Ministry of Trade, Industry and Energy

Vice Minister attends unveiling ceremony marking 50th anniversary of Changwon National Industrial Complex

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the opening ceremony for unveiling the symbolic sculpture and stone sign engraved with President Yoon Suk Yeol’s writing marking the 50th anniversary of the designation of Changwon National Industrial Complex on April 24 at the Korea Industrial Complex Corporation in the attendance of 400 representatives of tenant businesses and South Gyeongsang Province Governor Park Wan-su. date2024-04-25

Trade Minister and Egypt's SCA Chairman discuss green logistics cooperation

Minister for Trade Inkyo Cheong met Egypt’s Suez Canal Authority (SCA) Chairman and Managing Director Osama Rabie on April 25 at the Lotte Hotel Seoul and discussed measures for strengthening bilateral cooperation in offshore logistics and Egypt’s “Green Canal 2030.”   Trade Minister Cheong stated that the project for establishing green energy infrastructure for the Suez Canal is underway through industrial and energy official development assistance (ODA) by Korea Institute for Advancement of Technology (KIAT) for backing the Green Canal 2030 strategy by assisting ships’ low carbon transition and reducing greenhouse gas emissions (GHGs).   SCA Chairman Rabie noted that Korea’s contribution to the Suez Canal development has been substantial, particularly with respect to technology talent training, and expressed hopes of deepening bilateral cooperation in nurturing Egypt’s shipbuilding, port, and marine industries on this occasion.   Mentioning the Korea-Africa Summit 2024 slated for June this year in Seoul, Korea’s trade chief asked for Egypt’s active participation and cooperation in the related business summit event, and requested support for emergency situations and safe passing of Korean ships that need to inevitably transit the Suez Canal. date2024-04-25

Korea and U.S. discuss stronger semiconductor industrial cooperation and investment

Deputy Minister for Trade Yang Byeong-nae met Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, on April 25 in Seoul to discuss measures for strengthening bilateral semiconductor industrial cooperation and investment.   Deputy Minister Yang addressed the expanding Korea-U.S. cooperation in advanced industries and supply chains driven by Korean companies’ recently increasing investment in the U.S., stating that he looks forward to seeing synergy between Korean chip companies and U.S. firms and requested the U.S.’ support with respect to the CHIPS Act incentives in facilitating Korean firms’ investment in the U.S.   Moreover, he articulated Korean firms’ concerns over the extensive scope of the U.S.’ ongoing anti-dumping investigations on Korean aluminum extrusions and recent issues on visas required for Korean companies’ overseas personnel education and plant equipment handling, asking for interest and cooperation at the U.S. State Department level.   Assistant Secretary Toloui noted the strengthening public-private cooperation between the two countries and said that careful consideration will be given with regard to the above requests. date2024-04-25

Trade Minister and AfCFTA Secretary General discuss stronger Korea-Africa trade cooperation

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea on the occasion of the upcoming Korea-Africa Summit (June 2024) and exchanged views on expanding trade between Korea and African countries.   Noting the global rise of protectionism, Trade Minister Cheong highly assessed African countries’ efforts to achieve growth based on intraregional free trade and through the launch of AfCFTA (January 2021), assuring Korea’s strong support in the process.   Moreover, he warmly welcomed Secretary General Mene’s planned participation in the Korea-Africa Summit 2024, an event for establishing mutually beneficial, sustainable, and long-term cooperative ties between Korea and Africa. The trade chief also asked for interest and support towards the Economic Partnership Agreement (EPA) underway on the margins of the Summit among Korea and three African countries, namely Morocco, Kenya, and Tanzania.   Meanwhile, MOTIE plans to hold a business summit on the occasion of the bilateral Summit in June with joint organization by five major economic groups, led by the Korea International Trade Association (KITA). On the sidelines, Korea Trade-Investment Promotion Agency (KOTRA) will hold a business partnership event for bolstering economic cooperation and creating opportunities for tangible business outcomes between Korea and African countries. date2024-04-25

Vice Minister attends Changwon National Industrial Complex 50th anniversary ceremony

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the 50th anniversary ceremony of the designation of Changwon National Industrial Complex on April 24 at the Changwon Convention Center, held by the Ministry of Trade, Industry and Energy (MOTIE) and the South Gyeongsang Province in the attendance of Prime Minister Han Duck-soo, Gyeongsang Province Governor Park Wan-su, and approximately 400 representatives of the Complex’s tenant businesses. date2024-04-25

Korea's cradle of industrial growth, Changwon National Industrial Complex marks 50th anniversary

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the 50th anniversary ceremony of the designation of Changwon National Industrial Complex on April 24 at the Changwon Convention Center, held by the Ministry of Trade, Industry and Energy (MOTIE) and the South Gyeongsang Province in the attendance of Prime Minister Han Duck-soo, South Gyeongsang Province Governor Park Wan-su, and approximately 400 representatives of the Complex’s tenant businesses.   Launched in April 1974, the Changwon National Industrial Complex has served as the driving force and engine behind Korea’s manufacturing and machinery industry, leading the growth across nuclear power, defense, automobiles, and shipbuilding. The KRW 1.5 billion production value generated by tenant companies in 1975 has increased 40,000-fold to an all-time high of 60 trillion won in 2023. Exports likewise advanced 30,000-fold from USD 0.6 million to $18.3 billion.   The ceremony looked back on the past five decades of the Complex’s history and achievements and shared the vision for the next 50 years. CEOs of tenant companies were awarded government commendations and medals of honor for their contribution to economic development. The Bronze Tower Order of Industrial Service Merit was awarded to Jeon Seo-hoon, the CEO of Samkwang Machinery Co., for the company’s successful development and localization of armored combat vehicle transmission, contribution to Korea’s defense exports, and job creation. date2024-04-25

Trade Minister meets China's Liaoning Party Secretary

Minister for Trade Inkyo Cheong met with Hao Peng, Communist Party secretary of Liaoning Province of China, on April 23 in Seoul and discussed measures for supporting the approximately 500 Korean firms currently operating in the Liaoning Province. date2024-04-24

Minister to visit Czech Republic to bolster nuclear and investment cooperation

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the Czech Republic from April 24-26, his first on taking office. He will be meeting with the Czech Industry and Trade Minister Jozef Sikela and Finance Minister Zbynĕk Stanjura among other key government officials to discuss measures for stronger bilateral cooperation.   As one of the Visegrád Group (V4) members, the Czech Republic has built strong partnership over the years with Korea. The two countries’ bilateral trade volume hit all-time highs last year with USD 4.4 billion and Korean firms are currently in the running for the Czech government’s tender on the construction of new nuclear power plants. With next year marking the two countries’ 35th anniversary of the establishment of diplomatic relations, they will be signing the bilateral Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on the occasion of this visit and discuss measures to bolster cooperation in nuclear power, infrastructure, advanced industries, and technology.   On the margins of the visit, Minister Ahn will also convene a meeting with Korean companies operating in the Czech Republic to listen to suggestions and local business issues. date2024-04-24

Trade Minister discusses support for Korean firms operating in U.S. with Tennessee governor

Minister for Trade Inkyo Cheong held talks via videoconferencing with Bill Lee, Governor of Tennessee, U.S., on April 23 (KST) and discussed measures for stronger trade and economic cooperation.   Noting that the Korea-U.S. alliance is advancing to one of high-tech industries and supply chains, the trade chief said that Korean producers of battery, anodes, and cathodes investing in Tennessee is a good example of bolstered cooperation. Moreover, he highlighted that he looks forward to State Government-level support for Korean firms for stable investment and business management in terms of infrastructure and tax credit.   Trade Minister Cheong also requested that careful attention be given to ensure that Korean battery, anodes, and cathodes companies investing in the State of Tennessee duly receive their Inflation Reduction Act (IRA) tax incentives. In addition, he asked for cooperation with respect to recent issues on visas required for dispatching experts for local personnel training and equipment handling prior to factories’ commencing local operation.   Governor Lee addressed Korean companies’ recently increasing investment in the U.S. and stated that close attention will be paid with regard to Korea’s requests. date2024-04-24

Trade Minister holds 38th Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 in Seoul and led discussions on Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements utilization and Korea-EU Digital Trade Agreement negotiations progress.   The meeting was attended by representatives of related ministries, including the Ministry of Economy and Finance, Ministry of Foreign Affairs, and the Ministry of Environment. date2024-04-24