Ministry of Trade, Industry and Energy

Trade Minister meets with Bulgaria’s Economy and Industry Minister

Minister for Trade Inkyo Cheong met with Bulgaria’s Economy and Industry Minister Bogdan Bogdanov on February 26 at the Abu Dhabi National Exhibition Centre (ADNEC) in UAE on the margins of the WTO’s MC13 and discussed trade, industrial and investment cooperation as well as EU’s economic legislations and major agenda items. date2024-02-27

Export control enforcement to tighten on common high priority items to prevent circumvention

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 26 that it plans to tighten enforcement on items listed under catch-all controls in accordance with the amended 33rd Public Notice on Trade of Strategic Items (enforced February 24) for export control against Russia and Belarus.   MOTIE is currently running an export control implementation working group with relevant institutes and ministries, including the Ministry of Foreign Affairs (MOFA), Korea Customs Service (KCS), Defense Acquisition Program Administration (DAPA), Korea Strategic Trade Institute (KOSTI) and the National Intelligence Service (NIS) for managing the implementation of export control against Russia and Belarus, uncovering companies that illicitly export catch-all items and imposing administrative or criminal punishment in accordance with the Foreign Trade Act.   Through close cooperation with relevant authorities and allied nations, MOTIE and other ministries have uncovered companies that exported illegally to Russia or circumvented through third countries, and cases of punishment are increasing in number as of late.   With the list of catch-all control items extended in accordance with the amendment, it is expected that attempts to bypass export controls or circumvent through third countries will increase, to which MOTIE plans to tighten enforcement through joint efforts with related institutions.   To note, investigations and crackdowns will be concentrated on common high priority items, machine tools and other sensitive items as requested by cooperating countries in order to prevent circumvention.   Moreover, efforts will also go towards promoting and providing guidance on the amendment with KCS and KOSTI to prevent unauthorized export due to businesses' lack of awareness. date2024-02-27

Minister Ahn and U.S. Commerce Secretary Raimondo discuss forward-looking measures to deepen industrial and trade cooperation

Trade, Industry and Energy Minister Dukgeun Ahn held a telephone conversation with U.S. Secretary of Commerce Gina Raimondo on February 27 to discuss forward-looking measures for bolstering industrial cooperation and requested the U.S.’ continued support over the Inflation Reduction Act (IRA), CHIPS Act subsidies and other trade issues.   The talks were held at the request of Secretary Raimondo to congratulate Minister Ahn’s taking office and to discuss measures on expanding bilateral cooperation. The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) have maintained close and cooperative ties through a number of initiatives, including the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) and the Indo-Pacific Economic Framework for Prosperity (IPEF).   Minister Ahn viewed that the Korea-U.S. relations have advanced to a technological and advanced industrial alliance, encompassing semiconductors, the critical minerals supply chain, and technological security, and highlighted that MOTIE and the DOC continue to play key roles in strengthening the two countries’ cooperative relations in the future. Moreover, he asked for the U.S.’ cooperation on issues like the IRA tax credit, “foreign entity of concern” (FEOC), and the CHIPS Act subsidies.   The two sides highly assessed not only the bilateral Korea-U.S. cooperation, but IPEF and other forms of multilateral cooperation as well, building a shared consensus on the importance of the Korea-U.S.-Japan commerce and industry ministers’ meeting in accordance with the initiative from the Trilateral Leaders’ Summit at Camp David last August.   MOTIE plans to further efforts to enhance cooperation with the U.S. in advanced industries and supply chains, while giving full measure to promptly push policies to strengthen the competitiveness of semiconductors, EVs, and other advanced domestic industries. date2024-02-27

Trade Minister meets with China's Commerce Minister

Minister for Trade Inkyo Cheong met with China's Commerce Minister Wang Wentao on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13) and discussed measures to advance Korea-China bilateral trade and investment cooperation. date2024-02-27

Trade Minister attends WTO's MC13

Minister for Trade Inkyo Cheong attended the 13th World Trade Organization (WTO) Ministerial Conference (MC13) on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE as one of the 166 WTO member countries’ trade ministers and with WTO Director General Ngozi Okonjo-Iweala. date2024-02-27

Trade Minister meets with Finland's Minister for Foreign Trade and Development

Minister for Trade Inkyo Cheong met with Finnish Minister for Foreign Trade and Development Ville Tavio on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE on the margins of the WTO’s MC13 to discuss Korea-Finland economic cooperation measures and MC13 agenda issues. date2024-02-27

Minister Ahn chairs 1st Global Trade Strategy Meeting

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 1st Global Trade Strategy Meeting on February 26 at Lotte Hotel Seoul to discuss the global trade environment forecast and analysis and to review the response strategies and directions for the Korean government and industries in view of the shifting international landscape.   Global Trade Strategy Meeting attendees were composed of international relations experts and representatives of relevant institutions, including Korea Trade-Investment Promotion Agency (KOTRA), Korea Chamber of Commerce and Industry (KCCI) and the Korea Institute for International Economic Policy (KIEP). date2024-02-27

Minister Ahn holds conference with semiconductor industry leaders

Trade, Industry and Energy Minister Dukgeun Ahn held a conference on February 26 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to meet with semiconductor industry leaders to discuss the recently intensifying global semiconductor market competition and its impact on Korea’s chip industry, and to seek response measures.   The minister gave an opening message and led discussions on the follow-up measures for nurturing the semiconductor mega cluster announced via the public forum on January 15, as well as investment and export forecast, and gathered opinions on corporate challenges.   Attendees were composed of representatives of leading MPE (materials, parts, equipment) companies like Samsung Electronics, SK Hynix and Dongjin Semichem. date2024-02-27

Government, industry and academia experts seek measures for overcoming global trade uncertainties in 2024

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 1st Global Trade Strategy Meeting on February 26 at Lotte Hotel Seoul to discuss the global trade environment forecast and analysis and to review the response strategies and directions for the Korean government and industries in accordance with the shifting international landscape, in view of this year’s upcoming elections in 76 countries and the expected surge of global uncertainties and trade risks.   The Global Trade Strategy Meeting members were composed of representatives of relevant industries, trade, industry and international relations experts and Government officials.   Minister Ahn stated that “As the state of the global trade environment is critical, the Government will identify and share information at a faster pace and provide a more detailed response by utilizing the Global Trade Strategy Meeting as a platform.”   He added that “Trade authorities are closely negotiating through multilevel channels over various issues, including the U.S.’ Inflation Reduction Act (IRA), ‘foreign entity of concern’ (FEOC), chip subsidies and the EU’s Carbon Border Adjustment Mechanism (CBAM), and plan to team up with industries to redouble the efforts so that our position can be taken into utmost consideration.”   The Ministry of Trade, Industry and Energy (MOTIE) plans to launch a two-track system within this year consisting of the Global Trade Strategy Meeting, as a minister-chaired public-private joint cooperation channel, and a consultative working group. The consultative working group will be held on a regular basis as a follow-up to the Global Trade Strategy Meeting for developing response strategies per each possible scenario based on detailed analysis on various risks by issue, region, and business in order to give full attention to managing the trade risks for this year. date2024-02-27

Korea's public and private sectors join hands to secure semiconductor super gap

Trade, Industry and Energy Minister Dukgeun Ahn held a conference on February 26 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to meet with semiconductor industry leaders to discuss the recently intensifying global semiconductor market competition and its impact on Korea’s chip industry, and to seek response measures. Government and corporate representatives at the meeting decided to combine public and private sector efforts as “one team” to claim the AI semiconductor market with aim to overcome the nation’s semiconductor industry challenges, while also discussing the follow-up measures necessary for the successful implementation of the Semiconductor Mega Cluster plan announced through the recent public forum. Minister Ahn is to spearhead the efforts to resolve chip industry challenges by installing a communication hotline with CEOs of major companies.   Representatives of leading MPE (materials, parts, equipment) companies like Samsung Electronics, SK Hynix and Dongjin Semichem attended the conference and stated that they will join efforts with the Government in achieving this year’s investment and export targets of KRW 60 trillion and 120 billion won, respectively, for the semiconductor industry. Moreover, they suggested measures for improving the investment environment in terms of sustainability, such as providing new investment subsidies, expanding support for base facilities of the Mega Cluster and establishing an MPE testbed.   Ever since the inauguration of the current administration, MOTIE has been introducing bold support measures for the semiconductor industry, which include sharply raising the investment credit rate, creating an unprecedented chip mega cluster and training 150,000 chip talents. The ministry also plans to continue to push these types of bold support measures to “level the playing field” for homegrown companies. One example would be the upcoming memorandum of understanding (MOU) to be signed on February 27 between Korea Electric Power Corporation (KEPCO), Korea Land and Housing Corporation (LH), power companies and buyer companies to swiftly implement the Yongin General Industrial Complex power supply plan finalized at the end of last year under the Government’s aim to take charge of establishing the essential infrastructure like those for electrical power and water.   In addition, the “Comprehensive Support Measures for the High-Tech Strategic Industry Specialization Complex” to be announced in March will incorporate additional investment incentives for semiconductors and other advanced industries. Furthermore, MOTIE plans to inject a total of 24 trillion won worth of policy funds to train world-class MPE and fabless talent, while also establishing a public-private joint demonstration fab steering team to speedily propel forward the MPE mass-producing mini fab project selected as the prefeasibility study project last week. Not only that, but the ministry also intends to launch a 19.8 billion won technology development project in April this year to support the advanced packaging technology development industry to meet urgent market demands and roll out a large-scale prefeasibility study within this year. To raise fabless competitiveness, it plans to establish a semiconductor design and inspection center this year, while also forming an AI semiconductor cooperation forum within the domestic semiconductor industry association. By the first half of this year, MOTIE also aims to establish measures for nurturing Korea’s fabless industry.   Minister Ahn stated that it is important to establish industrial support policies that are tangible and hands-on for companies and emphasized that “The Government and companies must join as ‘one team’ to strengthen communication and cooperation.” He added that “Related licensing procedures for semiconductor industrial date2024-02-27