Ministry of Trade, Industry and Energy

Vice Minister attends IEA Ministerial Meeting Government-Industry Dialogue

Trade, Industry and Energy Vice Minister Namho Choe attended the IEA Ministerial Meeting for dialogue between governments and industries (critical minerals session) on February 14 at the OECD Headquarters in Paris and engaged in discussions on measures for strengthening energy security and the critical minerals supply chain as a prerequisite for clean energy transition. date2024-02-15

Korea's ICT exports advance 25.1% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 15 that Korea's exports and imports of information and communications technology (ICT) goods for January recorded USD 16.4 billion (up 25.1 percent year-on-year) and $11.9 billion (down 3.2 percent), respectively. The trade balance stood at a surplus of $4.5 billion.   January ICT export growth was powered by semiconductors, as they posted double-digit growth for the third consecutive month and led ICT exports at the helm, which recorded double-digit growth for the first time in 20 months since May 2022. Memory chips’ fixed price rose for the fourth consecutive month, driving the entire semiconductor exports rebound.   Displays (up 2.6 percent to $1.5 billion) advanced in exports for the sixth consecutive month as high value-added items like panels for TVs and laptops met increasing demand.   Exports of mobile phones (down 20.1 percent to $1.1 billion) dropped, owing to the high base effect from the spike of last year’s finished product exports and as major global firms’ demand for parts declined.   Computers and peripherals (up 33.6 percent to $0.8 billion) returned to an expansion for the first time in 19 months as demand for solid-state drives (SSDs) hiked 57.5 percent.   Communications equipment (up 27.6 percent to $0.2 billion) enjoyed growing demand in regions like Vietnam and the U.S.   By region, exports to China and Hong Kong (up 43.1 percent to $7.5 billion), Vietnam (up 11.6 percent to $2.5 billion), the U.S. (up 4.9 percent to $1.8 billion), EU (up 1.9 percent to $0.9 billion) and Japan (up 1.5 percent to $0.3 billion) showed growth.   Korea’s ICT imports for January shrank as those of major devices like mobile phones (down 28.7 percent to $0.8 billion) and computers and peripherals (down 10.5 percent to $1.5 billion) contracted. date2024-02-15

MOTIE holds pan-ministerial meeting to take stock of Middle East economic diplomacy outcomes

Deputy Minister for Trade Yang Byeong-nae chaired the sixth Korea-Middle East Economic Cooperation Public-Private Joint Committee Support Working Group meeting on February 14 at K-SURE in Seoul to assess the economic diplomacy outcomes and to support Korean companies’ advances in the Middle Eastern market.   Meeting attendees consisted of representatives of related institutions, ministries and companies, including K-SURE, Korea Chamber of Commerce and Industry (KCCI), Federation of Korean Industries (FKI) and Korea International Trade Association (KITA). Attendees agreed that outcomes are growing increasingly tangible based on memorandums of understanding (MOUs), contract deals and plant project bid orders sealed to date. Companies also voiced opinions and requests concerning business challenges and related issues.   The first part of the meeting focused on introducing various institutions’ business support programs, such as K-SURE’s trade financing package supporting each stage of the bid order process and Korea Trade-Investment Promotion Agency (KOTRA)’s marketing support program.   Next, companies gave briefings on their follow-up outcomes to MOUs and agreements with their Middle Eastern partners. Company A shared that it entered a power equipment and materials supply contract worth KRW 63.8 billion with a Saudi firm and an 82.2 billion won supply contract with Saudi Electricity Company (SEC). Company B informed that a concept design for a biopharmaceutical plant is underway for a formal contract. Company C has applied for a permit for exporting defense supplies to the United Arab Emirates (UAE) and Company D is selling overseas travel packages to the Middle Eastern market following a formal contract with a UAE firm in July last year. Company E was offered a 70 billion won facilities investment project proposal for a joint sewing factory and managed to strike a $0.9 million export deal, while Company F reported that it completed the first stage of smart farm pilot installation in January this year for the Qatari royal palace.   Moreover, companies requested for government support in their business efforts for greater outcomes in the Middle East, such as financial support for accumulating overseas demonstration experiences, tax benefits, provision of professional manpower and legal information, prompt issuance of export permits, as well as customs benefits under the Free Trade Agreement (FTA). MOTIE and relevant ministries intend to seek practical support measures through the public-private joint committee and working group.   Deputy Trade Minister Yang stated that the MOUs signed by Korean companies are leading to contract deals and additional follow-up results, adding that full measure will be given to responding to suggestions and challenges voiced during the meeting through an extensive inspection on the implementation process. date2024-02-15

Vice Minister meets with Canada’s Deputy Minister of Natural Resources

Trade, Industry and Energy Vice Minister Namho Choe met with Canada’s Deputy Minister of Natural Resources Michael Vandergrift on February 14 in Paris on the sidelines of the IEA Ministerial Meeting to discuss measures for wider cooperation in clean energy, including critical minerals, hydrogen, and SMR. date2024-02-15

Vice Minister meets with IEA Executive Director

Trade, Industry and Energy Vice Minister Namho Choe met with Fatih Birol, Executive Director of the International Energy Agency, on February 13 in Paris on the sidelines of the IEA Ministerial Meeting to discuss Korea-IEA CFE cooperation and measures for expanding clean energy utilization. date2024-02-15

IEA Ministerial Communique, the first to recognize the role of nuclear energy to address the climate crisis and improve energy security

International Energy Agency(IEA) Ministerial Communique, the first to recognize the role of nuclear energy to address the climate crisis and improve energy security   - Vice Minister Namho Choe met with IEA Executive Director Dr. Fatih Birol at the 2024 IEA Ministerial - IEA and Korea agree to launch a joint study on carbon-free energy   On February 14th, Vice Minister Namho Choe from the Ministry of Trade, Industry and Energy (MOTIE) attended the IEA Ministerial in celebration of the IEA’s 50th anniversary. During this Ministerial meeting, IEA Member States reaffirmed their dedication to deploying clean energy and ensuring energy security. Member States adopted the IEA Ministerial Communiqué, which is the first-ever multilateral agreement that recognizes the crucial role of nuclear power as a clean source to reduce dependence on fossil fuels. Additionally, the Communiqué emphasizes the need to accelerate the deployment of various carbon-free energy technologies tailored to national circumstances and choices. This achievement is significant for many countries, including Korea, which is dedicated to achieving carbon neutrality.   Moreover, governments, industries, academies, and experts participating in the IEA Ministerial engaged in a substantive discussion on accelerating global transitions. Korea presented its dedication to contributing to the global clean energy transition in light of its excellent commercialized carbon-free energy technologies and manufacturing-skilled industries.   Vice Minister Namho Choe met with IEA Executive Director Dr. Fatih Birol at the margins of 2024 IEA Ministerial and expressed their commitment to continued cooperation for a sustainable energy future.   The IEA and Korea have agreed to intensify collaboration through a joint study on carbon-free energy utilization conditions in major countries this year. “To achieve net-zero emissions by 2050, the world needs to rapidly improve energy efficiency and accelerate the deployment of carbon-free technologies, including renewables, hydrogen, ammonia, CCUS and nuclear power in those countries that choose to use it. Against this backdrop, I hope the joint study we are doing with Korea on carbon-free energy will be a useful input to guide countries towards their energy and climate goals.” Dr. Fatih Birol said. “I look forward to further deepening our partnership with Korea following the extremely productive exchange we had today.”   “Korean companies possess a competitive edge in the manufacturing technology of various clean energy fields, including batteries, semiconductors, nuclear power, renewable energy, and hydrogen. It is the unwavering commitment of Korea to contribute to establishing global energy security and accelerating the transition towards clean energy”, Vice Minister Choe stated, “I would like to express my appreciation for Dr. Birol’s leadership in guiding our responses through the energy crisis and for his dedication to ensuring that the IEA plays a key role in sustaining the global transition towards clean energy.”   date2024-02-15

Trade Minister visits POSCO International

Minister for Trade Inkyo Cheong visited POSCO International, a specialized trading company in Incheon, on February 14 to discuss measures to expand Korea’s exports and stabilize the global supply chain by capitalizing on general trading companies’ overseas network and trading expertise. date2024-02-14

Vice Minister meets with Japan's Economy, Trade and Industry State Minister

Trade, Industry and Energy Vice Minister Namho Choe met with Japan’s State Minister of Economy, Trade and Industry Kazuchika Iwata on February 13 in Paris on the occasion of the IEA Ministerial Meeting and discussed bilateral cooperation in energy areas, including carbon-free energy, hydrogen and ammonia and critical minerals. date2024-02-14

Vice Minister meets with Germany’s Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action

Trade, Industry and Energy Vice Minister Namho Choe met with Stefan Wenzel, Germany’s Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action, on February 13 in Paris on the sidelines of the IEA Ministerial Meeting to discuss measures for carbon-free energy cooperation and for expanding bilateral energy cooperation. date2024-02-14

Vice Minister hosts CFE Roundtable

Trade, Industry and Energy Vice Minister Namho Choe held the Carbon-Free Energy (CFE) Roundtable on February 13 in Paris on the occasion of attending the International Energy Agency Ministerial Meeting from February 13-14 to share views on the Carbon-Free Energy (CFE) Initiative with representatives of seven countries (Canada, Japan, the Netherlands, UK, etc.) and IEA and discussed measures on international cooperation for diffusing the utilization of carbon-free energy sources. date2024-02-14