Ministry of Trade, Industry and Energy

Minister Ahn holds talks with U.S. Secretary of Commerce Howard Lutnick

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Commerce Howard Lutnick on March 21 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony on March 21 (local time) in Washington D.C. for strengthening the strategic partnerships among Korean Air, Boeing & GE Aerospace. The ceremony was attended by Chairman & CEO of Korean Air and Hanjin Group Walter Cho, President & CEO of Boeing Kelly Ortberg, and President & CEO of GE Aerospace Russel Stokes. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships and strengthen Korea-U.S. aviation cooperation

On the occasion of Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea’s visit to Washington D.C. from March 20-21 (local time), Mr. Ahn and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony with Korean Air, Boeing & GE to strengthen their strategic partnerships.   * Corporate Attendees: Walter Cho (Chairman & CEO of Korean Air and Hanjin Group), Kelly Ortberg (President & CEO of Boeing), Russel Stokes (President & CEO of GE Aerospace) The signing ceremony underscores Korean Air’s commitment to collaboration with Boeing and GE Aerospace prior to the finalization of large-scale contracts with a total value of 32.7 billion USD. In particular, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration, raising expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding and energy. * Details of the contract between Korean Air-Boeing: The two companies will soon finalize a firm order for twenty Boeing 777-9 and twenty Boeing 787-10 by 2033, and options for an additional ten aircraft (worth a total 24.9 billion USD). ** Details of the contract between Korean Air-GE: The two companies will soon finalize a firm order for eight spare engines (plus options for two additional engines) and engine maintenance services (worth a total 7.8 billion USD). Minister Ahn stated in his congratulatory remarks that “through these collaborations with prominent U.S. aviation companies, Korean Air is set to further strengthen its position in the global aviation market, accelerating its journey to becoming one the world’s top ten airlines.” Minister Ahn also emphasized that these agreements will pave the way for further strengthening the wide-ranging material and human exchanges between Korea and the United States, vowing that the Korean government “will continue to actively support cooperation in the private sector between both countries.” date2025-03-21

MOTIE kicks off Global Talent Supporters, boosting online recruitment support for foreign-invested firms

The Ministry of Trade, Industry and Energy (MOTIE) held the Global Talent Supporters (“Supporters”) kick-off ceremony today at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul as part of an aim to enhance support for foreign-invested firms’ talent recruitment. Now in its second year, the Supporters program for 2025 has chosen 20 university students with the aspiration to grow into global talents by gaining work experience at foreign-invested companies, each of whom beat 22 other competitors in the nationwide selection process.  Over the next two months, the Supporters will be promoting foreign-invested firms’ recruitment activities by visiting and reporting on leading global companies through YouTube and other media platforms. Leveraging their digital fluency and ability to create original content, the Supporters can act as a bridge between companies and youth by bringing quality recruitment information to young job-seekers. MOTIE will also be increasing year-round online hiring. Since 2019, the ministry has been running an online platform for the exclusive promotion of foreign-invested firms’ year-round recruitment at Job Korea (www.jobkorea.co.kr/Theme/kotra), a private career portal. Starting this year, MOTIE plans to strengthen support for the year-round online hiring of businesses in advanced industries by adding special sections introducing some of their high-performing companies and featuring interviews with HR managers. Among foreign-invested companies participating in the year-round hiring platform, additional support will go towards the development of a special webpage dedicated to those with plans for large-scale recruitment. The Korean government intends to make smooth progress in preparing for the Global Talent Fair 2025 slated for this May to actively assist job-seekers’ efforts for employment at global companies. Preregistration for the Global Talent Fair is open from March 20 to May 2 and those who are interested can preregister at the official website (globaltalentfair.kotra.biz) to take part in a variety of employment support programs.   date2025-03-21

Korea Trade Commission holds public hearing on petroleum resin imports

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held a public hearing today on whether Chinese and Taiwanese petroleum resin imports are causing damage to domestic industries, on which anti-dumping investigations were opened last August. As a result of a preliminary determination made last December, provisional anti-dumping duties of between 4.45% and 18.52% are currently levied on the said products. Held under Article 64 of the Enforcement Decree of the Customs Act, the public hearing aims to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. A final ruling will be given during the first half of this year following domestic and overseas due diligence procedures. The KTC also held its 458th meeting today, receiving reports on anti-dumping investigations launched on hot-rolled carbon and alloy steel products requested by Hyundai Steel and on single-mode optical fiber products requested by LS Cable & System.   date2025-03-20

Korea’s automobile exports recover growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports, production, and domestic sales for the month of February 2025 all posted double-digit growth year-on-year, with the production volume surpassing 350,000 units, a first in 11 years since February 2014. Korea’s monthly automobile exports volume reached 232,978 units (up 17.3 percent), entering the six billion thresholds in value for the first time for February with USD 6.1 billion (up 17.8 percent). The rebound and trade surplus are attributable to the strong performance in overseas markets like the EU (up 22.6 percent) and the Middle East (up 38.2 percent), as well as to the sharp increase in hybrid electric vehicle (HEV) exports (up 61.7 percent). Domestic sales jumped 14.8 percent to 132,855 units, thanks to the individual tax consumption cuts and early enforcement of electric vehicle (EV) subsidies in accordance with government measures to enhance the competitiveness of eco-friendly cars and secondary batteries (announced January 15). As a result, domestic EV sales for February skyrocketed 298.1 percent to 14,265 units.   date2025-03-18

Trade Minister meets Hudson Institute’s Asia-Pacific Security Chair & Senior Fellow

Minister for Trade Inkyo Cheong of the Republic of Korea met the Hudson Institute’s Asia-Pacific Security Chair Patrick Cronin and Senior Fellow Michael Roberts on March 14 (local time) in Washington D.C. to discuss U.S. trade policies and response measures. date2025-03-17

Korea’s ICT exports rebound in February

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of the Republic of Korea announced on March 16 that Korea’s exports and imports of information and communications technology (ICT) goods for February 2025 climbed 1.2 percent and 5.6 percent, respectively, to USD 16.7 billion and $10.9 billion. The trade balance stood at a surplus of $5.8 billion. February exports achieved a rebound from the downtick in January and came in second highest for the month, with mobile phones (up 33.3 percent), computers/peripherals (up 26.9 percent), and communications devices (up 74.1 percent) softening the fall from semiconductors (down 3.0 percent) and displays (down 5.1 percent). Semiconductor exports suffered a slight dip despite the sound performance of high value-added memory chips like high-bandwidth memory chips (HBMs) and DDR5s as general-purpose memory chips like NAND flash dropped in both unit price and production volume.  Displays receded as a result of panel display oversupply and sluggish demand for home appliances in Korea’s major export market. Meanwhile, mobile phone exports increased on the backs of growing demand for parts from overseas production bases in regions such as China, Vietnam, and India. Computers/peripherals enjoyed growth, thanks to stronger demand for storage devices fueled by wider investments in servers and datacenters in the U.S. and the EU. Communications devices exports were led by rising demand for navigation auxiliary equipment in India. By destination, ICT exports to Vietnam (up 15.6 percent), the U.S. (up 11.5 percent), and Taiwan (up 124.3 percent), and India (up 54.9 percent) expanded, whereas those to China (including Hong Kong) (down 19.6 percent), the EU (down 7.6 percent), and Japan (down 5.7 percent) contracted.   date2025-03-17

Trade Minister Cheong meets U.S. Trade Representative

Minister for Trade Inkyo Cheong of the Republic of Korea met U.S. Trade Representative Jamieson Greer on March 14 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-17

Trade Minister meets U.S. Senator Andy Kim

Minister for Trade Inkyo Cheong held talks with U.S. Senator Andy Kim on March 13 in Washington D.C. and discussed stronger Korea-U.S. supply chain cooperation as well as economic and trade cooperation measures. date2025-03-14