Ministry of Trade, Industry and Energy

First and largest Korea-Africa summit seals 47 agreements and MOUs

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 5 that through the Korea-Africa Summit 2024, a total of 47 agreements and memorandum of understanding (MOUs) were sealed in various areas like energy, minerals, manufacturing, and infrastructure. Moreover, 12 countries participated in the ministerial talks held with aim to expand economic cooperation.   On the second day of the Summit on June 5, approximately 400 persons, composed of both sides’ entrepreneurs, experts, and key government figures, were present at the Korea-Africa Business Summit 2024. Hosted by MOTIE and co-organized by six related institutions, the Business Summit spurred discussions on industrialization, trade, investment, food, resource security, decarbonization, and climate change, drawing the blueprint for the shared growth of Korea and Africa in the future.   MOTIE sealed 12 MOUs with 11 African countries for intergovernmental economic cooperation in trade, investment, and minerals. First, with Tanzania, MOTIE jointly declared the launching of negotiations for the bilateral Economic Partnership Agreement (EPA). MOTIE also agreed to start pushing negotiations for an EPA with Morrocco, commencing discussions on a trade agreement that would cover supply chains, digital, and clean economy. With eight African countries, including Ghana, Malawi, Côte d'Ivoire, and Zimbabwe, the ministry signed the Trade and Investment Promotion Framework (TIPF) for establishing a tailored economic cooperation platform void of bound tariffs.   Also, with Tanzania and Madagascar, MOTIE entered bilateral MOUs on critical minerals cooperation for stronger supply chain partnership with African countries. To note, the Korea-Madagascar Critical Minerals Cooperation MOU signing ceremony (June 4) was held in the presence of Madagascar’s President Andry Rajoelina, who expressed anticipation towards the bilateral minerals partnership.   As for the private sector, a total of 35 agreements and MOUs were inked between the two sides’ private parties, through which Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), K-SURE, and Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) will be stepping up their cooperation with African countries in areas like small modular reactors (SMRs), energy storage systems (ESS), trade and investment, new renewables, and critical minerals.   Hyosung sealed a $30 million transformer supply contract with Eletricidade de Moçambique at the Korea-Africa Business Partnership and Wise Bridge entered an agreement with Ethiopian and Kenyan companies on a joint venture for establishing a home appliances parts assembly line. OHYOUNG signed a contract deal for exporting dyes ($10 million) and E Green Global (EGG) signed one on smart farming.   Furthermore, Korea International Trade Association (KITA) and the African Continental Free Trade Area (AfCFTA) Secretariat agreed on establishing a Korea-Africa Economic Cooperation Commission for the continued development of Korea-Africa economic cooperation.   Trade, Industry and Energy Minister Dukgeun Ahn and Minister for Trade Inkyo Cheong both held numerous talks with African counterparts on the sidelines of the Korea-Africa Summit 2024 to discuss measures for wider cooperation in trade, investment, resources, supply chains, and digital.   At the beginning of this year, MOTIE launched a public-private joint support group consisting of major economic groups, institutes, and companies to prepare for a successful summit. The ministry plans to keep providing support so that the economic cooperation measures and agreements discussed during the Summit produce tangible outcomes and that the two sides can envision a forward-looking partnership. date2024-06-07

Trade Minister attends IPEF ministerial meeting in Singapore

Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting and Clean Economy Investor Forum through June 5–6 in Singapore, where 14 IPEF partners – Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the U.S., and Vietnam – gathered to implement the Supply Chain Resilience (Pillar II), Clean Economy (Pillar III), and the Fair Economy (Pillar IV) Agreements and to uncover and facilitate joint projects in detail.   Ministers of partner countries signed the concluded Clean Economy Agreement and Fair Economy Agreement and agreed to promptly hold the inaugural Supply Chain Council meeting and push joint efforts in accordance with the Supply Chain Agreement that has come into effect.   On the margins of the meeting, Korea’s trade chief held bilateral talks with a number of counterparts, including U.S. Secretary of Commerce Gina Raimondo, on clean economy programs like clean electricity and small modular reactor (SMR) projects; Singapore’s Minister for Trade and Industry Minister Gan Kim Yong on measures for strengthening Korea-Singapore supply chain cooperation; and with Coordinating Minister for Economic Affairs of Indonesia Airlangga Hartarto, with whom he signed the memorandum of understanding (MOU) on implementing Article 6 of the Paris Agreement and on supporting companies’ global projects on carbon reduction and supply chain cooperation.   Over 300 persons participated in the Clean Economy Investor Forum, including the Asia-Pacific region’s governments and representatives of 103 investment firms, including the National Pension Service (NPS), Korea Post, Hana Financial Investment, Kohlberg Kravis Roberts (KKR), BlackRock, and Macquarie Group. The Forum also ran a briefing on a total of 72 clean infrastructure projects valued at USD 23 billion and 10 Korean startups like PMGROW and 60Hertz engaged in the Indo Pacific Climate Tech 100, a program connecting top climate tech startups to global investors through in-person meetings and presentations.   Trade Minister Cheong remarked that “This Forum proves that IPEF is up and running and that the region’s companies will tangibly benefit from the initiative,” and added that the Korean government will give full measure to accelerating Korean firms’ project bid winning and local market entry by building on this momentum. date2024-06-07

9th meeting of the Intergovernmental Korea-Turkmenistan Commission on Trade, Economic, Scientific and Technological Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Turkmenistan’s Chairman of the Board of the State Bank for Foreign Economic Affairs Rahimberdi Jepbarov held the 9th meeting of the Intergovernmental Korea-Turkmenistan Commission on Trade, Economic, Scientific and Technological Cooperation on June 3 via teleconferencing and discussed cooperation in trade, investment, and plant and signed the Agreed Minutes. date2024-06-04

Trade Minister meets Norwegian Minister of Fisheries and Ocean Policy

Minister for Trade Inkyo Cheong met Norwegian Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss on June 3 in Sejong City and discussed stronger economic cooperation measures for shipbuilding, maritime, clean energy, Korea-European Free Trade Association (EFTA) Free Trade Agreement (FTA), and the Korea-Norway Trade and Investment Promotion Framework (TIPF). date2024-06-04

Korea and Norway discuss measures for stronger economic cooperation

Minister for Trade Inkyo Cheong met Norwegian Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss on June 3 in Sejong City and discussed stronger economic cooperation in shipbuilding, maritime, clean energy, Korea-European Free Trade Association (EFTA) Free Trade Agreement (FTA), and the Korea-Norway Trade and Investment Promotion Framework (TIPF).   Trade Minister Cheong stated that the recent global shift towards eco-friendly and smart vessels is creating a good opportunity for Korea and Norway to achieve shared growth based on the combination of Korea’s shipbuilding capacity and Norway’s technological prowess in eco-friendly and autonomous self-navigation.   He mentioned the need for wider utilization of offshore wind power, clean hydrogen, nuclear, and carbon-free energy sources for effectively responding to climate change and requested Norway’s active interest and participation in the Carbon Free Energy (CFE) Initiative, asking that Norway attend the World Climate Industry Expo (WCE 2024) to be co-hosted by the Ministry of Trade, Industry and Energy (MOTIE) and the International Energy Agency (IEA) in Busan in September this year.   Noting how the Korea-EFTA FTA contributed to expanding the trade volume among its parties and helped stabilize the import of Norwegian fishery products, he articulated his hopes of Korea and Norway further invigorating bilateral trade and investment.   In view of the rapidly changing trade and economic landscape, both sides shared the understanding that the Korea-Norway Trade and Investment Promotion Framework (TIPF) will be a good opportunity for upgrading their economic cooperation and agreed to push the bilateral TIPF forward for a more comprehensive collaboration beyond trade and investment to cover new trade issues like green energy, supply chains, and digital. date2024-06-04

Korea and Turkmenistan hold 9th meeting of Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Turkmenistan’s Chairman of the Board of the State Bank for Foreign Economic Affairs Rahimberdi Jepbarov held the 9th meeting of the Intergovernmental Korea-Turkmenistan Commission on Trade, Economic, Scientific and Technological Cooperation (“Commission”) on June 3 via teleconferencing.   Installed in accordance with the two countries’ intergovernmental agreement (entered into force in 2008) on establishing a joint cooperative committee, the Commission is a ministerial consultative body run with the participation of agenda-relevant ministries and institutions and co-led by Korea’s Minister for Trade, Industry and Energy and the Turkmen Chairman of the Board of the State Bank for Foreign Economic Affairs as the Commission’s chief delegates. The 9th meeting breaks the four-year hiatus following the previous 8th meeting held November 2020 in Seoul.   At the 9th meeting, the two sides agreed to implement measures for wider cooperation in energy and infrastructure as discussed during the bilateral summit talks held on the margins of the United Nations General Assembly in September 2023, and as well as in trade, investment, plant, aviation, automobiles, shipbuilding, and healthcare. date2024-06-04

12th Korea-Uzbekistan Joint Committee Meeting

Trade, Industry and Energy Minister Dukgeun Ahn met with Uzbekistan’s Investment, Industry and Trade Minister Laziz Kudratov on May 31 in Seoul for the 12th meeting of the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation to discuss trade, investment, supply chains, energy, infrastructure, industries, science, and technology, where they also signed the Agreed Minutes. date2024-06-03

Trade Minister chairs inaugural meeting of APEC Advisory Group

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The meeting was attended by representatives of related institutions and academia, including K-SURE, Korea Institute for International Economic Policy (KIEP), Korea Trade-Investment and Promotion Agency (KOTRA), and Korea University. date2024-05-30

MOTIE launches advisory group for APEC in preparation for Korea's chairmanship in 2025

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The trade chief stated that the APEC Advisory Group aims to select themes that align with APEC member countries’ interests as well as the APEC’s vision, while also uncovering timely agenda items. He expressed hopes of fostering solidarity and cooperation among APEC members amid persisting global uncertainties.   MOTIE’s Director General for Multilateral Trade and Legal Affairs Park Dae-kyu shared the “APEC Putrajaya Vision 2020-2040” and its three pillars, on which the four major tasks of MOTIE are based: preparation for the World Trade Organization (WTO)’s 14th ministerial conference (MC14) and recovering the multilateral trade system; establishing a resilient and sustainable supply chain; discussions on artificial intelligence (AI) and digital trade rules; and the diffusion of carbon-free energy sources in light of climate change and attaining carbon neutrality.   Director General Park explained that priority tasks will be pushed forward with private sector experts in line with the APEC’s cooperative vision. date2024-05-30

Korea and UAE bolster forward-looking cooperation in trade, industries, and energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 29 that Korea and the United Arab Emirates (UAE)’ energy and industrial sectors entered a total of eight agreements and memorandums of understanding (MOUs) on the occasion of the summit meeting between President Yoon Suk Yeol and UAE President Sheikh Mohamed bin Zayed Al Nahyan.   First, MOTIE Minister Dukgeun Ahn and the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi formally signed the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) in the presence of both sides’ presidents.   Minister Ahn and the UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber also inked a carbon capture and storage (CCS) cooperation MOU for establishing a clean hydrogen supply chain and joint carbon reduction measures. A first of its kind between the two countries, the MOU aims to support the two countries’ clean hydrogen production and CCS infrastructure projects and covers the interministerial cross-border transfer of CO2. It is also anticipated to help secure overseas storage space for domestically captured CO2 and contribute to achieving the nationally determined contributions (NDCs).   Cooperative ties were forged in the private sector as well. In energy, Korea Electric Power Corporation (KEPCO) agreed to the joint execution of nuclear power plant projects with the UAE’s Emirates Nuclear Energy Corporation (ENEC) in third countries. The two companies plan to form a working group to conduct research on emerging markets and uncover projects for heightening bid competitiveness in the global power plant market.   A consortium composed of Korea National Oil Corporation (KNOC), Samsung E&A, and GS Energy signed a strategic agreement with the Abu Dhabi National Oil Company (ADNOC) on the joint development of clean hydrogen production and supply. According to this agreement, the companies will develop and invest in the entire hydrogen value chain from local blue ammonia production, supply, and domestic distribution infrastructure investment to CCS transfer in line with the blue ammonia project (Harvest 2.0) in Ruwais, UAE.   Moreover, KNOC and ADNOC will discuss expanding the international joint oil stockpile capacity, which is currently at four million barrels. The two companies sealed the joint crude oil stockpiling agreement during President Yoon’s state visit to UAE in January 2023, which enables ADNOC to store crude oil in KNOC’s idle storage space for domestic and overseas sales and guarantee Korea with priority oil access in an emergency situation.   At the UAE’s request for additional storage capacity, the two companies agreed to amend their MOU and expand the scope of collaboration beyond joint oil stockpiling to include oil exploration, development, and R&D for enhanced oil recovery.   Meanwhile, Samsung Heavy Industries and Hanwha Ocean each signed a letter of intent (LOI) with ADNOC on an order for six LNG carriers (app. USD 1.5 billion), and Hyosung entered a joint investment cooperation MOU with ADNOC to seek petrochemicals and LPG joint project opportunities in Asia.   The Korean government intends to give full measure to advancing the Korea-UAE relations to forward-looking cooperation over multiple areas encompassing nuclear power, carbon reduction, clean hydrogen, shipbuilding, and petrochemicals. date2024-05-30