Ministry of Trade, Industry and Energy

Vice Minister chairs 5th Nuclear Exports Strategy Committee meeting

Trade, Industry and Energy Vice Minister Namho Choe chaired the fifth Nuclear Exports Strategy Committee meeting on July 25 in Seoul to consolidate follow-up efforts to the Czech PJT and build further export momentum.   The meeting was held with the participation of representatives from related ministries, companies, trade organizations, academia, and legal experts, including Korea Atomic Energy Research Institute (KAERI) and Doosan Enerbility. date2024-07-26

Minister Ahn meets Czech Minister of Industry and Trade

Trade, Industry and Energy Minister Dukgeun Ahn met with Czech Minister of Industry and Trade Jozef Síkela on July 24 in Prague on the occasion of his visit as special presidential envoy and expressed appreciation over the selection of KHNP as preferred bidder for the Czech Republic’s nuclear reactor project and discussed measures for bilateral energy, economic, and industrial cooperation. date2024-07-26

Public and private sectors to jointly launch Industrial Supply Chain Carbon Data Platform

The Ministry of Trade, Industry and Energy (MOTIE) launched the Industrial Supply Chain Carbon Neutrality Alliance on July 25 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with the participation of 11 major industry sectors’ associations and announced the “Industrial Supply Chain Carbon Neutrality Strategy.”  Amid increased demand from the EU and other regions on calculation and mitigation of product-specific carbon emissions generated across the supply chain, concerns are being raised that lack of timely response will deteriorate competitiveness and incur export setbacks. Accordingly, MOTIE established the Industrial Supply Chain Carbon Neutrality Strategy as below to promote public-private efforts through the Industrial Supply Chain Carbon Neutrality Alliance. First, MOTIE will establish a “Korean Industrial Supply Chain Carbon Data Platform” for carbon data exchanges among businesses participating in the supply chain. Unlike the cloud’s data storage mechanism, this platform will adopt the data space method and serve as only a data passageway, while ensuring private businesses’ data sovereignty to heighten companies’ voluntary participation and utilization. The platform will initially be established around five industries with relatively greater need for carbon regulatory response (batteries, automobiles, home appliances, steel/aluminum, and textiles), which will later extend to cover all industries and industrial data. Second, the calculation and mitigation of carbon emissions will be realigned to provide integrated support to companies linking the export supply chain, instead of the previous method of distributing siloed support to individual companies. Efforts will go toward supporting collaboration with industrial complexes and local authorities, expanding the scope of mutual international recognition of carbon footprint verification outcomes, and streamlining projects based on cross-ministerial joint budget systems. Third, the ministry will use the FTA and Trade Support Center as a one-stop service for assisting companies with consulting and information provision. For the abovementioned five critical industries, MOTIE will launch a “Carbon Trade Regulatory Response Committee” for more effective regulatory response and information sharing. In implementing these initiatives, the Government, economic groups, related institutions, associations, and companies aim to leverage the Industrial Supply Chain Carbon Neutrality Alliance and its working groups to maintain close communication and consolidate domestic efforts.   date2024-07-25

Korea’s Nuclear Exports Strategy Committee consolidates follow-up efforts to Czech PJT, building further export momentum

Trade, Industry and Energy Vice Minister Namho Choe chaired the fifth Nuclear Exports Strategy Committee (“Committee”) meeting on July 25 in Seoul with the participation of Committee members composed of representatives from related ministries, companies, trade organizations, academia, and legal experts. The Committee assessed that the Czech Republic’s selection of Korea Hydro Nuclear Power (KHNP) as the preferred bidder for its new reactor project is a culmination of the Korean government’s nuclear industry normalization policy and strong “sales diplomacy” that gained the client country’s trust, combined with joint efforts of KHNP, contractors, academia and research institutions, ministries, and support organizations. Based on the recent outcome, the Committee reviewed the following project tasks for nurturing the nuclear energy sector into Korea’s anchor exporting industry. The Committee’s first aim is to fully back the follow-up measures regarding the new Czech reactor project to ensure the final contract is inked without setback by March 2025. Upon the preferred bidder announcement, Korea launched a task force (TF) on July 22 exclusively for project negotiations and held a kickoff meeting with the client company on July 24. With public and private sectors fully committed to creating mutually beneficial outcomes for both countries, authorities also opened a new bilateral hotline for close communication and negotiation support. Second, the Committee plans to make swift progress in consultations with promising export destinations to further expand Korea’s scope of nuclear exports, while also nurturing a favorable environment in the mid-to-long term through talent training and joint site investigations in emerging Asian and African countries that are currently mulling the prospects of nuclear new build projects. Moreover, upcoming international events to be hosted by Korea, such as the World Climate Industry EXPO (September 2024) and the Asia-Pacific Economic Cooperation (APEC) Summit (November 2025), will serve as great opportunities for promoting Korea’s nuclear power plants, in conjunction with international exhibitions, trade shows, and special delegations. Third, the Committee plans to back not only nuclear new builds but also power plant equipment exports. Within 20 months under the Yoon administration, Korea’s nuclear equipment export contracts surpassed KRW 4 trillion, six-fold the amount accumulated over the past five years. Building on this momentum, the Government is aiming to clinch additional large-scale project orders to reach this year’s ₩5 trillion nuclear equipment export target. Gaining traction from the Czech project win, stronger support will go towards backing middle-market companies and SMEs’ European market entry with plans for heavy marketing scheduled for the second half via the World Nuclear Symposium 2024 and Enlit Europe 2024. Fourth, the Committee will lay out a mid-to-long term nuclear export vision and reorganize the support system to establish a strong foundation for Korea’s nuclear industry to grow into a global powerhouse through the “Mid-to-Long Term Nuclear Industry Roadmap 2050,” which will be announced by the end of this year, along with legal procedures to assist the nuclear industry in tandem with the National Assembly during this second half. The support system will branch out via overseas missions, Korea Trade-Investment Promotion Agency (KOTRA)’s Global Business Platforms, and reinforced nuclear sales diplomacy. Added efforts will be made to build comprehensive cooperative relations with major partner countries in joint entry, supply chains, and small modular reactors (SMRs).   date2024-07-25

Trade Minister chairs 2nd Global Trade Strategy Meeting

Minister for Trade Inkyo Cheong chaired the second Global Trade Strategy Meeting on July 25 with the participation of 22 attendees comprising government ministries, economic groups, as well as industrial, trade, and international relations experts for discussions on the upcoming U.S. presidential election, its impact on Korea, future plans, and strategies for utilizing the IPEF CRN. date2024-07-25

Korea and Canada hold working-level meeting as follow-up to 2+2 High-Level Dialogue on Economic Security

Director General for Trade Policy Chang Sung-gil at the Ministry of Trade, Industry and Energy (MOTIE) and Director-General for Bilateral Economic Affairs Kim Jin-dong at the Ministry of Foreign Affairs (MOFA) held a videoconference with Senior Director for Foreign Investment Review and Economic Security James Burns at Innovation, Science and Economic Development Canada and Director General for North-East Asia Joya Donnelly at Global Affairs Canada on July 24 to exchange views on measures to bolster cooperation in critical minerals, supply chains, and core and emerging technology areas as part of follow-up measures to the Korea-Canada 2+2 High-Level Dialogue on Economic Security launched on May 16, 2023. In light of increasing instability from supply chain disruptions caused by global value chain shifts and rising protectionism, both sides agreed on the importance of close cooperation for stronger supply chain resilience. With the implementation plan for the “Korea-Canada Memorandum of Understanding (MOU) on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security” established this April, the two sides decided to continue cooperation centered around the Minerals Security Partnership (chaired by Korea) for diversifying the global supply chain, while also furthering standards cooperation in core and emerging technology areas anticipated to spur changes in the global economic security paradigm. Taking note of the enhanced investment cooperation between the two countries’ companies, the Korean delegation requested Canada’s continued support for Korean firms’ smooth local business operations. Meanwhile, both sides reaffirmed the agreed outcomes from the Korea-Canada 2+2 High-Level Dialogue on Economic Security held in May last year and agreed to prepare for the next meeting by leveraging this bilateral working-level communication channel between their industry and foreign affairs authorities. They also plan to share policies regarding major economic security issues and actively exchange opinions to uncover joint projects that would enable more tangible cooperation. date2024-07-24

CVC Alliance to boost investment in innovative firms and spur global open innovation

The Ministry of Trade, Industry and Energy (MOTIE), Korea Institute for Advancement of Technology (KIAT), and member companies of the Corporate Venture Capital (CVC) Alliance held an annual general meeting on July 22 at COEX in Seoul to confirm this year’s management plans, including measures for boosting investment in innovative firms and activating a global open innovation program. Composed of 44 CVCs, the CVC Alliance was launched in July 2023 to stimulate domestic CVC and accelerate CVC firms’ cooperation. Unlike general vendor capitals (VCs), CVCs focus not only on financial investment, but also play the role of expediating open innovation by providing business opportunities to invested companies on joint product development and new market penetration with parent companies and subsidiaries under the aim of establishing strategic partnerships. In this view, MOTIE plans to create a KRW 13 trillion CVC fund by 2028, starting with a ₩2.4 trillion CVC fund this year. Moreover, it intends to provide up to ₩1.5 billion in commercialization R&D funding for CVC-invested companies’ rapid growth, alongside a comprehensive support package for attracting overseas funding and export market entry assistance via Korea International Trade Association (KITA) and Korea Trade-Investment Promotion Agency (KOTRA). To note, new additions to this year’s plans include CVCs and invested companies’ joint overseas investor relations (IR) activities to accelerate global open innovation, as well as a local business site visiting program for CVC investment screening officers to promote investment in companies based in non-capital regions. MOTIE also plans to streamline the Government’s R&D process by involving the participation of CVCs and VC experts in business value assessment.   date2024-07-22

Minister Ahn meets Czech Republic Ambassador to Korea

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Czech Republic Ambassador to Korea Ivan Jančárek on July 22 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and expressed appreciation over the Czech government’s selection of Korea Hydro & Nuclear Power (KHNP) as the preferred bidder to build new nuclear reactors in the Czech Republic and requested that the two countries closely cooperate for a successful project execution. date2024-07-22

AI Autonomous Manufacturing Alliance

Trade, Industry and Energy Minister Dukgeun Ahn attended the AI Autonomous Manufacturing Alliance launching ceremony on July 22 with the participation of 250 industry, academia, and research institutions’ representatives and spoke on the initiative of enhancing the productivity, safety, and eco-friendliness of manufacturing sectors through the introduction of AI. date2024-07-22

Minister Ahn chairs petrochemicals industry meeting

On July 19 (Friday), the Ministry of Trade, Industry and Energy held a meeting with the presidents of major petrochemical companies. Chaired by Minister Ahn, the meeting had attendees discuss ways to overcome the crisis currently faced by the petrochemical industry.  date2024-07-22