Ministry of Trade, Industry and Energy

Minister Ahn holds export promotion meeting with Korean firms in Japan

Minister Dukgeun Ahn chaired a meeting on April 22 in Tokyo with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports.   Attending the meeting were representatives of companies like Korean Air, POSCO, Hyundai Motor and related associations like the Korea International Trade Association (KITA) and K-SURE. date2024-04-23

Minister Ahn meets with Tokyo Electron CEO

Minister Dukgeun Ahn visited Tokyo Electron Ltd. on April 22 in Tokyo and held talks with its CEO Toshiki Kawai. date2024-04-23

Minister Ahn receives investment pledge from Japan’s Toray Industries

Trade, Industry and Energy Minister Dukgeun Ahn received an investment declaration from Japan’s Toray Industries Vice President on the establishment of an additional plant for producing aramid fibers in Korea on April 22 in Tokyo. date2024-04-23

Trade Minister attends 13th Plenary of ISO/IEC JTC 1/SC 42 AI

Minister for Trade Inkyo Cheong attended the 13th Plenary of ISO/IEC JTC 1/SC 42 Artificial Intelligence through April 22-26 hosted in Seoul at the Korea Chamber of Commerce and Industry (KCCI) with the attendance of approximately 270 global AI experts from 40 countries, including the U.S., UK, Germany, and Japan, and companies like Google, Microsoft, NVIDIA, KT, and Naver. date2024-04-23

Minister Ahn meets Japan's METI Minister

Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, to discuss follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. date2024-04-23

Korea and Canada hold 4th FTA Joint Committee meeting

Minister for Trade Inkyo Cheong attended the 4th Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on April 22 with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng to discuss measures for facilitating investment and trade issues. date2024-04-23

Trade Minister meets Canada’s Minister of Export Promotion, Int'l Trade & Economic Development

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on April 22 at the Lotte Hotel Seoul to discuss stronger bilateral trade and economic cooperation. date2024-04-23

Korea and Canada discuss measures for stronger trade and economic cooperation

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Head of the Canadian business delegation, on April 22 in Seoul and held trade ministerial talks.   During the bilateral talks, Trade Minister Cheong suggested that Korea and Canda bolster their cooperation in natural gas, critical minerals, and batteries, while expanding the scope of cooperation to areas like clean energy and small modular reactors (SMRs). He also requested the Canadian government’s interest and cooperation in facilitating Korean firms’ local investment and supply chain endeavors.   The trade chief also met with Goldy Hyder, President of the Business Council of Canada, on the margins of the business delegation’s visit to Korea and discussed private sector efforts in translating government efforts into concrete joint projects.   Canada’s business delegation visit to Korea is the largest bilateral economic cooperation event following the upgrade of their relations to a Comprehensive Strategic Partnership in 2022, held with participation of more than 170 Canadian firms and institutions for stronger networking and uncovering new joint projects between the two countries’ companies.   Moreover, under the shared understanding that trade and investment cooperation is key, the two sides held the fourth Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on a ministerial level, which is a first. date2024-04-23

Korea and Japan hold bilateral trade and industry ministerial talks

Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, in commemoration of the one-year anniversary of the Korea-Japan Summit held March 2023 and “shuttle diplomacy.”   The ministers discussed follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. A first since 2018, the official talks were held as an extension of the two countries’ recently strengthening bilateral relations and mutual visits.   Both sides highly assessed the fact that the collaboration between Korean and Japanese companies is kicking into high gear on the backs of the bilateral summit diplomacy and decided to continue promoting the cooperation between their governments and business communities, while giving mutual support to investment companies by installing a regular communication channel between Korea’s MOTIE and the Seoul-Japan Club (SJC), and between Japan’s Ministry of Economy, Trade and Industry (METI) and the Korea Business Association (KOBA).   Moreover, the two sides shared the view that wider cooperation is needed in decarbonization and new energy areas for achieving carbon neutrality goals by 2050, agreeing to cooperate through the Carbon Free Energy (CFE) Initiative. In this regard, a director-level climate policy cooperation working group will be established for global clean technology and product evaluation and global carbon regulatory response.   The ministers agreed to push forward cooperation in clean hydrogen and ammonia and to discuss detailed measures through the director general-level Korea-Japan hydrogen cooperation dialogue in the future. In addition, they concurred that supply chain stabilization is a pending challenge for both countries and agreed to install a dialogue channel for information exchange.   Furthermore, both sides noted the importance of economic and trade cooperation among Korea, Japan, and China, on which Japan expressed support for Korea’s successful hosting of the 13th Korea-Japan-China economy and trade ministers’ meeting this year. The two countries will also further coordination on the Korea-U.S.-Japan trilateral meeting among their industry and commerce leaders.   Lastly, the trade and industry chiefs agreed to make joint efforts on issues concerning the World Trade Organization (WTO) reform, including the WTO dispute settlement system, investment facilitation for development, and e-commerce moratorium negotiations. date2024-04-23

Japan's advanced materials companies pledge $120 mln investment in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 22 that on the occasion of Minister Dukgeun Ahn’s visit to Tokyo, Japan’s Toray Industries and another semiconductor materials company confirmed a pledge for combined investment of USD 120 million and submitted their investment declarations.   Japan’s largest investor to Korea in the manufacturing industry, Toray Industries has invested over KRW five trillion in Korea since entering the market in 1963 and has continued to expand its business scope. The company produces high-performance materials like carbon fibers, super engineering plastic, and aramid fibers for secondary battery separators and other advanced components.   Toray Industries has plans for large-scale investment in Korea in line with its business outlook of augmenting the production line by 2025. Once the aramid fibers manufacturing facility is completed in 2025, Toray Industries will start producing highly heat resistant meta-aramid fibers for electric vehicle (EV) motors.   On the heels of the investment declaration ceremony, Minister Ahn met with a major Japanese chemical company to discuss investment in anodes production facilities, and Toshiki Kawai, the CEO of global semiconductor equipment manufacturer Tokyo Electron Ltd., for bilateral talks.   The minister also chaired a meeting with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports. date2024-04-23