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FTA/Economic Cooperation
Trade Minister holds conference with GCC's ambassadors to Korea
Minister for Trade Inkyo Cheong chaired a conference with ambassadors of GCC to Korea on March 5 at the Four Seasons Hotel Seoul to discuss measures to expand economic cooperation on the momentum of the Korea-GCC FTA concluded last year. date2024-03-06
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Trade/Investment
Korea launches Middle East Future Partnership Delegation 2024
The “Middle East Future Partnership Delegation 2024”, formed by the Ministry of Trade, Industry and Energy (MOTIE), is visiting Dubai in the United Arab Emirates (UAE) from March 6-7 as part of the Korean government’s all-time high USD 700 billion export target project launched for 2024, for which trade delegations are to be sent to 10 promising markets for strategic market expansion. As opposed to the existing local government-led trade delegation and private-led economic delegation, this delegation will support Korean companies’ efforts to strike contract deals in conjunction with summit diplomacy, economic cooperation and local large-scale exhibitions concentrating on the selected promising markets and items in line with the central Government’s strategic policy direction based on the four major megatrends, namely supply chain alignment, carbon neutrality, digital and demographic changes. The Middle East is one of the selected promising markets with ongoing infrastructure investment in a variety of areas like petrochemicals, new renewables and road traffic in accordance with the recent push for industrial transformation. Korea’s exports to the Middle East took up approximately three percent in terms of proportion as of 2023, but exports to the region showed rapid growth (up 7.3 percent year-on-year) despite difficult global conditions. President Yoon Suk Yeol’s state visit to UAE and the Korea-UAE Comprehensive Economic Partnership Agreement (October) and Korea-GCC Free Trade Agreement (FTA) were all realized last year, spurring the “New Middle East Boom” and boosting the number of Korean companies hoping to enter the Middle Eastern market. The Middle East Future Partnership Delegation has incorporated a number of tech export businesses owning core technologies in future industries for technology collaboration with the Middle East. Twenty-two Korean tech companies specializing in traffic control systems, green hydrogen, robots, internet of things (IoT) and digital solutions are participating in the delegation. From the Middle East, major investment groups like the Kanoo Group and client companies of key infrastructure projects, including the Roads & Transport Authority and Dubai Electricity and Water Authority (DEWA), will be engaging in consultations for export and investment deals over the two-day period. Recently, major countries in the Middle East have made announcements for mega-scale infrastructure project plans, including Saudi Arabia’s NEOM, UAE’s Al Ajban Solar PV and Kuwait’s South Saad Al-Abdullah Smart City project, signaling their focus on IoT, clean energy and future technology cooperation. The delegation visit is anticipated to create new synergies between Korean companies with manufacturing and R&D competitiveness and Middle Eastern business leaders serving as chief mediators for the Middle East and Africa. MOTIE’s Minister Dukgeun Ahn stated that Korea’s exports have posted growth for the fifth consecutive month in February despite the Seollal holidays and increased the prospects of hitting this year’s $700 billion export target, highlighting that “The Middle East Future Partnership Delegation will catalyze the economic cooperation outcomes from the recent summit diplomacy, Korea-UAE CEPA and the Korea-GCC FTA to solidify the rising momentum for export growth.” He added that “Starting with the Middle East, the Government plans to send delegations to 10 promising markets to preemptively uncover and enlarge export opportunities in line with new market trends.” date2024-03-06
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FTA/Economic Cooperation
Minister meets India’s External Affairs Minister
Trade, Industry and Energy Minister Dukgeun Ahn met with India’s External Affairs Minister Subrahmanyam Jaishankar on March 5 at Lotte Hotel Seoul to discuss measures for expanding comprehensive economic cooperation between the two countries. date2024-03-06
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FTA/Economic Cooperation
Korea and India to expand comprehensive economic cooperation
Trade, Industry and Energy Minister Dukgeun Ahn met with India's External Affairs Minister Subrahmanyam Jaishankar on March 5 at Lotte Hotel Seoul to discuss measures for expanding comprehensive economic cooperation between the two countries, including collaboration in trade, investment, technology exchange, supply chain, energy and new industries. The two ministers exchanged views in-depth on ways for the two countries to jointly engage in the India-Middle East-Europe Economic Corridor (IMEC) and other regional networks, which can be seen as part of the Trade, Industry and Energy Ministry (MOTIE)'s strategy announced last month on pan-ministerial export expansion for 2024 by building multilevel networks with countries in the Global South on a wide regional basis. In this respect, Minister Ahn stated that the two countries need a strategic dialogue channel for discussing new industries and other economic cooperative issues on a regular basis, and that they swiftly launch the Korea-India Industrial Cooperation Committee as proposed by Korea to India’s Ministry of Commerce and Industry as a follow-up to last year's bilateral summit so as to deepen forward-looking economic cooperative ties. MOTIE plans to make progress on negotiations for upgrading the Korea-India Comprehensive Economic Partnership Agreement (CEPA) to gain tangible outcomes within this year, while also continuing to nurture an environment for Korean companies' stable local investment through local institutions like “Korea Plus in India”. date2024-03-06
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Industry
Korea and U.S. discuss chip cooperation
Deputy Minister for Trade Yang Byeong-nae held talks with John Neuffer, President and CEO of the Semiconductor Industry Association (SIA), on March 5 on the occasion of the latter’s visit to Korea. As the representative and voice of the U.S.’ semiconductor industry, SIA has been engaging in public-private cooperation in semiconductor industry sectors with MOTIE through both bilateral and multilateral consultation channels like the Government/Authorities Meeting on Semiconductors (GAMS) and the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD). Samsung, SK Hynix and a number of Korean companies are members of SIA. Deputy Trade Minister Yang and President Neuffer discussed measures for advancing trade cooperation in semiconductors and supply chains between Korea and the U.S., as well as major policies like the U.S.’ CHIPS Act. The deputy trade chief assessed that the two countries have been closely cooperating in the semiconductor area through the Korea-U.S. summit and the trilateral Korea-U.S.-Japan summit held last year, on which they also discussed measures for expanding public-private joint cooperation on the sidelines of the first trilateral Korea-U.S.-Japan industry ministers’ meeting slated for this year. Amid the positive prospects for AI chips and the overall semiconductor in 2024, Deputy Trade Minister Yang proposed that the two countries enhance their semiconductor industries’ global competitiveness by stepping up public-private cooperation to effectively respond to trade environment uncertainties, especially in view of the record number of elections to be held around the world this year. date2024-03-05
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Trade/Investment
Deputy Trade Minister holds conference with locally operating Korean companies in Indonesia
Deputy Trade Minister Yang Byeong-nae held a conference with locally operating Korean companies in Indonesia on March 4 to discuss measures for expanding the export market in the region and in ASEAN and gathered corporate opinions on challenges and other issues. The conference was attended by representatives of relevant companies, including Hyundai Motor, POSCO and Lotte Chemical. date2024-03-05
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Industry
Korea discusses measures to bolster critical minerals cooperation with MSP partners
Resources Industry Policy Director General Yoo Beop-min at the Ministry of Trade, Industry and Energy (MOTIE) held high-level, bilateral meetings with Japanese and Canadian counterparts on March 4 in Toronto, Canada, on measures to strengthen cooperation in critical minerals on the margins of attending the Minerals Security Partnership (MSP) Chief Delegates Meeting. First, Director General Yoo held talks with Japan’s Economy, Trade and Industry Ministry (METI) Director General Sadamichu Yuki to discuss measures for bilateral cooperation in natural resources like critical minerals, oil and gas. Noting that both Korea and Japan rely mostly on import for energy and resources, the two sides agreed on the need for cooperation in order to establish a stable energy and resources supply chain between the two countries. The two director generals decided to utilize the MSP, International Energy Agency (IEA) and other various opportunities in the future for further consultation in resources cooperation, agreeing to positively consider the prospects of establishing a regular director general-level consultation channel. With Natural Resources Canada’s Director General Debora Yu, Director General Yoo discussed the launching of a critical minerals working level committee as part of a follow-up measure to the memorandum of understanding (MOU) entered between MOTIE and Natural Resources Canada on critical minerals supply chain cooperation, with plans to seek long-term and specific collaboration schemes through the working level committee. In his meeting with Invest in Canda CEO Laura Broten, Director General Yoo underscored Korean firms’ high level of interest in Canada in the area of critical minerals and resources and requested the Canadian government’s interest and support towards facilitating their investment in Canada. He suggested measures for gaining tangible private sector cooperation outcomes, such as holding a business roundtable for the two countries’ critical minerals companies. Director General Yoo also held a conference with locally operating Korean companies to gather suggestions on issues in propelling forward critical minerals projects in North America, introducing the Korean government’s business support policies and asked the Canadian government’s interest and support towards resolving issues voiced by Korean firms. He also stated that the Korean government will continue to provide support for companies in securing overseas resources through increased tax credits and loan programs. date2024-03-05
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Industry
Deputy Trade Minister attends MOU ceremony for Korea-Indonesia cooperation in foundational technology talent training
Deputy Trade Minister Yang Byeong-nae attended the memorandum of understanding (MOU) signing ceremony for Korea-Indonesia cooperation in foundational technology talent training on March 4 in Jakarta, with Andi Rizaldi, Head of the Standardization and Industrial Services Policy Agency (BSKJI) of Indonesia’s Ministry of Industry and other related personnel. date2024-03-05
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Industry
Deputy Trade Minister meets Head of BSKJI of Indonesia’s Industry Ministry
Dep. Trade Minister Yang Byeong-nae met Andi Rizaldi, Head of BSKJI of Indonesia’s Industry Ministry, on Mar. 4 in Jakarta and discussed talent training and other issues of interest for Korean companies locally operating in Indonesia. date2024-03-05
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Industry
Deputy Trade Minister meets Indonesia’s Energy and Natural Resources Ministry Directorate General
Deputy Trade Minister Yang met with Jisman P. Hutajulu, Directorate General at Indonesia’s Energy and Natural Resources Ministry, on March 4 in Indonesia to discuss measures for expanding cooperation in EVs, critical minerals supply chain and clean energy. date2024-03-05