Ministry of Trade, Industry and Energy

31st Korea-Japan Business Conference

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn attended the 31st Korea-Japan Business Conference on October 18 in Seoul, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation. The event was attended by the organizations' chairmen Jin Roy Ryu and Masakazu Tokura along with the participation of both countries’ business leaders. date2024-10-21

Korea and Japan’s business leaders seek synergy from bilateral economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn attended the 31st Korea-Japan Business Conference today in Seoul, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation.  Launched in 1983, the Korea-Japan Business Conference is held on a regular basis as a channel for highest-level private-sector economic cooperation and has contributed with valuable suggestions to developing the bilateral economic cooperation. In his congratulatory message, Minister Ahn expressed appreciation for both countries’ business leaders’ efforts to advance Korea-Japan relations and vowed support for bilateral economic cooperation through close intergovernmental communication amid increasing global uncertainties. In commemoration of next year marking the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, the minister shared plans to deepen bilateral cooperation through the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju City and the Osaka Expo, both slated for 2025. He ensured the Korean government’s active assistance in gaining outcomes over areas such as economic security cooperation, global green growth leadership through the Carbon Free Energy (CFE) Initiative, and joint efforts with the Global South and other third countries.   On the margins of the bilateral conference, Korean and Japanese economic groups discussed measures for cooperation with regard to realizing a sustainable society through digital transformation and hydrogen utilization, trade and investment issues including the Korea-U.S.-Japan trilateral cooperation, as well as future collaboration for expanding people-to-people exchanges and making preparations for the 60th anniversary of the normalization of diplomatic relations.   date2024-10-18

Minister Ahn discusses Korea-U.S. economic cooperation with North Dakota Governor

The Republic of Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks with U.S. Governor of North Dakota Doug Burgum today on the occasion of the governor’s visit to Korea and discussed the importance of establishing stable cooperative relations for Korea and the U.S.’ development, noting that the two countries’ alliance is advancing towards one of high-tech industries and supply chains through concerted efforts such as the Korea-U.S. summit and the joint statement declared at Camp David in 2023. During the talks, Minister Ahn addressed the need for continuity of U.S. major policies that are capable of directly impacting the Korea-U.S. economic and investment cooperation, including the Inflation Reduction Act (IRA) and CHIPS and Science Act, so as to spur positive business expectations among Korean firms collaborating with U.S. counterparts. Both sides shared the understanding on the importance of Korea-U.S. relations in view of the two countries’ cooperation as key economic partners and agreed to further efforts in establishing stable and forward-looking bilateral relations. Minister Ahn also expressed high regard for the cooperation potential between Korea and North Dakota in light of Korea’s aim to nurture its hydrogen industry and achieve carbon neutrality through enhanced carbon capture technologies, as well as North Dakota’s key role in the Heartland Hydrogen Hub, and asked for Governor Burgum’s interest and support towards fostering a stable investment and business management environment to promote Korean companies’ investments in not only North Dakota but across the whole of U.S.   date2024-10-18

40th Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting on October 17 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs). date2024-10-17

Korea’s automobile exports grow 4.9% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for the month of September advanced 4.9 percent year-on-year to USD 5.5 billion, surpassing the previous high set in September last year ($5.2 billion).  The growth can be attributed to exports of Kia’s new electric vehicle (EV) model, increased SUV exports, and GM Korea’s export recovery. The accumulated export value through January–September 2024 also reached a historic $52.9 billion (up 1.6 percent year-on-year). The export of eco-friendly vehicles grew 12.3 percent to $2.0 billion, turning to an expansion for the first time in four months on the backs of robust demand for hybrid electric vehicles (HEVs) (up 75.6 percent to $1.0 billion). In spite of the lower number of working days (-1 weekday) compared to that of September 2023, domestic production inched up 1.7 percent, recovering the 300,000-unit thresholds in three months with 307,026 units as major automakers are boosting production on account of global demand.  Domestic sales sank 2.3 percent to 130,685 units. Meanwhile, eco-friendly car sales climbed 37.9 percent to 58,983 units, of which HEV sales soared 63.9 percent to an all-time monthly high of 45,773 units.   date2024-10-17

Korea and Oman discuss economic cooperation

Minister for Trade Inkyo Cheong met Oman’s Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion Ibtisam Al Farooji and Ambassador of Oman to Korea Zakariya Hamed Hilal Al Saadi on October 16 in Seoul to discuss measures for bilateral economic cooperation. date2024-10-17

40th Trade Promotion Committee seeks swift implementation of Trade Policy Roadmap to curb global uncertainties

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting today at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs). At the meeting, representatives of economy and trade related ministries agreed to swiftly establish plans for implementing the Trade Policy Roadmap announced this August in order to respond to the increasingly volatile trade environment and intensifying geopolitical risks. They also discussed the U.S. presidential election situation and exchanged views on plans going forward. Concerning the bilateral SCPA signed with Singapore on October 8 on the margins of the Korea-Singapore summit, attendees discussed measures to expand the supply chain partnership network by pushing SCPAs with other major countries as well. In view of recently increasing global uncertainties and geopolitical crises, Trade Minister Cheong noted the importance of minimizing business uncertainties for companies through the prompt implementation of the Trade Policy Roadmap and careful preparation with respect to the U.S. elections.  The trade chief further shared plans to build multilevel supply chain solidarity by widening the scope of the SCPA, which is the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement upgraded to a bilateral agreement.   date2024-10-17

Korea to host International AI Standards Summit 2025

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea stated that it was officially announced at the Global Standards Symposium held in New Delhi on October 15 that the International AI Standards Summit 2025 will take place next year in Seoul through December 2–3. An alliance of the International Electrotechnical Commission (IEC), International Organization for Standardization (ISO) and the International Telecommunication Union (ITU), the World Standards Cooperation (WSC) proposed the need for the International AI Standards Summit as advised in the Governing AI for Humanity report released by the AI Advisory Body (AIAB) under the United Nations (UN), to which the ISO suggested Korea’s hosting the event in conjunction with the World Standards Forum 2025, which is expecting numerous high-level industry figures. Going forward, the WSC will be launching the AI Standards Summit 2025 with an active effort to draw the participation of various high-level figures in not only AI businesses but also in wide-ranging AI application areas including semiconductors, telecommunications, mobility, energy, and services.   date2024-10-16

Korea and Germany hold 1st KR-DE Industrie 4.0 & Dataspace Forum

Industries and Enterprises Deputy Minister Oh Seung-cheol at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the 1st KR-DE Industrie 4.0 & Dataspace Forum today in Seoul, held with the participation of roughly 100 persons of both countries’ government bodies, academia, industries, and research institutions including Germany’s Federal Ministry for Economic Affairs and Climate Action. Forum participants exchanged information on industry data platform policies and discussed measures for sharing and diffusing standards for platform synchronization. On the margins of the Forum, Korea Industrial Complex Corporation (KICOX) and Germany’s Labs Network Industrie 4.0 signed a memorandum of understanding (MOU) for industrial complex data sharing and data standards development support. date2024-10-16

Korea bolsters global LNG supply cooperation network to stabilize energy supply

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is making effort to reinforce liquefied natural gas (LNG) supply chain cooperation with other countries in response to volatility risks in the global energy market with aim to stabilize the domestic natural gas supply. First, through the Korea-Singapore LNG memorandum of understanding (MOU) signed between MOTIE and Singapore’s Ministry of Trade and Industry (MTI) on the margins of the Korea-Singapore summit (October 8), the two countries plan to secure supply flexibility via LNG swaps capitalizing on their discrepant summer and winter supply patterns and raise price negotiability through joint purchases. As Korea is the world’s third largest LNG importer and Singapore is a global trading hub with its world-leading infrastructure and professional talent, the two countries’ bilateral cooperation is anticipated to create significant synergy. Second, Korea is pushing LNG cooperation with Japan as well. On the occasion of the LNG Producer-Consumer Conference 2024 (PCC) held on October 6 in Hiroshima, MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI) agreed to kick LNG cooperation into high gear. Both countries’ governments, Korea Gas Corporation (KOGAS), and JERA will work together to monitor the global supply situation, strengthen information exchanges, make joint purchases, and roll out an LNG swap pilot project. Based on these endeavors, they intend to forge agreements going forward to bolster intergovernmental and corporate cooperation so that the two countries can secure stable LNG supplies during global supply chain uncertainties. As of 2023, Korea and Japan are the world’s third and second largest LNG importers, respectively. Based on geographic proximity, the two countries’ collaboration is meaningful in that they can enhance LNG supply flexibility and supply chain resilience even in times of global energy crises. Third, another outcome of the LNG PCC 2024 was that an Early Alert Mechanism (EAM) pilot project should be launched with the participation of major LNG producers like Australia, Canada, and the U.S. and importers like the EU, Japan, and Korea. The EAM is a natural gas supply chain crisis sharing system for swift information spreading and joint response against accidents that may potentially damage natural gas field facilities and disrupt the natural gas supply chain. Not only that, but each country’s LNG storage volume, LNG terminal usage rate, weather, and other basic industrial information are to be shared within permissible range of disclosure. The Korean government plans to take part in the EAM on a regular basis to prepare for potential risks by monitoring and analyzing provided information, while also forecasting accidents and identifying market anxiety factors in advance to help stabilize the domestic natural gas supply.   date2024-10-15