Ministry of Trade, Industry and Energy

Trade Minister meets OPAZ Chairman

Minister for Trade Inkyo Cheong met Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss key agenda items including the resumption of the two countries’ bilateral Economic Cooperation Committee. date2024-04-30

Minister meets Saudi Commerce Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi Commerce Minister Majid bin Abdullah Al-Qasabi on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral trade and investment cooperation. date2024-04-30

Minister participates as panel speaker at WEF Special Meeting

Trade, Industry and Energy Minister Dukgeun Ahn participated as a panel speaker in the “What Homeland Economics Means for Trade” session at the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development on April 28 (local time) in Riyadh to discuss global economy, energy transition, Middle East tensions and other pending global issues and solutions. date2024-04-30

Minister meets Saudi Industry and Mineral Resources Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed measures for cooperation in industries, minerals and plant bid projects. date2024-04-30

Minister meets Saudi Energy Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi energy minister Abdulaziz bin Salman on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral energy cooperation. date2024-04-30

Trade Minister holds 4th Exports Promotion Meeting

Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies. date2024-04-30

Minister attends WEF’s Special Meeting in Riyadh

Trade, Industry and Energy Minister Dukgeun Ahn attended the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development on April 28 (local time) in Riyadh, Saudi Arabia, as the representative of the Korean government.   The Special Meeting on Global Collaboration, Growth and Energy for Development drew over 1,000 renowned figures to 90 sessions on global cooperation, inclusive growth, and energy to discuss various related global issues and seek solutions, touching on topics like the global economy, energy transition, and Middle East tensions.   Minister Ahn attended the panel discussion titled “What Homeland Economics Means for Trade” and the informal meeting of global economic leaders (IGWEL).   In the first session, the minister assessed the trade environment in terms of global geopolitical risks and protectionism trends and articulated measures for security and growth through the restoration of multilateralism and invigoration of trade and investment. He highlighted that Korea is prepared to share its experience of achieving growth through trade and opening up of markets in contributing to establishing a fairer and more inclusive global economic order.   In the informal gathering of world economic leaders, he exchanged views on pending global economic issues with chiefs of international organizations, CEOs, other country’s top-ranking figures in a more casual atmosphere.   On the margins of the meetings, Minister Ahn is also holding in-depth bilateral talks with counterparts of other countries to discuss measures for stronger economic collaboration with regard to energy, industries, and investment. date2024-04-29

Korea's exports maintaining upward trajectory across major markets

Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies.   In the first quarter of 2024, exports to chief destinations like the U.S. (up 15.5 percent year-on-year), China (up 4.3 percent), ASEAN (up 1.8 percent), and Latin America (up 21.6 percent) increased, recording an 8.3 percent growth to USD 163.8 billion.   To the U.S., automobiles (up 24.2 percent), general machinery (up 50.8 percent), and semiconductors (up 188.3 percent) enjoyed strong growth throughout the first quarter, surpassing all-time highs for the period.   As for China, its information technology (IT) industry rebound led to heightened demand for semiconductors (up 36.3 percent) and displays (up 26.2 percent).   To ASEAN, semiconductors (up 16.5 percent), petrochemicals (up 13.8 percent), and wireless communication devices (up 11.9 percent) led the overall growth.   Exports to Latin America posted the highest growth among all major destinations on the backs of robust demand for general machinery (up 20.1 percent) and petroleum products (up 68.6 percent).   With exports to major destinations like U.S., China, and ASEAN keeping up the growth pace in April, Trade Minister Cheong articulated expectations of exports and trade surplus advancing for the seventh and 11th consecutive month, respectively. “Thorough efforts will be made in expanding the trade network for emerging markets and responding to trade risks from Middle East tensions so that the present upward trajectory can maintain until the year end,” he said. date2024-04-29

Korea, U.S., and Japan to deepen cooperation on export controls and technology protection

Korea, the U.S., and Japan held a joint Disruptive Technology Protection Network Summit on April 25 (ET) in Washington D.C., U.S.   The Korean delegation, composed of representatives of the Office of the President, MOTIE, Ministry of Justice (MOJ), Ministry of Foreign Affairs (MOFA), and Korea Customs Service (KCS), was joined by the U.S.’ Department of Justice (DOJ) and Department of Commerce (DOC), and Japan’s Ministry of Economy, Trade, and Industry (METI) and National Police Agency (NPA).   Part of a follow-up measure to the Spirit of Camp David adopted at the trilateral summit held August 2023, the Summit is anticipated to augment the three countries’ cooperation in technology protection, export control implementation and related information sharing, exchange of success cases, and disruptive technology protection.   The Summit was chaired by Assistant Attorney General Matt Olsen of the Justice Department’s National Security Division and Assistant Secretary for Export Enforcement Matt Axelrod of the Commerce Department, the co-leaders of the U.S.’ Disruptive Technology Strike Force.   During the trilateral talks, the three countries shared the view that violation of export controls undermines national security. Korea’s MOJ, U.S. DOC, and Japan’s NPA signed a letter of intent (LOI) on deepening information sharing for tech leak law enforcement, while MOTIE also signed a LOI with the U.S. DOC and Japan’s METI for cooperation on export control implementation. date2024-04-26

Minister holds meeting with Korean companies operating in the Czech Republic

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with Korean companies operating in the Czech Republic on April 25 at the Korean embassy in Prague to listen to suggestions and local business issues. The meeting was attended by representatives of companies like Hyundai Motor, Hanwha Advanced Materials, Nexen Tire, and related institutions like KOTRA and KITA. date2024-04-26