Ministry of Trade, Industry and Energy

Korea and U.S. to expand clean energy cooperation

The U.S.-ROK Clean Energy Forum was held at the Marriott Marquis Hotel in Washington, D.C., on June 25 as a part of both nations' dedication to accelerating the clean energy transition, expanding clean electricity deployment and building clean energy economies, which the two leaders agreed upon in April last year. About 80 participants from the two governments, industry, academia, and research attended the forum.   The thematic sessions covered advanced battery technology development and demonstration, energy storage systems (ESS) to expand clean electricity; clean energy investment and financing; electricity power grid innovation for a reliable, resilient, stable, and affordable system; and commercialization and deployment of clean hydrogen technologies, including mobility, supply chain, and certification. These discussions among government officials and experts from industry, academia, and laboratories illuminated the vast opportunities and challenges for bilateral cooperation in each of these areas, painting a promising picture for the future of clean energy.   In his congratulatory address, Minister Dukgeun Ahn reiterated the importance of the forum, stating that "We have a valuable opportunity to unlock further potential for Korea and the United States to engage in mutual efforts towards a clean energy future while the Korean private sector has responded to the attractive IRA incentives by investing in the United States." He also proposed to "regularize the U.S.-ROK Clean Energy Forum and continue the energy policy dialogue at the Ministerial level. By strengthening our energy cooperation, I am confident that we can achieve energy security and address the climate crisis facing our world together."   date2024-06-27

Korea and Japan discuss measures for implementing summit outcomes on margins of Washington trilateral

Trade, Industry and Energy Minister Dukgeun Ahn met Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. on the margins of the Korea-U.S.-Japan trilateral industry ministers’ meeting and discussed measures for implementation of agreed outcomes of the Korea-Japan summit held this May.   The delegations of both sides welcomed the launching of the recent inaugural Hydrogen Cooperation Dialogue in Seoul and agreed on installing the Clean Hydrogen and Ammonia Supply Chain Development Working Group and on nurturing public-private cooperation through the “Korea-Japan Hydrogen and Ammonia Supply Chain and Utilization Cooperation Platform (tentative)” and other means.   The two sides also agreed to consult with experts for a more detailed cooperation on the Carbon Free Energy (CFE) Initiative and highly assessed the Korea-Japan Global Green Cooperation Working Group held this May and decided to bolster joint response.   The Korean and Japanese delegations agreed to continue their supply chain discussions across major industries while also making concerted efforts to stabilize the global supply chain for critical minerals. Lastly, they discussed measures for cooperation in key multilateral initiatives like the Indo-Pacific Economic Framework for Prosperity (IPEF) and the World Trade Organization (WTO), as well as the Korea-Japan-China and Korea-U.S.-Japan multilateral consultations. date2024-06-27

U.S.-based advanced industry & energy firms pledge $0.6 bln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 26 that three U.S companies (ON Semiconductor, Corning, Pacifico Energy) submitted declarations of investment in Korea totaling USD 0.6 billion (KRW 850 billion) on the occasion of Minister Dukgeun Ahn’s visit to Washington D.C for the inaugural Korea-U.S.-Japan trilateral industrial ministers' meeting.   ON Semiconductor is a leading power semiconductor company that completed the expansion of its silicon carbide (SiC) fabrication plant in Bucheon last October, with plans to further expand production facilities through this investment. SiC is a high voltage- and high temperature-durable next-generation material in which ON Semiconductor holds expertise. The company has been making large-scale investments in Korea since 2022 after choosing the Bucheon plant as its SiC power semiconductor manufacturing hub.   Corning is a global firm in advanced materials like specialty glass, ceramics, and fiber-optic cable for displays and mobile devices. Having invested over an estimated $9.3 billion (₩13 trillion) in Korea over the past five decades, Corning plans to invest in upgrading its Corning Precision Materials facility located in Asan, South Chungcheong Province, for next-generation processing technology applications.   Based in California, Pacifico Energy currently operates solar and wind power projects in the U.S., Japan, and Vietnam, and is aiming to build a large-scale 3.2GW offshore wind power complex in South Jeolla Province of Korea. The first U.S. energy firm to enter Korea’s offshore wind power market, Pacifico Energy’s investment success is anticipated to become the symbol of Korea-U.S. clean energy cooperation.   Minister Ahn stated that full measure will be given to make sure the investments help strengthen the two countries’ advanced industrial supply chain cooperation and energy security. date2024-06-27

Trade Minister attends Global Net Zero Connection 2024

Minister for Trade Inkyo Cheong attended Global Net Zero Connection 2024 on June 24 in Seoul and signed the cooperation MOU on greenhouse gas (GHG) emission mitigation with the Cambodian Ministry of Environment and Bangladeshi Ministry of Environment, Forest and Climate Change for uncovering joint GHG reduction projects and developing procedures and standards for transferring mitigation outcomes.   Trade Minister Cheong gave a welcome address to the 160 attendees at the event, composed of representatives from Cambodia, Bangladesh, Laos, Kenya, Ghana, Sri Lanka, and Uzbekistan, as well as CEOs of Korean and overseas companies. date2024-06-26

Korea discusses bilateral EPAs with Pakistan, Bangladesh, Serbia, and Dominican Republic

Minister for Trade Inkyo Cheong held a conference on June 26 with the ambassadors to Korea of Pakistan, Bangladesh, Serbia, and the Dominican Republic to discuss measures for forging bilateral Economic Partnership Agreements (EPAs).   MOTIE is currently making effort to diversify supply chains and secure critical mineral resources through flexible and extensive cooperation via EPAs, with plans to further expand the trade network to cover a wider range of emerging markets following Georgia, Mongolia, Thailand, and Tanzania, countries with which Korea is presently engaging in negotiations for bilateral EPAs.   Trade Minister Cheong stated that Pakistan, Bangladesh, Serbia, and the Dominican Republic “hold prominent strategic value in terms of population, growth potential, and resources,” and added that Korea intends to enlarge the scope of economic cooperative ties with these countries in various areas through EPAs.   The four countries’ ambassadors to Korea agreed to actively cooperate in pushing for bilateral EPAs, sharing the view that the Agreements will serve as a firm institutional foundation for not only trade and investment growth but also for the fundamental development of their economic cooperative relations. date2024-06-26

Minister Ahn attends Korea-U.S. Networking Reception

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Networking Reception on June 25 in Washington D.C. and gave a congratulatory message in the presence of 130 attendees, including U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries’ governments, related associations, and business figures. date2024-06-26

Minister Ahn meets Special Presidential Advisor for the Americas

Trade, Industry and Energy Minister Dukgeun Ahn met former U.S. senator and incumbent Special Presidential Advisor for the Americas Chris Dodd on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea-U.S. trade, investment, supply chain and economic cooperation. date2024-06-26

Minister Ahn meets Deputy Secretary of U.S. Department of Energy

Trade, Industry and Energy Minister Dukgeun Ahn met with Deputy Secretary of the U.S. Department of Energy David M. Turk on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed measures for stronger Korea-U.S. energy cooperation. date2024-06-26

Minister Ahn meets UAE Minister of State for Foreign Trade

Trade, Industry and Energy Minister Dukgeun Ahn met with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea-UAE trade and investment, bilateral CEPA prospects, and ratification timeline.   date2024-06-26

International Light Convergence Expo 2024 launches at KINTEX, Ilsan

The Ministry of Trade, Industry and Energy (MOTIE) is holding the opening ceremony of the International Light Convergence Expo 2024 (June 26–28) at KINTEX in Ilsan on June 26.   Now in its 22nd year as Korea’s largest light convergence industry exhibition, International Light Convergence Expo 2024 is launched with the participation of 150 relevant companies and institutions.   The Expo will be running buyer consultation sessions to support new market entry, showcase Korea’s latest light convergence technologies, and facilitate discussions on business strategies through an industrial forum.   Based on LED and laser technology, light convergence creates technological and market value through convergence with other industries and serves as a key foundational technology for ushering in future and advanced industries’ new sectors.   The opening ceremony is attended by 60 persons, including lawmaker Kim Sung-won, MOTIE officials, and related companies and institutions’ representatives. Contributors to the light convergence sector are awarded government commendations for developing new technologies and achieving other advancements.   The Presidential Commendation Award goes to Optoelec for developing ultrasmall optical devices for semiconductor manufacturing and the Prime Minister’s Commendation to SCL for developing high-efficiency smart lighting technology. The MOTIE Minister’s Commendation is awarded to four researchers at KIEL Institute for their contribution to the light convergence industry’s technological development. date2024-06-26