Ministry of Trade, Industry and Energy

Trade Minister meets Singapore's Ambassador to Korea

Minister for Trade Inkyo Cheong met with Singapore’s Ambassador to Korea Eric Teo on March 11 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to discuss measures for bilateral cooperation. date2024-03-14

MOTIE and U.S. DOC discuss healthcare industry cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) held the Korea-U.S. Supply Chain and Commercial Dialogue Healthcare Working Group meeting on March 14 via videoconferencing.   Launched in 2022, the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) is a bilateral ministerial-level channel between MOTIE and the U.S. DOC consisting of four Working Groups (WGs): 1. Advanced Manufacturing and Supply Chain Resilience, 2. Dual-Use Export Controls, 3. Digital Economy, and 4. Healthcare and Healthcare Technology. The Healthcare WG meeting was held to seek measures for enhancing the two countries' mutual understanding and cooperation with regard to their healthcare industries.   The two sides shared their respective healthcare industry issues and policies and discussed measures for expanding cooperation in the healthcare industry and related technologies. They also agreed to uncover opportunities for collaboration in joint private-sector R&D projects and to continue to actively utilize the SCCD Healthcare WG channel for advancing bilateral industrial cooperation. date2024-03-14

Vice Minister chairs pan-ministerial consultative committee for high-tech specialization complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for supporting the establishment of the national high-tech strategic industry specialization complex. date2024-03-14

MOTIE holds pan-ministerial meeting to review investment progress for high-tech complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for the successful establishment of the national high-tech strategic industry specialization complex (“high-tech complex”) and facilitation of corporate investment.   The committee meeting aimed at reviewing the current investment situation for the high-tech complex and its construction progress, and for local government bodies to share successful cases of other regions’ specialization complex establishment. Attendees consisted of representatives of related ministries, local authorities, Korea Electric Power Corporation (KEPCO) and K-Water.   According to local authorities’ estimations, the high-tech complex has so far secured approximately 70 trillion won in investments. Six local government bodies presented the “Specialization Complex Nurturing Plan”, including plans to allocate local governments’ budget in addition to national funding in order to accelerate the construction of basic infrastructure for power and water.   They also vowed active support in launching a talent training program and measures for low-interest loan support. Further plans include building boarding quarters for the young workforce, expanding roads connecting the high-tech complex and new cities to improve residential conditions, and mitigating regulatory burden on businesses. date2024-03-13

Korea and ASEAN to discuss FTA upgrade to enhance companies' utilization

Trade, Industry and Energy Ministry’s Director General for FTA Policy Ahn Chang-yong is leading the Korean delegation in the 20th Korea-ASEAN Free Trade Agreement (FTA) Implementing Committee meeting through March 12-13 in Jakarta, Indonesia, for assessing FTA implementation and discussing measures for upgrading the Agreement. The ASEAN delegation is led by Alpana Roy, ASEAN Division Director at Singapore’s Trade and Industry Ministry.   On the margins of the meeting, Korea and ASEAN member countries will be reviewing the outcomes of past joint research projects and discussing measures for an upgrade of the bilateral FTA through a workshop on the Korea-ASEAN FTA upgrade and digital trade joint research. Both sides have been making effort to take stock of the changing landscape following the Regional Comprehensive Economic Partnership (RCEP) Agreement signed in 2020 and to push forward joint research for upgrading the Korea-ASEAN FTA. The aim of the workshop is to seek detailed directions for upgrading the FTA to enhance companies' utilization, while also incorporating new trade issues like digital and supply chains.   At the meeting, Vietnam will be briefing on its completion of domestic procedures for the ratification and entry into force (November 2023) of the Korea-ASEAN Agreement on Trade in Goods Agreement (AKTIGA), which is significant in that it will allow for a more stable application of the FTA tariff rate and lay the foundation for bilateral discussions on upgrading the Korea-ASEAN FTA.   Meanwhile, the Korean delegation will be holding separate discussions with the ASEAN Secretariat to discuss plans for contribution to RCEP and measures for economic cooperation.   Noting that ASEAN is a core partner for Korea’s Indo-Pacific Strategy, Director General Ahn stated plans to “advance economic cooperation with ASEAN through the Korea-ASEAN FTA and RCEP.” date2024-03-12

Trade Minister to visit Washington D.C. to discuss FTA and other key bilateral issues

Minister for Trade Inkyo Cheong is visiting Washington D.C., U.S., from March 12-15 (EST) to meet with key figures of the U.S. administration, Congress, major thinktanks and law firms for extensive discussions on Korea-U.S. bilateral cooperation and trade issues, his first visit upon taking office.   Trade Minister Cheong will be meeting with U.S. Trade Representative Katherine Tai on March 15 for the seventh Korea-U.S. Free Trade Agreement (FTA) Joint Committee meeting, a first in three years, to review bilateral FTA implementation and outcomes, and discuss future plans.   The trade minister is to also meet with Korean firms operating in the U.S. to gather opinions on investment issues. He will be meeting with representatives of major U.S. companies as well, including Thermo Fisher Scientific, General Motors, and Chevron, to discuss cooperation measures for investment in Korea’s bio, hydrogen, and other national strategic technology areas.   Trade Minister Cheong articulated his plans to “hold in-depth discussions with the U.S. administration and Congress members over the CHIPS Act, Inflation Reduction Act (IRA) incentives, and other key trade issues,” and highlighted that he will “actively seek measures to build on the bilateral cooperation momentum created through last April’s Korea-U.S. summit talks in advanced industries and supply chains.” date2024-03-12

SK Group shares 76 patented technologies with 53 SMEs and middle-market companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 11 that SK Group shared 76 of its patented technologies to 53 middle-market companies and SMEs free of charge.   MOTIE's Deputy Minister for Industries and Enterprises Oh Seung-cheol attended the MOTIE-SK Group technology sharing event held this day, which was attended by representatives of 38 beneficiary companies and other relevant firms and organizations, including SK Innovation, SK Hynix, SK Telecom and Korea Institute for Advancement of Technology (KIAT).   SK Group has been launching the giveaway since 2014, transferring a total of 315 patented technologies to 197 companies so far.   Success cases of the technology sharing include ERANGTEK, a developer of wireless communication devices for signal processing, which managed to generate KRW 12.1 billion in sales to domestic and global mobile carriers and create 74 new job openings by leveraging technology freely shared by SK.   At the event, SK Group entered a memorandum of understanding (MOU) with MOTIE and KIAT expressing its commitment to continued technology sharing for the nurturing of an ecosystem for shared growth of both large and mid- and small-sized companies.   Deputy Minister Oh stated that “SK Group’s sharing of its leading technologies with other companies will serve as a great asset for SMEs and middle-market companies in building competitiveness,” and added that “POSCO Group, Samsung Electronics and public energy companies are also planning to share their technologies this year.”   Any middle-market company or SME wanting to participate in the technology sharing events slated for 2024 can apply in accordance with procedures that will be notified on websites of MOTIE (www.motie.go.kr) and KIAT (www.KIAT.or.kr).  date2024-03-11

Minister chairs public-private joint Battery Alliance meeting

Trade, Industry and Energy Minister Dukgeun Ahn held the third public-private joint Battery Alliance meeting on March 11 at Korea Technology Center in Seoul to lead discussions on next-generation battery technology development, development of low-end products, responding to trade issues, self-sufficient supply chain establishment through investment, and building a battery cycle ecosystem, for which he stated that public-private communication and cooperation will be strengthened. Attendees also reviewed domestic and global issues and discussed future response measures.   Attendees consisted of representatives of relevant companies and institutions, including Samsung SDI, SK On, LG Energy Solution, and POSCO Future M. date2024-03-11

Public and private sectors join hands for development of all-solid-state batteries

Trade, Industry and Energy Minister Dukgeun Ahn attended the public-private Battery Alliance meeting on March 11 to discuss key issues and future response measures, and Korea’s top battery makers agreed on the need for the development of next-generation battery technology.   Considered a gamechanger for the battery industry, next-generation batteries are secondary batteries made with substances different from those of existing batteries to dramatically enhance their performance and safety. Next-generation battery development in Korea, led by three major battery producers, is currently conducted on an individual company basis, but it is anticipated that the above project will help nurture an organic ecosystem incorporating all firms specializing in domestic parts, materials, equipment, and cells, as well as finished car makers. The Korean government plans to pour KRW 117.2 billion won by 2028 in developing three kinds of promising batteries: all-solid-state batteries (ASSBs), lithium metal batteries and lithium-sulfur (Li-S) batteries.   At the Alliance meeting, public and private sector representatives discussed a wide range of joint projects to launch this year. Major domestic battery producers, as well as EcoPro and L&F, are pushing investment related to lithium iron phosphate (LFP) products, for which MOTIE provided support to companies’ technology development in 2023. In 2024, MOTIE plans to support private sectors secure technologies for sodium-ion battery development.   In 2024, Korean companies intend to invest over 9 trillion won in facilities and R&D, 7.1 trillion won of which will go to facility investment. Key facilities include next-generation battery pilot lines, the 4680 battery production line, LFP cathodes production lines, and anodes production, including graphite processing.   Minister Ahn presented the following as joint public-private project tasks this year: next-generation battery technology development, low-end product development, responding to trade issues, self-sufficient supply chain building through investment, and establishing a battery cycle ecosystem. Minister Ahn said that the Alliance will be the beginning of efforts for strengthening public-private communication and cooperation in tackling these project tasks. date2024-03-11

Korea and UK deepen cooperation in international standards for quantum technologies as summit follow-up

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook, under the Ministry of Trade, Industry and Energy (MOTIE), visited the British Standardization Institute (BSI) in the UK on March 11 to enter a memorandum of understanding (MOU) on the management of the ISO/IEC joint technical committee (JTC3) on quantum technologies and on the establishment of a subcommittee for standards development.   This is a part of the follow-up to the Korea-UK summit meeting (November 2023) with aim to deepen bilateral cooperation on international standards development in quantum technologies. Korea and the UK led the establishment of JTC3 in December 2023, with Korea as Chair and the UK as Secretariat, and the two countries will be able to further mutual cooperation on developing international standards in quantum technologies through this MOU.   Korea and the UK are to hold the JTC3 inaugural general meeting this May in Seoul, and the two sides discussed measures for aligning their quantum technology standards strategies and industrialization, agreeing to expand bilateral cooperation in advanced industries in the future.   Moreover, Korea signed a contribution agreement with the International Electrotechnical Commission (IEC) in Geneva as the first country to participate in the Global Impact Fund (GIF), launched to facilitate the international standards utilization of developing countries. Over the next five years, Korea plans to transfer international standards experience and knowhow to developing countries’ relevant experts and support their efforts in tackling climate change and other global issues through international standards utilization.   KATS President Jin stated that “As Invited Chair for JTC3, Korea has established a cooperation system for stronger leadership in international standards through this MOU with the Secretariat holder UK” and added that “strong support will be provided through the JTC3 general assembly slated this year in Korea to bolster the nation’s leadership in global standards development for quantum technologies, a key area for technological innovation in future advanced industries.” date2024-03-11