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Energy
Minister chairs public-private joint Battery Alliance meeting
Trade, Industry and Energy Minister Dukgeun Ahn held the third public-private joint Battery Alliance meeting on March 11 at Korea Technology Center in Seoul to lead discussions on next-generation battery technology development, development of low-end products, responding to trade issues, self-sufficient supply chain establishment through investment, and building a battery cycle ecosystem, for which he stated that public-private communication and cooperation will be strengthened. Attendees also reviewed domestic and global issues and discussed future response measures. Attendees consisted of representatives of relevant companies and institutions, including Samsung SDI, SK On, LG Energy Solution, and POSCO Future M. date2024-03-11
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Industry
Public and private sectors join hands for development of all-solid-state batteries
Trade, Industry and Energy Minister Dukgeun Ahn attended the public-private Battery Alliance meeting on March 11 to discuss key issues and future response measures, and Korea’s top battery makers agreed on the need for the development of next-generation battery technology. Considered a gamechanger for the battery industry, next-generation batteries are secondary batteries made with substances different from those of existing batteries to dramatically enhance their performance and safety. Next-generation battery development in Korea, led by three major battery producers, is currently conducted on an individual company basis, but it is anticipated that the above project will help nurture an organic ecosystem incorporating all firms specializing in domestic parts, materials, equipment, and cells, as well as finished car makers. The Korean government plans to pour KRW 117.2 billion won by 2028 in developing three kinds of promising batteries: all-solid-state batteries (ASSBs), lithium metal batteries and lithium-sulfur (Li-S) batteries. At the Alliance meeting, public and private sector representatives discussed a wide range of joint projects to launch this year. Major domestic battery producers, as well as EcoPro and L&F, are pushing investment related to lithium iron phosphate (LFP) products, for which MOTIE provided support to companies’ technology development in 2023. In 2024, MOTIE plans to support private sectors secure technologies for sodium-ion battery development. In 2024, Korean companies intend to invest over 9 trillion won in facilities and R&D, 7.1 trillion won of which will go to facility investment. Key facilities include next-generation battery pilot lines, the 4680 battery production line, LFP cathodes production lines, and anodes production, including graphite processing. Minister Ahn presented the following as joint public-private project tasks this year: next-generation battery technology development, low-end product development, responding to trade issues, self-sufficient supply chain building through investment, and establishing a battery cycle ecosystem. Minister Ahn said that the Alliance will be the beginning of efforts for strengthening public-private communication and cooperation in tackling these project tasks. date2024-03-11
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Industry
Korea and UK deepen cooperation in international standards for quantum technologies as summit follow-up
Korean Agency for Technology and Standards (KATS) President Jin Jong-wook, under the Ministry of Trade, Industry and Energy (MOTIE), visited the British Standardization Institute (BSI) in the UK on March 11 to enter a memorandum of understanding (MOU) on the management of the ISO/IEC joint technical committee (JTC3) on quantum technologies and on the establishment of a subcommittee for standards development. This is a part of the follow-up to the Korea-UK summit meeting (November 2023) with aim to deepen bilateral cooperation on international standards development in quantum technologies. Korea and the UK led the establishment of JTC3 in December 2023, with Korea as Chair and the UK as Secretariat, and the two countries will be able to further mutual cooperation on developing international standards in quantum technologies through this MOU. Korea and the UK are to hold the JTC3 inaugural general meeting this May in Seoul, and the two sides discussed measures for aligning their quantum technology standards strategies and industrialization, agreeing to expand bilateral cooperation in advanced industries in the future. Moreover, Korea signed a contribution agreement with the International Electrotechnical Commission (IEC) in Geneva as the first country to participate in the Global Impact Fund (GIF), launched to facilitate the international standards utilization of developing countries. Over the next five years, Korea plans to transfer international standards experience and knowhow to developing countries’ relevant experts and support their efforts in tackling climate change and other global issues through international standards utilization. KATS President Jin stated that “As Invited Chair for JTC3, Korea has established a cooperation system for stronger leadership in international standards through this MOU with the Secretariat holder UK” and added that “strong support will be provided through the JTC3 general assembly slated this year in Korea to bolster the nation’s leadership in global standards development for quantum technologies, a key area for technological innovation in future advanced industries.” date2024-03-11
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Energy
12th Korea-Denmark Green Growth Alliance
Trade, Industry and Energy Minister Dukgeun Ahn met Lars Aagaard, Danish Minister of Climate, Energy and Utilities, in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to discuss bilateral cooperation in offshore wind and hydrogen energy and entered a memorandum of understanding (MOU) on new energy industrial cooperation. date2024-03-11
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Trade/Investment
Minister meets Arkansas Governor
Trade, Industry and Energy Minister Dukgeun Ahn met with Arkansas Governor Sarah Huckabee Sanders on March 11 in Seoul to discuss measures for cooperation in critical minerals and trade between Korea and the State of Arkansas. date2024-03-11
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Energy
Vice Minister meets UK's Permanent Secretary for the Department of Energy Security and Net Zero
Trade, Industry, and Energy Vice Minister Namho Choe met with the UK's Jeremy Pocklington, Permanent Secretary for the Department of Energy Security and Net Zero, on March 8th in Seoul for the UK-ROK Clean Energy High-Level meeting and held discussions on measures for cooperation in critical minerals, offshore wind power, and clean hydrogen. date2024-03-08
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Energy
Korea and Denmark hold 12th bilateral Green Growth Alliance to discuss clean energy cooperation
On Friday, 8 March, Minister of Trade, Industry and Energy, Dukgeun Ahn, and Danish Minister of Climate, Energy and Utilities, Lars Aagaard, met in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to engage in constructive discussions on bilateral clean energy cooperation. Since its inception in 2011, the Green Growth Alliance (GGA) has been a platform to foster bilateral cooperation in sectors including green industry, shipping, and finance through annual ministerial meetings. This year's Green Growth Alliance meeting was centered on discussing clean energy cooperation, with a keen focus on offshore wind and hydrogen. Minister Ahn highlighted Korea's commitment to promoting carbon neutrality by emphasizing the need to mobilize all available carbon-free energy (CFE) sources. Moreover, he expressed his eagerness to collaborate with Denmark, a country renowned for its expertise in carbon neutrality implementation, to raise awareness about the importance of expanding the deployment of carbon-free energy. Both ministers also agreed to expand cooperation in offshore wind power by combining Denmark's extensive expertise in power generation and Korea's strong manufacturing capabilities. In addition, they committed to sharing their relevant experiences, including policy responses to the issue of public acceptance, in an effort to promote offshore wind as a viable pathway towards achieving carbon neutrality. The two countries agreed to expand industrial and technological cooperation on a private level in the hydrogen sector and work together to build a stable and economical global hydrogen supply chain. Denmark, renowned for its advanced wind power technology, is a future green hydrogen producer, and it is envisaged that bilateral cooperation in this field will facilitate the exchange of ideas and expertise and foster a fruitful partnership between the two nations. Furthermore, the two countries renewed the Memorandum of Understanding (MOU) on cooperation in the clean energy and new energy industry to include more areas of cooperation. To this end, both Ministers agreed to strengthen collaboration in hydrogen and energy efficiency. During the Danish minister's visit, the two countries also held the Korean-Denmark Hydrogen R&D Symposium and the Korea-Denmark Offshore Wind Business Conference, in an effort to expand public and private cooperation in key clean energy sectors like hydrogen and offshore wind. date2024-03-08
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Energy
The UK-ROK Clean Energy High-Level Meeting
The UK-ROK Clean Energy High-Level Meeting The UK-ROK Clean Energy High-Level meeting took place on March 8th in Seoul, with Namho Choe, Vice Minister of Trade, Industry, and Energy (MOTIE), and Jeremy Pocklington, Permanent Secretary for the Department of Energy Security and Net Zero, leading the discussion. This meeting is a deliverable to the Clean Energy Partnership signed during President Yoon suk-yeol’s State Visit to London in late November last year, meeting with Prime Minister Rishi Sunak to discuss our shared priorities. It marks a significant step towards a "global strategic partnership" to advance our respective efforts and common goals to address energy security and the climate crisis. Vice Minister Choe and Permanent Secretary Pocklington have highlighted the immense potential of bilateral cooperation to accelerate the global transition to net zero, with a strong emphasis on clean energy. This collaboration is crucial in light of the recent geopolitical conflicts and the climate crisis, which have disrupted the energy supply chain and created an urgent need for sustainable solutions. To this end, both countries have agreed to actively use the UK-ROK Nuclear Energy Industry dialogue, establish a Critical Minerals Working Group, continue the Offshore Wind Industry Dialogue, expand cooperation in clean hydrogen and energy technology development, and further cooperation in the field of carbon-free energy to further decarbonization efforts in the industrial and power generation sectors. The UK and ROK discussed collaboration in the G20 and the need to agree on a delivery plan to implement the COP28 Global Stocktake commitments to transition away from fossil fuels and accelerate the clean energy transition. “Korea boasts commendable expertise in the field of clean energy manufacturing, and we are eager to work together towards advancing our respective industries and promoting clean energy worldwide,” said Vice Minister Choe. “The UK-ROK Clean Energy High-Level meeting marks an important milestone towards the establishment of a global strategic partnership, as agreed upon in the Downing Street Accord. These collaborative efforts will also position both nations as significant players in the global response to carbon neutrality and energy security.” “The 2023 State Visit of President Yoon Suk-yeol was a landmark moment for UK-ROK collaboration”, said Permanent Secretary Jeremy Pocklington. “Cooperation to tackle the climate crisis and to enhance energy security is to the fore of our global strategic partnership. During the UK-RoK Clean Energy High-Level meeting, I was pleased to agree further cooperation, accelerating joint efforts on nuclear, offshore wind, critical minerals and a number of other sectors. This demonstrates our shared determination to deliver the COP28 outcomes on transitioning away from fossil fuels, tripling nuclear energy capacity and tripling renewables capacity globally by 2030.”said Permanent Secretary Jeremy Pocklington. date2024-03-08
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Industry
Korea and Sweden discuss cooperation in advanced industries and digital economy
Director General for International Trade Policy Yoon Chang-hyun at the Ministry of Trade, Industry and Energy (MOTIE) met with Maria Rosander, Director General at Sweden’s Ministry of Climate and Enterprise and Secretariat for the European Union (EU) and International Affairs, on March 7 via teleconferencing to hold the second Korea-Sweden Industrial Cooperation Committee meeting to discuss policies in advanced industries like nuclear energy and bio, as well as regulatory reform and bilateral cooperation measures. The two sides discussed measures for cooperation in bio, nuclear energy, and digital economy, and Director General Yoon shared the system and management know-how of Korea’s regulatory sandbox. They also agreed to expand and develop the memorandum of understanding (MOU) for Korea-Sweden Industrial Cooperation, which expires this June, to one on the Korea-Sweden Trade and Investment Promotion Framework (TIPF), which will encompass not only industries but also new trade issues in investment, supply chain, digital and carbon-free energy. Furthermore, both sides highly assessed the Korea-Sweden Digital Economy and Trade Forum, now in its fourth year since launched in 2020, and decided that this year’s forum is to be held in Korea. Noting that Korea and Sweden both are manufacturing powerhouses that place emphasis on innovative technology and R&D, Director General Yoon stated that efforts will continue to create synergy between Sweden’s high value-added industries and Korea’s manufacturing competitiveness. date2024-03-07
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Trade/Investment
MOTIE rolls out Foreign Investment Stimulation Program 2024 to nurture global innovation hub
The Ministry of Trade, Industry and Energy (MOTIE) held the 114th Foreign Investment Committee meeting for deliberation and resolution on the basic directions and programs for stimulating foreign investment in 2024 and received a briefing in writing on the annual report on grievance settlements for improving the investment environment from the Foreign Investment Ombudsman. In the foreign investment stimulation program for 2024, MOTIE proposes stronger foreign direct investment (FDI) attraction measures for nurturing a global innovation hub. Detailed project tasks, including strategic FDI attraction, stronger foreign investor support and improvement of investment environment. Accordingly, MOTIE plans to select 100 key companies for pursuing either high-level communication or scaled-down, close-up efforts to attract foreign investment for strengthening the supply chain and securing advanced technologies. Moreover, to increase investment of key companies in advanced industries, MOTIE intends to sharply raise the budget for cash grants from KRW 50 billion in 2023 to 200 billion won in 2024, and launch an R&D project exclusively for foreign-invested companies to invigorate global firms’ R&D investment in Korea. Foreign Investment Ombudsman Kim Sung-jin reported a total of 406 cases of grievance settlements in 2023, including 18 cases of system improvement. The Foreign Investment Ombudsman system was introduced in 1999 to handle issues related to foreign-invested companies, and the number of grievance settlement cases in 2023 has increased 4.9 percent year-on-year. MOTIE plans to push forward the foreign investment stimulation program for 2024, while also fostering a more attractive investment environment for foreign-invested companies based on various efforts, including the Foreign Investment Ombudsman’s proactive handling of grievances. date2024-03-06