Ministry of Trade, Industry and Energy

Deputy Trade Minister meets Netherlands’ Infrastructure and Water Management Vice Minister

Deputy Minister for Trade Yang Byeong-nae met with the Netherlands’ Infrastructure and Water Management Vice Minister Kees Van der Burg on April 25 in Seoul and discussed measures for strengthening bilateral cooperation in mobility, battery, and supply chains. date2024-04-26

Trade Minister holds meeting for Korean youth's stronger WTO internship opportunities

Minister for Trade Inkyo Cheong held a conference on April 25 in Seoul with the presidents of nine domestic universities’ graduate schools of international studies and discussed measures for increasing internship opportunities for Korean university students at the World Trade Organization (WTO). date2024-04-26

Government and academia leaders discuss Korean youth's stronger WTO internship participation

Minister for Trade Inkyo Cheong held a conference on April 25 with the presidents of nine domestic universities’ graduate schools of international studies and discussed measures for increasing internship opportunities for young Korean talent at the World Trade Organization (WTO).   At the conference, government officials and academic leaders discussed ways to enable Korean youth’s stronger participation in WTO internship programs, including recommending outstanding students taking master’s and doctoral courses, considering alternative credit incentives for the selected student, and providing government support for living and flight expenses.   Noting the relatively low number of Korean students with career experience as WTO employee or intern despite the country ranking sixth in terms of global trade as of 2022, President Yoon Suk Yeol requested that the WTO increase internship participation opportunities for Korean students during bilateral talks with WTO Director General Ngozi Okonjo-Iweala in May 2023.   Trade Minister Cheong said that WTO work experience for Korean youth is key to enlarging Korea’s role within WTO and in training proficient trade experts, adding that efforts will be made to help Korea’s young talent to accumulate practical work experience and competitiveness through WTO internship programs and gain broader opportunities of working at international organizations. date2024-04-26

Korea discusses stronger bilateral industrial cooperation with the Netherlands and Poland

Deputy Minister for Trade Yang Byeong-nae met with the Netherlands’ Infrastructure and Water Management Vice Minister Kees Van der Burg on April 25 in Seoul and discussed measures for strengthening bilateral cooperation in mobility, battery, and supply chains.   The two sides assessed that follow-up implementation to the MOUs signed on the occasion of the bilateral summit in December 2023 for cooperation in semiconductors, supply chains, and carbon-free energy is making smooth progress, and agreed to expand the scope of cooperation to other new advanced industries like EVs, hydrogen cars and battery.   Underscoring that their bilateral cooperation in advanced industries contributes to stabilizing the global supply chain, Deputy Trade Minister Yang asked for the Netherlands’ cooperation concerning the EU’s Critical Raw Materials Act and Battery Regulation to prevent them posing administrative burden on or discriminating external suppliers, thereby impacting Korea-Netherlands trade and investment as well.   He then met with Poland’s Economic Development and Technology Deputy Minister Jacek Tomczak and discussed measures for bolstering cooperation in trade, investment, industrial technology, and clean energy. Noting the all-time high Korea-Poland trade of USD 10.1 billion last year and recently increasing bilateral cooperation in battery, nuclear, and defense, Deputy Trade Minister Yang suggested that they build on this momentum to expand the scope of bilateral trade and investment even wider.   He also requested Poland’s interest and participation in the Carbon Free Energy (CFE) Initiative in view of the two countries’ expanding industrial technology collaboration through Eureka and joint research in nuclear and energy technologies. date2024-04-26

Deputy Trade Minister meets U.S. DOC Assistant Secretary

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. date2024-04-26

Trade Minister meets SCA Chairman

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.” date2024-04-26

Trade Minister meets AfCFTA Secretary General

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea and exchanged views on expanding trade between Korea and African countries. date2024-04-26

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