Ministry of Trade, Industry and Energy

Korea and India to expand comprehensive economic cooperation

Trade, Industry and Energy Minister Dukgeun Ahn met with India's External Affairs Minister Subrahmanyam Jaishankar on March 5 at Lotte Hotel Seoul to discuss measures for expanding comprehensive economic cooperation between the two countries, including collaboration in trade, investment, technology exchange, supply chain, energy and new industries.   The two ministers exchanged views in-depth on ways for the two countries to jointly engage in the India-Middle East-Europe Economic Corridor (IMEC) and other regional networks, which can be seen as part of the Trade, Industry and Energy Ministry (MOTIE)'s strategy announced last month on pan-ministerial export expansion for 2024 by building multilevel networks with countries in the Global South on a wide regional basis.   In this respect, Minister Ahn stated that the two countries need a strategic dialogue channel for discussing new industries and other economic cooperative issues on a regular basis, and that they swiftly launch the Korea-India Industrial Cooperation Committee as proposed by Korea to India’s Ministry of Commerce and Industry as a follow-up to last year's bilateral summit so as to deepen forward-looking economic cooperative ties.   MOTIE plans to make progress on negotiations for upgrading the Korea-India Comprehensive Economic Partnership Agreement (CEPA) to gain tangible outcomes within this year, while also continuing to nurture an environment for Korean companies' stable local investment through local institutions like “Korea Plus in India”. date2024-03-06

Korea and U.S. discuss chip cooperation

Deputy Minister for Trade Yang Byeong-nae held talks with John Neuffer, President and CEO of the Semiconductor Industry Association (SIA), on March 5 on the occasion of the latter’s visit to Korea.   As the representative and voice of the U.S.’ semiconductor industry, SIA has been engaging in public-private cooperation in semiconductor industry sectors with MOTIE through both bilateral and multilateral consultation channels like the Government/Authorities Meeting on Semiconductors (GAMS) and the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD). Samsung, SK Hynix and a number of Korean companies are members of SIA.   Deputy Trade Minister Yang and President Neuffer discussed measures for advancing trade cooperation in semiconductors and supply chains between Korea and the U.S., as well as major policies like the U.S.’ CHIPS Act. The deputy trade chief assessed that the two countries have been closely cooperating in the semiconductor area through the Korea-U.S. summit and the trilateral Korea-U.S.-Japan summit held last year, on which they also discussed measures for expanding public-private joint cooperation on the sidelines of the first trilateral Korea-U.S.-Japan industry ministers’ meeting slated for this year.   Amid the positive prospects for AI chips and the overall semiconductor in 2024, Deputy Trade Minister Yang proposed that the two countries enhance their semiconductor industries’ global competitiveness by stepping up public-private cooperation to effectively respond to trade environment uncertainties, especially in view of the record number of elections to be held around the world this year. date2024-03-05

Deputy Trade Minister holds conference with locally operating Korean companies in Indonesia

Deputy Trade Minister Yang Byeong-nae held a conference with locally operating Korean companies in Indonesia on March 4 to discuss measures for expanding the export market in the region and in ASEAN and gathered corporate opinions on challenges and other issues.   The conference was attended by representatives of relevant companies, including Hyundai Motor, POSCO and Lotte Chemical. date2024-03-05

Korea discusses measures to bolster critical minerals cooperation with MSP partners

Resources Industry Policy Director General Peob-min Ryu at the Ministry of Trade, Industry and Energy (MOTIE) held high-level, bilateral meetings with Japanese and Canadian counterparts on March 4 in Toronto, Canada, on measures to strengthen cooperation in critical minerals on the margins of attending the Minerals Security Partnership (MSP) Chief Delegates Meeting.   First, Director General Ryu held talks with Japan’s Economy, Trade and Industry Ministry (METI) Director General Sadamichu Yuki to discuss measures for bilateral cooperation in natural resources like critical minerals, oil and gas. Noting that both Korea and Japan rely mostly on import for energy and resources, the two sides agreed on the need for cooperation in order to establish a stable energy and resources supply chain between the two countries. The two director generals decided to utilize the MSP, International Energy Agency (IEA) and other various opportunities in the future for further consultation in resources cooperation, agreeing to positively consider the prospects of establishing a regular director general-level consultation channel.   With Natural Resources Canada’s Director General Debora Yu, Director General Ryu discussed the launching of a critical minerals working level committee as part of a follow-up measure to the memorandum of understanding (MOU) entered between MOTIE and Natural Resources Canada on critical minerals supply chain cooperation, with plans to seek long-term and specific collaboration schemes through the working level committee.   In his meeting with Invest in Canda CEO Laura Broten, Director General Ryu underscored Korean firms’ high level of interest in Canada in the area of critical minerals and resources and requested the Canadian government’s interest and support towards facilitating their investment in Canada. He suggested measures for gaining tangible private sector cooperation outcomes, such as holding a business roundtable for the two countries’ critical minerals companies.   Director General Ryu also held a conference with locally operating Korean companies to gather suggestions on issues in propelling forward critical minerals projects in North America, introducing the Korean government’s business support policies and asked the Canadian government’s interest and support towards resolving issues voiced by Korean firms. He also stated that the Korean government will continue to provide support for companies in securing overseas resources through increased tax credits and loan programs. date2024-03-05

Deputy Trade Minister attends MOU ceremony for Korea-Indonesia cooperation in foundational technology talent training

Deputy Trade Minister Yang Byeong-nae attended the memorandum of understanding (MOU) signing ceremony for Korea-Indonesia cooperation in foundational technology talent training on March 4 in Jakarta, with Andi Rizaldi, Head of the Standardization and Industrial Services Policy Agency (BSKJI) of Indonesia’s Ministry of Industry and other related personnel. date2024-03-05

Deputy Trade Minister meets Head of BSKJI of Indonesia’s Industry Ministry

Dep. Trade Minister Yang Byeong-nae met Andi Rizaldi, Head of BSKJI of Indonesia’s Industry Ministry, on Mar. 4 in Jakarta and discussed talent training and other issues of interest for Korean companies locally operating in Indonesia. date2024-03-05

Deputy Trade Minister meets Indonesia’s Energy and Natural Resources Ministry Directorate General

Deputy Trade Minister Yang met with Jisman P. Hutajulu, Directorate General at Indonesia’s Energy and Natural Resources Ministry, on March 4 in Indonesia to discuss measures for expanding cooperation in EVs, critical minerals supply chain and clean energy. date2024-03-05

Korea and Indonesia to push forward cooperation in future new industries

Deputy Minister for Trade Yang Byeong-nae visited Jakarta, Indonesia, from March 3-5 to hold high-level meetings with Indonesian counterparts and talks with locally operating Korean companies with aim to solidify the base for Korea-Indonesia bilateral economic cooperation.   This comes as part of the two countries’ efforts to push forward the agenda items discussed during the Korea-Indonesia summit meeting in September, concerning EVs, batteries, critical minerals supply chain and “root (foundational)” technology talent nurturing, while also expanding cooperation in areas for facilitating carbon neutrality goals and future industries, such as nuclear energy and carbon capture and storage (CCS) in depleted oil and gas reservoirs.   Deputy Trade Minister Yang first met with Jisman P. Hutajulu, Directorate General of Electricity at Indonesia’s Energy and Natural Resources Ministry, to discuss measures for expanding cooperation in EVs, critical minerals supply chain and clean energy. The two sides affirmed plans for launching the Korea-Indonesia E-Mobility Cooperation Center within the first half of this year and agreed to closely cooperate on building an EV and battery ecosystem. They also discussed measures for establishing a stable critical minerals supply chain for batteries, including investment in mines, refineries and smelteries.   In his meeting with Andi Rizaldi, Head of the Standardization and Industrial Services Policy Agency (BSKJI) of Indonesia’s Ministry of Industry, the deputy trade chief discussed measures for resolving issues Korean companies face in entering the local market, such as talent training and import regulations. On this occasion, a memorandum of understanding (MOU) was entered for cooperation in foundational technology talent training between Indonesia’s PT Krakatau POSCO, Banten Petrochemical Industry Polytechnic and the Korea National Ppuri Industry Center as a follow-up to the Korea-Indonesia Industrial Cooperation MOU signed between the two countries’ industry ministries during the summit meeting held last September. This MOU is expected to help provide local Korean companies with quality industrial talent. Deputy Trade Minister Yang further asked for support in resolving issues regarding Indonesia’s import quota.   The talks were followed by a conference with representatives of 10 locally operating Korean companies to gather opinions on issues related to entering and expanding the Indonesian and ASEAN markets, which are to be incorporated into agenda items for bilateral governmental cooperation channels like the annual Korea-Indonesia Economic Cooperation Committee and in removing obstacles to Korean firms’ export and investment. date2024-03-05

Korea completes final step for DEPA membership

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 4 that Korea has completed necessary domestic procedures for joining the Digital Economy Partnership Agreement (DEPA) and submitted the application on March 4 for the Agreement’s entry into force.   Korea proceeded with domestic procedures necessary for application upon receiving the DEPA Joint Committee’s approval in September 2023, following six negotiating rounds for reaching the agreement in June 2023 on acceding to DEPA, the first country to become a non-founding member.   It is anticipated that Korea can leverage DEPA as an opportunity to open more doors to overseas e-commerce and digital content markets, centering on ASEAN, Oceania and Latin America.   In view of the lack of rules on e-commerce under the existing bilateral FTAs with New Zealand and Chile, Korea’s DEPA accession is expected to strengthen the country's digital trade network. date2024-03-04

Korea engages in MSP meeting to further global collaboration in critical minerals supply chain

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 4 that Korea’s Foreign Affairs Vice Minister Kang Insun and MOTIE's Resources Industry Policy Director General Peob-min Ryu attended the Minerals Security Partnership (MSP) Chief Delegates Meeting, chaired by the Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez, on March 3 in Toronto, Canada, and discussed measures for diversifying the critical minerals supply chain for lithium, graphite, nickel and rare earth elements with 14 other MSP partners, composed of 13 countries and the EU.   MSP partners launched the MSP Forum for the sustainable diversification of the critical minerals supply chain and provided the occasion for non-MSP partners to engage in the MSP, through which MSP partners aim to gather joint efforts to push forward effective policies. Partners also welcomed Estonia’s joining the MSP partnership.   Moreover, MSP partners agreed to expand policy support for pilot projects selected for global supply chain diversification and clean energy transition.   Held on the margins of the Prospectors & Developers Association of Canada (PDAC) Convention 2024, the MSP Chief Delegate Meeting saw the exchange of views on measures for sustainable minerals development cooperation among both MSP partners and non-MSP, resource-rich Latin American partners.   On the margins of the MSP Chief Delegates Meeting, Foreign Affairs Vice Minister Kang will be hosting an in-depth meeting on March 4 in Toronto on graphite supply chain issues with MSP partners’ governments, minerals experts, major global graphite business project participating firms and industry personnel to discuss measures for strengthening and stabilizing the global supply chain of graphite, a key material for producing battery anodes.   Meanwhile, Industry Policy Director General Ryu plans to hold bilateral talks with Japan’s Economy, Trade and Industry Ministry (METI) Director General Sadamichu Yuki, Natural Resources Canada’s Director General Debora Yu and Invest in Canda CEO Laura Broten on March 4 in Toronto to discuss bilateral cooperation measures in critical minerals. date2024-03-04