Ministry of Trade, Industry and Energy

Trade Minister meets Norwegian Minister of Fisheries and Ocean Policy

Minister for Trade Inkyo Cheong met Norwegian Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss on June 3 in Sejong City and discussed stronger economic cooperation measures for shipbuilding, maritime, clean energy, Korea-European Free Trade Association (EFTA) Free Trade Agreement (FTA), and the Korea-Norway Trade and Investment Promotion Framework (TIPF). date2024-06-04

Korea and Norway discuss measures for stronger economic cooperation

Minister for Trade Inkyo Cheong met Norwegian Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss on June 3 in Sejong City and discussed stronger economic cooperation in shipbuilding, maritime, clean energy, Korea-European Free Trade Association (EFTA) Free Trade Agreement (FTA), and the Korea-Norway Trade and Investment Promotion Framework (TIPF).   Trade Minister Cheong stated that the recent global shift towards eco-friendly and smart vessels is creating a good opportunity for Korea and Norway to achieve shared growth based on the combination of Korea’s shipbuilding capacity and Norway’s technological prowess in eco-friendly and autonomous self-navigation.   He mentioned the need for wider utilization of offshore wind power, clean hydrogen, nuclear, and carbon-free energy sources for effectively responding to climate change and requested Norway’s active interest and participation in the Carbon Free Energy (CFE) Initiative, asking that Norway attend the World Climate Industry Expo (WCE 2024) to be co-hosted by the Ministry of Trade, Industry and Energy (MOTIE) and the International Energy Agency (IEA) in Busan in September this year.   Noting how the Korea-EFTA FTA contributed to expanding the trade volume among its parties and helped stabilize the import of Norwegian fishery products, he articulated his hopes of Korea and Norway further invigorating bilateral trade and investment.   In view of the rapidly changing trade and economic landscape, both sides shared the understanding that the Korea-Norway Trade and Investment Promotion Framework (TIPF) will be a good opportunity for upgrading their economic cooperation and agreed to push the bilateral TIPF forward for a more comprehensive collaboration beyond trade and investment to cover new trade issues like green energy, supply chains, and digital. date2024-06-04

Korea and Turkmenistan hold 9th meeting of Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Turkmenistan’s Chairman of the Board of the State Bank for Foreign Economic Affairs Rahimberdi Jepbarov held the 9th meeting of the Intergovernmental Korea-Turkmenistan Commission on Trade, Economic, Scientific and Technological Cooperation (“Commission”) on June 3 via teleconferencing.   Installed in accordance with the two countries’ intergovernmental agreement (entered into force in 2008) on establishing a joint cooperative committee, the Commission is a ministerial consultative body run with the participation of agenda-relevant ministries and institutions and co-led by Korea’s Minister for Trade, Industry and Energy and the Turkmen Chairman of the Board of the State Bank for Foreign Economic Affairs as the Commission’s chief delegates. The 9th meeting breaks the four-year hiatus following the previous 8th meeting held November 2020 in Seoul.   At the 9th meeting, the two sides agreed to implement measures for wider cooperation in energy and infrastructure as discussed during the bilateral summit talks held on the margins of the United Nations General Assembly in September 2023, and as well as in trade, investment, plant, aviation, automobiles, shipbuilding, and healthcare. date2024-06-04

25th Steel Day

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Iron & Steel Association (KOSA) held the 25th Steel Day on June 3 at the POSCO Center in Seoul, attended by MOTIE Minister Dukgeun Ahn, Minister for Trade Inkyo Cheong, and representatives of steel industries and companies, including POSCO Group Chairman Jang In-hwa.   Meanwhile, MOTIE awarded orders of merit and government commendations to 31 persons for their contribution to the steel industry’s growth. The Silver Tower Order of Industrial Service Merit went to Hankum CEO Ryu Ho-chang for contributing to the localization of high carbon steel and technological development of automobiles and shipbuilding materials. POSCO’s Executive Director Lee Sang-ho was awarded the Bronze Tower Order of Industrial Service Merit for the local optimization of the company’s integrated steel mill system in Indonesia. date2024-06-03

Government and steel industries join hands to achieve carbon neutrality goals

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Iron & Steel Association (KOSA) held the 25th Steel Day on June 3 at the POSCO Center in Seoul, attended by MOTIE Minister Dukgeun Ahn, Minister for Trade Inkyo Cheong, and representatives of steel industries and companies, including POSCO Group Chairman Jang In-hwa. Steel Day was launched in 2000 to commemorate the POSCO Pohang steel plant’s inaugural batch of molten iron tapped on June 9, 1973.   In his congratulatory message, Minister Ahn held the steel industry in high regard for its efforts toward shared growth and innovation, assuring that the Government will also work in tandem with the industry for carbon neutrality and supply chain stabilization goals through a number of measures, such as establishing a steel scrap processing industry nurturing plan for securing steel resources, conducting hydrogen-reduced steel demonstrations, actively responding to steel trade barriers, and improving investment conditions.   Trade Minister Cheong attended the Steel ESG Win-Win Fund agreement ceremony held on the sidelines of Steel Day. The Steel ESG Win-Win Fund is a private fund created in 2020 by POSCO, Hyundai Steel, and Industrial Bank of Korea to raise the competitiveness of steel SMEs, middle-market companies, and contractors, and support their carbon reduction endeavors. In accordance with the agreement, the fund will expand from the initial KRW 150 billion to 200 billion won. Moreover, starting this year, support can go towards facility funding and steel scrap processors are ach eligible to apply for assistance.   Meanwhile, MOTIE awarded orders of merit and government commendations to 31 persons for their contribution to the steel industry’s growth. The Silver Tower Order of Industrial Service Merit went to Hankum CEO Ryu Ho-chang for contributing to the localization of high carbon steel and technological development of automobiles and shipbuilding materials. POSCO’s Executive Director Lee Sang-ho was awarded the Bronze Tower Order of Industrial Service Merit for the local optimization of the company’s integrated steel mill system in Indonesia. date2024-06-03

Government to push pan-ministerial measures to assist exports

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 3 the following pan-ministerial measures for supporting exports and resolving issues arising from firms’ different export conditions and growing overseas uncertainties.   First, the Government will strengthen and expand the export infrastructure. It plans to inject a total of KRW 365 trillion in policy funding by adding five billion in export funding on top of the five major banks’ two billion won export preferential loan program, making the total public-private export assistance seven billion won. Moreover, information provision on technical barriers to trade (TBTs) will be strengthened to help resolve business challenges arising from the changing trade environment and companies will be able to check different ministries’ export assistance programs through a one-stop notification system.   Second, the Government will bolster measures for strengthening the export competitiveness of each sector. For instance, the current maximum of charging capacity limited to two LNG vessels for truck-to-ship (TTS) charging will be upped to a maximum of four to meet global demand. Boarding declarations will no longer be required for companies with top track records in trade safety management. Companies importing critical raw materials and items will be allowed to complete their post-import management procedures on these critical items prior to import declarations. Import duties on naphtha, LPG, and the crude oil required for their production will be slashed to zero by the end of this year. Also, standards for domestic animated films will be eased to boost overseas content market expansion through global joint productions.   Lastly, the Government will support SMEs and middle-market exporters’ quantitative and qualitative growth through catered support. Small business owners will receive a 50 percent cut in their service fees when using the overseas market research service provided by Korea Trade-Investment Promotion Agency (KOTRA). Furthermore, tech firms owning leading technologies will be eligible for preferential loans and extra scores in export assistance programs. date2024-06-03

Vice Minister attends TAMHAE 3 commissioning ceremony

Trade, Industry and Energy Vice Minister Namho Choe visited Pohang Yeongilman Port on May 31 to attend the commissioning ceremony of the TAMHAE 3, Korea’s first domestically built geophysical exploration research vessel, also attended by representatives of related institutions and companies, including Mayor of Pohang Lee Kang-deok and Korea Institute of Geoscience and Mineral Resources (KIGAM) President Lee Pyeong-koo. date2024-06-03

12th Korea-Uzbekistan Joint Committee Meeting

Trade, Industry and Energy Minister Dukgeun Ahn met with Uzbekistan’s Investment, Industry and Trade Minister Laziz Kudratov on May 31 in Seoul for the 12th meeting of the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation to discuss trade, investment, supply chains, energy, infrastructure, industries, science, and technology, where they also signed the Agreed Minutes. date2024-06-03

Korea's exports climb 11.7% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 1 that Korea’s export value for May advanced 11.7 percent year-on-year to USD 58.2 billion, while imports dropped 2.0 percent to $53.2 billion. The trade balance stood at a surplus of $5.0 billion.   Korea’s May exports increased for the eighth consecutive month, posting double-digit growth for the second consecutive month. May exports reached the highest in 22 months since July 2022 ($60.2 billion), and the daily average export value accounting for the number of working days amounted to $2.64 billion (up 9.2 percent), a record high in 20 months since September 2022 ($2.66 billion).   By item, exports of 11 out of 15 major items achieved growth. All of information technology items, namely semiconductors, displays, computers, and wireless communication devices, increased for the third consecutive month and their aggregate value also increased for the seventh consecutive month.   Semiconductors reached $11.4 billion (up 54.5 percent) and expanded for the seventh consecutive month, surpassing $11 billion for the second time this year after the initial achievement in March ($11.7 billion).   Displays gained 15.8 percent to this year's all-time high of $1.6 billion, climbing for the 10th consecutive month. Computer exports also logged the highest in 17 months at $1.0 billion (up 4.8 percent) and advanced for the fifth consecutive month, while wireless communication devices (up 9.4 percent) advanced for the third consecutive month.   Automobile exports hit an all-time high for May with $6.5 billion, having entered the $6 billion thresholds every month in 2024 but for February when the Seollal holidays landed this year. Ship exports jumped in three digits (up 108.4 percent) to $2.1 billion and bio health exports (up 18.7 percent) recorded double-digit growth for the second month straight. Petroleum products (up 8.4 percent) increased for the third consecutive month, while home appliances (up 7.0 percent), petrochemicals (up 7.4 percent), and textiles (up 1.6 percent) climbed for the second consecutive month.   By region, exports to China recorded the highest in 19 months at $11.4 billion (up 7.6 percent). With the exception of February, China-bound exports maintained an upward trajectory all throughout this year and the daily average export value gained for the sixth consecutive month.   Exports to the U.S. advanced for the 10th consecutive month and achieved $10.9 billion (up 15.6 percent), a record high for May.   Exports to Latin America (up 25.5 percent) showed the steepest growth among all major destinations and expanded for the fifth consecutive month.   Exports to ASEAN (up 21.9 percent), Japan (up 2.4 percent), India (up 24.8 percent), and the Middle East (up 2.2 percent) all logged growth for the second consecutive month.   In May, Korea's energy imports inched up 0.3 percent to $11.7 billion as those of crude oil (up 6.7 percent) and gas (up 7.1 percent) rose.   The monthly trade balance recorded the highest surplus in 41 months and the accumulated surplus through January–May this year amounted to $15.5 billion, improving $43 billion year-on-year. date2024-06-03

First homegrown state-of-the-art geophysical exploration vessel sets sail

Trade, Industry and Energy Vice Minister Namho Choe visited Pohang Yeongilman Port on May 31 to attend the commissioning ceremony of the TAMHAE 3, Korea’s first domestically built geophysical exploration research vessel.   Weighing 6,000 metric tons, the TAMHAE 3 is a fully state-funded (KRW 181 billion) research vessel equipped with 35 different kinds of cutting-edge research equipment.   The TAMHAE 3 is replacing its predecessor TAMHAE 2 (built in 1996) for geophysical explorations in domestic and foreign waters, starting with Korea’s continental shelves and onto the polar regions and is expected to contribute to resource security development.   The vessel is capable of both 3D and 4D marine exploration and can analyze seafloor faults to detect changes occurring over time, which will come in useful in sensing seabed seismic signals and selecting sites for carbon capture and storage (CCS).   Vice Minister Choe remarked that efficient utilization of the TAMHAE 3 will go towards bolstering resource security, public safety, and achieving carbon neutrality. date2024-05-31