Ministry of Trade, Industry and Energy

Minister Ahn speaks at special meeting with AMCHAM Korea

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn attended the special meeting on August 29 held at the American Chamber of Commerce in Korea (AMCHAM Korea) to discuss measures to enhance Korea-U.S. trade cooperation and bolster Korea’s role as Asia’s business hub, held with the participation of AMCHAM board members and roughly 100 domestic and overseas business leaders operating in Korea.   The meeting proceeded in the form of a Q&A session led by Minister Ahn and AMCHAM Korea Chairman James Kim on measures for expanding trade and investment amid changes in the global trade environment. date2024-08-30

Investigation shows 40 ODP products fail to meet safety standards

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) announced today that an investigation on 190 popular items sold on overseas online platforms with a large number of domestic users has found that 40 of them fail to comply with Korea’s safety standards. Against the backdrop of increased safety concerns over overseas direct purchases (ODPs), the investigation was conducted on 190 best-selling items sold on overseas online platforms. As a result, 21.1 percent of them failed to meet safety standards, comparatively higher than the performance of domestic retail goods (6.1 percent) investigated during the first half of this year. Fourteen out of the investigated 66 electrical appliance products failed the safety check—direct current power supplies (8), LED apparatuses (3), power plugs and sockets (2), and waffle-makers (1). Among the 30 daily necessity items investigated, 11 tested as unsafe, including portable lasers (3) and helmets (2). Fifteen out of 94 children’s products that failed safety standards were textile goods (7), toys (4), and baby carriers (1). KATS has disclosed the product information of the abovementioned 40 items on related websites (www.safetykorea.kr, www.consumer.go.kr) and requested ODP platform operators to block the selling of these items. KATS plans to keep expanding the scope of safety investigations on ODP products in view of the high level of public concern, with the second round slated for September.   date2024-08-29

Korea steps up support measures for reshoring companies in high-tech strategic industries

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the enforcement of the following two amended public notices—the amended notice on support for reshoring companies (“Reshoring Notice”) and the amended notice on local government entities’ state funding criteria for attracting reshoring companies (“Reshoring Subsidy Notice”)—begins August 30 as part of follow-up to the Reshoring Company Support Strategy 2.0 (announced May 7) to invigorate reshoring in advanced industries. First, the amendments impose a higher cap on state funding for reshoring companies in industries categorized as “National Strategic” and “National High-Tech Strategic Technology.” Companies reshoring to Korea’s capital region will receive up to KRW 20 billion (up ₩5 billion), while those reshoring to non-capital regions will receive up to ₩40 billion (up ₩10 billion).  Second, newly added to the list of businesses eligible for the exemption of overseas subsidiary restructuring requirements are companies manufacturing items of national security concern, as well as those opting to reshore through cooperation with domestic buyers.  Third, with regard to reshored companies in advanced industries, the amended public notices have removed the restriction on making new overseas investments subsequent to receiving subsidies and being granted the exemption of abovementioned overseas restructuring requirements.  Fourth, the amendment provides subsidy priority to high-tech businesses that move into National High-Tech Strategic Industry and MPE (materials, parts, equipment) specialization complexes. Also, the reshoring of two or more companies will be recognized as joint reshoring as long as they have the same overseas business location—even when domestic locations differ— receiving up to a 5-percentage point increase in subsidy rates. According to MOTIE, a total of 13 Korean companies have reshored this year, and the public notice amendments are anticipated to spur further reshoring of firms in advanced industries, such as semiconductors, displays, and secondary batteries.   date2024-08-29

MOTIE and AMCHAM Korea discuss measures to expand trade and investment amid changing global trade landscape

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn attended the special meeting on August 29 held at the American Chamber of Commerce in Korea (AMCHAM Korea) to discuss measures to enhance Korea-U.S. trade cooperation and bolster Korea’s role as Asia’s business hub. The meeting proceeded in the form of a Q&A session led by Minister Ahn and AMCHAM Korea Chairman James Kim, with the participation of AMCHAM board members and roughly 100 domestic and overseas business leaders operating in Korea.   In answering questions, Minister Ahn articulated that amid the intensifying emergence of economic blocs, supply chain realignment, and other structural changes worldwide, Korea can turn these challenges into opportunities to establish itself as the regional hub by promoting foreign investment, reinforcing manufacturing competitiveness with focus on advanced industries, and mitigating trade risks for Korea-based companies. To the U.S. representatives of Korea-based businesses, Minister Ahn expressed appreciation for contributing to creating quality jobs and invigorating local economies in Korea, founded on their deep trust and investment in the Korean market. He added that the U.S. is Korea’s key ally and economic partner, conveying hope that the two countries’ economic cooperation strengthens going forward and asked for continued investment and interest in Korea. Driven by the all-time high foreign direct investment (FDI) Korea attracted last year, the Ministry of Trade, Industry and Energy (MOTIE) is aiming to reach its FDI target of USD 35 billion in 2024.   date2024-08-29

Trade Minister Cheong chairs International Seoul Symposium 2024

Korea’s Minister for Trade Inkyo Cheong chaired the International Seoul Symposium 2024 on August 28 at the Lotte Hotel Seoul under the theme of rebuilding the WTO dispute settlement system amid the changing trade environment.   The Symposium had the world’s top experts speak on the topic, including Petros Mavroidis (Professor of Law at Columbia Law School), Mark Wu (Henry L. Stimson Professor at Harvard Law School), Joost Pauwelyn (Professor of International Law at the Graduate Institute of International and Development Studies in Geneva), and Kathleen Claussen (Professor of Law at Georgetown University Law Center). The Ottawa Group ambassadors to Korea and other experts also engaged in the discussions and Q&A sessions following the keynote speeches.   Trade Minister Cheong stated that Korea will continue to proactively take part in the work on reforming the WTO’s dispute settlement body and other major functions, so that it can keep playing a relevant role in accordance with the changing trade landscape. date2024-08-29

Korea hosts Seoul Symposium 2024 on rebuilding WTO dispute settlement system

Korea’s Minister for Trade Inkyo Cheong chaired the Seoul Symposium 2024 (“Symposium”) today at the Lotte Hotel Seoul under the theme of rebuilding the WTO dispute settlement system amid the changing trade environment. Now in its second year since launching in 2023, the Symposium had the world’s top experts speak on the topic, including Petros Mavroidis (Professor of Law at Columbia Law School), Mark Wu (Henry L. Stimson Professor at Harvard Law School), Joost Pauwelyn (Professor of International Law at the Graduate Institute of International and Development Studies in Geneva), and Kathleen Claussen (Professor of Law at Georgetown University Law Center). The Ottawa Group ambassadors to Korea and other experts also engaged in the discussions and Q&A sessions following the keynote speeches.  In a video message, Director-General of the WTO Ngozi Okonjo-Iweala expressed high recognition for the constructive contribution to the reform discussions process shown by Korea, an active user of the dispute settlement body. She especially highlighted the Symposium’s significance in terms of covering the reform challenges in depth.  Trade Minister Cheong stated that, in line with the reform discussions, the Symposium serves as a venue for timely discussions on seeking efficient measures to realign the system. He added that Korea will continue to proactively take part in the work on reforming the WTO’s dispute settlement body and other major functions, so that it can keep playing a relevant role in accordance with the changing trade landscape. The Korean government plans to host more such international symposiums so that Korea can take a strong part in the discussions for reforming the WTO’s key functions and take the initiative in related talks with the Ottawa Group and other like-minded countries.   date2024-08-28

Talented youth and companies seeking win-win at Global Talent Fair 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is co-hosting the Global Talent Fair 2024 with the Ministry of Employment and Labor (MOEL) through August 27–28 at COEX in Seoul. The Global Talent Fair was launched to provide decent employment opportunities to job-seeking youth and connect quality talent with global businesses. As did last year, three existing job fairs were integrated into one and drew the participation of an unprecedented 400 companies. This year’s event newly showcases recruiting booths for semiconductors, secondary battery, and bio sectors to address young job-seekers’ keen interest towards employment in advanced industries. Launched in July, the Global Talent Supporters—a team comprising 20 undergraduate students—will support the job-seeking and original self-promotional activities of young talent through in-person interviews at companies and sharing of job market information. At the Global Talent Fair, job-seekers can access a variety of support programs, including one-on-one interviews with companies’ hiring managers, counseling, special lectures, success stories, and job briefings. They can also tap into one-stop information service on recruitment by foreign-invested firms and overseas companies lesser known than domestic counterparts. MOTIE’s Minister for Trade Inkyo Cheong attended the opening ceremony and gave a congratulatory message, stating that “Korea is lately garnering attention as the nucleus of the supply chain for advanced industries like semiconductors and secondary batteries, with the nation’s human resources heightening investment attractiveness.” MOEL Minister Lee Jung-sik expressed hope that Global Talent Fair 2024 will foster mutual growth, helping companies recruit valuable talent and Korea’s youth achieve their goals.   date2024-08-27

Trade Minister attends Global Talent Fair 2024

Minister for Trade Inkyo Cheong attended the Global Talent Fair 2024 opening ceremony with Employment and Labor Minister on August 27 at COEX in Seoul with participation of 400 companies to support job-seeking youth’s employment. The trade minister gave a congratulatory message to encourage companies and youth, then toured the booths set up by recruiting companies date2024-08-27

Korea’s retail industry grows 6.3% in July

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on August 27 that Korea’s retail industry grew 6.3 percent year-on-year (YoY) in July 2024, with sales declining 3.0 percent offline and increasing 16.9 percent online, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. Offline sales were affected by the lower number of holidays (-2 days YoY) and frequent rains (+4 rainy days YoY), which led to sluggish department store sales (down 6.4 percent) and robust sales at convenience stores (up 2.9 percent) and SSMs (up 1.4 percent) as more consumers opted to shop closer to home. By offline retail channel, hypermarket sales dropped 7.9 percent overall and declined across all categories due to less holidays and more frequent rains, with food products and home appliances/culture down 5.2 percent and 13.7 percent, respectively. Department store sales sank 6.4 percent as the majority of categories fell, including foreign designer labels (down 11.0 percent), household goods (down 5.0 percent), and miscellaneous goods (down 4.0 percent). Convenience store sales rose 2.9 percent overall. Recurrent rains negatively impacted sales of coffee, water, and other beverages, while highballs, alcoholic beverages, and gimbap sales climbed, raising those of processed food (up 2.4 percent) and instant food products (up 2.3 percent) by a small margin. Meanwhile, the increased purchases of transit cards by foreign tourists are boosting the category labelled as “other” (up 3.4 percent). SSM operators showed an uptick of 1.4 percent in spite of the continued drop across nonfood items (down 3.9 percent), as sales expanded for agricultural, fishery, and livestock items (up 2.6 percent), processed food products (up 0.2 percent) and food items (up 1.9 percent). Online retail jumped 16.9 percent as the heat wave triggered demand for stamina health foods and sunscreen items, resulting in surging sales of food products (up 21.0 percent) and cosmetics (up 16.3 percent). Demand for food delivery services, detergent, and other daily household goods steadily advanced across categories like service/other (up 61.6 percent) and living furniture (up 12.8 percent), whereas sales of fashion/clothing (down 9.6 percent) and sports (down 7.8 percent) slowed.   date2024-08-27

Trade Minister meets major ASEAN thinktank (ERIA) president

Minister for Trade Inkyo Cheong met Tetsuya Watanabe, President of the Economic Research Institute for ASEAN and East Asia (ERIA), on August 26 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed economic issues in trade, investment, supply chains, and clean economy covered during the Korea-ASEAN Summit 2023 and agreed to continue efforts on widening cooperation for the successful management of the Korea-ASEAN Trade and Economic Thinktank Dialogue to be launched next year. date2024-08-27