Ministry of Trade, Industry and Energy

Minister Ahn meets Indonesia's Coordinating Minister for Economic Affairs

Trade, Industry and Energy Minister Dukgeun Ahn met with Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto on May 22 in Seoul for this year’s first Korea-Indonesia industry and trade ministers’ talks to discuss measures for comprehensive economic cooperation. date2024-05-24

Japan’s Toray Industries to invest KRW 500 bln in Gumi City, North Gyeongsang Province

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 22 that it entered an investment cooperation memorandum of understanding (MOU) on May 22 in Seoul with Gumi City, North Gyeongsang Province, and Japan’s Toray Industries on the establishment of an advanced materials production plant.   According to the MOU, Toray Industries plans to invest a total of KRW 500 billion in Gumi City through 2023–2025 to build facilities for producing carbon fiber, aramid fiber, information technology (IT) film materials, and secondary battery separator film. MOTIE, along with North Gyeongsang Province and Gumi City, will be providing the necessary financial and administrative support in this investment plan implementation.   The world’s leading carbon fiber composite materials producer, Toray Industries has invested an estimated five trillion won and created 4,000 job openings in Korea over the last 60 years.   The MOU was inked following Toray Industries’ aramid fiber plant investment declaration submitted in April during Minister Ahn’s visit to Tokyo. MOTIE will be providing support from multiple facets for the successful investment implementation and for expanding cooperation to aerospace and defense as well. date2024-05-23

Korea to advance cooperation with Global South by jointly nurturing local industrial talents

Deputy Minister for Trade Yang Byeong-nae chaired a seminar on May 22 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with the participation of relevant industries, academia, and institutions on “Joint Nurturing of Global South Industrial Talent” and discussed measures for training and utilizing local talents in the Global South.   During the seminar, Korea Institute of Industrial Technology (KITECH) shared how the steel manufacturer POSCO is in partnership with local Indonesian schools to train professional talent in steel industry areas prior to recruiting them at local POSCO plants. KITECH added that POSCO plans to nurture 300 and 900 private and public sector talents this year, respectively, and proposed that the Government consider supporting similar demands of other private companies to heighten public-private synergy.   Addressing the shortage of industrial and technology R&D talents, the Office of Strategic R&D Planning explained the need to secure quality R&D talents by supporting the cost of stay for those who have finished studying for degrees here to encourage plans for employment in Korea, underscoring the need for cooperation in technology development, demonstration, and deployment based on quality people exchanges with the Global South.   Deputy Minister Yang said that “Countries in the Global South are showing considerable interest in collaborating with Korea in areas of industrial talent training in nurturing their manufacturing sectors, and locally operating Korean firms are sensing the need for cooperation as well,” and stated that MOTIE will bolster joint talent training with the Global South. date2024-05-23

MOTIE to back global market entry of homegrown renewable energy

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 31st Energy Commission meeting with related ministries and energy experts on May 22 on three following agendas: measures for overseas renewable energy market entry support; electric power market system improvement; and the strategy for nurturing the carbon capture and storage (CCS) industry.   Over the past four years, Korean companies have won 41 overseas renewable energy project bids totaling USD 14.3 billion and equivalent to 20.4GW. Last year, the 28th Session of the Conference of Parties (COP28) to the UNFCCC saw 123 countries gather to sign the agreement to up the renewable energy generation capacity three-fold by 2030, signaling the intensifying global competition in renewable energy areas.   In view of these developments, the Ministry of Trade, Industry and Energy (MOTIE) is forming a public-private “Overseas Renewable Energy Market Entry Committee” as well as a “Team Korea” consortium per project composed of both public and private developers, manufacturers, and export financing institutions. Moreover, the ministry will establish a one-stop information platform specialized to support global renewable energy market penetration by gathering the information currently dispersed across numerous institutions and creating a consumer-oriented data hub to resolve blind spots in overseas market entry.   Furthermore, MOTIE will improve the electric power market system by incorporating the wider supply of various different carbon-free energy sources like nuclear power, hydrogen, and renewable energy. It will first launch a separate power market that accurately factors in real-time supply and demand volatility, while heightening overall flexibility based on a phased price bidding system transition. Second, it will modify the nationwide unified pricing system and leverage the Distributed Energy Special Act’s special exemptions in optimizing the site location of electric power resources. Third, the ministry also aims for stability and efficiency in attaining the mid-to-long term power supply target by launching capacity and contract markets based on competitive auctioning.   In addition, amid the increasing importance of CCS technology, demand is likewise growing for the commercialization of key technologies, securing domestic and overseas storage sites, and participation in global joint projects. Accordingly, MOTIE plans to secure professional talents and build up specialized companies, create markets early on through securing domestic and overseas storage sites, and nurture the CCS ecosystem. date2024-05-22

Korea lays out Aerospace Carbon Composites Technology Development and Certification Roadmap

Deputy Minister for Industrial Policy Lee Seung-ryeol chaired the second meeting of the Carbon Composites Jump Up Partnership (“Partnership”) on May 22 at the Korean Federation of Science and Technology Societies (KOFST), where representatives of related supplier and buyer companies and certification authorities gathered to share and discuss the Domestic Aerospace Carbon Composites Technology Development and Certification Roadmap (“Roadmap”).   As per the memorandum of understanding (MOU) signed in July 2023 during the first Partnership meeting, the Roadmap has been established with the participation of Korea Carbon Industry Promotion Agency, Korea Carbon and Nano Industry Association, Hankuk Carbon, four buyer companies, and 11 carbon material companies. It contains the technology development and certification application plans required for a vigorous utilization of domestic carbon composites in aerospace areas, laid out in line with homegrown aerospace firms' upcoming product development timelines.   Korea’s carbon composites have thus far faced difficulty entering overseas markets due to their lacking track record in aerospace utilization. It is anticipated that they can gain the opportunity to penetrate global markets via certification and technological development through the newly established Roadmap. The Aerospace and Defense Working Group run within the Partnership is to monitor the Roadmap’s progress for smooth implementation. date2024-05-22

Korea and Indonesia discuss comprehensive economic cooperation

Trade, Industry and Energy Minister Dukgeun Ahn met with Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto on May 22 in Seoul for this year’s first Korea-Indonesia industry and trade ministers’ talks to discuss measures for comprehensive economic cooperation.   Noting how the four summit meetings held over the last two years have spurred bilateral trade and investment to deeper levels, the two sides agreed to bolster forward-looking economic cooperation by actively leveraging the two countries’ mutually complementary industrial structure and trade platforms, such as the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and Regional Comprehensive Economic Partnership (RCEP).   Minister Ahn asked for the Indonesian government’s support and interest towards Korean firms operating in the local market and for increased incentives for Korean carmakers’ local EV production, as well as attention to issues regarding Indonesia’s import quota system.   Lastly, the two ministers agreed to hold the third Korea-Indonesia Economic Cooperation Committee meeting in Jakarta in the second half of this year for in-depth discussions on trade, investment, energy, and industrial cooperation. Moreover, they reaffirmed their shared vision on establishing a stable critical minerals supply chain and expanding cooperation in greenhouse gas reduction and other projects in future new industries by building on the two countries’ current economic cooperative momentum. date2024-05-22

Korea and Czech Republic discuss stronger trade, energy, and industrial cooperation

Deputy Minister for Energy Policy Lee Ho-hyeon met with the Czech Deputy Minister of Industry and Trade Petr Třešňák on May 22 in Seoul to discuss stronger economic cooperation in energy, industries, and trade.   The meeting was held as a working-level follow-up to the bilateral trade and industry ministers’ talks held last month in the Czech Republic on the occasion of Trade, Industry and Energy Minister Dukgeun Ahn’s visit.   Both sides held in high regard the continuously rising bilateral trade and investment since the two countries’ upgrading their relations to the level of a Strategic Partnership in 2015. With next year marking the 35th anniversary of the establishment of Korea-Czech Republic diplomatic ties, the deputy ministers agreed to further the forward-looking development of bilateral relations.   The two sides held extensive discussions on the Trade and Investment Promotion Framework (TIPF), scale-up of joint R&D projects, establishment of a hydrogen mobility ecosystem, production of hydrogen in conjunction with nuclear power plants, cooperation in nuclear power plant technology and small modular reactors (SMRs), and entry into overseas electric power materials and equipment markets. They also affirmed a shared understanding on the importance of nuclear power generation with respect to achieving carbon neutrality and bolstering energy security. date2024-05-22

Vice Minister chairs 5th Export Items Assessment Meeting

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 at the Government Complex Seoul to discuss May export outlook and promotion measures by item. date2024-05-22

Energy Policy Deputy Minister meets Sarawak Premier

Deputy Minister for Energy Policy Lee Ho-hyeon met with Malaysia's Sarawak Premier Abang Johari Openg on May 21 in Seoul and discussed measures for energy cooperation in hydrogen and carbon capture and storage (CCS). date2024-05-22

Korea and Mongolia launch 2nd official negotiating round for bilateral EPA

Korea's Director General for FTA Negotiations Peob-min Ryu and State Secretary of Mongolia's Ministry of Economy and Development Batkhuu Idesh are leading their delegations in the second official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) on May 21 in Ulaanbaatar to discuss agenda items in goods, services, investment, government procurement, and cooperation. date2024-05-22