Ministry of Trade, Industry and Energy

Korea and Thailand enter 1st official negotiating round for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki and Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand, are leading their respective delegations in the first official round of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) through July 9–11 in Bangkok. date2024-07-09

Korea and Thailand launch 1st official negotiating round for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki is leading the Korean delegation in the first official round of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) through July 9–11 in Bangkok.   With Deputy Minister Roh as Chief Delegate, the Korean delegation is composed of representatives of relevant ministries, including the Ministry of Trade, Industry and Energy (MOTIE), Ministry of Economy and Finance (MOEF), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), and the Ministry of Health and Welfare (MOHW). The Thai delegation is led by Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand. The two delegations are to engage in negotiations on goods, services, investment, digital, government procurement, and intellectual property.   Since jointly declaring the commencement of negotiations in March, Korea and Thailand have pushed forward with preliminary procedures for the official negotiating round, during which they aim to lay down the groundwork for accelerating future negotiations.   Deputy Minister Roh stated that while the two countries have already established trade agreements through the Korea-ASEAN Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP), the level of their trade and economic cooperation has room for improvement, highlighting that a bilateral EPA catered to both countries’ needs will serve as an institutional foundation for upgrading the Korea-Thailand economic cooperation. date2024-07-09

Vice Minister attends completion ceremony of POSCO International's Gwangyang LNG Terminal

Vice Minister Namho Choe attended the completion ceremony of POSCO International’s Gwangyang LNG Terminal No. 1 on July 9, held in South Jeolla Province.   The KRW 1.05 trillion Gwangyang LNG Terminal project commenced in 2002 as the first private-led LNG terminal, housing six LNG tanks (930,000kl), 680 metric tons per hour gasification and transmission facilities, as well as port facilities capable of berthing a 180,000m3 LNG carrier.   In his congratulatory message, Vice Minister Choe mentioned plans to foster an environment for creating nationwide synergy through mutual cooperation and competition between the Korea Gas Corporation (KOGAS) and the private sector.   The Ministry of Trade, Industry and Energy (MOTIE) aims to launch a deliberative committee in the latter half of this year to support the objective and fair decision process regarding the use of pipelines and controlling the natural gas charge volume per terminal. date2024-07-09

Export growth support program "Plan It!" launching ceremony

Minister for Trade Inkyo Cheong participated in the special trade insurance support program “Plan It!” launching ceremony held by K-SURE on July 8 in Seoul, where he gave a congratulatory message and awarded certificates to the program’s selected companies.   The launching ceremony was held with the participation of roughly 100 persons, including K-SURE President Jang Young-jin, Federation of Middle Market Enterprises of Korea Vice Chairman Lee Ho-joon, and KBIZ Vice Chairman Jeong Yoon-mo, and representatives of middle-market companies and SMEs. date2024-07-08

FDI pledged to Korea in H1 2024 reaches $15.3 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 5 that foreign direct investments (FDIs) pledged to Korea in the first half (H1) of 2024 reached USD 15.3 billion, the third highest in record. FDIs that actually arrived in Korea over the same period amounted to $6.9 billion.   As a result of the high base effect from last year’s FDI pledge outcomes from the state visits during H1 2023 ($3.1 billion), this year’s H1 pledges are down by 10.3 percent year-on-year, but still surpass 130 percent of the recent five-year average.   By industry, the manufacturing sector saw a pledged investment of $8.1 billion in the first half of the year, up 6.5 percent. Items that experienced growth were electrical/electronics (up 25.7 percent), machinery/equipment/precision medicine (up 102.6 percent), pharmaceuticals (up 70.6 percent), and other advanced industries and those related to MPE (materials, parts, equipment) sectors. Semiconductors (up 120.7 percent) and bio (up 207.5 percent) saw steep boosts in FDI in this half.   The service sector’s FDI pledges totaled $6.4 billion, down 24.3 percent and occupying 41.8 percent of total FDI. Its growth centered around information and communications (up 25.3 percent), R&D/specialization/science technology (up 10.8 percent), and other sectors with high degrees of economic growth contribution.   By region, FDI pledged from China and other regions, including Hong Kong, Singapore, Taiwan, and Malaysia, increased 25.7 percent to $3.9 billion; FDI pledged from Japan rose 18.9 percent to $2.9 billion; FDI commitments from the U.S. surged 17.0 percent to $2.6 billion; and FDI pledged by the EU climbed 12.8 percent to approximately $2.0 billion.   By type, M&A and greenfield investments pledged to Korea both dropped 13.7 percent and 9.1 percent, respectively, to $3.8 billion and $11.5 billion. date2024-07-05

Electric power equipment industry gearing up as Korea's new export growth engine

Trade, Industry and Energy Minister Dukgeun Ahn visited HD Hyundai Electric on July 4 in Gyeonggi Province to discuss export assistance measures for the electric power equipment and materials industry.   As vast amounts of electric power are needed in the recent expansion of artificial intelligence (AI) datacenters and the diffusion of carbon-free power sources like renewables and nuclear power, the electric power equipment and materials market has recently been enjoying its supercycle. The industry’s exports are likewise on the rise, competing with bio health and secondary batteries after surpassing home appliances and textiles in 2023. Should electric power equipment and materials attain this year’s export and bid targets of USD 16.2 billion and KRW 20 trillion, respectively, they will rank among Korea’s top 10 export items.   At HD Hyundai Electric, Minister Ahn toured the exhibition hall showcasing the world’s first direct current (DC) distribution facilities for 1 megawatt-class buildings. This was followed by the signing of the “K-grid Export Cooperation MOU” among Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), and K-SURE. Viewed as a leading export business model for energy sectors, the MOU is significant in that it brings public companies in electrical power and export assistance together for collaboration.   With aim to support power equipment and materials exports, the Government plans to supply the industry with a ₩2.7 trillion special preference trade insurance program this year. Moreover, for the North American, European, and ASEAN markets where power grid demands are forecast to surge, trade centers will be designated with emphasis on power materials and equipment. Overseas marketing support will be strengthened through increased matching opportunities with domestic and overseas clients via trade shows. In the latter half of this year, the Government will establish measures for expediating the export of power equipment and materials with plans for a stronger ecosystem, export committee, and increased R&D.   Minister Ahn stated that the public and private sectors will work in tandem to support not only “K-grid”, but also energy sectors like renewables, energy efficiency, and energy storage systems (ESS) to grow into pillar export industries. date2024-07-05

Trade Minister holds conference with firms operating in Indonesia

Minister for Trade Inkyo Cheong met representatives of Korean firms operating in the local Indonesian market, including POSCO and Lotte Chemical, on July 3 in Jakarta and discussed measures for Korea-Indonesia economic and business cooperation. date2024-07-05

Korea and Indonesia sign smart e-mobility cooperation MOU

Minister for Trade Inkyo Cheong attended the ceremony for the inking of MOUs on electric two-wheelers and for smart e-mobility cooperation with Indonesia’s Investment Minister Bahlil Lahadalia and gave a congratulatory message with participation of both countries’ government delegations. date2024-07-04

Vice Minister chairs Renewable Energy Policy Meeting

Trade, Industry and Energy Vice Minister Namho Choe chaired the Renewable Energy Policy Meeting on July 3 in Seoul with participation of 40 attendees consisting of government officials, local authorities, and related institutions, and announced the ministry’s measures for invigorating solar power generation across industrial complexes, then discussed renewable energy distribution strategies, demonstration projects, and local issues. date2024-07-04

Lotte Biologics’ biopharma plant groundbreaking ceremony

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Health and Welfare Vice Minister Park Min-soo, Lotte Group Chairman Shin Dong-bin, Lotte Biologics CEO Richard Lee, and global pharmaceutical companies. date2024-07-04