Ministry of Trade, Industry and Energy

Foreign Company Day 2024

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Foreign Company Day 2024 on November 5 in Seoul, held to encourage foreign-invested companies and related institutions, and awarded 40 government commendations including the Silver Tower Order of Industrial Service Merit presented to Edwards Vacuum for localization of vacuum pump technology. date2024-11-06

Korea and U.S. Reach Provisional Agreement on Nuclear Cooperation

Consistent with the deep and longstanding relationship between the United States and the Republic of Korea, the two countries reached a significant outcome on November 1, advancing their cooperation on civil nuclear energy by initialing a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  The United States and the Republic of Korea reaffirmed their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the highest standards of nonproliferation, safety, safeguards, and security. Toward this end, the parties strengthened their administration of export controls on civil nuclear technology.  These further commitments will provide a springboard for the expansion of our bilateral work in combatting climate change, accelerating global energy transitions, and assuring critical supply chains while creating billions of dollars worth of new economic opportunities and the creation or maintenance of tens of thousands of manufacturing jobs for both of our industries. The MOU will proceed to final review in both countries' capitals.   date2024-11-05

Minister Ahn meets Qatar's energy minister and QatarEnergy CEO

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and the President and CEO of QatarEnergy, today in Seoul for the Korea-Qatar Energy Ministers’ Meeting for discussions on outcomes and follow-ups to the Korea-Qatar summit held last October, as well as stable energy supply and clean energy cooperation. date2024-11-04

Korea and Qatar discuss stable energy supply & clean energy cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and the President and CEO of QatarEnergy, today in Seoul for the Korea-Qatar Energy Ministers’ Meeting. As of 2023, Qatar is Korea’s second largest supplier of liquefied natural gas (LNG). With the two countries’ cooperative ties having further advanced on the occasion of the Korea-Qatar Summit held in October 2023, today’s highest-level energy talks were held for discussions on the summit outcomes and follow-up measures. The meeting served as an opportunity to reaffirm both countries’ commitment to stabilizing the energy supply amid recent Middle East tensions and rising global interest towards energy supply issues. Sharing a high regard for their close LNG ties, the two sides agreed to maintain them going forward and further discussed measures for expanding the scope of collaboration based on their successful LNG partnership to push cooperation in renewable energy, hydrogen, and such clean energy sources.  Moreover, Minister Ahn introduced the Korea-led Carbon Free Energy (CFE) Initiative with anticipation for prospects of mutual cooperation. They also discussed energy, plants, LNG carriers, and other areas in which the two countries are currently seeing tangible outcomes ensuing President Yoon Suk Yeol’s state visit to Qatar and the bilateral summit.   date2024-11-04

Trade Minister Ahn holds meeting with APEC Vision Group

Minister for Trade Inkyo Cheong convened a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO) on November 1, where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items. date2024-11-04

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea visited APEC 2025 host city Gyeongju on November 1 to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. date2024-11-04

Trade Minister leads discussions on stronger strategic cooperation with India

Minister for Trade Inkyo Cheong of the Republic of Korea held a conference on October 31 at the Korea Chamber of Commerce and Industry (KCCI) for discussions on measures for stronger strategic cooperation with India, whose importance is growing across the global supply chain. The conference was  held with the participation of related experts and leaders of major economic institutions including the Korea Institute for Industrial Economics & Trade (KIET), Korea Institute for International Economic Policy (KIEP), Korea Rural Economic Institute (KREI), Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA), and KB Securities. date2024-11-01

Minister Ahn chairs 3rd Global Trade Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the third Global Trade Strategy Meeting on October 31 in Seoul with the participation of relevant experts and representatives of economic groups and major industries including semiconductors, automobiles, battery, and steel. date2024-11-01

Overseas Certification Trends 2024

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook attended the Overseas Certification Trends 2024 on October 31 at the Seoul Trade Exhibition Center (SETEC) and shared the latest trends on the certifications for global market entry of major export items. date2024-11-01

Korea’s exports rise 4.6% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports for October rose 4.6 percent year-on-year to USD 57.5 billion. Imports rose 1.7 percent to $54.4 billion and the trade balance stood at a surplus of $3.17 billion (up $1.62 billion). This year’s October exports reached an all-time high for the month, maintaining the winning streak for the 13th consecutive month and renewing monthly highs for three months straight since August. Ten out of 15 major items advanced, led by semiconductors (up 40.3 percent to $12.5 billion), which logged historic highs for the month and kept up the growth pace for 12 months straight. Computer exports posted double-digit growth (up 54.1 percent to $1.0 billion) and wireless communications devices (up 19.7 percent to $2.0 billion) climbed for the eighth consecutive month. Automobile exports grew 5.5 percent to $6.2 billion, attaining record highs for October and renewing monthly highs for the second month straight. Car parts hiked 5.9 percent to $1.9 billion, turning to an expansion in three months. Bio-health exports soared 18.5 percent to $1.2 billion, increasing for the fourth consecutive month. Steel exports (up 8.8 percent to $2.9 billion) snapped their eight-month losing streak and petrochemicals (up 10.2 percent to $4.0 billion) turned to growth in two months, while textiles (up 2.5 percent to $0.9 billion) and home appliances (up 5.0 percent to $0.7 billion) both recovered the upward trajectory in three months. Meanwhile, the export of petroleum products (down 34.9 percent to $3.4 billion) shrank from unit cost declines of products tied to oil prices. By region, exports to five out of nine major destinations showed growth. China-bound exports surged on the backs of strong performance by semiconductors and petrochemicals, amounting to an all-time high at $12.2 billion (up 10.9 percent) and growing for the 8th consecutive month.  Exports to the U.S. achieved an unprecedented $10.4 billion (up 3.4 percent) for October, renewing monthly highs for the 15th consecutive month. To the EU (up 5.7 percent to $5.3 billion), demand for wireless communications devices and bio-health led to growth for the third consecutive month. Meanwhile, gas imports increased 30.2 percent but oil price falls reduced crude oil imports (down 17.9 percent), pushing down overall energy imports to $11.2 billion (down 6.7 percent). Non-energy imports increased 4.1 percent to $43.2 billion.   date2024-11-01