Ministry of Trade, Industry and Energy

MOTIE and KORAD call for site proposals for underground high-level radioactive waste research facility

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Radioactive Waste Agency (KORAD) are calling for site proposals for underground facilities for high-level radioactive waste research beginning June 18 in accordance with the radioactive waste management technology development measures specified in the Korean government’s second high-level radioactive waste management basic plan (December 2021) and the High-Level Radioactive Waste R&D Roadmap (February 2024).   The underground research facilities are for conducting studies on Korea’s rock mass properties and disposal system performance at 500m underground, at a depth similar to that of disposal facilities. The research facility will be built at a site entirely separate from high-level radioactive waste disposal facilities, without admitting any radioactive waste or used nuclear fuel inside the area, and is for only research purposes. The U.S., Germany, Sweden, Switzerland, Canada, Belgium, France, and Japan have in the past operated or are currently operating such facilities in their territories.   The focus of the research facilities will be on specialized manpower training and development of disposal technologies suitable for the domestic geological environment, while also providing the general public the opportunity to experience an environment quite similar to that of a high-level radioactive waste disposal facility. Technologies developed in the facility will be utilized in the process of site selection, construction, and management of the high-level radioactive waste disposal facility upon the legislation of the Special Act on High-Level Radioactive Waste Management.   For siting, a site evaluation committee under KORAD will evaluate the site proposals submitted by local governments in terms of geological suitability and such eight criteria with aim to complete the selection process by the end of the year. Construction is to commence in 2026 with completion targeting 2032, and the operation period is approximately 20 years starting from 2030.   MOTIE and KORAD are holding a briefing on June 25 to explain the site selection process to interested local government bodies. Letters of intent and site proposals, respectively, must be submitted by July 19 and August 2, to KORAD. date2024-06-18

Vice Minister visits Haengwon Green Hydrogen Demonstration Complex

Trade, Industry and Energy Vice Minister Namho Choe visited the Haengwon Green Hydrogen Production Facility and the Hamdeok Green Hydrogen Charging Station on June 17 on Jeju Island to see and experience firsthand the first commercialized domestic model of green hydrogen. date2024-06-18

Hydrogen experts gather on Jeju Island for Green Hydrogen Global Forum 2024

The Ministry of Trade, Industry and Energy (MOTIE) and Jeju Special Self-Governing Province are hosting the Green Hydrogen Global Forum 2024 through June 17–19 at the International Convention Center (ICC) on Jeju Island to share clean hydrogen trends and policies and to facilitate discussions on cooperation measures.   Launched in 2023, this year’s Forum draws 400 participants from various countries, including Germany, Norway, and Denmark, composed of hydrogen experts and key government figures and ambassadors. James F. Miller, a senior scientist in the Energy Systems and Infrastructure Analysis division at U.S.’ Argonne National Laboratory, and Marco Alverà, the author of "The Hydrogen Revolution,” gave keynote speeches at the opening ceremony, followed by the “Leadership Dialogue” program.   The second day of the Forum will continue with discussions on measures for establishing the life cycle of clean hydrogen—production, storage, transport, and utilization—as well as sector coupling strategies for invigorating the accommodation of distributed energy resources, such as the conversion of surplus renewable energy to hydrogen.   The last day of the Forum will have members of the general public visit the Haengwon Green Hydrogen Production Facility and the Hamdeok Green Hydrogen Charging Station on the island by bus to see and experience firsthand the first commercialized domestic model of green hydrogen.   In his opening message, Vice Minister Namho Choe stated that “International cooperation and solidarity are key to realizing a clean hydrogen-based hydrogen economy,” and added that he looked forward to seeing the different countries’ governments and global experts take part in the vigorous information exchange and seek measures for mutual cooperation. date2024-06-18

K-Shipyard Export Financing Support MOU conference

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun held the K-Shipyard Export Financing Support MOU ceremony on June 17 in Seoul with the participation of five major nationwide banks, three local banks, four policy financing institutions, and three shipyards for securing Korea’s global shipbuilding dominance and expanding exports. date2024-06-17

Export financing authorities pool $10.8 bln refund guarantees for domestic shipyards

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun held the K-Shipyard Export Financing Support MOU ceremony on June 17 in Seoul with the participation of five major nationwide banks, three local banks, four policy financing institutions, and three shipyards for securing Korea’s global shipbuilding dominance and expanding exports.   Korean shipyards are currently on a tailwind of bulk orders for LNG carriers and such high value-added ships, winning over four years’ worth of work. Ship exports have also risen 57 percent year-on-year to USD 10.4 billion (Jan–May, 2024).   Amid these developments, the Ministry of Trade, Industry and Energy (MOTIE) and FSC agreed to increase the amount of advance payment refund guarantee (RG) for shipbuilders through collaboration with related ministries, banks, and policy financing institutions. Accordingly, RGs worth $10.1 billion and $0.7 billion will be provided to large and mid-sized shipyards, respectively, totaling $10.8 billion worth of RGs to homegrown shipyards.   The K-Shipyard Export Financing Support MOU is meaningful in that it is the first RG jointly issued by nationwide and local banks to mid-sized shipyards. date2024-06-17

MOU signing for SMEs and middle-market companies’ trade financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 in Seoul for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March. date2024-06-17

K-SURE and Shinhan Bank sign MOU on ₩1 tln export financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March.   According to the MOU, Shinhan Bank and K-SURE are to provide preferential loans of KRW 1 trillion ($720 mln) as export financing to support the overseas production facility establishment of SMEs and middle-market companies entering foreign markets in response to global supply chain realignment. Such companies will be offered loans at preferred rates from Shinhan bank and guarantee fee discounts and feasibility study expense grants from K-SURE.   Shinhan Bank and K-SURE are to cooperate in nurturing tech export businesses with high potential in terms of technology, growth, and innovativeness by selecting and giving catered support to 100 companies over the next three years for them to grow into unicorn companies. To this end, Shinhan Bank plans to give preferential investment funding assistance via Future’s Lab, its startup nurturing program, and K-SURE plans to offer special guarantees up to ₩10 billion maximum per company as well as a 90 percent discount on insurance premiums and guarantee fees.   Minister Ahn stated that the MOUs signed this day are part of a leading financial cooperation model to boost SMEs and middle-market companies’ exports and overseas entry amid protracted high interest rates and intensifying supply chain realignments worldwide. date2024-06-17

Korea's ICT exports rise 31.8% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that Korea’s export and import of information and communications technology (ICT) goods for May recorded USD 19.1 billion and $11.5 billion, respectively, and the trade balance stood at a surplus of $7.6 billion.   The ICT export growth rate entered the 30 percent thresholds in May (up 31.8 percent year-on-year) for the second consecutive month, thanks to robust exports of semiconductors, displays, mobile phones, and computers/peripherals.   By item, semiconductors (up 52.4 percent), displays (up 15.3 percent), mobile phones (up 10.8 percent), and computers/peripherals (up 42.5 percent) advanced.   By region, exports to China (including Hong Kong) (up 35.3 percent), Vietnam (up 30.6 percent), the U.S. (up 20.7 percent), and Europe (up 21.3 percent) expanded.   Meanwhile, increased demand for parts of major items like semiconductors and displays raised overall imports 2.4 percent year-on-year. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs

Trade, Industry and Energy Minister Dukgeun Ahn and Uzbekistan's Investment, Industry and Trade Minister Laziz Kudratov attended the Korea-Uzbekistan Business Forum on June 14 in Toshkent, inking 30 new joint projects in global supply chains, energy, and infrastructure in the attendance of both countries’ government officials and business representatives. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs for future cooperation in infrastructure, energy, and supply chains

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that on the occasion of President Yoon Suk Yeol’s state visit to Uzbekistan, the two countries held the Korea-Uzbekistan Business Forum, which inked 30 new joint projects in the participation of 700 key figures of their economic groups, large corporations, middle-market companies, and SMEs and facilitated discussions for stronger cooperation in global supply chains, digital transition, energy, and infrastructure.   In infrastructure, four memorandums of understanding (MOUs) were signed across a wide range of areas in city development and construction, laying down the foundation for future Uzbekistan infrastructure market entry in railways and other major businesses. In energy, seven MOUs were entered in district heating, hydroelectric power, and solar power development, through which Korean companies expect to penetrate the Central Asian carbon neutrality markets. In critical minerals and supply chains, five MOUs were signed for mining and geological research, building anticipation for prospects of securing mineral resources like lithium, molybdenum, and tungsten. In other future economic cooperation areas like digital transition, pharmaceuticals, food and beverage exports, 14 MOUs were inked with aim to establish a stable and forward-looking bilateral cooperation base.   With the Business Forum serving as a momentum for further advancing the two countries’ economic cooperation, Korea and Uzbekistan reaffirmed their shared understanding on the future partnership for development and joint projects in major areas like infrastructure, energy, and supply chains. The Korean government plans to provide public-private support for tangible business progress based on the above outcomes. date2024-06-17