Ministry of Trade, Industry and Energy

Minister Ahn meets Toray Industries CEO

Trade, Industry and Energy Minister Dukgeun Ahn met Akihiro Nikkaku, President and CEO of Toray Industries, on April 19 in Seoul and discussed high-performance carbon fibers and materials production facility investment. date2024-04-22

Experts from 40 countries gather in Seoul to further AI global standards development

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) is hosting the 13th Plenary of ISO/IEC JTC 1/SC 42 Artificial Intelligence through April 22-26 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.   The plenary meeting will cover issues in Generative AI ethics, AI credibility evaluation, maturity model for evaluating the performance of AI system development, and AI management system guidelines. Experts from Thailand, Cambodia, and five other Southeast Asian countries are also attending the sessions for the first time to experience the AI standardization process.   At the meetings, KATS will be proposing two new types of international standards concerning the AI ethics review format and AI maturity model, as well as the installation of a “standardization advisory group” for expanding the scope of AI application across all industries.   Meanwhile, an AI Standards Open Workshop and a “Korean-English AI for All” panel discussion will be held online for public viewing on the sidelines of the plenary sessions on April 24 and May 2, respectively. date2024-04-22

Korea and Japan hold 21st bilateral Steel Dialogue

Korea's Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held the 21st Korea-Japan Steel Dialogue meeting on April 19 at Lotte Hotel Busan.   Launched in 2001, the bilateral Steel Dialogue is a regular communication channel for Korean and Japanese steel industries, with the 20th meeting held last year in Tokyo after a hiatus of almost five years. The 21st meeting was attended by representatives of MOTIE, METI, Korea Iron and Steel Association (KOSA), Japan Iron and Steel Federation (JISF), and both countries’ major steelmakers.   The two sides shared their overall economic and industrial trends and discussed the future direction for carbon regulations and trade issues. Both sides’ industry representatives noted the toughening trade conditions from slow demand for steel and oversupply, intensifying trade barriers, and geopolitical volatilities, and agreed that cooperation is needed for greater synergy.   They also decided to strengthen coordination in carbon reduction technology development, securing steel scrap and green hydrogen among other key raw materials and fuel for carbon neutrality, and in establishing international standards for low carbon steel, agreeing to further talks during the second Korea-Japan Green Steel Joint Seminar slated for the latter half of 2024.   Participants concurred that bilateral cooperation is all the more necessary amid difficult industry circumstances and agreed to continue uncovering prospective joint projects in view of Korea and Japan’s shared stance on key issues, including decarbonization and trade barriers. date2024-04-20

Defense industry spearheading Korea’s exports with $20 bln target in 2024

Trade, Industry and Energy Minister Dukgeun Ahn visited the Korea Aerospace Industries (KAI) headquarters in Sacheon on April 18 to inspect the production site of FA-50s and the Korean Utility Helicopter (KUH) Surion and discussed export issues with defense industry representatives.   Inking over USD 30 billion in business deals over the last two years, the domestic defense industry is leading Korea’s sprint towards this year’s total export target of $700 billion.   Based on competitive pricing and after-sales support, KAI has supplied 220 aircrafts, including FA-50s, to countries like Indonesia and Poland. Following the deal sealed with Malaysia on 18 FA-50s last year, KAI is eyeing exports to Africa and other new markets. First developed in 2013 for the purpose of replacing the aging fleet of military helicopters, the Surion is looking forward to taking flight in the Middle Eastern markets this year.   Along with the defense budget beef-up across major countries, the defense market is forecast to burgeon into a KRW 900 trillion market by 2027 and the Government plans to provide sweeping support to Korea’s defense industry in attaining this year’s $20 billion target through stronger trade financing and overseas marketing assistance. Measures will include injecting more than 10 trillion won in trade financing for defense exports and global bid projects, expanding the number of defense hub trade centers around the world, hosting trade shows, and pouring over 400 billion won this year alone into the research and development of advanced defense materials, parts, and equipment. Moreover, with a 29-billion won funding for military advancements like the single-seat FA-50 for increased range, the Government will support global market penetration and export portfolio diversification to include light armed helicopters and next-generation fighter aircrafts like the KF-21. date2024-04-20

Minister Ahn visits KAI

Trade, Industry and Energy Minister Dukgeun Ahn visited KAI on April 18 in Gyeongnam and held talks on Korean defense industry issues with representatives of related institutions and companies, and inspected the production site for Korean Utility Helicopter, “Surion.” date2024-04-19

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site, stating that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18

Deputy Trade Minister visits Washington D.C. to discuss trade issues and bilateral cooperation

Deputy Minister for Trade Yang Byeong-nae visited Washington D.C. from April 15-17 and met with key figures in the Biden administration and Congress members to discuss major trade issues and forward-looking measures for advancing bilateral cooperation. On April 16, he attended the Korea Inter-parliamentary Exchange Center (KIPEC) opening ceremony at the Korea international Trade Association (KITA) Washington Center.   Deputy Trade Minister Yang held talks with the U.S. Department of Commerce and the U.S. Trade Representative regarding the Korea-U.S.-Japan industry ministers’ meeting slated for the first half of this year, as well as the major agenda items of the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD). He also shared Korean companies’ export issues, including those related to trade remedies, and discussed the CHIPS Act and Inflation Reduction Act (IRA) incentives.   He also attended the KIPEC opening ceremony with a number of Korean lawmakers, meeting with key U.S. Congress members and discussed Korean firms’ investment in the U.S., flexibility in applying the IRA’s critical minerals requirement, additional CHIPS Act subsidies, and visa issues. date2024-04-18

Minister Ahn attends naming ceremony for LNG carrier ORION SPIRIT

Trade, Industry and Energy Minister Dukgeun Ahn attended the naming ceremony for the LNG carrier ORION SPIRIT on April 18 at Samsung Heavy Industries’ Geoje Shipyard. Marking the 30th anniversary of Korea's first LNG carrier built in 1994, the ORION SPIRIT is the 500th vessel to be exported and will be handed over to J.P. Morgan Chase & Co. date2024-04-18

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site. Upon the successful reception, the terminal officially launched into commercial operation.   The KET is an oil and gas terminal established through joint investment by Korea National Oil Corporation (KNOC) and SK Gas as part of the Government’s Northeast Asia Energy Hub project. Construction commenced in July 2020, with its oil storage facility completing in December 2023 and the gas storage facility due completion this year.   In 2017, Korea eased restrictions for oil traders and in 2024, the Government worked with Korea Customs Service and the National Tax Service in making amendments to allow the immediate refund of duties, value-added tax, and import levies for domestic oil refiners upon shipping out their petroleum products from bonded areas, enabling international trading companies to blend Korean refiners’ products.   These efforts over the years have sparked the interest of various global traders and investors towards the Ulsan energy hub. Deputy Minister Lee remarked that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18

ORION SPIRIT to set sail as Korea's 500th LNG carrier exported since 1994

Trade, Industry and Energy Minister Dukgeun Ahn attended the naming ceremony for the LNG carrier ORION SPIRIT on April 18 at Samsung Heavy Industries’ Geoje Shipyard. Marking the 30th anniversary of Korea's first LNG carrier built in 1994, the ORION SPIRIT is the 500th LNG tanker to be exported and will be handed over to J.P. Morgan Chase & Co.   LNG carriers must be able to safely transport liquid gas at temperatures below minus 163 degrees Celsius and require highly advanced technology, costing over KRW 300 billion per vessel. Only nine countries around the world have successfully built the cutting-edge fleet. There are 680 LNG carriers presently in the water, three-fourths of which were built by Korean shipyards, and construction of another 256 vessels are underway.   Korean shipyards raked in USD 13.6 billion worth of global ship orders in the first quarter of 2024, winning 100 percent of total LNG and ammonia carrier orders. The high-value orders won in 2021 have entered the export stage this year as well. date2024-04-18