuss issues regarding participation in domestic technology development projects and to seek measures for boosting the R&D investment of advanced technology-holding foreign-invested companies.   date2025-03-06

Foreign-invested companies to gain greater R&D support

Director-General for Cross-Border Investment Policy Peob-min Ryu at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea visited energy solutions company Danfoss Korea today in Seoul, where he held a conference with foreign-invested companies to discuss issues regarding participation in domestic technology development projects and to seek measures for boosting the R&D investment of advanced technology-holding foreign-invested companies. MOTIE is currently pushing measures to catalyze the R&D of foreign-invested companies through cooperation with foreign-invested companies in Korea and the country’s industrial, academic, and research institutions. Having rolled out a global industrial technology R&D project exclusively for foreign-invested firms last year, the Korean government expanded this year’s related budget to KRW 3.5 billion (up ₩2 billion from ₩1.5 billion in 2024) and will be announcing new projects during this month to recruit companies wanting to participate. In addition to R&D support, the Government also increased cash grants by 10 percent (up by 15 percent for noncapital regions) and raised the cash grant limit for high-tech strategic technology R&D centers to 75 percent in 2025 (up from 40 percent in 2024). Having launched the Korea-Global Innovation Investment Alliance (“Alliance”) for foreign-invested firms’ wider participation in the R&D ecosystem, the Government plans to step up the Alliance’s activities to promote networking between foreign-invested companies and industrial, academic, and research institutions.   date2025-03-06

Korea’s exports resume growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on March 1 that Korea’s exports and imports for the month of February 2025 increased 1.0 percent and 0.2 percent year-on-year, respectively, to USD 52.6 billion and $48.3 billion. The trade balance stood at a surplus of $4.3 billion. By item, semiconductors (down 3.0 percent to $9.6 billion) suffered a downtick despite the solid performance of high-bandwidth memory (HBM) chips and DDR5s, as the fixed price of general-purpose memory chips like DDR4s and NAND flash plunged. Meanwhile, computers (solid-state drives) grew for the 14th consecutive month (up 28.5 percent to $0.8 billion) and wireless communication devices turned to an expansion (up 42.3 percent to $1.5 billion).  Automobile exports (up 17.8 percent to $6.1 billion) snapped their three-month losing streak, fueled by demand for hybrid electric vehicles (HEVs) (up 74.3 percent to $1.3 billion) and bio-health exports (up 16.1 percent to $1.4 billion) were driven by the steep climb achieved by biopharmaceuticals (up 45.5 percent to $0.6 billion). Exports to four out of Korea’s nine major destinations saw growth in February. To China (down 1.4 percent to $9.5 billion), robust demand for wireless communication devices and general machinery offset the slower exports of semiconductors. Exports to the U.S. inched up 1.0 percent to $9.9 billion. Exports to ASEAN hit $9.6 billion (up 12.6 percent), the second highest for the month of February, led by semiconductors and petroleum products. Exports to India (up 18.6 percent to $1.7 billion) recorded an all-time high for the month and those to the Middle East (up 19.6 percent to $1.7 billion) also broke their three-month downward streak.   date2025-03-04

Minister Ahn meets U.S. Trade Representative

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Trade Representative Jamieson Greer on February 28 (local time) in Washington D.C. and conveyed Korea’s stance on U.S. trade measures, discussing measures for stronger bilateral cooperation. date2025-03-04

Minister Ahn meets U.S. Secretary of the Interior

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Secretary of the Interior Doug Burgum on February 28 (local time) in Washington D.C. and discussed measures for stronger cooperation. date2025-03-04

Minister Ahn meets PIIE President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Peterson Institute for International Economics (PIIE) President Adam Posen on February 28 (local time) in Washington D.C. and discussed Korea’s effective response measures to bilateral trade issues and requested for support towards facilitating intergovernmental cooperation. date2025-03-04

Minister Ahn meets CSIS President and CEO

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Center for Strategic and International Studies (CSIS) President and CEO John Hamre on February 27 (local time) in Washington D.C. and discussed U.S. economic policies and Korea’s response strategies. date2025-03-04