Ministry of Trade, Industry and Energy

Minister discusses support measures for reshored companies

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with reshored companies on May 7 at the Government Complex Sejong, where he announced the ministry’s “Reshoring Company Support Strategy 2.0” and discussed success cases and support measures.   The meeting was attended by representatives of reshored companies and relevant organizations, including Simmtech, Derkwoo, and Korea Trade-Investment Promotion Agency (KOTRA). date2024-05-07

Government to strengthen support for reshoring companies in advanced industries

The Korean government plans to raise overall support for reshoring companies by lowering eligibility requisites and standards, while increasing incentives for reshoring firms in advanced industries.   Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with 10 reshored companies on May 7 to discuss support measures, where he announced the ministry’s “Reshoring Company Support Strategy 2.0” and gathered companies’ opinions.   In view of the recent supply chain realignments and rising global protectionism, the Ministry of Trade, Industry and Energy (MOTIE) established support strategies based on opinions provided from relevant industries, experts, and ministries to address the increasing need for stimulating advanced industries’ reshoring.   The strategy aims to lower the eligibility bar to provide wider support. For one, reshoring firms in the retail industry will be eligible for government support and investing reshored capital in Korea will be recognized as a type of reshoring investment.   National strategic technologies, advanced strategic technologies, future mobility parts and products are to be added to the list of business sectors exempted of foreign subsidiary restructuring requisites. Companies subsidized with above restructuring exemptions are to be limited in making overseas investments for a minimum of only one year, instead of the current two.   This year, MOTIE significantly enlarged the reshoring company subsidy budget, up from last year’s KRW 57 billion to 100 billion won. MOTIE also plans to raise the subsidy cap for reshoring investment in national and advanced strategic technologies.   Seven more occupation types are to be added besides the one type currently eligible for the E-7 visa for reshoring companies. Businesses moving into the national high-tech strategic industry and MPE (materials, parts, equipment) specialization complexes will receive preferential support as well.   In 2023, the number of Korean reshoring companies reached 22, with more than 20 firms reshoring every year since 2020. Reshoring companies’ investment plan entered the 1 trillion won thresholds for the second consecutive year in 2023. date2024-05-07

Trade Minister meets Mexico’s Undersecretary of Foreign Trade

Minister for Trade Inkyo Cheong met with Mexico’s Undersecretary of Foreign Trade Alejandro Encinas Nájera on May 3 at the OECD Headquarters in Paris to discuss bilateral trade issues. date2024-05-07

Minister holds meeting for stabilizing domestic oil prices

Trade, Industry and Energy Minister Dukgeun Ahn convened a meeting on May 3 to discuss measures for stabilizing domestic oil prices amid rising Middle East tensions and uncertainties in the petroleum market, and inspected recent supply prices of refineries and sale prices at gas stations.   The meeting was attended by with representatives of related companies and organizations, including SK Energy, HD Hyundai Oil Bank, S-OIL, GS Caltex, Korea National Oil Corporation (KNOC) and the Korea Petroleum Association (KPA). date2024-05-07

Trade Minister attends Session 5 of OECD MCM 2024

Minister for Trade Inkyo Cheong attended Session 5 of OECD MCM 2024 at the OECD Headquarters in Paris on May 3, held under the theme of “Credible Pathways Towards Sustainable and Inclusive Growth Under the Interlinked Global Crises.” date2024-05-07

Trade Minister meets with New Zealand's Trade Minister

Minister for Trade Inkyo Cheong met with New Zealand's Trade Minister Todd McClay on May 3 at the OECD Headquarters in Paris to discuss economic cooperation and trade issues. date2024-05-07

Trade Minister attends ceremony for DEPA's entry into force

Minister for Trade Inkyo Cheong attended the ceremony for commemorating the Digital Economy Partnership Agreement (DEPA)’s entry into force on May 2 at the OECD headquarters in Paris with trade leaders of other countries, including Singapore's Minister-in-charge of Trade Relations Grace Fu, New Zealand's Trade Minister Todd McClay, and Chile’s Vice Minister for International Economic Relations of the Ministry of Foreign Affairs Claudia Sanhueza Riveros, where he gave an opening address stating that efforts will be made toward establishing a digital economic cooperation base among partner countries so that DEPA can serve as a platform for strengthening economic partnerships as well. date2024-05-07

Trade Minister meets France's Minister Delegate for Foreign Trade & Economic Attractiveness

Minister for Trade Inkyo Cheong met with Franck Riester, France’s Minister Delegate for Foreign Trade, Economic Attractiveness, Francophonie and French Nationals Abroad, on May 2 on the margins of the OECD MCM 2024 in Paris and discussed bilateral cooperation in trade, investment, carbon-free energy, and multilateral cooperation. date2024-05-07

Joint press release on the successful accession of the Republic of Korea to the Digital Economy Partnership Agreement

3 May 2024   JOINT PRESS RELEASE ON THE SUCCESSFUL ACCESSION OF THE REPUBLIC OF KOREA TO THE DIGITAL ECONOMY PARTNERSHIP AGREEMENT     1.        Chile, New Zealand and Singapore, the founders of the Digital Economy Partnership Agreement (DEPA) are delighted to welcome the Republic of Korea (ROK) as DEPA’s first new member.   Finalisation of the ROK’s Accession Process   2.        The ROK’s successful accession is an important milestone. It follows the announcement of the substantial conclusion of discussions on the ROK’s accession in June 2023 and the subsequent completion of the legal procedures in line with the DEPA accession process.   3.        The DEPA commits Parties to ambitious disciplines on digital trade to advance the growth of the digital economy. It also provides a platform for collaboration on projects of mutual interest. The accession of the ROK is testament to the Agreement’s open and inclusive nature. Expansion of the DEPA will add to the heft of the Agreement and provide greater opportunities for collaboration amongst Parties.   Comments from DEPA Parties   4.          Chile´s Undersecretary for International Economic Relations, Ms. Claudia Sanhueza said, “Chile welcomes today's announcement of the entry into force of the Digital Economy Partnership Agreement (DEPA) by the ROK. This is an important milestone for this agreement, as it is the first DEPA member to join through an accession process. We look forward to working with the ROK to enhance the potential of DEPA and to collaborate on projects of mutual interest in emerging areas that could impact digital trade".   5.          New Zealand Minister for Trade Mr. Todd McClay said, “New Zealand welcomes the ROK’s formal accession to the DEPA. The ROK has impressive experience in the digital economy and its accession demonstrates the DEPA’s value as a pathfinder agreement for economies with high ambition for digital trade. New Zealand looks forward to working more closely with the ROK on these issues.”   6.        Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said, “Singapore warmly welcomes the ROK as the fourth Party to the DEPA. This is a key milestone for the DEPA. Through the DEPA, I look forward to deepening Singapore’s collaborations on the digital economy with the ROK. As Chair of the ROK’s Accession Working Group (AWG), Singapore would like to express our appreciation to the ROK for the close cooperation with DEPA Parties throughout its accession process. I hope we can build on this momentum to ensure that DEPA remains an open and inclusive Agreement to all economies that are able to meet its high standards.”   7.          The ROK’s Trade Minister Inkyo-Cheong said, “The ROK will make efforts for the expansion of DEPA while acting as a bridge between founding and new members as the first non-founding member country.” Trade Minister Cheong also added, “The ROK will lay the foundation for cooperation on the digital economy between members to ensure DEPA will serve as a platform to enhance economic partnership.”   Background   8.          Chile, New Zealand and Singapore signed the DEPA in June 2020. The ROK formally applied to join the DEPA in September 2021. The AWG to oversee its accession process was formed in October 2021, with Singapore as Chair.   Jointly issued by the Undersecretariat of International Ec date2024-05-03

Trade Minister discusses investment collaboration with global companies on margins of OECD MCM 2024

Minister for Trade Inkyo Cheong met with representatives of global companies on May 2 on the sidelines of attending the Organization for Economic Cooperation and Development (OECD) Ministerial Council Meeting (MCM) 2024 in Paris to discuss cooperation in areas like investment, future mobility, and aviation. He also met with Korean firms operating in the French market to discuss measures for promoting exports in conjunction with the Paris 2024 Olympics.   With a Dutch green bio company, Trade Minister Cheong discussed the company’s decision to establish a manufacturing plant in Korea and expressed his hopes for the investment to serve as an important milestone in Korea’s green bio industrial growth, viewing that local job creation and exports will substantially contribute to the Korean economy.   In Paris, the trade chief also met with a number of companies like NXP, Renault, Airbus, OPmobility, Thales, and Soitec to review investment progress and discuss measures for further cooperation. To NXP and Renault management, he asked, respectively, the prospects of an automobile semiconductor R&D center and electric vehicle (EV) production plant for investment collaboration in advanced industries.   Trade Minister Cheong also held a meeting with Korean businesses operating in Paris to discuss marketing strategies and export assistance to push in conjunction with the Paris 2024 Olympics. He then visited Fnac Darty, the largest French retailer of home appliances, and inspected the Korean home appliance companies’ local market presence in France. date2024-05-03