Ministry of Trade, Industry and Energy

Trade Minister attends Hyundai LG Indonesia (HLI) Green Power plant completion ceremony

Minister for Trade Inkyo Cheong gave a congratulatory address at the ceremony hosted by Hyundai Motor commemorating the completion of Indonesian battery cell mass production plant on July 3 in Indonesia with the participation of 80 attendees, including Indonesian President Joko Widodo and Hyundai Motor CEO Chung Eui-sun. date2024-07-04

Korea and Indonesia to accelerate bilateral economic cooperation

Minister for Trade Inkyo Cheong visited Jakarta, Indonesia (July 2–4) amid anticipation of stronger Korea-Indonesia cooperation across a wide range of industries, including future mobility and clean energy.   Trade Minister Cheong first attended the ceremony celebrating the mass production of Indonesian battery-embedded electric vehicles (EV), hosted by Hyundai Motor, in the presence of Indonesia’s President Joko Widodo and other government key figures. The trade chief gave a congratulatory message, stating that he looks forward to seeing “made-in-Indonesia” EVs cruising throughout ASEAN and the global market and expressing hopes for the two countries’ economic cooperation to expand in all directions on the occasion of the EV collaboration.   Then he met with Indonesia’s Investment Minister Bahlil Lahadalia to discuss bilateral economic cooperation measures, asking for support and interest towards locally operating Korean companies’ projects currently being pushed forward in various areas like EVs and petrochemicals. The two sides agreed to closely cooperate in carbon capture and storage (CCS), solar power, carbon neutrality, and other clean energy areas.   The trade minister also attended the ceremony for the inking of memorandums of understanding (MOUs) on electric two-wheelers and for smart e-mobility cooperation, organized by Korea Smart E-Mobility Association (KEMA).   He visited the Economic Research Institute for ASEAN and East Asia (ERIA) as well for a meeting with experts on measures for enhancing cooperation in East Asia and the Pacific region and held a conference with locally operating Korean firms and institutions to gather opinions and discuss local business issues. date2024-07-03

SMR Alliance to push for incorporation into formal association in 2025

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, where he shared the strategy for global SMR leadership.   MOTIE’s policy directions on building global SMR leadership includes the following key strategies: supporting the construction and operation of Korea’s unique i-SMRs; accelerating SMR-based private businesses; establishment of foundries; and maintenance of infrastructure. The ministry plans to nurture a KRW 80 billion policy funding necessary for the construction and management of the ongoing development of the first-of-a-kind SMR (i-SMR), establishment of a private-led corporation, backing related demonstration projects, and for investment in SMRs and nuclear power industries. It is anticipated that the expansion of SMRs will lead to more opportunities for private sector creativity in areas of project development and marketing across Korea’s nuclear power industry.   Meanwhile, the SMR Alliance’s 44 member companies announced the plan of incorporating the Alliance into a formal association with aim to better support its SMR project developments. As the 11th Basic Plan on Electricity Supply and Demand takes SMRs into consideration and conditions for commercialization have improved, member companies declared the vision to launch preparations this year to convert the SMR Alliance into a form of an association by H1 2025, which would enable the private sector to take the reins while serving as a communication channel with the Government authorities and lawmakers. date2024-07-03

MOTIE and MSIT launch Nano Korea 2024

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) are hosting the 22nd International Nano Tech Symposium and Exhibition (“Nano Korea 2024”) for three days starting July 3 at KINTEX in Ilsan.   One of the three largest global nanotechnology events, Nano Korea acts as a venue for exchanges and collaboration between nano convergence companies and researchers.   Samsung and LG are among this year’s 356 companies exhibiting various nanotechnology products at 661 booths, showcasing the transparent display demonstrated at CES 2024 among other technologies applied across various advanced industries. Visitors can check out promising future items like special eco-friendly materials and graphene-based nano materials. Buyer and supplier companies can also engage in one-on-one business matching.   Experts from 28 different countries are gathering at Nano Korea 2024 to give professional lectures on 16 areas, including materials for extreme conditions, energy, and bio. At the opening ceremony, contributors to the development of the nanotechnology industry and R&D innovations are awarded Prime Minister’s Awards and Minister’s Awards from MOTIE and MSIT.   Those wanting to participate in Nano Korea 2024 can either pre-register or register onsite (https://nanokorea.or.kr). date2024-07-03

Vice Minister chairs 2nd K-Shipbuilding Super Gap Tech Alliance

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the second K-Shipbuilding Super Gap Tech Alliance meeting on July 2 at Panasia, an eco-friendly ship materials and equipment producer, where he announced the K-Shipbuilding Super Gap Vision 2040 and signed the MOU with three major Korean shipyards for joint R&D cooperation and discussed measures for enhancing future shipbuilding competitiveness.   The meeting was attended by representatives of related companies and institutions, including HD Hyundai Heavy Industries, Korea Evaluation Institute of Industrial Technology and Korea Marine Equipment Research Institute. date2024-07-02

Vice Minister visits Panasia

Trade, Industry and Energy Vice Minister Kang Kyungsung visited Panasia, an eco-friendly ship materials and equipment producer, on July 2 in Busan announcing the K-Shipbuilding Super Gap Vision 2040 and inspected the company’s industrial site safety. date2024-07-02

Vice Minister visits Hanwha Ocean shipyard

Trade, Industry and Energy Vice Minister Kang Kyungsung visited Hanwha Ocean on July 2 in Gyeongnam on announcing the K-Shipbuilding Super Gap Vision 2040 and received a briefing from Hanwha Ocean CEO Kwon Hyuk-woong and toured the company's smart shipyard.   date2024-07-02

MOTIE announces K-Shipbuilding Super Gap Vision 2040

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the second K-Shipbuilding Super Gap Tech Alliance on July 2 at Panasia, an eco-friendly ship materials and equipment producer, where he announced the K-Shipbuilding Super Gap Vision 2040.   Over the past six months, the Chief Technology Officers (CTOs) of Korea’s three major shipyards have worked in tandem with roughly 100 experts in related academia, industries, and research institutions, to establish the public-private joint roadmap for shipbuilding industry’s technological development, namely the K-Shipbuilding Super Gap Vision (“the roadmap”).   The Ministry of Trade, Industry and Energy (MOTIE) selected 100 core technologies (351 subtechnologies) considered essential for Korea’s shipbuilding industry to secure and develop in green, digital, and smart areas.   First, for eco-friendly, the roadmap aims to develop eco-friendly fuel propulsion, materials and equipment for green innovation, and offshore hydrogen and ammonia plant technologies with the goal of completing the zero-carbon emission shipyard technology portfolio by 2040. Moreover, focus will go towards securing foundational technologies for LNG carrier cargo, large-sized electric propulsion ships, and offshore demonstrations.   Second, for digital, MOTIE aims to secure automation across all stages from design to production to shipyard management with the goal of reaching 50 percent process automation by 2040. Priority is on developing technologies for automating high-risk, high-difficulty tasks like welding and vessel painting automation, as well as cooperative robot technologies. In the mid-to-long term, the ministry plans to secure 24-hour automated ship block construction technology and push for the establishment of a testbed.   Lastly, MOTIE will secure smart technologies necessary for the commercialization of fully autonomous vessels, including those related to sensors, materials and equipment, and integrated management systems. Simultaneously, efforts will be made to secure safety technology for preparation against emergencies and technologies enabling human-robot collaboration in place of crew services.   In these three areas (green, digital, smart), MOTIE proposed 10 flagship projects for developing super gap technologies. Prospective projects include ammonia propulsion ships, liquid hydrogen carriers, carbon capture and storage (CCS) systems, self-navigation platforms, and autonomous manufacturing processes, which will receive support for innovative technology development, demonstration for securing track record, and standardization, so as to intensively nurture the shipbuilding industry as the next growth engine. To this end, a public-private joint team will invest a minimum of approximately USD 1.4 billion (2 tln won) over the next decade for accomplishing the 10 projects.   The Korean government and the three major domestic shipyards shared the understanding that it is imperative to resolve site issues to improve productivity, entering a memorandum of understanding (MOU) for developing several site response technologies in the following areas: collaborative robotic welding; virtual reality (VR) education system for welding and painting; artificial intelligence (AI) chatbot for foreign manpower site support; and shipyard-contractor joint production platform development. date2024-07-02

Korea and EU launch 4th negotiating round for Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 2 that the fourth official negotiating round for the Korea-EU Digital Trade Agreement is held through July 2–4 in Seoul with the participation of both governments’ delegations, composed of roughly 30 members.   With the consensus on establishing a high-level digital trade agreement grounded on the Korea-EU Digital Trade Principles signed in November 2022, the two sides have thus far held three negotiating rounds. In this fourth round, they aim to seek measures for narrowing down differences and make further progress.   It is anticipated that the Korea-EU Digital Trade Agreement will establish the trade order for the digital economy, lay down new digital trade rules for accelerating related innovations, and bolster the Korea-EU digital trade network. date2024-07-02

Minister Ahn attends Korea-Vietnam Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Vietnam Business Forum on July 1 in Seoul, attended by approximately 500 persons comprising government officials, related institutions’ representatives and business leaders, including Vietnamese Prime Minister Pham Minh Chinh, and gave a welcome address and participated in the signing ceremony of 23 MOUs between the two countries. date2024-07-01