Ministry of Trade, Industry and Energy

Minister Ahn visits Samsung Display's Asan plant

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea visited the Samsung Display plant in Asan on December 20 and toured the OLED panel production site and discussed OLED exports promotion policies with business leaders. date2024-12-20

Trade Minister visits biosimilars production site

Minister for Trade Inkyo Cheong visited Celltrion in Incheon, Korea, on December 20 and toured the biosimilars production site and discussed bio export expansion measures with business leaders. date2024-12-20

Korea-Middle East Trade and Industry Cooperation Forum

Deputy Minister for Trade Park Jong-won of the Republic of Korea chaired the Korea-Middle East Trade and Industry Cooperation Forum on December 19 in Seoul with the participation of over 150 attendees composed of related companies, institutions, and diplomatic delegations from eight Middle Eastern countries including the United Arab Emirates (UAE), Oman, and Bahrain. date2024-12-20

Minister Ahn Attends Foreign Investment Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired a foreign investment strategy meeting on December 19 in Seoul with representatives of the foreign chambers of commerce in Korea and foreign-invested companies. date2024-12-20

Korea-Nepal TIPF MOU signing ceremony

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Nepal Trade and Investment Promotion Framework (TIPF) MOU signing ceremony on December 19 in Seoul at KCCI in Seoul with Nepalese Minister of Industry, Commerce and Supplies Damodar Bhandari. date2024-12-20

Trade Minister attends Korea-Nepal Business Forum

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Nepal Business Forum on December 19 in Seoul at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, held on the occasion of Nepalese Minister of Industry, Commerce and Supplies Damodar Bhandari’s visit to Korea. In his congratulatory message, Trade Minister Cheong stated that this year is a prime time to advance the bilateral economic cooperation a step further as it marks the 50th anniversary of the two countries’ establishment of diplomatic ties, proposing that Korea and Nepal step up exchanges for trade and investment expansion as well as the diversification of industrial collaboration based on the TIPF signed that day. date2024-12-20

Korean government holds 3rd supply chain stabilization committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the Korean government held the third Supply Chain Stabilization Committee meeting today in Seoul and finalized the “First Supply Chain Stabilization Basic Plan (2025–2027).” The First Supply Chain Stabilization Basic Plan (“Basic Plan”) was established based on the Supply Chain Stabilization Act (“Stabilization Act”) (enforced June 27, 2024), under which four major policy directions and 10 policy tasks will be pushed with an aim to reduce Korea’s economic security items’ dependence on certain countries to 50 percent or below by 2030. In his opening message, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated that even in the midst of escalating global supply chain uncertainties, the Government has already laid down a legal foundation through the enforcement of the Stabilization Act and launching of a supply chain committee, and with today’s establishment of the Basic Plan, Korea has completed setting up its response system against the tide of global supply chain risks. By 2027, the Government plans to pour over KRW 55 trillion into expanding domestic production, diversifying imports, advancing public stockpiling, and strengthening and protecting key technologies. Moreover, it will make special effort next year to leverage all possible means even amid difficult internal and external conditions to prepare against unexpected supply chain risks.   date2024-12-19

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

Minister Ahn chairs foreign investment strategy meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired a foreign investment strategy meeting today in Seoul with representatives of the foreign chambers of commerce in Korea and foreign-invested companies. The above representatives expressed their overall confidence in the Korean economy despite the recent political situation and asked for regulatory improvement and increased incentives in line with global standards, as well as measures for minimum negative impact from domestic uncertainties. Noting that this year’s foreign investment pledges recorded USD 33 billion and surpassed the annual investment pledges of 2023 ($32.7 bln), Minister Ahn assessed that high amounts of investment in high-tech and MPE (materials, parts, equipment) industries are especially encouraging. He added that this year’s M&A investments were outdone by greenfield investments, which are known to substantially contribute to production and employment. Moreover, investment growth in manufacturing outpaced that of services, leading to expectations of Korea’s further industrial advancement. The minister highlighted that the Korean economic system is operating stably despite recent internal and external environment changes and that the Government will make effort to nurture a more investor-friendly environment and carry out policy tasks according to plan. He added that the ministry will push stronger foreign investment support and regulatory innovation next year, while boosting communication with foreign-invested companies.   date2024-12-19

Korea and Middle East to keep strengthening trade & industry cooperation network in 2025

Deputy Minister for Trade Park Jong-won of the Republic of Korea chaired the Korea-Middle East Trade and Industry Cooperation Forum (“Forum”) today in Seoul with the participation of over 150 attendees composed of related companies, institutions, and diplomatic delegations from eight Middle Eastern countries including the United Arab Emirates (UAE), Oman, and Bahrain. Middle Eastern countries are showing increased interest in strengthening wide-ranging trade and economic cooperation with Korea for partnership in climate change response and strategic industrial diversification. At the Forum, Deputy Minister Park proposed that both sides make joint effort to facilitate the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)’s entry into force next year and emphasized that today’s Forum is held to deepen Korea and Middle Eastern countries’ joint vision for shared growth through mutually beneficial cooperation and to seek measures to further expand and develop this cooperation model. The Forum also included sessions for presentations and discussions on issues such as widening their cooperation network through the Korea-Middle East FTA, stabilizing the energy supply chain, and joint projects in plant construction.   date2024-12-19