Ministry of Trade, Industry and Energy

Minister Ahn meets Vietnam's Minister of Industry and Trade

Trade, Industry and Energy Minister Dukgeun Ahn met Vietnam’s Minister of Industry and Trade Nguyen Hong Dien on July 1 in Seoul on margins of the Korea-Vietnam Business Forum and discussed measures for bilateral industrial and trade cooperation. date2024-07-01

Korea's H1 2024 exports climb 9.1%

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 1 that Korea’s exports for June rose 5.1 percent year-on-year to USD 57.1 billion, while imports declined 7.5 percent to $49.1 billion and the trade balance stood at a surplus of $8.0 billion.   The month of June posted the second highest export value ($57.1 billion) of all time, achieving growth for the ninth consecutive month. The average daily export value, accounting for the number of working days, likewise hit a historic high of $2.7 billion (up 12.4 percent), the highest in 21 months.   By item, six out of 15 major items advanced, with all of IT items (semiconductors, displays, computers, wireless communication devices) showing growth for the fourth consecutive month and raising overall exports. Semiconductors hit an all-time high of $13.4 billion in particular (up 50.9 percent), soaring for the eighth consecutive month. Displays (up 26.1 percent to $1.8 billion), computers (up 58.8 percent to $1.2 billion), and wireless communication devices (up 3.9 percent to $1.1 billion) logged growth for the 11th, sixth, and fourth consecutive month, respectively.   Affected by the lower number of working days in June (-1.5), automobile exports remained flat at $6.2 billion (down 0.4 percent year-on-year). On the whole, however, they managed to enter the $6 billion thresholds every month this year with the exception of February when the Seollal holidays landed. In addition, petroleum products (up 8.4 percent to $3.6 billion) and petrochemicals (up 4.8 percent to $3.7 billion) showed an expansion for the fourth and third consecutive month, respectively.   By region, five out of nine major destinations saw growth in June. Exports to the U.S. posted $11.0 billion (up 14.7 percent), resetting the monthly record each month since November 2023 after snapping the downward streak in August last year. China-bound exports showed growth for the fourth consecutive month, reaching $10.7 billion (up 1.8 percent) and the daily average export value (up 8.9 percent to $0.5 billion) increased for the seventh consecutive month. India-bound exports reached record highs for June as well (up 8.5 percent to $1.6 billion). Exports to ASEAN grew for the third consecutive month (up 11.8 percent to $9.6 billion), while those to the Middle East snapped the losing streak in one month (up 2.1 percent to $1.7 billion).   June imports decreased 7.5 percent year-on-year to $49.1 billion. Energy imports inched up 0.4 percent to $10.0 billion despite the fall in the import of gas (down 2.5 percent) and coal (down 25.7 percent), as crude oil imports increased (up 8.2 percent).   The trade balance led a 13-month winning streak and recorded $8.0 billion in surplus, up $6.8 billion in comparison with June 2023 and logging the biggest surplus in 45 months.   As for the first half of 2024 (Jan–June), exports climbed 9.1 percent year-on-year to an accumulated $334.8 billion. Quarterly growth rates are also on an upward trajectory since Q4 2023 (up 5.7 percent), with exports of Q1 and Q2 of 2024 posting 8.1 percent and 10.0 percent growth, respectively. Imports of H1 2024 shrank 6.5 percent to $311.7 billion and the trade balance stood at a surplus of 23.1 billion, a record high since H1 2018.   By item, nine out of 15 major export items increased, with semiconductor exports marking a second highest record for the first half (up 52.2 percent to $65.7 billion), owing to rising memory prices and growing demand for server-related downstream industries. Automobiles enjoyed robust demand for hybrid electric vehicles (HEVs) (up 19.5 percent), amounting to $37 billion (up 3.8 percent), a historic high for a H1. The tailwind driving ship exports since 2023 continued to boost exports throughout this year’s first half (up 28.0 percent to $11.8 billion).   By destination, six out of nine major regions a date2024-07-01

Korea and Vietnam hold Business Forum in Seoul on occasion of Vietnamese PM's visit

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Vietnam Business Forum, co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Planning and Investment Ministry, on July 1 in Seoul on the occasion of Vietnamese Prime Minister Pham Minh Chinh’s visit to Korea (June 30–July 3).   The Forum was also attended by approximately 500 attendees comprising the two countries’ government officials, related institutions’ representatives and business leaders, including Minister-Chairman of the Government Office Tran Van Son, Korea’s Hyosung Group Vice Chairman Cho Hyun-sang, and Supex Pursuit Council Chairman Choi Chang-won to discuss measures for bilateral economic cooperation.   In his welcome address, Minister Ahn congratulated the launching of the Forum in Seoul this year with the participation of both countries’ business leaders following last year’s in Hanoi, and proposed directions for bilateral economic cooperation and more vigorous exchanges through larger-scale trade and investment, stronger supply chain cooperation, and energy collaboration.   At the Forum, a total of 23 memorandums of understanding (MOUs) were sealed in not only traditional areas of Korea-Vietnam cooperation, but also in energy solution, bio, semiconductors, artificial intelligence (AI), education, healthcare, building anticipation for a more active collaboration between the two countries’ private sectors. date2024-07-01

Government holds 6th National Strategic High-Tech Industries Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced that the Korean government held the sixth National Strategic High-Tech Industries Committee meeting on June 27 and led the deliberation and resolution on plans for designations of national strategic high-tech industries for bio, as well as the new designation and alterations regarding national strategic advanced technologies.   The Government announced that, as a result of evaluations conducted on the eleven regions that have applied for the bio specialization complex (period of public notice: December 2023–February 2024) in terms of anchor companies, investment scale, industry ecosystem potential, regional balanced development, and such criteria, the following five regions have been designated as Korea’s national strategic high-tech bio specialization complexes: Incheon/Gyeonggi (Siheung), Daejeon (Yuseong), Gangwon (Chuncheon, Hongcheon), Jeonnam (Hwasoon), and Gyeongbuk (Andong, Pohang).   Under the National High-Tech Strategic Industry Act, the above bio specialization complexes will be provided assistance similar to what the specialization complexes received after designation in July 2023, including “time-out” for swift licensing, deregulation, tax and budget support, easing of floor area ratio (FAR) cap, power and water and such basic infrastructure, as well as pan-ministerial support for management and nurturing of the specialization complexes. The detailed plan for tailored development of each bio specialization complex will be established in the second half of this year.   Moreover, the Government will be further designating new technologies as “national high-tech strategic technologies” in addition to the 17 technologies of the semiconductor, displays, secondary battery, and bio sectors designated in May 2023. The new and upcoming designation will take the rapidly changing advanced industries’ competitive environment into consideration and factor in technological innovations around the world.   In accordance with the first basic plan on nurturing and protecting National High-Tech Strategic Industries and the action plan for 2024, future mobility, robots, nuclear power, and defense are some of the industries under review for designation as national high-tech strategic industries. Furthermore, the Government will review whether there exist additional technologies eligible for designation as national high-tech strategic technologies in the initially designated four industries (semiconductor, display, secondary battery, bio).   The Government plans to begin conducting surveys on the relevant industries beginning this July, which will be followed by the National Strategic High-Tech Industries Committee’s deliberation process for additional designations. date2024-06-28

Korea-U.S. Supply Chain and Commercial Dialogue (SCCD)

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) on June 27 in Washington D.C. with attendance of U.S. Secretary of Commerce Gina Raimondo and the two countries’ government delegations to discuss measures for working group outcomes and wider future cooperation. date2024-06-28

Korea-U.S. global standards cooperation picks up pace in advanced industries

Korea Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) held the Korea-U.S. Standards Cooperation Forum 2024 on June 28 at the National Press Club in Washington D.C. with the attendance of approximately 70 experts of both countries, including representatives from the American National Standards Institute (ANSI), National Institute of Standards and Technology (NIST), Intel, and IBM.   The Korea-U.S. Standards Cooperation Forum 2024 held in-depth discussions on the two countries’ joint progress in standards development in five advanced technology areas, namely semiconductors, artificial intelligence (AI), future mobility, quantum technology, and carbon neutrality/clean energy, with the addition of “digital ID” as a sixth new area, with participants agreeing to propose five new international standards for semiconductors, quantum technology, and solar cells and to launch a new global standards project in bio-semiconductor development.   On June 27, KATS and NIST sealed a memorandum of understanding (MOU) for supporting the two countries’ intergovernmental standards cooperation in facilitating joint efforts and information sharing of international and regional standards organizations, as a follow-up to the Korea-U.S.-Japan trilateral summit held at Camp David last August. On the same day, KATS also held a regular bilateral meeting to discuss measures for private sector collaboration, such as the sharing of advanced technology standards strategies and promoting standards talent exchanges. date2024-06-28

Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum

Trade, Industry, and Energy Minister Dukgeun Ahn attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum and MOU signing between Korea-U.S. semiconductor associations on June 27 in Washington D.C.   The Forum was attended by approximately 60 persons, including U.S. Secretary of Commerce Gina Raimondo, Korea Planning & Evaluation Institute of Industrial Technology (KEIT) President Jeon Yoon-jong, Korea Semiconductor Industry Association (KSIA) Vice Chairman Kim Jeong-hoi, and Semiconductor Industry Association (SIA) President and CEO John Neuffer. date2024-06-28

Korea and U.S. hold Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum

Trade, Industry, and Energy Minister Dukgeun Ahn and U.S. Secretary of Commerce Gina Raimondo attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum on June 27 in Washington D.C., co-hosted by the two countries' semiconductor associations, as part of implementing the agreed outcome of the first Korea-U.S. SCCD Dialogue (April 2023) on deepening public-private bilateral semiconductor cooperation.   The SCCD Semiconductor Forum was attended by representatives of the Ministry of Trade, Industry and Energy (MOTIE), U.S. Department of Commerce (DOC), both countries’ semiconductor companies, and related organizations, including Samsung Electronics, SK Hynix, Intel, IBM, Synopsis, Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and Invest Korea. Attendees covered the semiconductor industry’s current issues in technological development, talent nurturing, supply chain stability, and discussed measures for strengthening bilateral cooperation.   Korea Semiconductor Industry Association (KSIA) and the U.S.' Semiconductor Industry Association (SIA) entered a memorandum of understanding (MOU) for semiconductor supply chain cooperation and agreed to cooperate in technological development, talent training, business and investment facilitation in artificial intelligence (AI) and other emerging markets, as well as for regularizing the Forum.   In his opening address, Minister Ahn stated that the ministry aims to increase global R&D project investments and support technology cooperation between the two countries through the Korea-U.S. Industry and Technology Cooperation Centers. He also expressed anticipation towards seeing the Korea-U.S. AI Semiconductor Innovation Center contribute to both countries’ industry exchanges upon its establishment in the U.S. during the second half of 2024 and for the SCCD Semiconductor Forum to serve as a channel for bilateral public-private communication. date2024-06-28

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting   FOR IMMEDIATE RELEASE Thursday, June 27, 2024   WASHINGTON, D.C. - Today, U.S. Department of Commerce Secretary Gina Raimondo and Korean Minister of Trade, Industry, and Energy (MOTIE) Ahn Duk-geun held the second United States-Korea Supply Chain and Commercial Dialogue (SCCD) Ministerial Meeting. The Secretary and Minister reviewed progress made to-date between Commerce and MOTIE to deepen bilateral economic and commercial cooperation between the countries.   Secretary Raimondo and Minister Ahn noted the significant, substantive progress that is being undertaken through the SCCD working groups, which include: Advanced Manufacturing and Supply Chain Resilience including Semiconductors, Dual-Use Export Controls, Healthcare and Healthcare Technologies, and the Digital Economy. They also instructed staff to continue discussions through an SCCD critical minerals Sub-Working group to deepen U.S.–Korea critical minerals supply chain collaboration.   The Secretary and Minister noted deepening semiconductor investment cooperation, including the Department of Commerce recently signing non-binding preliminary memoranda of terms with Samsung Electronics to support a state-of-the-art leading-edge ecosystem in Central Texas, and with Absolics, an affiliate of the Korea-based SKC, to support a facility in Georgia for the development of advanced packaging substrates technology. The Secretary and Minister celebrated this progress at the U.S.-Korea SCCD Semiconductor Forum, co-hosted by the Semiconductor Industry Association and Korea Semiconductor Industry Association, which was held immediately before the SCCD Ministerial meeting. The Forum highlighted U.S.-Korea semiconductor cooperation in the key areas of supply chain, workforce development, and R&D as outcomes of the SCCD.   Secretary Raimondo and Minister Ahn acknowledged the increasing momentum under the SCCD healthcare and healthcare technologies working group, including a joint Commerce–MOTIE telehealth virtual showcase that was held in May 2024 with 72 attendees, and a U.S.-Korea Biopharma Roundtable at the 2024 BIO International Convention in San Diego at the beginning of June. They committed to further strengthening cooperation on healthcare innovation and supply chains between the two countries. The Secretary and Minister also acknowledged the meaningful outcomes of the Advanced Manufacturing working group, including an October 2023 Commerce-MOTIE hosted Additive Manufacturing Industry Showcase with over 100 U.S. and Korean companies who were able to learn about opportunities to compete and invest in one another’s markets.   Recognizing the need to protect our critical and emerging technologies from countries that may misuse them to undermine peace and security, they agreed to continue existing export control cooperation to address national security threats while minimizing supply chain disruption under the dual-use export controls working group. Finally, Secretary Raimondo and Minister Ahn discussed current and future cooperation under the SCCD digital economy working group, including cooperation on standard-related activities, and cooperation between Korean and U.S. industrial Artificial Intelligence companies.   The Secretary and Minister also committed to exploring opportunities for collaboration in third countries, where governments are seeking to increase their access to investment and global markets to enhance economic opportunity for their citizens.   date2024-06-28

Centers for Korea-U.S. advanced industry and technology cooperation open across top U.S. universities

The Ministry of Trade, Industry and Energy (MOTIE) launched the Korea-US Advanced Industry and Technology Cooperation Forum 2024 in Washington D.C. and held the opening ceremony of Korea-U.S. Industry and Technology Cooperation Centers at Yale University, Purdue University, Johns Hopkins University, and Georgia Institute of Technology.   The Forum was attended by approximately 200 persons, including MOTIE Minister Dukgeun Ahn, U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries' governments, companies, academia, and research institutions.   Beginning in the latter half of this year, MOTIE will set to work on mid-to-large scale (app. KRW 10 bln), mid-to-long term (5 yrs max) global joint R&D projects in order to secure far-reaching next-generation growth engines as part of the ministry’s ongoing efforts for international cooperation in advanced technology areas. Korean companies expressed strong interest in global technology collaboration, with 247 consortiums entering into competition over this year’s 45 project tasks.   Six more universities will be selected for the establishment of cooperation centers at a total of 12 universities by 2027 in addition to the six previously selected, namely Massachusetts Institute of Technology (MIT), Yale University, Purdue University, Johns Hopkins University, Fraunhofer, and Georgia Institute of Technology. The cooperation centers are to be utilized for uncovering promising joint projects for R&D planning and researcher matching between U.S. universities and Korean companies. Each of the selected universities will be assigning coordinators fully in charge of these projects and provide R&D space and other forms of support.   In his welcome address, Minister Ahn highlighted that solidarity and cooperation among friendly nations are essential for responding to the global multicrisis and shared the ministry’s aim to lead the achieve industrial innovation through a solid bilateral technology alliance based on the cooperation centers. date2024-06-28