Ministry of Trade, Industry and Energy

Trade Minister meets U.S. Deputy Secretary of Commerce

Minister for Trade Inkyo Cheong met with U.S. Deputy Secretary of Commerce Don Graves on March 13 in Washington D.C. to discuss the CHIPS Act, trade remedies, IPEF and other bilateral trade issues. date2024-03-15

Trade Minister meets Thermo Fisher Scientific Senior VP

Minister for Trade Inkyo Cheong met with Thermo Fisher Scientific Senior Vice President Dan Shine on March 13 in Washington D.C. to discuss investment cooperation in raw and subsidiary bio materials production facilities. date2024-03-15

Trade Minister meets U.S. Representative Amerish B. Bera

Minister for Trade Inkyo Cheong met with U.S. Representative Amerish B. Bera on March 13 in Washington D.C. to discuss Korea-U.S. trade and economic cooperation, the Inflation Reduction Act (IRA), CHIPS Act, visa issues and other key agenda items. date2024-03-15

Trade Minister meets U.S. Senator Tom Carper

Minister for Trade Inkyo Cheong met with U.S. Senator Tom Carper, Chairman of the Subcommittee on International Trade, Customs, and Global Competitiveness of the Finance Committee, on March 12 in Washington D.C. to discuss Korea-U.S. trade and economic cooperation, the Inflation Reduction Act (IRA), CHIPS Act, visa issues and other key agenda items. date2024-03-15

Trade Minister meets Chairman of the Trade Subcommittee of the House Ways and Means Committee

Minister for Trade Inkyo Cheong met with U.S. Representative Adrian Smith, Chairman of the Trade Subcommittee of the House Ways and Means Committee, on March 12 in Washington D.C. to discuss Korea-U.S. trade and economic cooperation, the Inflation Reduction Act (IRA), CHIPS Act, visa issues and other key agenda items. date2024-03-15

Trade Minister meets CSIS President

Minister for Trade Inkyo Cheong met with John Hamre, President and CEO of the Center for Strategic and International Studies (CSIS), on March 12 in Washington D.C. to discuss bilateral cooperation in advanced technologies and supply chain issues. date2024-03-15

Korea's ICT exports climb 29.1% in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 14 that Korea's exports and imports of information and communications technology (ICT) goods for February recorded USD 16.5 billion (up 29.1 percent year-on-year) and $10.3 billion (down 6.7 percent), respectively. The trade balance stood at a surplus of approximately $6.3 billion.   February ICT exports showed a definite rebound, recording double-digit growth for the second consecutive month on the backs of increased exports of major items like semiconductors, which posted double-digit growth for the fourth consecutive month.   Exports of semiconductors (up 62.9 percent to $10.0 billion) were boosted by increased demand from the AI market expansion, resulting in increased exports of both memory (up 108.1 percent to $6.1 billion) and system chips (up 27.2 percent to $3.4 billion).   Displays (up 18.7 percent to $1.6 billion) advanced in exports as demand for TVs, mobile phones and other IT devices recovered growth, raising exports of OLEDs and LCDs.   Exports of mobile phones (down 21.3 percent to $0.8 billion) shrank despite robust demand for finished products owing to new model releases, as overseas companies’ demand for parts (down 36.9 percent to $0.5 billion) dropped.   Increased demand for solid-state drives (SSDs) led the entire computers and peripherals (up 14.0 percent to $0.8 billion) exports, achieving growth for the second consecutive month.   Communications equipment (down 6.7 percent to $0.2 billion) showed growth to some markets like Vietnam, but exports to China and India fell, reducing overall exports.   By destination, ICT exports to China (including Hong Kong) rose (up 43.8 percent to $7.4 billion) for the fourth consecutive month, thanks to advances of major items like semiconductors and displays.   Exports to Vietnam (up 24.3 percent to $2.6 billion) grew for the seventh consecutive month on the backs of semiconductors and displays and other major items.   To the U.S. (up 13.5 percent to $1.9 billion), ICT exports expanded for the fourth consecutive month as semiconductors, computers and peripherals and other major items met increased demand.   Exports to the EU (down 0.5 percent to $0.9 billion) fell despite the steep climb of semiconductors (up 33.8 percent to $0.2 billion) and mobile phones (up 102.1 percent to $0.1 billion), as those of secondary batteries plunged (down 54.7 percent to $0.1 billion).   To Japan (down 4.3 percent to $0.3 billion), exports of secondary batteries and computers and peripherals increased, but the contraction of semiconductor exports shrank overall ICT exports. date2024-03-14

Trade Minister to visit Washington D.C. to discuss FTA and other key bilateral issues

Minister for Trade Inkyo Cheong is visiting Washington D.C., U.S., from March 12-15 (EST) to meet with key figures of the U.S. administration, Congress, major thinktanks and law firms for extensive discussions on Korea-U.S. bilateral cooperation and trade issues, his first visit upon taking office.   Trade Minister Cheong will be meeting with U.S. Trade Representative Katherine Tai on March 15 for the seventh Korea-U.S. Free Trade Agreement (FTA) Joint Committee meeting, a first in three years, to review bilateral FTA implementation and outcomes, and discuss future plans.   The trade minister is to also meet with Korean firms operating in the U.S. to gather opinions on investment issues. He will be meeting with representatives of major U.S. companies as well, including Thermo Fisher Scientific, General Motors, and Chevron, to discuss cooperation measures for investment in Korea’s bio, hydrogen, and other national strategic technology areas.   Trade Minister Cheong articulated his plans to “hold in-depth discussions with the U.S. administration and Congress members over the CHIPS Act, Inflation Reduction Act (IRA) incentives, and other key trade issues,” and highlighted that he will “actively seek measures to build on the bilateral cooperation momentum created through last April’s Korea-U.S. summit talks in advanced industries and supply chains.” date2024-03-12

Minister meets Arkansas Governor

Trade, Industry and Energy Minister Dukgeun Ahn met with Arkansas Governor Sarah Huckabee Sanders on March 11 in Seoul to discuss measures for cooperation in critical minerals and trade between Korea and the State of Arkansas. date2024-03-11

MOTIE rolls out Foreign Investment Stimulation Program 2024 to nurture global innovation hub

The Ministry of Trade, Industry and Energy (MOTIE) held the 114th Foreign Investment Committee meeting for deliberation and resolution on the basic directions and programs for stimulating foreign investment in 2024 and received a briefing in writing on the annual report on grievance settlements for improving the investment environment from the Foreign Investment Ombudsman.   In the foreign investment stimulation program for 2024, MOTIE proposes stronger foreign direct investment (FDI) attraction measures for nurturing a global innovation hub. Detailed project tasks, including strategic FDI attraction, stronger foreign investor support and improvement of investment environment.   Accordingly, MOTIE plans to select 100 key companies for pursuing either high-level communication or scaled-down, close-up efforts to attract foreign investment for strengthening the supply chain and securing advanced technologies. Moreover, to increase investment of key companies in advanced industries, MOTIE intends to sharply raise the budget for cash grants from KRW 50 billion in 2023 to 200 billion won in 2024, and launch an R&D project exclusively for foreign-invested companies to invigorate global firms’ R&D investment in Korea.   Foreign Investment Ombudsman Kim Sung-jin reported a total of 406 cases of grievance settlements in 2023, including 18 cases of system improvement. The Foreign Investment Ombudsman system was introduced in 1999 to handle issues related to foreign-invested companies, and the number of grievance settlement cases in 2023 has increased 4.9 percent year-on-year.   MOTIE plans to push forward the foreign investment stimulation program for 2024, while also fostering a more attractive investment environment for foreign-invested companies based on various efforts, including the Foreign Investment Ombudsman’s proactive handling of grievances. date2024-03-06