Ministry of Trade, Industry and Energy

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site. Upon the successful reception, the terminal officially launched into commercial operation.   The KET is an oil and gas terminal established through joint investment by Korea National Oil Corporation (KNOC) and SK Gas as part of the Government’s Northeast Asia Energy Hub project. Construction commenced in July 2020, with its oil storage facility completing in December 2023 and the gas storage facility due completion this year.   In 2017, Korea eased restrictions for oil traders and in 2024, the Government worked with Korea Customs Service and the National Tax Service in making amendments to allow the immediate refund of duties, value-added tax, and import levies for domestic oil refiners upon shipping out their petroleum products from bonded areas, enabling international trading companies to blend Korean refiners’ products.   These efforts over the years have sparked the interest of various global traders and investors towards the Ulsan energy hub. Deputy Minister Lee remarked that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18

ORION SPIRIT to set sail as Korea's 500th LNG carrier exported since 1994

Trade, Industry and Energy Minister Dukgeun Ahn attended the naming ceremony for the LNG carrier ORION SPIRIT on April 18 at Samsung Heavy Industries’ Geoje Shipyard. Marking the 30th anniversary of Korea's first LNG carrier built in 1994, the ORION SPIRIT is the 500th LNG tanker to be exported and will be handed over to J.P. Morgan Chase & Co.   LNG carriers must be able to safely transport liquid gas at temperatures below minus 163 degrees Celsius and require highly advanced technology, costing over KRW 300 billion per vessel. Only nine countries around the world have successfully built the cutting-edge fleet. There are 680 LNG carriers presently in the water, three-fourths of which were built by Korean shipyards, and construction of another 256 vessels are underway.   Korean shipyards raked in USD 13.6 billion worth of global ship orders in the first quarter of 2024, winning 100 percent of total LNG and ammonia carrier orders. The high-value orders won in 2021 have entered the export stage this year as well. date2024-04-18

Trade Minister holds "New Trade Roundtable"

Minister for Trade Inkyo Cheong chaired the first “New Trade Roundtable” at the Government Complex Sejong to assess the supply chain trade strategy on April 17, the day the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement entered into force in Korea.   Trade Minister Cheong addressed the need for a supply chain trade policy that supports industrial supply chain policies and said that the ministry plans to establish measures on utilizing the IPEF Supply Chain Agreement in this respect. He also asked companies for specific suggestions on IPEF utilization measures.   Representatives from related associations, academia, and research institutions, including the Korea International Trade Association (KITA) and Korea Semiconductor Industry Association (KSIA), attended the meeting to participate in discussions for supply chain stability and diversification utilizing the IPEF Agreement. date2024-04-17

Korea seeking to bolster supply chain for critical items utilizing IPEF Agreement

Minister for Trade Inkyo Cheong is holding the first “New Trade Roundtable” at the Government Complex Sejong to assess the supply chain trade strategy on April 17, the day the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement entered into force in Korea. Representatives from related associations, academia, and research institutions are attending the meeting to participate in discussions for supply chain stability and diversification utilizing the IPEF Agreement.   Attendees examine the prospects of pushing joint projects with IPEF partner countries on import channel diversification, R&D, and logistics improvement concerning urea, graphite, rare-earth magnets, and other items included under the eight supply chain anchor projects MOTIE announced in March. Further negotiations will be held should it become necessary that the above items are handled in joint projects in implementing the IPEF Agreement. date2024-04-17

Top experts gather for first AI semiconductor working group meeting

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT), on April 16, jointly convened the first meeting of the AI semiconductor Working Group under the AI Strategy High-Level Committee, launched April 4, to gather opinions of top experts in the field of AI and semiconductors regarding the AI Semiconductor Initiative, which was first introduced during the President-chaired discussions on pending chip issues held April 9.   The AI Strategy High-Level Committee was created under the ministries’ shared understanding that a whole-of-the-government governance is needed to lead Korea’s AI innovation from an interconnected and integrative perspective. Co-chaired by the MSIT minister and a private-sector expert (Taejae University President Yeom Jae-ho), the Committee is composed of 23 top AI private sector experts and seven deputy ministerial-level officials from the Ministry of Economy and Finance (MOEF), Ministry of SMEs and Startups (MSS), Ministry of Education (MOE), Personal Information Protection Commission (PIPC), Korea Communications Commission (KCC), and MOTIE. The Committee will be running six working groups.   Attending the meeting were Professor Yoo Hoi-jun at the Korea Advanced Institute of Science and Technology (KAIST), Head of the AI Semiconductor Working Group, along with experts from related companies like Samsung, SK Hynix, KT, NHN Cloud, LG AI Lab, Sapeon, FuriosaAI, as well as academia and R&D experts in AI and AI chips. date2024-04-17

MOTIE and Boeing discuss aerospace and defense cooperation

Industry Policy Deputy Minister Lee Seung-ryeol met with Boeing’s Research & Technology (BR&T) Vice President and General Manager Patty Chang-Chien on April 16 in Seoul to discuss measures for advancing Korea-Boeing cooperation in aerospace and defense. date2024-04-16

Korean delegation attends 14th Session of IRENA Assembly

Renewable Energy Director General Jeong Kyung-rok is attending the 14th Session of International Renewable Energy Agency (IRENA) Assembly from April 16-18 (local time) in Abu Dhabi, United Arab Emirates (UAE), as the Chief Delegate representing the Korean government.   Established in 2011 with aim to promote global cooperation and widespread use and adoption of renewable energy, IRENA is an international organization of which Korea is currently serving as a member of the Council.   The Korean delegation is attending the high-level meeting sessions and articulating Korea’s achievement of more than doubling the proportion of renewable energy in the country’s energy mix over the last five years despite its difficult renewable energy supply conditions, and will share various policy experiences accumulated throughout the process.   Meanwhile, Director General Jeong will meet with Francesco La Camera, IRENA’s Director General, on April 16 to discuss measures for stronger cooperation, asking IRENA’s role of bridging developed and developing member countries and taking into consideration the supply situation of each renewable energy source and different conditions per region and country in implementing the pledge declared at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) on tripling global renewable energy capacity by 2030.   On the margins of the general assembly, the Korean delegation will meet with Othman Al Ali, CEO of UAE’s Emirates Water and Electricity Company (EWEC), the client company of the Al Ajban Solar Photovoltaic (PV) Independent Power Project recently awarded to Korea Western Power Co., for bilateral talks. The delegation will also meet with Korean energy firms operating in the UAE market before departing for Korea. date2024-04-16

MOTIE and Boeing discuss global R&D projects and aerospace supply chain cooperation

Industrial Policy Deputy Minister Lee Seung-ryeol met with Boeing’s Research & Technology (BR&T) Vice President and General Manager Patty Chang-Chien on April 16 in Seoul to discuss measures for advancing cooperation in aerospace and defense.   Deputy Minister Lee asked Boeing’s continued support regarding the development of the smart cabin and aircraft health diagnosis AI system for civil aircrafts, ongoing projects on which Korean firms and Boeing are collaborating.   Boeing’s Vice President Chang-Chieng said that the Boeing Korea Engineering and Technology Center (BKETC) established in Korea in 2019 was a good investment in terms of mutually beneficial cooperation and explained Boeing’s plans for AI and software related job openings and international joint R&D expansion in Korea in accordance with the R&D cooperation memorandum of understanding (MOU) Boeing and MOTIE entered last year in April.   Deputy Minister Lee replied that increasing new hires in Korea will enable Boeing to leverage Korea’s competitive edge in software, information and communications technology (ICT), and manufacturing technology. He also proposed that the Boeing Suppliers’ Day held last year in Busan be established as a regular event backed by MOTIE. date2024-04-16

MOTIE and IEA to co-host World Climate Industry Expo 2024 in Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 14 that it will be co-hosting the World Climate Industry Expo 2024 with the International Energy Agency (IEA) this year in September in Busan under the shared vision of diffusing the use of carbon-free energy (CFE) sources like nuclear power, renewables, hydrogen, and CCUS (carbon capture, utilization, and storage) for advancing global climate emergency response and energy security.   Launched in 2023, the World Climate Industry Expo 2024 will be held under the theme of “Ushering in a Carbon-Free Energy Era with Climate Technology” to focus discussions on the swift transition into sustainable clean energy. It is anticipated that the Expo will serve as a venue for accelerating the global diffusion of the Carbon Free Energy (CFE) Initiative in accordance with the agreement reached during the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28).   Keynote speakers for the Expo include Fatih Birol, IEA Executive Director, and James Bacchus, Distinguished University Professor of Global Affairs and Director of the Center for Global Economic and Environmental Opportunity at the University of Central Florida. In addition, global companies like Samsung, Hyundai Motor, Ørsted, and Tesla will showcase their latest and future technologies. date2024-04-16

Minister Ahn attends BOOM-UP Korea 2024

Trade, Industry and Energy Minister Dukgeun Ahn attended the BOOM-UP Korea 2024 opening ceremony on April 15 at COEX in Seoul with SMEs and Startups Minister Oh Youngju and attended the export contract MOU signing ceremony.   The event was attended by representatives of 3,000 Korean exporting companies, 560 global buyers from around 60 countries, as well as government officials and related institutions. date2024-04-16