Ministry of Trade, Industry and Energy

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

MOTIE gives briefing on World Climate Industry Expo 2024

The Ministry of Trade, Industry and Energy (MOTIE) gave a briefing on the World Climate Industry Expo 2024 (WCE 2024) to the foreign embassies in Korea on June 12 in Seoul and explained the expo’s main programs and the need for utilizing carbon-free energy sources.   MOTIE will be co-hosting WCE 2024 with the International Energy Agency (IEA) from September 4–6 under the theme of “Ushering in a Carbon-Free Energy Era with Climate Technology” and 12 climate and energy related ministries are currently in preparation for the global event.   Based on the shared understanding on the need for extensive utilization of carbon-free energy sources, the Korean government and the IEA are calling for participation of countries and international organizations by distributing letters of invitation and promotion material via overseas missions.   The briefing was attended by the representatives of 50 embassies, including those from the U.S., EU, Denmark, and Australia. Carbon Free (CF) Alliance Secretary General Yang Euyseok noted that international consensus is building up, as seen in the agreement concluded at the COP28 UN Climate Change Conference declaring carbon-free energy technologies in nuclear power, hydrogen, carbon capture and storage (CCUS), and renewable energy as means of carbon reduction. He added that a global working group will be formed for establishing Carbon Free Energy (CFE) implementation and international standards.   WCE 2024 is to host 11 conferences via three summits (CFE, industry/technology, climate) and will showcase the latest future technologies on carbon-free energy at exhibition booths of global companies like Samsung, LG, Hyundai Motor, and RWE. date2024-06-12

Korea and ASEAN hold 21st FTA Implementing Committee meeting

Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is leading the Korean delegation in the 21st Korea-ASEAN FTA Implementing Committee meeting for furthering discussions on upgrading the bilateral FTA in Seoul through June 12–13. The ASEAN delegation is led by Alpana Roy, Senior Economic Official to ASEAN and Director at the Singaporean Ministry of Trade and Industry.   The Korea-ASEAN FTA Agreement on Trade in Goods entered into force in 2007, followed by the Trade in Services Agreement and the Investment Agreement, which both came into effect in 2009. Since 2013, the two sides have been engaging in discussions for further expanding their FTA.   During the 20th Implementing Committee meeting held this March, the two sides discussed whether to proceed with phased follow-up negotiations, based on the joint research outcomes on upgrading the FTA. In this 21st meeting, the two sides will be discussing the 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. date2024-06-12

Korea and Chile hold Critical Minerals Business Roundtable

Trade, Industry and Energy Vice Minister Namho Choe met with Chile’s Mining Minister Aurora Williams on June 11 in Seoul and held a Korea-Chile critical minerals business roundtable to discuss cooperation in critical minerals like lithium and copper. date2024-06-12

Trade Minister meets Vietnam's VASS President

Minister for Trade Inkyo Cheong met with Phan Chí Hiếu, President of the Vietnam Academy of Social Sciences (VASS), on June 11 in Seoul to discuss measures for Korea-Vietnam economic cooperation in trade, investment, critical minerals supply chain, and carbon neutrality. date2024-06-12

Trade Minister discusses economic cooperation with Vietnam’s think tank president

Minister for Trade Inkyo Cheong met with Phan Chí Hiếu, President of the Vietnam Academy of Social Sciences (VASS), on June 11 in Seoul to discuss measures for Korea-Vietnam economic cooperation in trade, investment, critical minerals supply chain, and carbon neutrality, and agreed to continue their policy exchanges for the two countries’ forward-looking cooperative ties. VASS is Vietnam’s leading think tank established under the Prime Minister, overseeing 35 research institutes.   Trade Minister Cheong held VASS in high regard in terms of its contribution to strengthening the bilateral strategic communication in academic, political, economic, social, and cultural exchanges. He suggested that the two countries seek detailed cooperation measures through both intergovernmental and policy institutional communication for reaching the USD 150 billion bilateral trade volume target by 2030 declared in 2022.   Noting the elevation of Korea-Vietnam relations to a comprehensive strategic partnership in 2022 in commemoration of their 30th anniversary of the establishment of diplomatic ties, the VASS president said that he looked forward to opening doors to a new era of closer cooperation over the next 30 years, and that VASS will help deepen the two countries’ cooperative ties.   Lastly, Trade Minister Cheong expressed hope of expanding their trade and economic network across the entire ASEAN region and asked for strong support towards Korea’s Chairmanship of the Asia Pacific Economic Cooperation (APEC) Summit 2025. date2024-06-11