Ministry of Trade, Industry and Energy

Korea's cradle of industrial growth, Changwon National Industrial Complex marks 50th anniversary

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the 50th anniversary ceremony of the designation of Changwon National Industrial Complex on April 24 at the Changwon Convention Center, held by the Ministry of Trade, Industry and Energy (MOTIE) and the South Gyeongsang Province in the attendance of Prime Minister Han Duck-soo, South Gyeongsang Province Governor Park Wan-su, and approximately 400 representatives of the Complex’s tenant businesses.   Launched in April 1974, the Changwon National Industrial Complex has served as the driving force and engine behind Korea’s manufacturing and machinery industry, leading the growth across nuclear power, defense, automobiles, and shipbuilding. The KRW 1.5 billion production value generated by tenant companies in 1975 has increased 40,000-fold to an all-time high of 60 trillion won in 2023. Exports likewise advanced 30,000-fold from USD 0.6 million to $18.3 billion.   The ceremony looked back on the past five decades of the Complex’s history and achievements and shared the vision for the next 50 years. CEOs of tenant companies were awarded government commendations and medals of honor for their contribution to economic development. The Bronze Tower Order of Industrial Service Merit was awarded to Jeon Seo-hoon, the CEO of Samkwang Machinery Co., for the company’s successful development and localization of armored combat vehicle transmission, contribution to Korea’s defense exports, and job creation. date2024-04-25

Trade Minister meets China's Liaoning Party Secretary

Minister for Trade Inkyo Cheong met with Hao Peng, Communist Party secretary of Liaoning Province of China, on April 23 in Seoul and discussed measures for supporting the approximately 500 Korean firms currently operating in the Liaoning Province. date2024-04-24

Minister to visit Czech Republic to bolster nuclear and investment cooperation

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the Czech Republic from April 24-26, his first on taking office. He will be meeting with the Czech Industry and Trade Minister Jozef Sikela and Finance Minister Zbynĕk Stanjura among other key government officials to discuss measures for stronger bilateral cooperation.   As one of the Visegrád Group (V4) members, the Czech Republic has built strong partnership over the years with Korea. The two countries’ bilateral trade volume hit all-time highs last year with USD 4.4 billion and Korean firms are currently in the running for the Czech government’s tender on the construction of new nuclear power plants. With next year marking the two countries’ 35th anniversary of the establishment of diplomatic relations, they will be signing the bilateral Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on the occasion of this visit and discuss measures to bolster cooperation in nuclear power, infrastructure, advanced industries, and technology.   On the margins of the visit, Minister Ahn will also convene a meeting with Korean companies operating in the Czech Republic to listen to suggestions and local business issues. date2024-04-24

Trade Minister discusses support for Korean firms operating in U.S. with Tennessee governor

Minister for Trade Inkyo Cheong held talks via videoconferencing with Bill Lee, Governor of Tennessee, U.S., on April 23 (KST) and discussed measures for stronger trade and economic cooperation.   Noting that the Korea-U.S. alliance is advancing to one of high-tech industries and supply chains, the trade chief said that Korean producers of battery, anodes, and cathodes investing in Tennessee is a good example of bolstered cooperation. Moreover, he highlighted that he looks forward to State Government-level support for Korean firms for stable investment and business management in terms of infrastructure and tax credit.   Trade Minister Cheong also requested that careful attention be given to ensure that Korean battery, anodes, and cathodes companies investing in the State of Tennessee duly receive their Inflation Reduction Act (IRA) tax incentives. In addition, he asked for cooperation with respect to recent issues on visas required for dispatching experts for local personnel training and equipment handling prior to factories’ commencing local operation.   Governor Lee addressed Korean companies’ recently increasing investment in the U.S. and stated that close attention will be paid with regard to Korea’s requests. date2024-04-24

Trade Minister holds 38th Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 in Seoul and led discussions on Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements utilization and Korea-EU Digital Trade Agreement negotiations progress.   The meeting was attended by representatives of related ministries, including the Ministry of Economy and Finance, Ministry of Foreign Affairs, and the Ministry of Environment. date2024-04-24

Trade Minister discusses support for Korean firms in China's Liaoning Province

Minister for Trade Inkyo Cheong met with Hao Peng, Communist Party secretary of Liaoning Province of China, on April 23 in Seoul and asked for interest and support towards the approximately 500 Korean firms currently operating in the Liaoning Province in terms of predictable business management conditions.   Secretary Hao replied that Korean firms take up the second largest portion in terms of the Liaoning Province’s foreign trade, and that their contribution to the local economy is substantial, stating that efforts will be made to further invigorate economic cooperation between Korea and Liaoning Province and to support Korean firms’ stable business operations.   The Ministry of Trade, Industry and Energy (MOTIE) is currently supporting local business operations of Korean companies in the Chinese market through activating communication channels at multiple levels with China’s central government and major local authorities. date2024-04-24

Minister Ahn meets Romania's energy minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Romania’s Energy Minister Sebastian Burduja on April 23 in Seoul and discussed bilateral nuclear and energy cooperation. date2024-04-24

Korea and Romania to further nuclear and energy cooperation

Trade, Industry and Energy Minister Dukgeun Ahn met with Romania’s Energy Minister Sebastian Burduja on April 23 on the occasion of the Romanian President Klaus Iohannis’ state visit to Korea and signed the memorandum of understanding (MOU) on bilateral nuclear energy cooperation in the presence of the two countries’ presidents.   The MOU designates the following as the core cooperation areas for Korea and Romania: nuclear equipment improvement; safety equipment; materials and equipment supply chain; nuclear fuel; small modular reactors (SMRs); and radioactive waste management. The two sides as will be installing a public-private nuclear industry dialogue channel as well. With the basis for mid-to-long term cooperation laid down at the governmental level, it is anticipated that discussions for collaboration across a wide range of areas will accelerate in the future.   The two ministers shared their respective energy policies and measures for stronger energy cooperation, agreeing to give full support towards the successful completion of the tritium removal facility project Korea Hydro Nuclear Power (KHNP) won in June 2023. They also decided to further expand the scope of nuclear cooperation to cover Cernavoda nuclear power plant Unit 1 facility improvement and nuclear fuel supply chain issues. The two countries will be holding a nuclear industry dialogue within this year as part of swift follow-up measures to the bilateral summit talks.   date2024-04-24

Trade Promotion Committee discusses IPEF and Korea-EU Digital Trade Agreement

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 and led discussions on the progress of Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain and Clean Economy Agreements and forward-looking measures for their utilization.   With the IPEF Supply Chain Agreement having entered into force on April 17 in Korea, the ministry plans to selectively sort critical items and push joint projects, diversify import channels, and improve logistics through coordination with IPEF partner countries, all of which are anticipated to substantially contribute to Korea’s industrial supply chain stabilization.   Moreover, the Government intends to actively engage in the IPEF Clean Economy Investor Forum and IPEF Catalytic Capital Fund to widen Korean companies’ doors of opportunity in entering the KRW 200 trillion Indo-Pacific clean economy cooperation market.   Next, attendees discussed the progress on Korea-EU Digital Trade Agreement negotiations. As the existing Korea-EU Free Trade Agreement (FTA) does not reflect the recent changes in digital trade, the need for digital trade rules improvement between the two sides is rising. Accordingly, the Korean government declared the commencement of negotiations for the bilateral digital trade agreement in October 2023 and has convened three official negotiating rounds thus far, with plans to swiftly proceed with negotiations in the future for establishing the bilateral digital trade agreement in line with the high standards of the Korea-EU digital trade principles. date2024-04-23

Trade Minister meets President of the Business Council of Canada

Minister for Trade Inkyo Cheong met with Goldy Hyder, President of the Business Council of Canada, on April 22 in Seoul and discussed measures for stronger bilateral economic and trade cooperation. date2024-04-23