Ministry of Trade, Industry and Energy

KPX announces results of clean hydrogen power competitive bidding

The Korea Power Exchange (KPX) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the competitive bidding results of the world’s first clean hydrogen power generation bidding market. Following KPX’s bid announcement on May 24, six power plants (five companies) participated in the bid with a net 6,172 GWh. Based on the resolution of the hydrogen power generation bidding market committee and the bid proposal evaluation by the evaluation committee composed of external experts, a power plant with a bid of 750GWh/year was selected as the final successful bidder. The bid winner plans to produce electricity using clean fuel that fulfills Korea’s clean hydrogen certification standard requiring that greenhouse gas emissions be 4㎏CO2eq or less per 1kg of hydrogen.  Commercial operation will begin in 2028 ensuing the preparation time for infrastructure establishment and power plant renovation. Electrical power can be auctioned for up to 15 years starting from the commercial operation date.   date2024-12-02

Korea-Latin America Business Forum seeks opportunities for forward-looking cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul through joint organization with the Korea-Latin America & Caribbean Association (KCLAC), Korea Institute for International Economic Policy (KIEP), Korea International Trade Association (KITA), and the International Contractors Association of Korea (ICAK), and with the participation of representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. Launched in 1997, the Forum convenes on an annual basis and is the largest Latin America-related event hosted in Korea. This year, Forum attendees took stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Korean government has been making continued effort to expand Korea’s economic cooperation network with Latin America by entering Free Trade Agreements (FTAs) with a total of eight Latin American countries, beginning with the Korea-Chile FTA which came into effect in 2004. Over the last 20 years, Korea-Latin America trade has more than quadrupled, with Korea’s direct investment in Latin America exploding 16-fold.  Moreover, as Peru and Brazil were hosts of this year’s Asia-Pacific Economic Cooperation (APEC) and G20 summits, respectively, further invigorating high-level exchanges between Korea and Latin America on those occasions. At today’s Forum, Korea’s Deputy Minister for Trade Park Jong-won gave a welcome address, highlighting the importance of supply chain collaboration and forward-looking cooperation between Korea and Latin America in view of various changes anticipated across the global trade and economic landscape. The Korean government plans to actively carry out joint efforts with Latin American countries on the margins of APEC 2025 to be hosted in Gyeongju next year.   date2024-12-02

Korea’s exports grow for the 14th consecutive month

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on December 1 that Korea’s exports for the month of November increased 1.4 percent year-on-year to USD 56.4 billion. Imports declined 2.4 percent to $50.7 billion and the trade balance stood at a surplus of $5.6 billion. Exports increased for the 14th consecutive month, with the daily average export value increasing 3.6 percent year-on-year to $2.4 billion, turning to growth after the downtick in October. In November, five out of 15 major items improved in exports. Semiconductors (up 30.8 percent to $12.5 billion) hit all-time highs for the month, renewing monthly highs for the fourth consecutive month and posting growth for the 13th consecutive month. This year, accumulated chip exports through January–November climbed 45.4 percent to record highs at $127.4 billion.  Automobile exports dropped 13.6 percent to $5.6 billion as car parts industry strikes and delays in wage and collective bargaining agreement (CBA) negotiations led to setbacks in parts supply for automakers. Adverse weather conditions in the last week of November further slowed down the loading of automobiles for shipment to overseas markets. Bio-health exports reached historic highs for November (up 19.6 percent to $1.4 billion), expanding for the fifth consecutive month. Computer exports soared 122.3 percent to $1.4 billion, advancing for the 11th consecutive month. Steel exports increased 1.3 percent to $2.7 billion, growing for the second consecutive month. Ship exports turned to an expansion with $2.5 billion (up 70.8 percent). By region, exports to five out of nine major destinations increased. Exports to China (down 0.6 percent to $11.3 billion) surpassed $11 billion for the fifth month straight. U.S.-bound exports (down 5.1 percent to $10.4 billion) entered the $10 billion thresholds for the third consecutive month. To ASEAN, exports grew 0.4 percent to $9.8 billion on the backs of strong demand for semiconductors. To the EU, exports for November recorded all-time highs at $5.4 billion (up 0.9 percent) as ships, wireless communication devices, and bio-health exports enjoyed robust demand. Exports to the Middle East (up 17.4 percent to $1.6 billion) showed an upward trajectory and those to Latin America (up 20.3 percent to $2.3 billion) and CIS countries (up 9.6 percent to $1.0 billion) increased for the second and fifth consecutive month, respectively. Energy imports decreased 10.8 percent to $10.7 billion despite increased imports of gas (up 6.3 percent) as the import value of crude oil (down 16.8 percent) dipped in step with oil prices. Nonenergy imports remained relatively flat at $40 billion (up 0.1 percent). The trade balance gained for the 18th consecutive month and the accumulated trade surplus through January–November amounted to $45.2 billion (up $60 billion year-on-year), the highest since 2018.   date2024-12-02

Trade Minister attends investment roadshow “Morocco Now”

Minister for Trade Inkyo Cheong of the Republic of Korea attended the investment roadshow “Morocco Now” on November 28 in Seoul with Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, and gave a congratulatory message. date2024-12-02

Korea and Morocco discuss economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, on November 28 in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. date2024-12-02

Korea and Bangladesh announce launch of EPA negotiations

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) on November 28 in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. date2024-12-02

Korea and Morocco to make swift push for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, today in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. A follow-up to the Korea-Africa Summit 2024 held this June, the talks touched on ways to carry forward the summit momentum towards a bilateral Economic Partnership Agreement (EPA). Trade Minister Cheong emphasized the importance of swiftly launching the EPA negotiations with respect to expanding investment and asked the Moroccan government’s interest and support for Korean companies’ local business issues and participation in Morocco’s rail train and new renewable energy projects. Minister Delegate Zidane responded by agreeing that they accelerate discussions for the bilateral EPA and expressed hope for Korean companies’ entry into Morocco’s automobile, aviation, shipbuilding, clean energy, and other high-tech markets in view of Morocco’s rich Free Trade Agreement (FTA) network spanning 55 countries and geological advantages as an investment hub and gateway into Europe and the Middle East. Following the talks, Trade Minister Cheong gave a congratulatory speech at the investment roadshow hosted by Morocco, promising support in creating diverse opportunities for both countries’ business leaders and closely cooperating with the Moroccan government to reach the Korea-Morocco EPA. The investment roadshow was also attended by roughly 100 representatives of Korean companies and related institutions seeking to promote business collaboration, including LG Energy Solution, Samsung E&A, HD Hyundai Heavy Industries, LX International, the Korea-Africa Foundation, and the Korea Importers Association (KOIMA).   date2024-11-28

Korea and Bangladesh to launch negotiations for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) today in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. The eighth most populous country in the world, Bangladesh is a fast-growing economy in Southwest Asia with an average growth rate of 6.6 percent per year over the last three years and home to many Korean textile and sewing businesses. As functional textiles and other local clothing industries in Bangladesh are seeking to create higher value-added products, Korean firms can look forward to wider opportunities for supply chain collaboration. Moreover, the Bangladeshi government is currently pushing policies for establishing public-led infrastructure for power supply, roads, and aviation to spur economic growth, which is expected to further boost Korean construction and engineering companies’ local project participation. Trade Minister Cheong remarked that the TIPF agreement signed today lays down the basic framework for comprehensive bilateral economic cooperation, through which the two countries can engage in EPA negotiations for opening of markets and establish a solid institutional base for broader cooperation. He added that through these efforts, Korea and Bangladesh can diversify their bilateral trade items and move forward towards electronics, digital, and other areas that Bangladesh is aiming to nurture.  The two countries plan to hold the first official negotiating round for a bilateral EPA during the first half of 2025.   date2024-11-28

MOU for Supporting IP-Owning Export Enterprises

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the ceremony for the signing of the Memorandum of Understanding (MOU) on Supporting IP-Owning Export Enterprises between the Korea Intellectual Property Office (KIPO) and the Korea Trade Insurance Corporation (K-SURE) today in Seoul prior to the related conference. Attendees, comprising representatives of related institutions and companies, discussed measures to help promising startups and SMEs leverage their intellectual properties (IPs) to enlarge global market presence and provide them with broader export financing support. date2024-11-27

Korea and Georgia Strike EPA Deal

Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). date2024-11-27