Ministry of Trade, Industry and Energy

Vice Minister Meets Oman’s Undersecretary of the Ministry of Energy and Minerals

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Oman’s Undersecretary of the Ministry of Energy and Minerals H.E. Mohsin Hamad Al Hadhrami on Monday, August 18, 2025, at Conference House Dalgaebi in Seoul. The two sides discussed cooperation in energy sectors, such as green hydrogen, renewable energy, and plants. date2025-08-19

Trade Minister Meets US Representatives

Korea’s Minister for Trade Yeo Han-koo met with US Representatives Beth Van Duyne and Richard McCormick on Thursday, August 14, 2025, at The Plaza Hotel in Seoul to discuss bilateral economic cooperation and trade negotiations. date2025-08-19

Trade Minister Meets Japanese Ambassador to Korea

Korea’s Minister for Trade Yeo Han-koo met with Japanese Ambassador Extraordinary and Plenipotentiary to Korea Mizushima Koichi on Thursday, August 14, 2025, at the Korea Chamber of Commerce and Industry in Seoul. The two sides discussed tangible measures to strengthen bilateral economic cooperation in industries, trade, and energy. date2025-08-19

Minister Visits Hanwha Ocean’s Shipyard

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan visited Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea, on Thursday, August 14, 2025. During his first industrial site visit since taking office, the minister attended the naming ceremony for two very large liquefied natural gas carriers, where he delivered congratulatory remarks and celebrated alongside Hanwha Ocean CEO Kim Hee-cheul and other officials. The minister then toured specialty shipyards before visiting the maintenance, repair, and overhaul site for Charles Drew, the 3rd US naval vessel currently at the Geojeo Shipyard. Encouraging employees and crew members, he also met with Kim Yoo-chul, leader of Hanwha Ocean’s labor union, to express appreciation for workers’ dedication to the rebound of Korea’s shipbuilding industry. date2025-08-19

Korea’s Shipbuilding Takes Another Leap with MASGA Project

[Naming Ceremony for LNG Carriers] Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. This marked his first industrial site visit following his appointment to the ministerial position. The two vessels are the first and second of five LNG carriers, worth a total of USD 1.2 billion, ordered in 2022 by a US LNG production company. They will be used for the global export of US-produced LNG. The vessels are categorized as very large LNG carriers, each with a capacity of 200,000㎥, enough to transport roughly one day’s worth of LNG consumption for the Korean population in a single shipment. They are symbolic examples of the “Make American Shipbuilding Great Again (MASGA)” collaborative project between Korea and the US, in that a Korean shipbuilder constructed vessels to transport US-sourced energy. In his congratulatory speech, Minister Kim stated that the MASGA project would support the US shipbuilding industry through investment in shipyards, skilled workforce training, and re-establishment of supply chains, while creating new market opportunities for Korean companies. He added that the Korean government would promptly form a council of related agencies and work closely with the US government to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site for Charles Drew, the 3rd US naval vessel currently at Hanwha Ocean’s Geoje Shipyard. He encouraged Hanwha employees and crew members, stating, “Shipbuilding cooperation between Korea and the US begins with MRO for US vessels. We hope our shipbuilding technology will revive Charles Drew, just as we did with the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Lastly, Minister Kim met with Kim Yoo-chul, Leader of Hanwha Ocean’s labor union and Chairman of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the rebound of Korea’s shipbuilding industry. Emphasizing that workplace safety must be a shared priority for labor, management, and the government alike, he called for all parties to work together as a team to prevent industrial accidents and ensure safe shipyard operations. In the first meeting of its kind between a MOTIE minister and a shipyard labor union leader, the minister also expressed hope that employees at the site would actively support the MASGA project, adding it would create new opportunities for Korea’s shipbuilders. date2025-08-14

Korea’s ICT Exports Surge 14.4% in July

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on August 14 that Korea’s exports of ICT goods in July 2025 climbed 14.5 percent year-on-year to USD 22.2 billion, while imports grew 9.8 percent to $13.3 billion. The trade balance recorded a surplus of $8.9 billion. Despite policy uncertainties, including the announcement of new US tariffs, ICT exports reached an all-time high for the month of July. Semiconductor exports, in particular, achieved a record-breaking performance for four consecutive months. Semiconductor exports spiked 31.2 percent year-on-year, driven by rising contract prices for DRAM and NAND memory, alongside sustained global demand for high-value memory products such as HBM and DDR5. Communication device exports rose 4.6 percent, supported by demand for battlefield communications equipment in the US and 5G equipment in Japan. Exports of displays (down 8.9 percent), mobile phones (down 21.7 percent), and computers/peripherals (down 17.1 percent) all declined; however, strong exports of finished smartphone products partially offset the drop. By destination, ICT exports increased to the US (up 11.9 percent), Vietnam (up 16.4 percent), the EU (up 18.0 percent), and Japan (up 23.9 percent), while exports to China (including Hong Kong) fell 5.6 percent. ICT imports in July rose 9.8 percent year-on-year to $13.3 billion, driven by gains in semiconductors (up 9.2 percent), mobile phones (up 19.3 percent), and computers/peripherals (up 15.6 percent). date2025-08-14

Korea-Vietnam Business Forum Held During State Visit by Vietnamese General Secretary To Lam

Prime Minister Kim Min-seok attended the Korea-Vietnam Business Forum at Lotte Hotel Seoul on the morning of Tuesday, August 12, 2025, demonstrating a commitment to strengthening bilateral relations. The forum was co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Vietnam’s Ministry of Finance (MOF) during Vietnamese General Secretary To Lam’s state visit to Korea. As the first state visit since Korea’s new government took office, the event brought together over 500 participants, including Second Vice Minister of MOTIE Lee Ho-hyun and Minister of MOF Nguyen Van Thang, government officials, agency representatives, and business leaders from both countries. It also featured a corporate presentation session where six Korean and Vietnamese firms shared insights on three key topics: digital, cutting-edge industries and supply chains, and energy. In the presence of the general secretary and the prime minister, a total of 52 Memorandums of Understanding (MOUs) were signed between bilateral private businesses and agencies. The MOUs will establish new foundations for economic partnership, covering various areas such as industrial cooperation, energy, and food and tourism. Of these, 28 MOUs cover traditional manufacturing and emerging industries, including shipbuilding, aviation, AI, finance, and port logistics. These agreements are expected to diversify industrial cooperation between the two countries through initiatives such as joint investment, human resources development, and industry-academia collaboration. 11 MOUs address areas such as clean energy and power grid stabilization, strengthening the foundation for stable and sustainable energy supply chains between the two countries. In addition, 3 MOUs on high-speed rail partnerships will likely create opportunities for Korean companies to participate in Vietnam’s national transportation and construction projects, while 10 MOUs on food, tourism, and other areas are expected to establish closer bilateral cultural cooperation. The Korean government plans to work closely with the Vietnamese government based on economic cooperation platforms such as the Joint Committee on Industry and Free Trade Agreements, to ensure the MOUs are effectively implemented and deliver tangible results. date2025-08-14

Minister Meets Vietnam’s Finance Minister

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Finance Nguyen Van Thang at Lotte Hotel Seoul on Tuesday, August 12, 2025, during Vietnamese General Secretary To Lam’s state visit. The ministers discussed ways to expand bilateral foreign direct investments and other areas of economic cooperation. date2025-08-13

Trade Minister Attends 32nd PECC General Meeting

Korea’s Minister for Trade Yeo Han-koo attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting at The Federation of Korean Industries (FKI) conference center in Seoul on Tuesday, August 12, 2025. The trade minister delivered a keynote address on the theme, "Trade, AI, and Demographics in a Shifting Global Landscape." The event brought together over 200 participants, including Lee Si-wook, President of the Korea Institute for International Economic Policy; Chung Chul, President of the Korea Economic Research Institute; Kim Chang-beom, Vice Chairman of FKI; and Richard Cantor, International Co-Chair of PECC and Vice Chairman of Moody's Investors Service; as well as government representatives from APEC member economies, industry insiders, and academics. date2025-08-13

Trade Minister Delivers Keynote Address at PECC, APEC’s Think Tank

Korea’s Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE) attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting on Tuesday, August 12, 2025, at the Federation of Korean Industries (FKI) Conference Center in Seoul, Korea. The event was co-hosted by the Korea Institute for International Economic Policy and FKI. PECC brings together government, industry, and academic representatives from across the Asia-Pacific region, serving as an official observer of the Asia-Pacific Economic Cooperation (APEC) and functioning as its think tank. Established in 1980, PECC directly contributed to the launch of APEC in 1989 by developing the concept for a regional economic cooperation body. This year marks the first time in 20 years that Korea is serving as APEC Chair. The PECC General Meeting was held in Seoul under the overarching theme, “Trade, AI, and Demographics in a Shifting Global Landscape." Trade Minister Yeo was invited as a special keynote speaker alongside James Robinson, 2024 Nobel Laureate in Economics and Professor at the University of Chicago. In his address, Yeo presented Korea’s mid- to long-term trade strategies for responding to fundamental shifts in the global trade environment, as well as his vision for the future direction of APEC. In his keynote address, he stated, “The global trade environment is undergoing a structural transformation,” identifying the securitization of economic issues, the weaponization of interdependence, and the rapid digitalization of trade driven by AI as the three major changes. He stressed that trade, technology, and supply chains are no longer purely economic issues but matters directly linked to national security. He noted that interdependence once served as a foundation to prevent disputes and promote cooperation, but under recent trade protectionism, it is increasingly being used as a weapon to pressure trading economies for national profit. Trade Minister Yeo added that these shifts in the trade landscape will have a particularly significant impact on the Korean economy, considering its high trade dependency (over 90 percent) and ratio of manufacturing (27 percent). To this end, he proposed three countermeasures: diversifying supply chains and markets through wider cooperation with the Global South, including ASEAN and India; strengthening convergence policies that combine trade, industry, and security with a focus on strategic sectors; and leading the establishment of new trade rules in areas such as climate change, supply chains, and AI. He stated, “Trade and industrial policy can no longer be pursued separately,” emphasizing the need for a packaged approach binding strategic sectors, trade negotiations, overseas investment, and technical cooperation. Furthermore, the trade minister remarked, “We stand at a turning point where the trade order that enabled global economic growth is undergoing fundamental change. Now more than ever, APEC needs to seek creative, practical cooperation,” calling on APEC and PECC, incubators of policy ideas for Asia-Pacific economic growth and prosperity, to “band together once again for cooperation and solidarity in the Asia-Pacific region.” In line with the 2025 APEC Summit scheduled for October, MOTIE is preparing various international business events to generate tangible economic outcomes. These include the APEC CEO Summit hosted by the Korea Chamber of Commerce and Industry; the Invest KOREA Summit; and Boom-Up Korea Week. The Korean government plans to successfully host APEC, demonstrating the country’s economic resilience and mature democracy to the world while exercising open leadership as a middle power in the evolving global trade order. date2025-08-13