Ministry of Trade, Industry and Energy

Korea and U.S. to use eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Customs Service (KCS) announced that the U.S. is introducing the Electronic Certification System (eCERT) as a new filing system for quota-subject Korean steel. U.S. Customs and Border Protection (CBP) has notified the above on the Federal Register on April 5 (local time).   The eCERT is CBP's new electronic document system for managing quotas and customs, and is anticipated to prevent illegal transactions, save time in information handling, and increase stability.   The system will run in tandem with the Korea Iron and Steel Association (KOSA)’s export quota management system. CBP will compare and cross-check the export approval document submitted by KOSA with the import declaration form and reply back on whether or not to approve customs clearance.   According to the Federal Register notice, the grace period for the new filing system takes effect April 22, 2024, and CBP will automatically reject filings without correct eCERT information beginning May 20, 2024. date2024-04-08

Minister Ahn holds Global Open Innovation Strategy Conference

Trade, Industry and Energy Minister Dukgeun Ahn held the Global Open Innovation Strategy Conference on April 5 at Josun Palace and announced the preferred bidders for the Global Industrial Technology Cooperation Center project, as well as future plans.   The conference was attended by representatives of relevant institutions, including Korea Institute for Industrial Economics & Trade (KIET) and National Academy of Engineering of Korea (NAEK). date2024-04-05

Minister Ahn attends interministerial meeting on MPE competitiveness

Trade, Industry and Energy Minister Dukgeun Ahn attended the interministerial meeting on April 3, chaired by the Economy and Finance Minister, at the Government Complex Seoul for the deliberation and resolution on major agenda items concerning the materials, parts, and equipment (MPE) specialization complexes.   The meeting was attended by representatives of relevant ministries and institutions, including the Ministry of Science and ICT (MSIT) and the Korea International Trade Association (KITA).   date2024-04-05

Minister Ahn holds Technology Financing Investment Promotion Strategy Meeting

Trade, Industry and Energy Minister Dukgeun Ahn attended the Technology Financing Investment Promotion Strategy Meeting on April 4 at Lotte Hotel Seoul and announced private-led technology financing promotion measures on providing KRW 16.6 trillion to SMEs and middle-market firms with innovative technologies over the next five years (2024-2028).   On the margins of the meeting, the 13 banks that will be executing the newly launched R&D loan participated in the ceremony for the industrial technology innovation fund memorandum of understanding (MOU).   Attending the event were representatives of relevant firms, financial institutions, and ministries, including Korea Evaluation Institute of Industrial Technology (KEIT) and Korea Institute of Advancement for Technology (KIAT). date2024-04-05

Six global institutions selected for Global Industry and Technology Cooperation Center project

Trade, Industry and Energy Minister Dukgeun Ahn held the Global Open Innovation Strategy Conference on April 5 at Josun Palace and announced the preferred bidders for the Global Industry and Technology Cooperation Center project.   The Global Industry and Technology Cooperation Centers are to be a platform for international joint R&D projects, partner matching, and technology collaboration, for which 30 universities and research institutes around the world applied. Paper and presentation evaluation rounds narrowed the applicants down to six overseas institutions, namely Massachusetts Institute of Technology (MIT), Yale University, Purdue University, Johns Hopkins University, Fraunhofer, and Georgia Institute of Technology.   The Ministry of Trade, Industry and Energy plans to launch around 45 joint global R&D projects this year with aim to secure 100 next-generation foundational technologies by 2028. date2024-04-05

MOTIE to support innovative SMEs with KRW 16.6 tln technology financing by 2028

Trade, Industry and Energy Minister Dukgeun Ahn attended the Technology Financing Investment Promotion Strategy Meeting on April 4 at Lotte Hotel Seoul and announced private-led technology financing promotion measures on providing KRW 16.6 trillion to SMEs and middle-market firms with innovative technologies over the next five years (2024-2028). A total of 3.4 trillion won is to be funded in 2024 alone.   First of all, a 2.4 trillion won public-private corporate venture capital (CVC) fund will be formed in 2024 for investment in innovative startups, whereas large corporations will be supported in their business, marketing, and innovative infrastructure establishment to expedite open innovation.   Second, the industrial technology innovation fund in 2024 will pour 400 billion won into defense, AI-based autonomous manufacturing, carbon-free energy, and other advanced industries, while also strengthening support for regions and middle-market companies short of private venture investment. As for the unprecedented 36 billion won high-tech civil-military cooperative fund, defense companies attending the meeting vowed support for nurturing innovative defense firms via means of additional investment, company scouting, and commercialization assistance.   Third, MOTIE will create a 540 billion won low-interest R&D loan to assist companies’ technology commercialization and join hands with the SMEs and Startups Ministry (MSS) to initiate a special exemption guarantee that offers fees reduced by 0.5 percentage points to mitigate burden on companies. Furthermore, a 170 billion R&D fund will be supplied in 2024 in line with venture capital investment.   On the margins of the meeting, the 13 banks that will be executing the newly launched R&D loan participated in the ceremony for the industrial technology innovation fund memorandum of understanding (MOU). In addition to POSCO Capital, SGC Partners and Ascendo Ventures were also selected to jointly manage the CVC fund, and the three companies entered an MOU on this account.   Also attending the event was Ely Razin, Chief Strategic Investments Officer at Israeli investment platform OurCrowd, who expressed commitment to injecting over 40 billion won worth of foreign capital into Korea’s technology innovation fund. OurCrowd was selected as one of the technology innovation fund managers in 2023. date2024-04-05

Vice Minister chairs MOU ceremony and conference with nuclear energy firms

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on April 4 at Korea Atomic Industrial Forum (KAIF) on executing special financial assistance for stimulating investment, export competitiveness and R&D innovation for the domestic nuclear energy industry.   As follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP). date2024-04-05

Nuclear energy firms to benefit from KRW 100 bln loan fund in 2024

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on executing special financial assistance for the domestic nuclear energy ecosystem on April 4 at Korea Atomic Industrial Forum (KAIF).   Part of a follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP).   First, the Ministry of Trade, Industry and Energy (MOTIE) entered an MOU with banks and relevant institutions for the special financial assistance towards nuclear energy firms and agreed to cooperate on developing the program for tackling the industry’s financial challenges, information sharing, and the management and operation of business projects. Based on the consensus that fast liquidity is of utmost importance in lowering SMEs’ funding difficulties, each institution has been making swift headway in project notification, selection of project applicants, and loan appraisals. Over 34 billion won was executed in loans by the end of March, adding up to 50 billion won in April, with a total of 100 billion won to be funded within this year.   At the conference with the beneficiary companies, Vice Minister Choe listened to the nuclear energy industry representatives’ suggestions and opinions. Nuclear energy companies’ leaders spoke on how the increased work orders and financial assistance are vitalizing the industry atmosphere and suggested that the Government give continued interest and support towards SMEs and middle-market companies in the nuclear energy industry in terms of investment, R&D innovation, and export competitiveness.   Vice Minister Choe said that the Government will fully support the nuclear industry’s rebound as well as its future global performance and asked for industry players’ active participation in new investment, technological enhancement, and other means to qualitatively advance the industry. date2024-04-05

Minister Ahn discusses FDI strategy with foreign-invested companies

Trade, Industry and Energy Minister Dukgeun Ahn chaired a meeting on April 3 at Jinkwansa, a traditional Korean Buddhist temple, with the Korea Chamber of Commerce and Industry (KCCI) and foreign-invested companies to discuss strategies for attracting foreign investment and nurturing Korea into a more appealing and stable investment environment.   The meeting was attended by representatives of foreign-invested companies and other major related institutions, including DuPont Korea and AMCHAM. date2024-04-04

Vice Minister chairs meeting with petrochemicals industry leaders

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on April 3 in Seoul with petrochemicals industry leaders to discuss present challenges in export and investment.   The meeting was attended by representatives of Kumho Petrochemical, SK Geocentric, LG Chem, and Lotte Chemical. date2024-04-04