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Trade/Investment
Korean gov’t awards 597 persons of merit on 61st Trade Day
The Korean government is launching the 61st Trade Day on December 5 at COEX in Seoul to award persons of merit for contributing to Korea’s trade achievements. This year, a total of 597 persons of merit are to receive government awards, including 33 orders of merit, 31 medals of honor, and 533 commendations. Approximately 89 percent of the awardees work at either SMEs or middle-market companies. The five winners of this year’s Gold Tower Orders of Industrial Service Merit are in businesses specializing in special bolts, semiconductors, automobiles, logistics, and car parts. The Export Tower Award was first awarded in 1973 to a company for achieving the then-historic USD 100 million in exports. Receiving the prize this year are a total of 1,545 companies, composed of 20 large-sized companies, 92 middle-market companies, and 1,433 SMEs. The $25 Billion Export Tower Award goes to Kia this year, followed by 55 companies receiving the $100 Million Export Tower Award and 313 more receiving the $1 Million Export Tower Award. Award winners are selected based on the accumulated export value through July 2023–June 2024. date2024-12-04
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Energy
32nd Energy Commission meeting
MOTIE Minister Dukgeun Ahn chaired the 32nd Energy Commission meeting on December 3 in Seoul and proposed project tasks in line with the K-grid global market strategy, including AI-driven energy system transition policies. The meeting was attended by related ministries, academia, and organizations like the Korea NGO's Energy Network (ENET). date2024-12-04
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Energy
K-Grid Export Alliance launching ceremony
Trade, Industry and Energy Minister Dukgeun Ahn attended the public-private K-Grid Export Alliance launching ceremony on December 3 in Seoul and announced Korea's global grid market strategy. The ceremony was attended by representatives of related institutions and companies including those specializing in EPC (engineering, procurement, construction) and power grids. date2024-12-04
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Industry
Tech-GPT Project Agreement Ceremony
Industries and Enterprises Deputy Minister Oh Seung-cheol attended the “Tech-GPT Project Agreement Ceremony” on December 3 in Seoul, where 10 companies and institutions entered an MOU for cooperation on promoting the Tech-GPT and nurturing the global open innovation ecosystem. The event was held with the participation of relevant institutions and companies including the Korea Institute for Advancement of Technology (KIAT), Korea Electronics Association (KEA), and the Korea Institute of Industrial Technology (KITECH). date2024-12-04
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Energy
Power grid industry to rise as Korea’s next energy export growth engine
The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of a public-private K-Grid Export Alliance (“Alliance”) and its strategy for penetrating global grid markets. Amid major countries’ efforts to achieve carbon neutrality and the rising power demand fueled by AI and such high-tech industries, the demand for old grid replacement and new grid establishment is expected to sharply increase in the future. Grid establishment projects are long-term projects (app. 10 years) entailing large-scale investments and maintenance work, leading to anticipation of economic spillovers for Korean companies by means of joint entries accompanying nuclear reactor exports. The Alliance was formed under the aim to promote exports across the entire electrical power industry value chain spanning power generation, transmission, distribution, and ancillary services under a national brand dubbed as “Team Korea,” combining the strengths of public power companies, EPC (engineering, procurement, construction) specialized firms, and grid businesses. As buyers and developers of materials and equipment, public power companies and large corporations will play the central role of the Alliance, while EPC companies are to focus on utilizing homegrown materials. Meanwhile, Korea Electrotechnology Research Institute (KERI), Korea Trade Insurance Corporation (K-SURE), and Korea Trade-Investment Promotion Agency (KOTRA) are to concentrate on assisting in areas like test certification, financing, and overseas marketing. Major law firms will be supporting Korean companies respond to legal issues in the process of overseas market entry. At the 32nd Energy Commission meeting following the ceremony, MOTIE proposed 13 project tasks in line with the K-grid global penetration strategy. MOTIE Minister Dukgeun Ahn stated that the ministry will make the utmost effort to support the industry reach USD 15 billion in grid exports and occupy over five percent of the global market by 2030. date2024-12-03
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Industry
Korea to roll out AI-based “Tech-GPT,” connecting technologies, talents, and businesses worldwide
The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea jointly held the “Tech-GPT Project Agreement Ceremony” today in Seoul with the Korea Institute for Advancement of Technology (KIAT), Korea Electronics Association (KEA), and the Korea Institute of Industrial Technology (KITECH). The agreement ceremony marks the beginning of the Tech-GPT platform project (2024–2028). This generative AI-driven platform will enable users to tap into technologies, businesses, and talents around the world. The project is a follow-up to the strategy on attracting and utilizing overseas high-tech talents for global open innovation, announced during the third talent nurturing strategy meeting chaired by Korea’s prime minister this September. To be established through public-private collaboration, the Tech-GPT will be given an input of data on 110 million patents registered in the U.S., China, Germany, Japan, and the EU in addition to 220 million papers recently published in Korea and overseas in order to provide chatbot search engine services on technology information starting in the second half of next year. In 2026, services will expand to cover real-time business and talent information searches. In 2027, through collaboration with major global platforms, Tech-GPT will be able to support users’ networking with global companies and talents. To invigorate the technological development and commercialization ecosystem centering on the Tech-GPT, a Tech-GPT Store will also be operated to connect users with specialized global companies’ paid services for more in-depth assistance in areas like technology transfer, supply chain analysis, and financial assistance for commercialization. Approximately 100 representatives of related businesses and organizations came to attend today’s ceremony, where a memorandum of understanding (MOU) was entered by 10 companies and institutions for cooperation on promoting the Tech-GPT and nurturing the global open innovation ecosystem. date2024-12-03
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Trade/Investment
Korea and China hold 2nd supply chain hotline meeting
The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Ministry of Commerce (MOFCOM) of China held the second supply chain hotline meeting on November 28 in Yancheng City of Jiangsu Province, China, as a follow-up to the Korea-China summit talks held in May. Through the hotline meeting, the two sides introduced their supply chain policies and agreed to continue joint efforts for stabilizing the supply chain with an aim to nurture a more predictable investment environment. During the ensuing fifth working-level meeting on the Korea-China industrial cooperation complex, the two sides took stock of the operation situation at the industrial complexes located in Saemangeum, Yantai, Yancheng, and Huizhou. On the same day, MOTIE, MOFCOM, the Korea Trade-Investment Promotion Agency (KOTRA), and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) co-hosted the forum on Korea and China’s joint market entry into third countries with the participation of 100 entrepreneurs and related persons of both countries to share information on investment environments of third countries and best practices of bilateral cooperation, followed by a business networking session. The next day, the Yancheng Economic and Technology Development Zone Committee and the Saemangeum Development Corporation signed a memorandum of understanding (MOU) for cooperation to expand the two countries’ industrial complex exchanges going forward. date2024-12-03
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Trade/Investment
28th Korea-Latin America Business Forum
Korea’s Deputy Minister for Trade Park Jong-won attended the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul to take stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Forum was attended by representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. date2024-12-02
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Energy
KPX announces results of clean hydrogen power competitive bidding
The Korea Power Exchange (KPX) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the competitive bidding results of the world’s first clean hydrogen power generation bidding market. Following KPX’s bid announcement on May 24, six power plants (five companies) participated in the bid with a net 6,172 GWh. Based on the resolution of the hydrogen power generation bidding market committee and the bid proposal evaluation by the evaluation committee composed of external experts, a power plant with a bid of 750GWh/year was selected as the final successful bidder. The bid winner plans to produce electricity using clean fuel that fulfills Korea’s clean hydrogen certification standard requiring that greenhouse gas emissions be 4㎏CO2eq or less per 1kg of hydrogen. Commercial operation will begin in 2028 ensuing the preparation time for infrastructure establishment and power plant renovation. Electrical power can be auctioned for up to 15 years starting from the commercial operation date. date2024-12-02
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Trade/Investment
Korea-Latin America Business Forum seeks opportunities for forward-looking cooperation
The Ministry of Trade, Industry and Energy (MOTIE) held the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul through joint organization with the Korea-Latin America & Caribbean Association (KCLAC), Korea Institute for International Economic Policy (KIEP), Korea International Trade Association (KITA), and the International Contractors Association of Korea (ICAK), and with the participation of representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. Launched in 1997, the Forum convenes on an annual basis and is the largest Latin America-related event hosted in Korea. This year, Forum attendees took stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Korean government has been making continued effort to expand Korea’s economic cooperation network with Latin America by entering Free Trade Agreements (FTAs) with a total of eight Latin American countries, beginning with the Korea-Chile FTA which came into effect in 2004. Over the last 20 years, Korea-Latin America trade has more than quadrupled, with Korea’s direct investment in Latin America exploding 16-fold. Moreover, as Peru and Brazil were hosts of this year’s Asia-Pacific Economic Cooperation (APEC) and G20 summits, respectively, further invigorating high-level exchanges between Korea and Latin America on those occasions. At today’s Forum, Korea’s Deputy Minister for Trade Park Jong-won gave a welcome address, highlighting the importance of supply chain collaboration and forward-looking cooperation between Korea and Latin America in view of various changes anticipated across the global trade and economic landscape. The Korean government plans to actively carry out joint efforts with Latin American countries on the margins of APEC 2025 to be hosted in Gyeongju next year. date2024-12-02