Ministry of Trade, Industry and Energy

Korea and Germany launch 1st Industrie 4.0 & Dataspace Forum

Industries and Enterprises Deputy Minister Oh Seung-cheol at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the first Korea-Germany Industrie 4.0 & Dataspace Forum (“Forum”) today in Seoul, held with the participation of roughly 100 persons of both countries’ government bodies, academia, industries, and research institutions including Germany’s Federal Ministry for Economic Affairs and Climate Action. The Forum was held as a follow-up measure to the Korea-Germany ministerial talks (June 2023) and the third Korean-German Industry Working Group meeting (September 2024) for bilateral industry data sharing and platform cooperation. It also served as an inaugural event for facilitating detailed discussions among the entities of the private sector cooperative system established this April in accordance with the joint statement issued by the Korea Institute for Advancement of Technology (KIAT) and Germany’s Plattform Industrie 4.0 on creating an industry data ecosystem. The Forum’s launch signals the initial stride of cooperation between Germany’s industry data platform (e.g., Catena-X, Manufacturing-X) and that of Korea’s, which is to be developed in proportion to Korea’s industrial situation. Both countries’ Forum participants exchanged information on industry data platform policies and discussed measures for sharing and diffusing standards for platform synchronization. On the margins of the Forum, Korea Industrial Complex Corporation (KICOX) and Germany’s Labs Network Industrie 4.0 signed a memorandum of understanding (MOU) for industrial complex data sharing and data standards development support. Deputy Minister Oh stated that the Korea-Germany industry data platform cooperative system will act as a foundation in accelerating the industrial artificial intelligence (AI) transformation and that the two countries plan to broaden the scope of bilateral cooperation through joint research on industry data standards and mutual recognition.   date2024-10-14

Korea and EU launch 6th negotiating round for bilateral Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that government delegations of Korea and the EU will be entering the sixth official negotiating round for a bilateral Digital Trade Agreement (DTA) from October 15–17 in Seoul. With the shared vision to establish high-level digital trade norms based on the Korea-EU Digital Trade Principles agreed on the margins of the Korea-EU Trade Committee meeting convened in November 2022, the two sides have held five negotiating rounds since announcing the joint statement to launch DTA negotiations (October 2023). The sixth negotiating round will focus on seeking ways to move the negotiations forward through continued discussions in view of outcomes gained thus far. The Korea-EU DTA is anticipated to invigorate the bilateral trade of digital goods and services through an upgrade of digital trade rules, while also widening doors of opportunity for Korean businesses’ global market entry and collaboration by creating a more stable digital business environment.   date2024-10-14

EPC companies seek measures for Korea’s plant industry development at policy forum

Minister for Trade Inkyo Cheong attended the second Plant EPC Policy Forum (“Forum”) today in Seoul held to seek forward-looking strategies for Korea’s engineering, procurement, and construction (EPC) industry and discuss ways to achieve this year’s USD 33 billion overseas plant bid target. Forum attendees gave presentations on the Clean Hydrogen Production Standard (CHPS), financial assistance, and strategies with regard to the changing market ecosystem. Korea Power Exchange (KPX) introduced the clean hydrogen power bidding market launched this year in relation to hydrogen plants as a future growth engine and proposed business opportunities for each stage of the value chain from production to utilization, such as overseas project development, winning ammonia-powered container ship project bids, establishment of cargo handling and storage infrastructure, and domestic construction of hydrogen power plants. This was followed by the Export Credit Agency (ECA)’s presentation, which drew much interest from the EPC industry by providing an overview of the various overseas project funding programs run by relevant institutions like K-SURE and the Export-Import Bank of Korea (KEXIM).  In his congratulatory message, Trade Minister Cheong stated that winning overseas plant bid projects is a key means of export recovery, expressing hopes that the Government’s recent push for stronger cooperation with the Global South translates into diverse business opportunities across Korea’s plant sectors.   date2024-10-14

G7 Industry and Technological Innovation Ministerial

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Industry and Technological Innovation Ministerial on October 10 in Rome, Italy, as Chief Delegate of the Korean government.   The session was attended by representatives of the G7 members (Italy, Canada, EU, France, Germany, Japan, UK, U.S.) for discussions on global challenges with regard to the resilience and sustainability of the critical materials supply chain and related policy measures. date2024-10-11

Hallyu Expo 2024 to launch in Tokyo, spurring further export momentum and bilateral exchanges

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea will hold the Tokyo Hallyu Expo 2024 (“Hallyu Expo”) from October 12–13 in Tokyo through joint organization with Korea’s Ministry of Culture, Sports and Tourism (MCST), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), Ministry of SMEs and Startups (MSS), and the Korea Trade-Investment Promotion Agency (KOTRA). The Hallyu Expo is an event organized to promote brand awareness and overseas market entry of Korea’s promising consumer goods and services across global regions experiencing Hallyu (Korean Wave). With the 60th anniversary of Korea and Japan’s normalization of diplomatic relations and the Osaka Expo both slated for next year, the Hallyu Expo’s launch in Tokyo will serve as a jumpstart to providing support for Korean companies’ Japanese market penetration. This year’s Hallyu Expo will host a large-scale trade show through collaboration with K-POP artists. A total of 428 buyers from home and abroad will take part in the trade show and roughly 40,000 people coming for the K-POP concert will be participating in the Hallyu Expo as well. The Hallyu Expo’s opening ceremony will share congratulatory video messages from some of the two countries’ representatives including Korea’s Ambassador to Japan Park Cheol-hee and Japan-Korea Friendship Association Federation Chairman and Japan’s former Prime Minister Suga Yoshihide. Since the establishment of diplomatic ties in 1965, Korea-Japan relations have advanced to an important partnership for economic cooperation. With increasing intergovernmental and people-to-people exchanges, the number of mutual travelers reached 9.27 million in 2023 and the two countries expect the number to surpass an all-time high of 10 million this year. MOTIE aims to make use of the occasion to promote Korean consumer goods like food and cosmetics, services, and MPE (materials, parts, equipment) companies to Japanese buyers and directly communicate the strengths of Korean products to Japanese consumers. The Hallyu Expo will also take active advantage of online platforms to incorporate the changing consumer trends, showcasing various programs for participants to gain firsthand experience of Korea’s industry and culture.   date2024-10-11

Korea highlights importance of policy coordination for global supply chain resilience at G7 Ministerial

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Industry and Technological Innovation Ministerial on October 10 in Rome, Italy, as Chief Delegate of the Korean government. The session was attended by representatives of the G7 members (Italy, Canada, EU, France, Germany, Japan, UK, U.S.) for discussions on global challenges with regard to the resilience and sustainability of the critical materials supply chain and related policy measures. Deputy Minister Roh assessed that the recent global challenges, such as geopolitical tensions, climate change, and digital transition, are exposing vulnerabilities of the existing supply chain and shared how Korea is taking steps to reduce dependence on other countries through the “3050” strategy to halve its import dependence of critical items by 2030, while enhancing disruption predictability and minimizing repercussions through the Early Warning System.  He also added that Korea is in the process of establishing the Industrial Supply Chain Data Platform, which will enable companies to exchange valuable supply chain data without having to disclose trade secrets. Highlighting that global supply chain resilience and sustainability are difficult goals for countries to attain solely by individual effort, the deputy minister emphasized that long-term strategy and joint policy coordination are essential. He stated that Korea, as the inaugural chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN) and next year’s chair of the Asia-Pacific Economic Cooperation (APEC), is committed to cooperating with G7 members in turning the global challenges into opportunities for growth and innovation.   date2024-10-11

Korea and Singapore sign 10 MOUs on margins of bilateral Business Forum

MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng attended the Korea-Singapore MOU signing ceremony on October 8 in Singapore on the margins of the bilateral Business Forum with the participation of the two countries governments, companies and institutions, where they signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. date2024-10-10

Korea and Singapore advance cooperation in supply chains, energy, and high-tech industries

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 8 that the ministry will be expanding forward-looking cooperation in areas like supply chains, energy, and high-tech industries with Singapore, the global hub of logistics, technology, and energy, on the occasion of Korean President Yoon Suk Yeol and First Lady Kim Keon-hee’s state visit. First, on the margins of the Korea-Singapore summit talks (October 8), MOTIE entered into three intergovernmental memorandums of understanding (MOUs) with Singapore’s Ministry of Trade and Industry (MTI). The two ministries sealed the Supply Chain Partnership Arrangement (SCPA), Korea’s first bilateral supply chain partnership agreement. Under the SCPA, Korea and Singapore will closely monitor and exchange supply chain disruptions, convene emergency meetings, and provide mutual customs support. MOTIE also inked an MOU with Singapore for cooperation in liquefied natural gas (LNG) areas such as LNG swaps and joint purchases with an aim to stabilize domestic natural gas supplies and reduce costs. Lastly, the two ministries forged a technology cooperation MOU to push joint R&D in future mobility, artificial intelligence (AI), renewable energy, and other high-tech industries, through which both sides look forward to creating synergy from Singapore’s advanced innovative capacity and Korea’s high-tech manufacturing technology. The MOU signing ceremony was followed by the Korea-Singapore Business Forum, organized by the Korea Chamber of Commerce and Industry (KCCI) and Singapore Business Federation (SBF) with the participation of 250 persons, including MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. The two countries’ companies and institutions signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. In hydrogen, LNG, and other energy and infrastructure areas, the two sides sealed five MOUs. They plan to engage in joint research in next-generation energy systems, hydrogen technology, and clean energy areas with the participation of both countries’ businesses and universities. In high-tech, two MOUs were inked, including one on the commercialization and market expansion of autonomous cars. Through the MOU, it is expected that Korea’s self-driving carmakers will be able to establish a base for entry into Southeast Asian markets. In retail and commerce, Korea and Singapore closed two MOUs, spurring anticipation for Korean food and retail businesses’ further entry into Asia’s logistics hub. In entertainment, the two sides inked an MOU for promoting K-POP performances and events across Singapore and other Asian markets as well as supporting the discovery of new artists. MOTIE plans to provide active assistance so that the MOUs forged on this occasion can lead to tangible outcomes.   date2024-10-10

Korea and other GFSEC members discuss measures for stronger action against challenges from steel excess capacity

Deputy Minister for Industry Policy Lee Seung-ryeol attended the virtual meeting of the Global Forum on Steel Excess Capacity (GFSEC) on October 8, where the members adopted a joint ministerial statement on response against issues concerning the increase in steel excess capacity. This seventh meeting of the GFSEC was convened based on the members’ shared recognition of the need for stronger measures against the intensifying challenges arising from steel excess capacity. Global steel excess capacity increased to 0.55 billion metric tons in 2023 and is projected to reach 0.63 billion metric tons by 2026. In the joint statement, GFSEC members addressed various means to solve the problem, including closer monitoring and encouraging new membership.  Deputy Minister Lee stated that Korea acknowledges the graveness of the situation and has been taking steps to promote sustainable steel production and a fair trade order, vowing commitment in international endeavors to tackle the excess capacity issue through multifaceted cooperation.   date2024-10-10

Korea and Philippines agree to stronger supply chain and nuclear energy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Hydro & Nuclear Power (KHNP) reached a new milestone with the Philippines today for cooperation in supply chain and nuclear energy with the Filipino Department of Trade and Industry (DTI), Department of Environment and Natural Resources (DENR), and the Department of Energy (DOE) on the margins of Korean President Yoon Suk Yeol’s state visit to the Philippines for a bilateral summit. First, MOTIE entered into a memorandum of understanding (MOU) for supply chain in critical raw materials with the Philippines, the world’s second largest nickel producer. The MOU is expected to help the two countries build a mutually beneficial supply chain and take joint response against sudden supply chain disruptions amid the ongoing U.S.-China competition and global economic fragmentation. KHNP sealed an MOU with the Philippines’ Department of Energy for cooperation on the feasibility study for resuming construction of the Bataan nuclear power plant, which has been put on pause in 1986. They aim to launch feasibility investigations in terms of assessing the safety of continuing the Bataan project and its economic value. On the heels of the MOU signing ceremony, the two countries’ economic groups organized the Korea-Philippines Business Forum with the participation of roughly 300 business leaders of both sides, where they inked a total of 13 additional MOUs between economic groups and companies in areas like nuclear reactors, energy, construction, infrastructure, aircraft maintenance, defense, agriculture, and retail. In nuclear reactors and energy, three MOUs were signed for cooperation on nuclear energy technology and gas-fired combined cycle power plant (CCPP) projects. Korea’s major plant company and the Philippines’ largest independent power producer (IPP) entered into two MOUs, fueling anticipation for collaboration over all energy sectors going forward. In line with the numerous large-scale construction and infrastructure projects recently pushed by the Filipino government, four MOUs were signed in construction and infrastructure areas such as manpower and information exchange as well as smart city. Based on these MOUs, Korean businesses are looking forward to enhanced chances of winning more projects put out by the Philippines. Five MOUs were forged in aircraft maintenance, defense, agriculture, and retail, which has helped establish stable grounds for cooperation in not only manufacturing but in all industries including service and food, while also contributing to boosting Korean businesses’ exports. Meanwhile, the Federation of Korean Industries (KFI) and the Philippines Chamber of Commerce and Industry (PCCI) sealed an MOU to spur bilateral economic cooperation and widen the scope of information exchange, which is anticipated to further catalyze exchanges and cooperation between the two countries’ economic groups. MOTIE plans to actively support the MOUs closed between businesses and economic groups today on the sidelines of the Korea-Philippines Summit to ensure they translate into tangible outcomes.   date2024-10-07