Ministry of Trade, Industry and Energy

Minister holds 3rd Nuclear Exports Strategy Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 3rd Nuclear Exports Strategy Committee (hereinafter “Committee”) meeting on November 23 in Seoul. Headed by MOTIE’s Minister Lee Chang-yang and composed of 30 members from relevant ministries, financial institutions, public corporations and private sectors, the Committee was launched in August this year to function as a nuclear exports control tower for entering overseas markets and building competitiveness. In his opening remarks, Minister Lee stated that the signing of the letter of intent (LOI) and memorandum of understanding (MOU) on October 31 with Poland for its nuclear reactor project was the turning point for Korea’s nuclear reactor exports since winning the United Arab Emirates (UAE) Barakah Power Plant in 2009. He emphasized that public and private sectors must join hands to make sure they finalize the Polish project win, and further achieve their goal of exporting 10 power plants. First, Minister Lee mentioned that public and private sectors must work together for a seamless follow-up process subsequent to the Poland nuclear cooperation deal. To Korea Hydro & Nuclear Power (KHNP), he requested that they collaborate with the top companies of each field to draw up the nuclear power plant development plan that is most optimized for Poland. Relevant ministries are to cooperate with the Polish government via establishing local safety regulations and training up specialized manpower to enable Poland to swiftly introduce Korea’s nuclear power facilities. As for uncertainties and risk factors including recent financial market concerns, the Minister requested that a public-private financial cooperation system be established for safe procurement of funds.   Second, with regard to exports of nuclear power plant materials and equipment, the Minister stressed that second and third success cases of nuclear reactor exports must succeed the El Dabaa nuclear power plant project. Recently, countries with nuclear power plants are expanding investments in materials and equipment, such as renovation of old plants and installation of safety facilities. Exporting materials and equipment is important in itself, but it can also be a good stepping stone to new project opportunities. In this sense, Minister Lee called for a creative bid strategy that raises Korea’s win probability, based on a comprehensive assessment of bid trends, competition and business model.   This third meeting had three items on the agenda: 1) follow-up measures for Poland nuclear power plant cooperation, 2) exports of nuclear power plant materials and equipment, and 3) integrated support for nuclear power plant exports to the Czech Republic and Poland. One, discussions regarding the Poland power plant project centered on the APR1400-based upcoming development schedule and future plans. MOTIE urged that relevant ministries promptly begin assessment of financial procurement and nuclear reactor licensing process. Second, Committee members discussed business environment and viable strategies with respect to Romania and other countries, where major materials and equipment project bids are opening. KHNP is planning to place 20 orders on materials and equipment tied to the El Daaba project within this year and open a project office in January 2023. MOTIE will take into consideration the recent progress, such as the LOI with Poland, in the process of designing supplementary measures for supporting nuclear power plant exports to the Czech Republic and Poland. This will involve a detailed planning in defense, energy and infrastructure for the joint projects Korea has engaged in with these two countries. MOTIE also will step up its efforts in seeking new joint projects in view of the broader cooperation prospects with the Czech Republic, as final bid award is now only a year away.   With the Nuclear E date2022-11-28

President Yoon presides 1st Exports Strategy Meeting

President Yoon Suk-yeol presided the first Exports Strategy Meeting on November 23, which was held by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) to announce special exports strategies for each major region and stronger exports assistance measures. The purpose of the meeting is for the Korean government to give full measure to supporting exports and seeking out new growth engines against the backdrop of persisting trade defic date2022-11-28

Korea and Canada discuss industry and investment cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul on core industries cooperation, trade and investment expansion measures, and requested support for World EXPO 2030 Busan. date2022-11-28

Minister presides 2022 MOTIE Policy Advisory Committee

Trade, Industry and Energy Minister Lee Chang-yang held the 2022 MOTIE Policy Advisory Committee meeting on November 25 at the Korea Chamber of Industry and Commerce (KCCI) to seek preliminary risk assessment with private sector experts amid inflation, prolonged war and other uncertainties.   Minister Lee gave an opening message, then facilitated discussions on preemptive measures to address the overall economic and financial risks across industries amid the “three highs” (i date2022-11-28

2nd Vice Minister attends Design Korea 2022

Trade, Industry and Energy 2nd Vice Minister Park Il-Jun attended the opening ceremony of Design Korea 2022 held on November 23 under the theme of “Mega Impact Design Trends 2023 & Beyond” and awarded 51 medals and orders of merit to contributors to Korea’s design competitiveness advancement.   Vice Minister Park gave a congratulatory message after attending the ribbon cutting ceremony and touring the exhibition booths, then awarded 51 awardees medals and orders of m date2022-11-28

2nd Vice Minister attends Construction Vision Forum seminar

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the 219th International Seminar of the Construction Vision Forum on November 23 in Seoul to discuss the “current status of nuclear power in the UK and plans for Korea-UK cooperation.”   The 2nd Vice Minister stated in his congratulatory message that he looked forward to seeing “Korea-UK nuclear power cooperation expand” and called for the two countries' closer private sector collaboration regarding U date2022-11-25

Minister attends 3rd Nuclear Energy Exports Strategy Committee meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the 3rd Nuclear Energy Exports Strategy Committee on November 23, held to seek expansion of Korea’s nuclear power plant and related industries’ market presence abroad and boost competitiveness.   Minister Lee gave opening remarks and facilitated discussions on follow-up measures to the nuclear reactor MOU signed with Poland, equipment and materials exports project, and integrating support for nuclear energy exports to date2022-11-25

Korea and Iceland discuss trade and economic cooperation

Minister for Trade Dukgeun Ahn met with Iceland’s Minister of Tourism, Trade and Culture Lilja Dögg Alfreðsdóttir on November 21 at the Lotte Hotel Seoul to discuss measures for trade and economic cooperation, and requested support for World EXPO 2030 Busan. date2022-11-25

Minister Lee and Denmark's Vestas CEO discuss investment

Trade, Industry and Energy Minister Lee Chang-yang met with Henrik Andersen, CEO of Vestas, the world-leading Danish manufacturer, seller, installer, and servicer of wind turbines, on November 22 at the Government Complex Seoul to discuss investment and turbine plant establishment in Korea. date2022-11-24

Minister attends Yongin Semiconductor Cluster cooperation MOU signing ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the memorandum of understanding (MOU) signing ceremony for the “win-win cooperation” for the successful progress of Yongin Semiconductor Cluster on November 21 at the National Assembly main hall in Seoul.   In his congratulatory message, Minister Lee thanked institutions for their cooperation in resolving the construction permit delay issue and assured that joint efforts will be made in tandem with the National Assemb date2022-11-24