Ministry of Trade, Industry and Energy

MOTIE holds K-Grid Export Alliance kickoff meeting

Deputy Minister for Energy Policy Lee Ho-hyeon at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea chaired the K-Grid Export Alliance kickoff meeting on February 4 at the Korea Trade Insurance Corporation (K-SURE) in Seoul to seek new opportunities for homegrown businesses in the global power infrastructure market and led discussions on the global grid market trends, forecast, and Korea’s strategic measures. The meeting was attended by representatives of 15 companies and institutions, including Korea Electric Power Corporation (KEPCO), Korea Southern Power Co., Hyundai E&C, LS Electric, and KEA.   date2025-02-06

K-Grid Export Alliance kicks into high gear, eyeing global power grid market

Deputy Minister for Energy Policy Lee Ho-hyeon at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea chaired the K-Grid Export Alliance (“Alliance”) kickoff meeting today at the Korea Trade Insurance Corporation (K-SURE) in Seoul, the first general meeting for the Alliance since its launch in December 2024, to seek new opportunities for homegrown businesses in the global power infrastructure market. Since MOTIE announced its global power grid market strategy in December, the ministry has been consulting with related export supporting institutions to concretize measures for boosting exports in 2025.  First, K-SURE plans to continue providing short-term preferential loans (up to double in limit) and insurance premium discounts (up to 20 percent) to transformer and power cable exporting businesses this year, while expanding the range of relevant export items to include energy storage systems (ESS).  Moreover, the overseas trade shows for power grids and related equipment that had previously been dispersed under the charge of different institutions will be integrated under the central management of MOTIE and the Korea Electric Association (KEA) to produce more tangible outcomes by streamlining the process of company recruitment, promotion, and performance management. Today’s meeting was attended by representatives of 15 companies and institutions, including Korea Electric Power Corporation (KEPCO), Korea Southern Power Co., Hyundai E&C, LS Electric, and KEA. They discussed export strategies in light of the newly emerging uncertainties as well as opportunities, such as the growing demand for artificial intelligence (AI) and datacenters, with an aim to propose a business model capable of meeting the complex needs of local overseas markets based on Korean companies’ expertise in EPC (engineering, procurement, construction) and manufacturing. Deputy Minister Lee stated that the global power grid market offers Korea’s power industry a vital opportunity for further growth, adding that public and private sectors will make joint effort to establish the industry as the country’s next new model for energy cooperation.   date2025-02-04

Korea and Japan to step up cooperation in carbon regulation response

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Japan’s Ministry of Economy, Trade and Industry (METI) held the second Korea-Japan Global Green Policy Dialogue (“Dialogue”) today in Seoul and discussed cooperation in global carbon regulation response, carbon-neutrality policies, and clean energy areas. Launched as a follow-up measure to the two countries’ trade and industry ministers’ meeting held in April 2024, the Dialogue was elevated to director general-level in view of the rising importance of responding to global carbon regulations. The two sides concurred with making joint efforts to prevent global carbon regulations from acting as trade barriers. They also reaffirmed the need for cooperation in clean energy areas and agreed to strengthen bilateral and multilateral cooperation in achieving carbon neutrality.  MOTIE’s Director General for New Trade Strategy and Policy Sim Jinsu stated that as countries are taking steps to introduce carbon-related regulations, wider cooperation with likeminded countries like Japan will help to bolster Korean industries’ carbon competitiveness and minimize negative impact on exports.  Ryuzaki Takatsugu, Director-General for GX Promotion at Japan’s METI, said that it is important for Japan and Korea to work closely together to effectively respond to the green transformation and other related changes across the global landscape. Going forward, the Korean government plans to heighten support to boost domestic companies’ capacity to respond against global carbon regulations through briefings, help desks, and consultations.   date2025-01-17

Korea-U.S. MOU on Principles Concerning Nuclear Exports and Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Energy Jennifer Granholm attended the signing ceremony of the Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation on January 8 (local time) in Washington D.C. date2025-01-13

Minister Ahn holds talks with U.S. Secretary of Energy

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Energy Jennifer Granholm on January 8 (local time) in Washington D.C. and discussed measures for bilateral energy cooperation. date2025-01-13

Minister Ahn meets former U.S. Deputy Secretary of Energy

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with former U.S. Deputy Secretary of Energy Daniel Poneman on January 8 (local time) in Washington D.C. for discussions and presented the latter with the Bronze Tower Order of Industrial Service Merit for his contribution to establishing the Korea-U.S. nuclear fuel supply chain establishment and furthering bilateral nuclear energy policy and industrial cooperation. date2025-01-13

Joint Statement of the United States of America and the Republic of Korea on the Expansion of Peaceful Nuclear Energy

The Department of Energy and the Department of State of the United States of America signed today with the Ministry of Trade, Industry and Energy and Ministry of Foreign Affairs of the Republic of Korea a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  This MOU finalizes the provisional understanding reached by the participants in November 2024. The United States and Republic of Korea have worked together on civil nuclear power for more than 70 years.  The cornerstone of this cooperation reflects the two countries’ mutual dedication to maximizing the peaceful uses of nuclear energy under the highest international standards of nuclear safety, security, safeguards, and nonproliferation.  This MOU continues to build upon this long-standing partnership and provides a framework for the parties to cooperate in expanding civil nuclear power in third countries while strengthening their respective administration of export controls on civil nuclear technology.  It will also provide a pathway to help both countries keep up with the emergence of new technologies in this sector.  date2025-01-09

Minister attends 14th Nuclear Safety and Promotion Day

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the 14th Nuclear Safety and Promotion Day ceremony on December 26 in Seoul and awarded government commendations and visited the companies’ recruitment booths. The event was attended by approximately 300 industry representatives and awardees including Vice Minister Lee Chang Yune of the Ministry of Science and ICT and KHNP President and CEO Whang Joo-ho. date2024-12-27

Korea and Australia sign Green EPA for stronger cooperation in clean energy & supply chains

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a Green Economy Partnership Arrangement (Green EPA) with Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW), Department of Foreign Affairs and Trade (DFAT), and Department of Industry Science and Resources (DISR) on December 20 with aim to widen trade and investment in clean economy sectors and to bolster energy security and supply chain cooperation.  The bilateral Green EPA is a comprehensive cooperation platform assessed to have upgraded Korea-Australia collaboration in relevant areas, based on which the two countries’ businesses can anticipate more far-ranging and concrete cooperation. With Australia playing a key role in the Asia-Pacific region’s clean hydrogen supply chain, the Green EPA lays down the groundwork for bilateral cooperation in establishing a stable hydrogen supply system. Moreover, as Australia has recently completed necessary procedures required to conduct cross-border CO2 transport activities in accordance with related international agreements and is actively taking steps in utilizing its depleted gas fields for CO2 storage, the two countries can also look forward to invigorating tangible cooperation in carbon capture, utilization and storage (CCUS) based on the forged arrangement.  In addition, it is assessed that the Green EPA will contribute to diversifying the energy supply chain and bolster Korea and Australia’s energy security while expanding cooperation in clean energy and low-carbon technology development, propelling the two countries’ sustainable economic growth forward by catalyzing trade and investment as well as the creation of jobs. MOTIE Minister Dukgeun Ahn viewed that the Korea-Australia Green EPA is a comprehensive and strategic cooperative system surpassing their existing level of cooperation, adding that cooperation with Australia’s three government departments will not only boost clean energy industries and supply chains but also open doors to new opportunities for Korean companies in securing technologies and overseas market entry. Australia’s DCCEEW Minister Chris Bowen remarked in view of the two countries’ shared Net Zero 2050 target that Korea and Australia will be able to deepen and expand the scope of bilateral cooperation in hydrogen and clean minerals, which will further drive new employment and export opportunities in the region.   date2024-12-23

KHNP consortium wins Romanian reactor refurbishment project

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea Hydro & Nuclear Power (KHNP)’s tripartite consortium with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare SpA won the bid for Romania’s refurbishment project of its Cernavoda nuclear power plant (NPP) Unit 1. Accordingly, KHNP and Romania’s Societatea Nationala Nuclearelectrica (SNN) signed a contract on the Cernavoda NPP Unit 1 refurbishment project today (local time) in Bucharest, Romania. The Cernavoda Unit 1 is a CANDU reactor with an operating license set to expire by 2027 and SNN is pushing the refurbishment project with aim for continued operation by 2030 through the replacement of old equipment. Of the total project cost of roughly KRW 2.8 trillion, KHNP’s portion of the scope of work is valued at approximately ₩1.2 trillion. Candu Energy is responsible for the reactor system and Ansaldo Nucleare will oversee the turbine system design and procurement of materials, while KHNP is in charge of replacing the main and auxiliary components as well as construction of radioactive waste storage facilities and other infrastructure. Korea Electric Power Corporation Plant Service & Engineering (KEPCO KPS), Doosan Enerbility, Hyundai E&C, and Samsung C&T will also participate in the construction process as KHNP’s subcontractors. With today’s contract signing on the Cernavoda refurbishment project, Korea will be taking part in an overseas continued operation project for the first time, which is anticipated to help diversify the country’s NPP exports going forward.   date2024-12-19