Ministry of Trade, Industry and Energy

Minister Ahn discusses economic and trade cooperation with Utah governor

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks today in Seoul with the U.S. National Governors Association (NGA) Chair and Utah Governor Spencer Cox, who is leading a trade delegation from the State of Utah, to discuss measures for Korea-Utah economic cooperation in aerospace, life science, healthcare, financial services, semiconductors, and carbon-free energy areas including nuclear energy and clean hydrogen. Composed of 50 members, the Utah trade delegation consists of the Utah Senate President and representatives of Utah businesses and relevant organizations. On the margins of the Utah trade delegation’s visit to Korea, Minister Ahn said that he looks forward to strengthening the networking between Korean and U.S. businesses and uncovering new joint projects for boosting Korean companies’ entry into the Utah market, a hub for fast-growing startups and cutting-edge firms. He also expressed hope that bilateral talent exchanges will gain further traction based on the University of Utah Asia Campus (UAC) in Incheon. Moreover, the minister asked Governor Cox for interest and support at the NGA level, regardless of the upcoming U.S. presidential election results, in ensuring the continuity and predictability of major U.S. laws that are likely to impact Korea’s investment in the U.S. so as to maintain and increase Korean businesses’ investments in the State of Utah and the U.S.   date2024-09-27

Trade Minister meets Kenya’s Ambassador to Korea

Trade Minister Cheong held talks with Emmy Kipsoi, Kenya’s Ambassador to Korea, on September 26 in Seoul and discussed measures for widening bilateral economic cooperation including the Korea-Kenya Economic Partnership Agreement (EPA). date2024-09-27

Korea’s first homegrown self-propelled howitzer engine ready for mass production, to enter global market in 2025

The Ministry of Trade, Industry and Energy (MOTIE) and the Defense Acquisition Program Administration (DAPA) of the Republic of Korea held the delivery ceremony of the first homegrown engine for Korea’s self-propelled howitzers, the K9 Thunders, today at STX Engine’s Changwon plant.  The ceremony was attended by 60 persons including MOTIE Vice Minister Sungtaek Park, DAPA Minister Seok Jong-gun, STX Engine CEO Lee Sang-su, and Hanwha Aerospace Vice President Moon Ji-hoon. In September 2020, MOTIE and DAPA entered into a memorandum of understanding (MOU) on technology cooperation for the localization of primary defense materials and parts and in following April, they launched the project for developing homegrown self-propelled howitzer engines. Within three years, they succeeded in the localization and mass production of approximately 500 key engine parts, resulting in a purely homegrown engine with enhanced performance and economic feasibility. The feat is anticipated to widen the path for the K9 Thunders’ global market entry. MOTIE Vice Minister Park underscored the importance of self-reliance in the production of vital defense materials and parts for Korea’s defense industry to keep up its pace amid the intensifying global exports race, vowing that the ministry will make further effort to secure critical technology for high value-added defense materials, parts, and equipment (“MPE”). DAPA Minister Seok remarked that the K9 Thunder has positioned itself as Korea’s high-end weapon, thanks to the localization of its engine via collaboration with MOTIE. He shared plans to bolster interministerial cooperation on the occasion of the achievement. MOTIE and DAPA aim to jointly develop next-generation prime technologies for hydrogen fuel cell systems and high-tech aircraft engines, while also working closely to secure 60 critical MPE technologies across five major advanced defense areas such as defense semiconductors.   date2024-09-27

Korea plans to raise corporate AI deployment rate to 70% by 2030

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s President Yoon Suk Yeol chaired the first National Artificial Intelligence (AI) Committee meeting in Seoul with the participation of academia and industry experts for discussions on Korea’s national AI strategy, measures for the diffusion of industrial AI transformation (AX), and private sector investment plans. Noting that AI in itself is of massive industrial value as an important foundational technology with prospects of creating enormous up- and downstream impact across all sectors, President Yoon highlighted that successful AI deployment over diverse industries will generate far-reaching economic effect. At the inaugural Committee meeting, MOTIE reported policy measures for the diffusion of AX, articulating plans to raise the level of corporate AI utilization rate (currently 31 percent) and the AI deployment rate at manufacturing sites (currently 5 percent) to 70 percent and 40 percent by 2030, respectively, through Korea’s three pillar industrial AX projects. They include the implementation of over 300 anchor projects for manufacturing and service industries by 2027 to provide concentrated R&D, finance, and consulting assistance toward projects involving the participation of buyer and supplier firms in AI solution, robot, and equipment, for which the first batch of 25 projects will be selected next month.  Under the industrial AX projects, the ministry further plans to announce measures in the near future for supporting the AI semiconductor ecosystem, while also pushing the establishment of an industrial data integration platform. First, a carbon data platform will be developed by 2027 with focus on the five most carbon-intensive sectors—steel and aluminum, battery, automobiles, home appliances, and textiles—on which risks are highest with regard to major countries’ carbon regulatory measures. The platform will then be extended to cover data on core sectors’ processes and supply chains as well. In addition to the three pillar projects, MOTIE will mull the prospects of nurturing an AI-specialized complex, training AX professional manpower through in-company graduate courses on AX, increasing tax incentives for key AX technology, and injecting a KRW 3.5 billion-plus policy funding into the AI field. Under the AI Industrial Policy Committee launched in May, MOTIE will be operating an AX Alliance for propelling anchor projects forward and a public-private industrial AX law forum to facilitate discussions on legal and institutional matters in an effort to boost the systematic drive for AX diffusion.  On reviewing the bills containing the aforesaid plans, President Yoon asked that all ministries actively cooperate as members of the National AI Committee to successfully accelerate the AI transition across Korea’s social and industrial landscape.   date2024-09-26

Korea-Serbia Business Conference

Korea’s Minister for Trade Inkyo Cheong attended the Korea-Serbia Business Conference with Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović on September 26 in Seoul to discuss promising joint projects in information technology, bio, energy, and critical minerals supply chains. The conference was attended by representatives of relevant institutions, including KOTRA, KITA, KOMIR, and Hyundai E&C. date2024-09-26

Korea and Serbia launch negotiations for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. date2024-09-26

Korea and Serbia launch negotiations for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. Strategically located in the center of the Balkan Peninsula in Southeast Europe, Serbia is rich in critical resources such as lithium and zinc. It is rapidly rising as Europe’s new production base based on its robust manufacturing sector and is already home to Korea’s car parts and mobility businesses. Going forward, the two countries can anticipate cooperation over advanced industrial supply chains such as battery and electric vehicles (EVs), as well as nuclear reactors in view of the Serbian government’s recent push for nuclear power development. Noting that this year commemorates the 35th anniversary of the establishment of Korea-Serbia diplomatic relations, Trade Minister Cheong expressed his expectations for the EPA negotiations to serve as an institutional basis for opening new horizons on the two countries’ cooperative ties, catalyzing bilateral collaboration across various areas including automobiles, high-tech, renewable energy, and nuclear reactors. In conjunction with the launch of negotiations, MOTIE also held a business conference with Korean companies operating in the Serbian market and other relevant institutions to discuss promising joint projects in information technology, bio, energy, and critical minerals supply chains.   date2024-09-26

Vice Minister attends H2 MEET 2024

MOTIE’s Vice Minister Namho Choe attended the opening ceremony of H2 MEET 2024 held from September 25–27 at KINTEX in Goyang City with the participation of 317 companies and institutions from 24 countries and gave a congratulatory address and toured the exhibition booths. date2024-09-26

Korea and Thailand launch 2nd official negotiating round for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin on the margins of the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. date2024-09-26

Korea and Zimbabwe discuss cooperation as follow-up to Korea-Africa Summit

Korea’s Minister for Trade Inkyo Cheong held talks with Zimbabwe's Minister of Higher and Tertiary Education, Science and Technology Development Amon Murwira on September 24 in Seoul and exchanged views on bilateral cooperation in trade, investment, and energy.   date2024-09-26