Ministry of Trade, Industry and Energy

Power grid industry to rise as Korea’s next energy export growth engine

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of a public-private K-Grid Export Alliance (“Alliance”) and its strategy for penetrating global grid markets. Amid major countries’ efforts to achieve carbon neutrality and the rising power demand fueled by AI and such high-tech industries, the demand for old grid replacement and new grid establishment is expected to sharply increase in the future. Grid establishment projects are long-term projects (app. 10 years) entailing large-scale investments and maintenance work, leading to anticipation of economic spillovers for Korean companies by means of joint entries accompanying nuclear reactor exports. The Alliance was formed under the aim to promote exports across the entire electrical power industry value chain spanning power generation, transmission, distribution, and ancillary services under a national brand dubbed as “Team Korea,” combining the strengths of public power companies, EPC (engineering, procurement, construction) specialized firms, and grid businesses. As buyers and developers of materials and equipment, public power companies and large corporations will play the central role of the Alliance, while EPC companies are to focus on utilizing homegrown materials. Meanwhile, Korea Electrotechnology Research Institute (KERI), Korea Trade Insurance Corporation (K-SURE), and Korea Trade-Investment Promotion Agency (KOTRA) are to concentrate on assisting in areas like test certification, financing, and overseas marketing. Major law firms will be supporting Korean companies respond to legal issues in the process of overseas market entry. At the 32nd Energy Commission meeting following the ceremony, MOTIE proposed 13 project tasks in line with the K-grid global penetration strategy. MOTIE Minister Dukgeun Ahn stated that the ministry will make the utmost effort to support the industry reach USD 15 billion in grid exports and occupy over five percent of the global market by 2030.   date2024-12-03

Korea to roll out AI-based “Tech-GPT,” connecting technologies, talents, and businesses worldwide

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea jointly held the “Tech-GPT Project Agreement Ceremony” today in Seoul with the Korea Institute for Advancement of Technology (KIAT), Korea Electronics Association (KEA), and the Korea Institute of Industrial Technology (KITECH). The agreement ceremony marks the beginning of the Tech-GPT platform project (2024–2028). This generative AI-driven platform will enable users to tap into technologies, businesses, and talents around the world. The project is a follow-up to the strategy on attracting and utilizing overseas high-tech talents for global open innovation, announced during the third talent nurturing strategy meeting chaired by Korea’s prime minister this September. To be established through public-private collaboration, the Tech-GPT will be given an input of data on 110 million patents registered in the U.S., China, Germany, Japan, and the EU in addition to 220 million papers recently published in Korea and overseas in order to provide chatbot search engine services on technology information starting in the second half of next year. In 2026, services will expand to cover real-time business and talent information searches. In 2027, through collaboration with major global platforms, Tech-GPT will be able to support users’ networking with global companies and talents. To invigorate the technological development and commercialization ecosystem centering on the Tech-GPT, a Tech-GPT Store will also be operated to connect users with specialized global companies’ paid services for more in-depth assistance in areas like technology transfer, supply chain analysis, and financial assistance for commercialization. Approximately 100 representatives of related businesses and organizations came to attend today’s ceremony, where a memorandum of understanding (MOU) was entered by 10 companies and institutions for cooperation on promoting the Tech-GPT and nurturing the global open innovation ecosystem.   date2024-12-03

Korea and China hold 2nd supply chain hotline meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Ministry of Commerce (MOFCOM) of China held the second supply chain hotline meeting on November 28 in Yancheng City of Jiangsu Province, China, as a follow-up to the Korea-China summit talks held in May. Through the hotline meeting, the two sides introduced their supply chain policies and agreed to continue joint efforts for stabilizing the supply chain with an aim to nurture a more predictable investment environment. During the ensuing fifth working-level meeting on the Korea-China industrial cooperation complex, the two sides took stock of the operation situation at the industrial complexes located in Saemangeum, Yantai, Yancheng, and Huizhou. On the same day, MOTIE, MOFCOM, the Korea Trade-Investment Promotion Agency (KOTRA), and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) co-hosted the forum on Korea and China’s joint market entry into third countries with the participation of 100 entrepreneurs and related persons of both countries to share information on investment environments of third countries and best practices of bilateral cooperation, followed by a business networking session.  The next day, the Yancheng Economic and Technology Development Zone Committee and the Saemangeum Development Corporation signed a memorandum of understanding (MOU) for cooperation to expand the two countries’ industrial complex exchanges going forward.   date2024-12-03

28th Korea-Latin America Business Forum

Korea’s Deputy Minister for Trade Park Jong-won attended the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul to take stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Forum was attended by representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. date2024-12-02

KPX announces results of clean hydrogen power competitive bidding

The Korea Power Exchange (KPX) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the competitive bidding results of the world’s first clean hydrogen power generation bidding market. Following KPX’s bid announcement on May 24, six power plants (five companies) participated in the bid with a net 6,172 GWh. Based on the resolution of the hydrogen power generation bidding market committee and the bid proposal evaluation by the evaluation committee composed of external experts, a power plant with a bid of 750GWh/year was selected as the final successful bidder. The bid winner plans to produce electricity using clean fuel that fulfills Korea’s clean hydrogen certification standard requiring that greenhouse gas emissions be 4㎏CO2eq or less per 1kg of hydrogen.  Commercial operation will begin in 2028 ensuing the preparation time for infrastructure establishment and power plant renovation. Electrical power can be auctioned for up to 15 years starting from the commercial operation date.   date2024-12-02

Korea-Latin America Business Forum seeks opportunities for forward-looking cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul through joint organization with the Korea-Latin America & Caribbean Association (KCLAC), Korea Institute for International Economic Policy (KIEP), Korea International Trade Association (KITA), and the International Contractors Association of Korea (ICAK), and with the participation of representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. Launched in 1997, the Forum convenes on an annual basis and is the largest Latin America-related event hosted in Korea. This year, Forum attendees took stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Korean government has been making continued effort to expand Korea’s economic cooperation network with Latin America by entering Free Trade Agreements (FTAs) with a total of eight Latin American countries, beginning with the Korea-Chile FTA which came into effect in 2004. Over the last 20 years, Korea-Latin America trade has more than quadrupled, with Korea’s direct investment in Latin America exploding 16-fold.  Moreover, as Peru and Brazil were hosts of this year’s Asia-Pacific Economic Cooperation (APEC) and G20 summits, respectively, further invigorating high-level exchanges between Korea and Latin America on those occasions. At today’s Forum, Korea’s Deputy Minister for Trade Park Jong-won gave a welcome address, highlighting the importance of supply chain collaboration and forward-looking cooperation between Korea and Latin America in view of various changes anticipated across the global trade and economic landscape. The Korean government plans to actively carry out joint efforts with Latin American countries on the margins of APEC 2025 to be hosted in Gyeongju next year.   date2024-12-02

Korea’s exports grow for the 14th consecutive month

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on December 1 that Korea’s exports for the month of November increased 1.4 percent year-on-year to USD 56.4 billion. Imports declined 2.4 percent to $50.7 billion and the trade balance stood at a surplus of $5.6 billion. Exports increased for the 14th consecutive month, with the daily average export value increasing 3.6 percent year-on-year to $2.4 billion, turning to growth after the downtick in October. In November, five out of 15 major items improved in exports. Semiconductors (up 30.8 percent to $12.5 billion) hit all-time highs for the month, renewing monthly highs for the fourth consecutive month and posting growth for the 13th consecutive month. This year, accumulated chip exports through January–November climbed 45.4 percent to record highs at $127.4 billion.  Automobile exports dropped 13.6 percent to $5.6 billion as car parts industry strikes and delays in wage and collective bargaining agreement (CBA) negotiations led to setbacks in parts supply for automakers. Adverse weather conditions in the last week of November further slowed down the loading of automobiles for shipment to overseas markets. Bio-health exports reached historic highs for November (up 19.6 percent to $1.4 billion), expanding for the fifth consecutive month. Computer exports soared 122.3 percent to $1.4 billion, advancing for the 11th consecutive month. Steel exports increased 1.3 percent to $2.7 billion, growing for the second consecutive month. Ship exports turned to an expansion with $2.5 billion (up 70.8 percent). By region, exports to five out of nine major destinations increased. Exports to China (down 0.6 percent to $11.3 billion) surpassed $11 billion for the fifth month straight. U.S.-bound exports (down 5.1 percent to $10.4 billion) entered the $10 billion thresholds for the third consecutive month. To ASEAN, exports grew 0.4 percent to $9.8 billion on the backs of strong demand for semiconductors. To the EU, exports for November recorded all-time highs at $5.4 billion (up 0.9 percent) as ships, wireless communication devices, and bio-health exports enjoyed robust demand. Exports to the Middle East (up 17.4 percent to $1.6 billion) showed an upward trajectory and those to Latin America (up 20.3 percent to $2.3 billion) and CIS countries (up 9.6 percent to $1.0 billion) increased for the second and fifth consecutive month, respectively. Energy imports decreased 10.8 percent to $10.7 billion despite increased imports of gas (up 6.3 percent) as the import value of crude oil (down 16.8 percent) dipped in step with oil prices. Nonenergy imports remained relatively flat at $40 billion (up 0.1 percent). The trade balance gained for the 18th consecutive month and the accumulated trade surplus through January–November amounted to $45.2 billion (up $60 billion year-on-year), the highest since 2018.   date2024-12-02

Trade Minister attends investment roadshow “Morocco Now”

Minister for Trade Inkyo Cheong of the Republic of Korea attended the investment roadshow “Morocco Now” on November 28 in Seoul with Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, and gave a congratulatory message. date2024-12-02

Korea and Morocco discuss economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, on November 28 in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. date2024-12-02

Korea and Bangladesh announce launch of EPA negotiations

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) on November 28 in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. date2024-12-02