Ministry of Trade, Industry and Energy

Global regional HQ designation ceremony

Trade, Industry and Energy Minister Dukgeun Ahn attended the global regional HQ designation ceremony with Hewlett Packard and Vestas’ representatives today in Seoul. date2024-11-06

Seven global companies declare $0.9 billion worth of investments in Korea

Trade, Industry and Energy Minister Dukgeun Ahn attended a foreign investment declaration ceremony today in Seoul with seven global companies for $0.9 billion worth of investments in areas like semiconductor equipment, car parts, offshore wind power, and logistics date2024-11-06

Korea’s 14 Opportunity and Development Zones kick off new era for noncapital regions

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today its further designation of six Opportunity and Development Zones (ODZs) following the initial designation of eight of these special zones this June (Daegu, Busan, Jeonnam, Gyeongbuk, Jeonbuk, Gyeongnam, Daejeon, Jeju), laying down the groundwork to usher in an era of new growth for noncapital regions across Korea. Roughly 150 companies are planning to make investments amounting to KRW 16.4 trillion in the six new ODZs—Ulsan, Sejong, Gwangju, Chungnam, Chungbuk, and Gangwon—in addition to the previously poured ₩17.4, approaching ₩33.8 trillion in total investment. The new ODZs have managed to attract diverse companies, with each ODZ specializing in industries suitable for the region’s conditions, including electric vehicles (EVs), secondary batteries, petrochemicals, information and communications technology (ICT), software, robotics, pharmaceuticals, car parts, AI datacenters, biopharmaceuticals, hydrogen, food products, defense, semiconductors, EV materials, battery modules, and minerals. ODZ incentives have also induced some businesses to either turn back from their overseas investment schemes to domestic investments or relocate their facilities based in the Seoul capital area to noncapital parts. With all 14 noncapital regions’ cities and provinces now designated as ODZs, the total investment in Korea’s noncapital regions amounts to ₩74.3 trillion. MOTIE plans to closely monitor investment issues to ensure the timely implementation of planned investments.   date2024-11-06

Invest KOREA Summit 2024 to carry forward momentum towards attaining all-time high FDI

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is launching the Invest KOREA Summit (IKS) 2024 from November 6–8 in Seoul. IKS 2024 will be held with the participation of over 2,000 attendees, composed of foreign investors, companies from home and abroad, the chambers of commerce in Korea, embassies to Korea, and local government bodies, who will be taking part in various IKS programs such as the investment declaration ceremony, Invest KOREA (IK) Conference, investor consultations, local governments’ town hall meetings, startup forums, and a foreign media press conference. With foreign direct investment (FDI) pledged to Korea over the first three quarters hitting an all-time high of USD 25.2 billion, the Government plans to give full measure to carry the momentum forward and seek ways to foster the country into a high-tech supply chain hub through greater investment from global advanced companies. Kicking off IKS 2024 is the foreign investment declaration ceremony, announcing a $0.9 billion worth of investments by seven global companies specializing in semiconductor equipment, automobile parts, offshore wind power, and logistics, followed by a ceremony commemorating the new designation of two global companies’ local headquarters in Korea, the first in nine years since the designation of five global companies’ local headquarters in 2015. The designation is meaningful in that Korea joins hands with global companies to nurture its high-tech industrial ecosystem. Multi-national American information technology company Hewlett Packard (HP) will be overseeing global R&D operations in Korea and the world-leading Danish wind turbine maker Vestas is to establish a wind power facility hub, leading to anticipation for quality jobs as well. Next, beginning with MOTIE Minister Dukgeun Ahn’s congratulatory message, the IK Conference invites the world’s oldest operating pharmaceutical firm Merck’s Chief Technology Officer (CTO) Karen Madden and Korea’s Presidential Committee on AI (PCAI) Vice Chairman Yeom Jae-ho as keynote speakers, followed by discussions on Korea’s investment environment and measures to enhance investment appeal with representatives of major foreign-invested companies like Onsemi, ASM, Sartorius, and Boeing. Not only that, but 140 foreign investor companies and 330 domestic firms and institutions are engaging in investment consultations for tangible outcomes. Meanwhile, the local government town hall meeting aims to promote each local government group to foreign investors, while the startup forum connects 50 global investors to 120 promising Korean startups and the foreign media press conference has 33 media outlets from 20 countries covering Korea’s strengths and meaningful achievements with regard to its investment environment. In his congratulatory speech, MOTIE Minister Ahn emphasizes commitment to policy efforts to nurture Korea into a high-tech global business hub through stronger advanced industrial capacity, technology and talent innovation, trade landscape stability, and regulatory upheaval.   date2024-11-06

Korea and Vietnam discuss trade remedy issues and stronger cooperation

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held meetings with the Trade Remedies Authority of Vietnam today in Seoul to discuss trade remedy cooperation. Through the bilateral Free Trade Agreement (FTA) and trade remedy cooperation memorandum of understanding (MOU) signed in December 2015 and March 2018, respectively, the two countries have engaged in close exchanges on import control issues and trade remedies. Today’s discussions focused on ongoing investigations and controls including Vietnam’s anti-dumping investigation into Korean galvanized steel sheets commenced this June, on which KTC asked for minimal regulatory measures and care in investigations.   date2024-11-06

Foreign Company Day 2024

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Foreign Company Day 2024 on November 5 in Seoul, held to encourage foreign-invested companies and related institutions, and awarded 40 government commendations including the Silver Tower Order of Industrial Service Merit presented to Edwards Vacuum for localization of vacuum pump technology. date2024-11-06

Korea and U.S. Reach Provisional Agreement on Nuclear Cooperation

Consistent with the deep and longstanding relationship between the United States and the Republic of Korea, the two countries reached a significant outcome on November 1, advancing their cooperation on civil nuclear energy by initialing a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  The United States and the Republic of Korea reaffirmed their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the highest standards of nonproliferation, safety, safeguards, and security. Toward this end, the parties strengthened their administration of export controls on civil nuclear technology.  These further commitments will provide a springboard for the expansion of our bilateral work in combatting climate change, accelerating global energy transitions, and assuring critical supply chains while creating billions of dollars worth of new economic opportunities and the creation or maintenance of tens of thousands of manufacturing jobs for both of our industries. The MOU will proceed to final review in both countries' capitals.   date2024-11-05

Minister Ahn meets Qatar's energy minister and QatarEnergy CEO

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and the President and CEO of QatarEnergy, today in Seoul for the Korea-Qatar Energy Ministers’ Meeting for discussions on outcomes and follow-ups to the Korea-Qatar summit held last October, as well as stable energy supply and clean energy cooperation. date2024-11-04

Korea and Qatar discuss stable energy supply & clean energy cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and the President and CEO of QatarEnergy, today in Seoul for the Korea-Qatar Energy Ministers’ Meeting. As of 2023, Qatar is Korea’s second largest supplier of liquefied natural gas (LNG). With the two countries’ cooperative ties having further advanced on the occasion of the Korea-Qatar Summit held in October 2023, today’s highest-level energy talks were held for discussions on the summit outcomes and follow-up measures. The meeting served as an opportunity to reaffirm both countries’ commitment to stabilizing the energy supply amid recent Middle East tensions and rising global interest towards energy supply issues. Sharing a high regard for their close LNG ties, the two sides agreed to maintain them going forward and further discussed measures for expanding the scope of collaboration based on their successful LNG partnership to push cooperation in renewable energy, hydrogen, and such clean energy sources.  Moreover, Minister Ahn introduced the Korea-led Carbon Free Energy (CFE) Initiative with anticipation for prospects of mutual cooperation. They also discussed energy, plants, LNG carriers, and other areas in which the two countries are currently seeing tangible outcomes ensuing President Yoon Suk Yeol’s state visit to Qatar and the bilateral summit.   date2024-11-04

Trade Minister Ahn holds meeting with APEC Vision Group

Minister for Trade Inkyo Cheong convened a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO) on November 1, where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items. date2024-11-04