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Industry
Korea Smart Grid Expo 2024 showcases latest technologies in power industry
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that the Korea Smart Grid Expo (KSGE) 2024, hosted by MOTIE and organized by Korea Smart Grid Association and COEX, is held through April 3-5 at COEX in Seoul, where visitors can check out the latest technologies and products in the smart grid and power industries. With this year marking the Expo's 14th anniversary, KSGE 2024 showcases three special booths focusing on energy storage systems (ESSs), distributed energy, and EV charging infrastructure. The Energy Storage Industry Exhibition presents not only the conventional lithium-ion battery storage system, but other various energy storage technologies like flow battery, heat- and compressed air ESS, and pumped storage power plants. The Distributed Energy Industry Exhibition, in line with the Special Act on the Promotion of Distributed Energy to be enforced in June, presents a new business model that caters to regional characteristics, ranging from integrated power plants to microgrids. The EV Charging Infrastructure Exhibition showcases ultra-high speed, portable chargers, and operation platforms for both domestic and overseas markets, designed by charger manufacturers and operators. date2024-04-03
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Trade/Investment
Government to set up one-stop help desk for exporters' CBAM response
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that relevant ministries gave a joint briefing on the EU’s Carbon Border Adjustment Mechanism (CBAM) and other international environmental regulations to discuss new export opportunities and presented the following measures for supporting companies’ CBAM response. First, the Government has decided to integrate the briefings, which had previously been held separately per each ministry and institution, into joint interministerial briefings. The briefings will be held in regions with higher numbers of impacted companies, beginning with Yeongnam, followed by the capital region (May, October) and Chungcheong Province (July). Second, the currently siloed help desks run by MOTIE and the Ministry of Environment (ME) will be streamlined into a one-stop government help desk for CBAM response to improve customer convenience. Third, companies lacking experience in carbon emission calculation will be provided with consultation service starting this year. The Ministry of SMEs and Startups (MSS) will announce the project for the second time through May 6-31, and ME will open applications to interested companies from April 22-May 17. Fourth, Korea Customs Service (KCS) will provide exporting businesses with information on CBAM via phone call, mobile text message, and email as to whether their export items fall under CBAM regulation. date2024-04-03
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Industry
Korea launches AI Semiconductor Cooperation Forum for synergy along chip value chain
Trade, Industry and Energy Vice Minister Kang Kyungsung and Science and ICT Vice Minister Kang Dohyun attended the “AI Semiconductor Cooperation Forum” inauguration ceremony on April 2, held as a follow-up measure to the semiconductor-themed public forum in January, with aim to foster the development of Korea’s AI semiconductor technology and to facilitate coordination between chip suppliers and buyers. At the ceremony were buyers consisting of firms representing Korea’s seven major industries, as well as suppliers in semiconductor intellectual property (IP), fabless, foundry, and post-process. Industrial associations making up the semiconductor value chain entered a memorandum of understanding (MOU) on invigorating the AI semiconductor ecosystem and discussed related policies. The Korean government plans to support the cost of developing on-device AI semiconductor products through supplier-buyer matching and evaluations. Moreover, a system chip inspection support center project will be launched in the second half of this year to provide the testing and inspection service AI chip companies need. There are also plans to give financial support through the chip ecosystem fund and support R&D for developing next-generation intelligent semiconductor technology and processing-in-memory (PIM) semiconductors. date2024-04-03
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Industry
Korean shipyards rank 1st in global orders for Q1 2024
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that Korea’s shipyards landed first place in Q1 2024 in terms of new global orders, a first in in three years. According to UK-based Clarksons Research, Korea won USD 13.6 billion worth of orders in the first three months of this year, up by 41.4 percent year-on-year. The value amounts to approximately 45.5 percent of last year’s annual orders ($29.9 billion) and 44.7 percent of total global orders. In the month of March alone, ship exports grew for the eighth consecutive month since July 2023, boosting the country’s total exports. Korea's shipyards have been making effort to transition over to carbon-free and digital in step with the shifting global landscape, focusing on eco-friendly and high value-added ships. In the first quarter of this year, they won 100 percent of all global orders for eco-friendly vessels, comprising LNG carriers (29 vessels) and ammonia ships (20 vessels). This March, MOTIE announced the “Next Generation K-Shipbuilding Initiative,” containing plans to invest 9 trillion won in the shipbuilding industry over the next five years through public-private joint efforts for securing super gap technologies and talent training. MOTIE also plans to develop eco-friendly ships and autonomous self-navigating ships into Korea’s core export items through active utilization of regulatory sandboxes. date2024-04-03
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FTA/Economic Cooperation
Korea and Chile launch 9th official negotiating round for upgrading bilateral FTA
Director General for FTA Policy Ahn Chang-yong is heading the Korean delegation in the ninth official negotiating round for upgrading the Korea-Chile Free Trade Agreement (FTA) from April 2-4 in Chile, Santiago. Pablo Urria, Acting Director for Bilateral Economic Affairs at Chile's Ministry of Foreign Affairs, is leading the Chilean delegation. Having come into effect on April 1, 2004, the FTA with Chile is Korea’s first FTA and has increased bilateral trade five-fold, bolstering the economic cooperative relations. The two sides commenced the FTA upgrade negotiations in 2018 with aim to deepen bilateral trade, investment, and cooperative relations, as well as to incorporate modernized trade rules into the Agreement with respect to supply chains, energy, raw materials, digital economy, intellectual property rights, and environment. With this year marking the 20th anniversary of the Korea-Chile FTA’s entry into force, both sides’ trade authorities agreed to work on making tangible progress through this ninth official negotiating round. date2024-04-03
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Energy
Applications now open for IPEF Climate Tech 100
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that the global data platform and marketing survey company, HolonIQ, opened applications for Climate Tech 100 starting April 1, as part of an initiative to discover promising climate tech startups and connect them with global investors at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum to be held this June in Singapore. The final ranking of the 100 climate tech companies will be revealed at the Forum, in the attendance of high-level officials of relevant governments, global investors, and multilateral development banks (MDBs). The top 100 startups' technologies are to be introduced and promoted to global investors at the Forum, while top 30 startups will be granted one-on-one matching and pitch opportunities for attracting investment. More information is available at HolonIQ’s website (www.holoniq.com), where interested startups can sign up by April 22. date2024-04-02
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Trade/Investment
FDI pledged to Korea hits record-breaking $7.1 bln for Q1 2024
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that foreign direct investments (FDIs) pledged to Korea in the first quarter of 2024 (Jan-Mar, acc.) jumped 25.1 percent year-on-year to a record-breaking USD 7.1 billion. FDIs that actually arrived in Korea over the same period reached $1.9 billion. By industry, the manufacturing sector saw FDI pledges soar 99.2 percent to $3.1 billion, whereas those to service inched down 2.5 percent to $3.9 billion. Among manufacturing, electrical and electronics (up 113.5 percent to $1.5 billion), machinery and precision medical devices (up 49.2 percent to $0.5 billion), and chemical engineering (up 69.5 percent to $0.3 billion) advanced year-on-year. In service industries, finance and insurance (up 34.3 percent to $2.2 billion) enjoyed growth. By region, FDI coming in from the U.S. and EU decreased owing to the high base effect from last year’s bulk investments, contracting 3.4 percent and 69.8 percent, respectively, to $0.7 billion and $0.6 billion. FDI from Japan and Greater China leaped 281.8 percent and 146.7 percent, respectively, to $1.1 billion and $2.1 billion. By type, greenfield investments shrank 7.1 percent to $3.9 billion, while M&A investments expanded 115.4 percent to $3.2 billion. date2024-04-02
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Industry
Minister Ahn holds meeting on biopharma manufacturing competitiveness
Trade, Industry and Energy Minister Dukgeun Ahn held a meeting on biopharma manufacturing competitiveness at the Pangyo Technovalley’s Startup Campus on April 1 to lead discussions on biomanufacturing development and future strategies with representatives of major producers of bio materials, parts and equipment (MPE) like Hanhwa and Amicogen, and bio companies like Samsung Biologics and Celltrion. Prior to the meeting, Korea’s Bio MPE Solidarity Cooperation Consultative Group entered a memorandum of understanding (MOU) with major bio companies like Samsung Biologics, Celltrion, and Samsung Bioepis, as well as research and education institutions like the Korea Research Institute of Bioscience and Biotechnology (KRIBB), K-NIBRT and Osong Medical Innovation Foundation to strengthen support for bio MPE firms’ demonstration projects. date2024-04-02
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Industry
Korea lays out blueprint for nurturing global biopharma hub
Trade, Industry and Energy Minister Dukgeun Ahn held a meeting on biopharma manufacturing competitiveness at the Pangyo Technovalley's Startup Campus on April 1 to lead discussions on biomanufacturing development and future strategies with representatives of major producers of bio materials, parts and equipment (MPE) like Hanhwa and Amicogen, and bio companies like Samsung Biologics and Celltrion. MOTIE is aiming to secure Korea’s supergap in advanced biomanufacturing by pouring KRW 2.1 trillion from 2024-2030 into R&D support for global market penetration and the establishment of a bio MPE ecosystem and industrial base to assist 17.7 trillion won worth of private investment by 2030. This is in line with the goal of nurturing five contract development and manufacturing organizations (CDMOs) and five global bio MPE companies by 2030. By 2030, MOTIE intends to produce 15 trillion won worth of bio pharmaceuticals and achieve USD 10 billion in their export. The ministry will also push a prefeasibility study for the Korean version of BioMADE, a project for advancing the high-tech bio production process. In order to advance the production process and accelerate commercialization in tandem with the public bio foundry project to be launched next year, MOTIE will collaborate with the U.S.’ Advanced Mammalian Biomanufacturing Innovation Center (AMBIC) in establishing an innovative bio manufacturing platform. Prior to the meeting, Korea’s Bio MPE Solidarity Cooperation Consultative Group entered a memorandum of understanding (MOU) with major bio companies like Samsung Biologics, Celltrion, and Samsung Bioepis, as well as research and education institutions like the Korea Research Institute of Bioscience and Biotechnology (KRIBB), K-NIBRT and Osong Medical Innovation Foundation to strengthen support for bio MPE firms’ demonstration projects. Companies and institutions participating in this MOU will be engaging in the establishment of a bio MPE testbed project through the Bio MPE Solidarity Cooperation Consultative Group for securing MPE products’ track record beginning this year. date2024-04-02
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Energy
Five-tier energy efficiency EV grading system now enforced in full
The Ministry of Trade, Industry and Energy (MOTIE) announced that beginning April 1, the five-tier energy efficiency grading system for electric vehicles (EVs) will be enforced in full, with all EVs (278 models) in the market to be given their respective energy efficiency grade rated on a scale of one to five, with one being the highest in efficiency. The grading system had already been enforced on the newer EV models as of September 1 in 2023, and starting April 1 this year, all EV models, including older ones, are mandated to carry their energy efficiency grade label. Six models landed under grade one, taking up 2.2 percent out of total, followed by 54 models classified as grade two (19.4 percent), 73 models as grade three (26.3 percent), 83 models as grade four (29.8 percent), and 62 models as grade five (22.3 percent). Amid the recent steep climb of the number of EV registrations and registered models, the grading system is anticipated to help consumers compare EVs’ energy efficiency more easily, heightening the competitiveness of high-efficiency models. MOTIE expects this grading system to facilitate the industry’s technological development and consumer preference towards high energy efficiency EV models. The ministry plans to analyze the EV market trends and outcomes of the grading system for further improvement. date2024-04-01