Ministry of Trade, Industry and Energy

FUJIFILM Electronic Materials Korea establishes color photoresist plant in Pyeongtaek

Director General for Cross-Border Investment Policy Park Deok-yeol visited the foreign investment zone in Pyeongtaek in Gyeonggi Province on June 14 to attend the completion ceremony of the FUJIFILM Electronic Materials Korea Co., Ltd's plant for producing photoresists, which are fine chemical materials for semiconductor manufacturing.   FUJIFILM Electronic Materials Korea is a 100% owned subsidiary of FUJIFILM Corporation, a Japanese global company producing photoresists for color filter manufacturing used for image sensors and accounting for over 80 percent of market share worldwide.   The first color photoresist manufacturing site in Korea, FUJIFILM Electronic Materials Korea’s Pyeongtaek plant is anticipated to substantially contribute to stabilizing Korea's advanced industrial supply chains by supplying to domestic semiconductor firms. date2024-06-14

21st Korea-ASEAN FTA Implementation Committee Meeting

Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong and Alpana Roy, Senior Economic Official to ASEAN and Director at the Singaporean Ministry of Trade and Industry, led the Korean and ASEAN delegations, respectively, in the 21st Korea-ASEAN FTA Implementation Committee meeting for furthering discussions on upgrading the bilateral FTA in Seoul through June 12–13.   The two sides discussed member countries’ FTA upgrade negotiation schedule; scope and method; joint research projects on new trade issues like digital and supply chains; and conversion of the tariff reduction schedule (TRS) and Product Specific Rules of Origin (PSR) from HS2017 to HS2022. date2024-06-13

Korea and Kazakhstan ink 24 MOUs at bilateral Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Kanat Sharlapaev attended the memorandum of understanding (MOU) signing ceremony for the inking of 24 MOUs on the margins of the Korea-Kazakhstan Business Forum held June 12 in Astana, for cooperation in areas like critical minerals, energy, and consumer goods. date2024-06-13

Korea and Kazakhstan to spur synergy in critical minerals, energy, and manufacturing

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 13 that the Korea International Trade Association (KITA) and Samruk Kayzana, Kazakhstan’s sovereign wealth fund, co-hosted the Korea-Kazakhstan Business Forum on June 12 in Astana. The Forum drew approximately 300 persons, including the Korean economic delegation and both countries’ entrepreneurs, and facilitated discussions on bilateral cooperation in critical minerals, energy, trade, investment, finance, new industries, and consumer goods.   MOTIE’s Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Kanat Sharlapaev attended the memorandum of understanding (MOU) signing ceremony for the inking of 24 private sector MOUs. Five of them were signed in the energy area for combined cycle power plants, renewable energy plants, power grid modernization, small modular reactors (SMRs), and gas treatment plants.   For critical minerals, Korea Institute of Geoscience and Mineral Resources (KIGAM) and SK Ecoplant entered an MOU with the Kazakh Ministry of Industry and Construction on joint lithium mining exploration and development. KIGAM anticipates tangible outcomes, having confirmed the existence of a lithium deposit through lithium mining exploration in tandem with a local Kazakh research institution.   The two countries further concluded MOUs in areas like automobile industry-academia talent nurturing and elevator R&D park establishment (5 MOUs); healthcare and new industries (3 MOUs); and financial assistance (2 MOUs), laying the groundwork for mutual collaboration at the government, public institution, and private sector level. date2024-06-13

Korea and Kazakhstan to expand cooperation in supply chains and electric power sectors

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 12 that MOTIE signed three memorandums of understanding (MOUs) with the Kazakh government for cooperation in the critical minerals supply chain, electric power industry, and regarding their joint economic commission on the margins of President Yoon Suk Yeol’s state visit to Kazakhstan and summit meeting with Kazakh President Kassym-Jomart Tokayev on June 12 in Astana.   First, through the MOU on the critical minerals supply chain, the two countries agreed to increase people exchanges as well as cooperation for each stage of the value chain, including joint geophysical exploration, development, refining and smelting of critical minerals for manufacturing electric vehicles (EVs), semiconductors, and alloy sheets, such as lithium, chromium, manganese, rare earth elements, and uranium. The two sides decided to launch a supply chain dialogue on the occasion of the summit and to continue discussing concrete cooperation measures among related research institutions, companies, and financial institutions.   Moreover, they signed an MOU for cooperation in electric power to enhance the two countries’ people exchanges and collaboration in the power sector. As the Kazakh government is pushing to expand the renewable energy mix ratio, transition from coal-fired power to gas-fired combined cycle power, upgrade old power plants’ energy efficiency, and convert to eco-friendly systems, Korean companies with competitiveness in these areas can look forward to future project opportunities.   Meanwhile, following the Trade and Investment Promotion Framework (TIPF) sealed last October, the two countries also established the basic framework for bilateral trade, investment, and economic cooperation through the joint Trade-Economic and Scientific-Technical Cooperation Commission MOU. date2024-06-13

Seoul Food 2024 caters to global palate with food and business opportunities on record scale

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 11 that Korea Trade-Investment Promotion Agency (KOTRA) is co-hosting Seoul Food 2024 with KINTEX and Informa Markets through June 11–14 at KINTEX in Ilsan.   The international food industry exhibition is now in its 42nd year since first launched in 1983, and ranks as Korea’s largest and Asia’s fourth largest food exhibition. Seoul Food 2024 draws a record 52 countries’ 1,605 food companies, up 20 percent compared to last year. This year notably has the EU taking part as the guest of honor, showcasing organic food product workshops, live cooking shows, and other vibrant programs.   On the occasion of this international event, 250 food retail buyers from 47 international markets will be touring the exhibition booths to experience K-food firsthand and to meet with domestic food companies for in-person business consultations that are estimated to reach USD 200 million this year. Wooltari (U.S.), Global Food Products (Thailand), and China Post (China) are among the major buyers that will be looking for prospective business opportunities.   Visitors can also enjoy the K-food promotion booth, where a variety of meal kits, alternative meats, and Korean traditional snacks are displayed to support the discovery of the next best-selling item and its manufacturer following BABA Gimbap, Korean company Allgot’s frozen gimbap product that recently gained huge popularity in the U.S.   Minister for Trade Inkyo Cheong attended the opening ceremony of Seoul Food 2024 and stated that MOTIE and the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) will work in tandem to provide public-private support across the entire process of K-food marketing, retail platform entry, logistics, and certifications. date2024-06-13

Korea launches Seoul Food 2024

Minister for Trade Inkyo Cheong attended the opening ceremony of Seoul Food 2024 on June 11 at KINTEX in Ilsan, where 1,605 companies from 52 countries have set up 2,969 booths. date2024-06-12

Vice Minister holds conference with high-growth middle-market companies

Trade, Industry and Energy Vice Minister Kang Kyungsung held a conference luncheon on June 12 in Seoul with CEOs of seven high-growth middle-market companies to accelerate policy implementation of corporate growth ladder measures through stronger communication and gathered companies’ opinions on tax incentives, financing, and regulations. date2024-06-12

Vice Minister hosts luncheon to 7 high-growth middle-market companies

Trade, Industry and Energy Vice Minister Kang Kyungsung held a conference luncheon on June 12 in Seoul with the CEOs of high-growth middle-market companies (annual average growth rate of 10 percent or above) and shared the Korean government’s measures for “building the corporate growth ladder” and gathered companies’ opinions on tax incentives, financing, and regulations.   The luncheon was held to accelerate policy implementation following the Government’s announcement of the above corporate growth ladder measures through stronger communication with middle-market companies.   Attending the luncheon were seven homegrown companies that posted steep average yearly growth rates (between 10 to 46 percent) over the past five years: HL Klemove (car parts), Woojin Industrial Systems (railway parts), Oasis (food and daily necessities retailer), iloom (furniture), Global Standard Technology (semiconductor equipment), LOT Vacuum (vacuum pump), and Daejoo Electronic Materials (secondary battery cathodes). The average growth rate of these firms was 26.0 percent.   The business leaders stated that what is needed for a company to keep advancing from SME status to middle-market, then to a large-sized corporation, is a harmonious mix of government support policies and companies’ willingness to achieve innovation. They called for increased support in terms of securing financial liquidity, quality talent, as well as domestic and overseas market penetration, underscoring the need for bold reforms of various regulations undermining corporate growth.   Vice Minister Kang remarked that regulatory innovations and other tailored support policies will be further considered to spread high-growth middle market companies’ success knowhow to other innovative middle-market companies. date2024-06-12

Korea and EU hold 12th meeting of FTA Committee on Trade in Goods

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Food and Drug Safety (MFDS) attended the 12th meeting of the Korea-EU Free Trade Agreement (FTA) Committee on Trade in Goods on June 12 in Brussels, Belgium.   The above Committee is a communication channel for discussing tariff and non-tariff issues related to the trade of goods. The Korean and EU delegations took stock of the bilateral FTA implementation progress and discussed measures for solving Korean and EU companies’ mutual market entry issues.   Since entering into force in 2011, the Korea-EU FTA has served as a pillar in bilateral trade and investment, helping their trade volume achieve an average annual growth rate of three percent amid global uncertainties. Last year’s Korea-EU trade volume hit a record high of USD 136.1 billion on the backs of strong demand for Korean automobiles and locally established plants’ increased parts and facility investment.   During the meeting, the Korean delegation (led by MOTIE’s Director General for Trade Policy Chang Sung-gil) focused on issues concerning the EU’s battery regulations, Carbon Border Adjustment Mechanism (CBAM), deforestation-free products regulation, and the steel safeguard extension, while responding to the EU’s questions regarding Korea’s cosmetics safety management system and alcoholic beverage labeling and online retail system. date2024-06-12