Ministry of Trade, Industry and Energy

Trade Minister meets China International Trade Representative

Minister for Trade Inkyo Cheong met with Wang Shouwen, China International Trade Representative and Vice Minister of Commerce, Ministry of Commerce, on May 18 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral economic cooperation. date2024-05-20

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral trade issues. date2024-05-20

Trade Minister attends Ministers Responsible for Trade APEC Meeting

Minister for Trade Inkyo Cheong attended the Ministers Responsible for Trade Meeting on May 17 in Arequipa, Peru, and discussed issues including dispute settlement system normalization and formulating norms through multilateral negotiations with the trade leaders of other APEC member countries. date2024-05-20

Trade Minister meets Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry

Minister for Trade Inkyo Cheong met with Taku Ishii, Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry, on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed Korea-Japan economic cooperation and multilateral trade issues. date2024-05-20

Trade Minister attends Ministers Responsible for Trade and Ministers for Women APEC joint meeting

Minister for Trade Inkyo Cheong attended the Asia-Pacific Economic Cooperation (APEC) Joint Meeting of Ministers Responsible for Trade and Ministers for Women at the APEC Trade Ministerial held in Arequipa, Peru, on May 17 and proposed measures for women’s economic empowerment and trade participation through trade policies. date2024-05-20

Trade Minister meets Thai Trade Representative

Minister for Trade Inkyo Cheong met with Thailand’s Trade Representative Nalinee Taveesin on May 16 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed Korea-Thailand Economic Partnership Agreement (EPA) prospects and other bilateral trade issues. date2024-05-20

Trade Minister meets Chile’s Under–Secretary for International Economic Relations

Minister for Trade Inkyo Cheong met with Chile’s Under–Secretary for International Economic Relations Claudia Yamile Sanhueza Riveros on May 16 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed measures for improving Korea-Chile FTA and other bilateral trade issues. date2024-05-20

Trade Minister meets Peru’s Foreign Trade and Tourism Minister

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial, met with Peru’s Foreign Trade and Tourism Minister Elizabeth Galdo Marín on May 16 in Arequipa, Peru, and discussed bilateral trade issues and congratulated Peru’s APEC chairmanship. date2024-05-20

Vice Minister chairs Corporate Investment Conference with top 10 manufacturers

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues with representatives of Korea’s top 10 manufacturers.   Vice Minister Kang remarked that measures will be pushed to strengthen support for advanced industries, extend sunset-due tax credit incentives, and inspect business issues and foster conditions enabling companies’ timely investment.   The meeting was attended by representatives of 10 major manufacturers, including Samsung Display, SK Hynix, POSCO, and HD Korea Shipbuilding & Offshore Engineering. date2024-05-20

Government to give strong backing to corporate investment

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues. The conference is a follow-up to the Industrial Investment Strategy Meeting held in February this year.   Korea’s top 10 manufacturing sectors, namely semiconductors, automobiles, displays, secondary batteries, shipbuilding, bio, machinery/robotics, steel, petrochemicals, and textiles, were found to have implemented approximately 96 percent of the annual investment plan of 100 trillion won in 2023, and implemented 20 percent of the 10 percent-upped 110 trillion-won investment plan for 2024 during its first quarter.   Companies attending the conference voiced suggestions for stronger government support, such as heightening investment tax credit for securing advanced industrial super gaps and for the green transitioning of major industries, securing investment for advanced industries, and enhancing cost competitiveness. They also proposed measures for creating a sound industrial ecosystem through imposing stricter punishment on tech leaks and nurturing materials, parts, and equipment (MPE) manufacturers.   The Korea Chamber of Commerce and Industry (KCCI) suggested that it is necessary to introduce investment policies in line with global standards to address the issue of funding shortages, such as extending sunset-due investment tax credit incentives and expanding the subject scope to include buildings, introducing direct payment of tax credits, and improving the corporate inheritance tax system. date2024-05-17