Ministry of Trade, Industry and Energy

MOTIE holds policy forum for cooperation with India and Southwest Asian countries

Korea’s Deputy Minister for Trade Park Jong-won attended a policy forum on the theme of “Digital Transformation and Korea-India Cooperation Strategy” today in Seoul to discuss future cooperation between the two countries in cutting-edge industries. In his opening message, he stated that the two countries’ economic cooperation and outcomes were previously focused on manufacturing sectors, adding that in consideration of the recent global oversupply and other structural issues, Korea and India should advance practical cooperation and uncover new cooperative models in digital high-tech areas going forward. date2025-07-09

MOTIE Launches Policy Forum for Deeper Korea-India High-Tech Cooperation

Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Korea Chamber of Commerce and Industry (KCCI) jointly launched a policy forum on the theme of “Digital Transformation and Korea-India Cooperation Strategy” today in Seoul to discuss future cooperation between the two countries in cutting-edge industries. At the forum, Korea Institute for International Economic Policy (KIEP) Research Fellow Ro Yoon-jae first spoke on India’s digital public infrastructure strategy, followed by Wellmatix CEO Satyabrata Aich, who presented on the prospects for collaboration based on the two countries’ AI industry trends and best cooperative practices. They both articulated the need for a stronger Korea-India strategic partnership in these areas, highlighting that combining Korea’s advanced manufacturing technologies with India’s IT competitiveness and startups ecosystem can create significant synergy. HD Hyundai, Balance Hero, Medipixel, and other companies operating in the local Indian market also attended today’s forum to share their experience and suggested ways to deepen intergovernmental policy cooperation. In his opening message, Deputy Minister for Trade Park Jong-won stated that the two countries’ economic cooperation and outcomes were previously focused on manufacturing sectors, adding that in consideration of the recent global oversupply and other structural issues, Korea and India should advance practical cooperation and uncover new cooperative models in digital high-tech areas going forward. With this year marking the 10th anniversary of the establishment of the Korea-India special strategic partnership, MOTIE plans to expand policy communication with the Indian government and bolster cooperation in new industries.   date2025-07-09

Korea-Algeria Joint Economic Committee virtual preliminary meeting

Korea’s Director General for International Trade Relations Kim Jong-chul led the Korean delegation in the virtual intergovernmental working-level meeting with Abdelmalek Bouheddou, Director General of the Asia Oceania Division at the Algerian Ministry of Foreign Affairs, on May 27 and discussed agenda items for the Korea-Algeria Joint Economic Committee. date2025-05-29

Korea and Algeria hold talks to resume Joint Economic Committee

Korea’s Ministry of Trade, Industry and Energy launched the first Korea-Algeria director general-level working meeting via videoconferencing on May 27 with a view to resume the Korea-Algeria Joint Economic Committee, which is the two countries’ ministerial-level cooperative channel. The only African country to have forged a strategic partnership with Korea, Algeria is known for its largest land area in the continent, abundance in energy and mineral resources, comparatively younger demographic structure, and favorable position as a gateway to Africa and Europe.  The Korea-Algeria Joint Economic Committee, which had convened three times by 2007, was thereafter suspended due to weakened momentum for economic cooperation from the drop in global oil prices and the COVID-19 pandemic. Recently, the two countries have opened talks on resuming the Committee in anticipation of wider cooperation and industrial diversification. Over the years, Korea’s plant and construction companies have been actively participating in Algeria’s various infrastructure projects including those on combined cycle power plants, freeways, and container terminals, and cooperation is expected to expand to automobiles, home appliances, and such other manufacturing industries. As the first working-level meeting held as a preliminary to the fourth ministerial-level Korea-Algeria Joint Economic Committee meeting, the virtual talks took stock of the two countries’ respective levels of interest and prospects for concrete cooperation across a wide range of agendas spanning industries, energy, digital, ICT, agriculture, environment, healthcare, and culture.  The Korean delegation proposed, as an agenda item for the Joint Economic Committee, that the two sides consider entering an Economic Partnership Agreement (EPA) as a legal and institutional framework for the bilateral expansion of trade and investment cooperation. They also agreed to discuss hosting a joint event for promoting business cooperation in conjunction with the ministerial-level Committee meeting. Noting the significant potential for economic cooperation with Algeria, Korea’s Director General for International Trade Relations Kim Jong-chul stated that additional working-level meetings will be held in the near future to settle bilateral agenda items, so that the two countries can resume the ministerial-level joint Committee after the 18-year hiatus.   date2025-05-28

57th Korea-Japan Business Conference preliminary talks

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn, on May 26 in Seoul, chaired the preliminary talks held on the margins of the 57th Korea-Japan Business Conference with the participation of both countries’ business leaders and led discussions on measures for the two countries’ sustainable growth and development.  date2025-05-27

Korea and Japan’s business leaders expand economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the 57th Korea-Japan Business Conference today in Seoul, co-organized by Korea’s Ministry of Trade, Industry and Energy (MOTIE), Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation in commemoration of the 60th anniversary of the two countries’ normalization of diplomatic relations.  Since launched in January 1969 following the normalization of relations in 1965, the Korea-Japan Business Conference has served as a major platform for bilateral consultation in advancing the two countries’ economic cooperation. In his congratulatory message, Trade Minister Cheong expressed gratitude to both countries’ business leaders for their commitment to economic cooperation over the past 60 years and proposed that the two countries’ governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years.  Noting the increase of global trade uncertainties, Trade Minister Cheong stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. Moreover, he asked that the business leaders actively leverage Korea and Japan’s hosting of international events like APEC 2025 and the Osaka-Kansai World Expo. In accordance with this year’s conference theme of broader and deeper Korea-Japan cooperation, the two countries’ economic groups discussed joint measures in establishing and building trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward.   date2025-05-27

Korea leads tabletop exercise with IPEF partners to enhance crisis response capacity to supply chain disruptions

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that Korea, as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), is holding a virtual supply chain emergency tabletop exercise today to strengthen cooperation among IPEF partners in responding to supply chain disruptions and enhance their capacity for swift and coordinated joint response. The tabletop exercise simulates a scenario in which partner “Country A” experiences a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection and requests that CRN Chair Korea convene an emergency meeting to assist with the supply of therapeutic agents. Through the simulation, IPEF partners aim to assess the infection’s impact on the intraregional supply chain and explore cooperative measures for mutual support. As the second tabletop exercise following last year’s, today’s simulation is designed not only to more accurately replicate a real emergency situation—reflecting input from the pharmaceutical supply chain experts and partner countries—but also to involve the participation of ministries overseeing pharmaceuticals in order to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity building project. The two countries plan to provide tailored education on supply chain management and crisis response policymaking to reinforce IPEF partners’ supply chain crisis response capacity. They will also be sharing best practices and discussing ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of this year, while actively pushing the Korea-Australia IPEF supply chain capacity building project forward.   date2025-05-22

Trade Minister meets Mexico's Undersecretary of Foreign Trade

Minister for Trade Inkyo Cheong met with Mexico's Undersecretary of Foreign Trade Luis Rosendo Gutiérrez Romano on May 14 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed bilateral economic cooperation. date2025-05-15

Korea and Philippines sign MOU for trade, energy, and economic cooperation

Minister for Trade Inkyo Cheong held an MOU signing ceremony with Philippine Trade and Industry Secretary Maria Cristina Aldeguer-Roque on May 14 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting for bilateral cooperation in trade, economy, and energy. date2025-05-15

Korea and ASEAN think tanks lay out blueprint for trade and economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the first ASEAN-ROK Think-tank Dialogue on Economic and Trade Policy (AKTD) today on Jeju Island, held with the participation of approximately 100 representatives from Korean and ASEAN major think tanks, the ASEAN Secretariat, Economic Research Institute for ASEAN and East Asia (ERIA), the Asia Foundation, Yonsei University, and the Korea-Southeast Asia Policy Cooperation Center. AKTD is the first economic and trade cooperation project launched after the elevation of ROK-ASEAN diplomatic relations to a comprehensive strategic partnership on the occasion of the 25th ROK-ASEAN Summit convened last October in Vientiane, Lao PDR. It is also a ROK-ASEAN policy research platform for uncovering sustainable economic cooperation projects and supporting ASEAN members’ policy capacity building. Today’s first AKTD conference is significant in that Korea and 10 ASEAN think tanks gathered to establish a systematic policy dialogue channel for joint ROK-ASEAN efforts in economic and trade policy cooperation going forward. Noting that ASEAN is Korea’s third largest trading partner and second largest foreign direct investment (FDI) destination, Trade Minister Cheong stated in his welcoming message that the two sides have continued to strengthen their mutually beneficial cooperation in trade and economic areas. In view of ROK-ASEAN relations having advanced to a comprehensive strategic partnership, he expressed anticipation for the AKTD to develop into a signature project for ROK-ASEAN policy cooperation in effectively uncovering and launching joint projects. During the forum session, Korea Institute for Industrial Economics & Trade (KIET) President Namhoon Kwon gave a keynote speech on the role of think tanks for national development, followed by speakers from ERIA, the Institute of Malaysian and International Studies (IKMAS), and the Korea Institute for International Economic Policy (KIEP), who presented on the trade and economic development strategies of ASEAN. A panel discussion took place after the presentations, chaired by the Asia Foundation’s Korean representative Kyungjin Song. IKMAS Director Sufian Jusoh welcomed the AKTD’s launch, ensuring IKMAS’ active participation and support for AKTD’s joint research projects and other events this year. In the subsequent roundtable session, participants discussed the basic future directions for the operation of AKTD and officially adopted the “Operational Guidelines for the AKTD” signed by KIET and nine ASEAN think tanks. The above guidelines are expected to serve as a critical foundation for the establishment of AKTD as a sustainable cooperative platform that can contribute to ASEAN’s economic development policies. Korea’s Ministry of Trade, Industry and Energy (MOTIE) will be reporting the joint research outcomes of AKTD at the 22nd ASEAN Economic Ministers (AEM)-ROK Consultation slated for this September in Malaysia, while also making preparations for a follow-up conference through close cooperation with the ASEAN chair country and the ASEAN Secretariat.   date2025-05-14