Ministry of Trade, Industry and Energy

Trade Minister meets Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry

Minister for Trade Inkyo Cheong met with Taku Ishii, Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry, on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed Korea-Japan economic cooperation and multilateral trade issues. date2024-05-20

Trade Minister attends Ministers Responsible for Trade and Ministers for Women APEC joint meeting

Minister for Trade Inkyo Cheong attended the Asia-Pacific Economic Cooperation (APEC) Joint Meeting of Ministers Responsible for Trade and Ministers for Women at the APEC Trade Ministerial held in Arequipa, Peru, on May 17 and proposed measures for women’s economic empowerment and trade participation through trade policies. date2024-05-20

Trade Minister meets Thai Trade Representative

Minister for Trade Inkyo Cheong met with Thailand’s Trade Representative Nalinee Taveesin on May 16 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed Korea-Thailand Economic Partnership Agreement (EPA) prospects and other bilateral trade issues. date2024-05-20

Trade Minister meets Chile’s Under–Secretary for International Economic Relations

Minister for Trade Inkyo Cheong met with Chile’s Under–Secretary for International Economic Relations Claudia Yamile Sanhueza Riveros on May 16 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed measures for improving Korea-Chile FTA and other bilateral trade issues. date2024-05-20

Trade Minister meets Peru’s Foreign Trade and Tourism Minister

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial, met with Peru’s Foreign Trade and Tourism Minister Elizabeth Galdo Marín on May 16 in Arequipa, Peru, and discussed bilateral trade issues and congratulated Peru’s APEC chairmanship. date2024-05-20

Minister Ahn chairs conference with renewable energy CEOs

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on May 16 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with renewable energy generator, manufacturer, and buyer companies and announced the strategy on widening renewable energy distribution and strengthening the supply chain.   The conference was attended by representatives of renewable energy firms, including POSCO International, Samsung Electronics, and LS Cable & System. date2024-05-20

Vice Minister chairs Corporate Investment Conference with top 10 manufacturers

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues with representatives of Korea’s top 10 manufacturers.   Vice Minister Kang remarked that measures will be pushed to strengthen support for advanced industries, extend sunset-due tax credit incentives, and inspect business issues and foster conditions enabling companies’ timely investment.   The meeting was attended by representatives of 10 major manufacturers, including Samsung Display, SK Hynix, POSCO, and HD Korea Shipbuilding & Offshore Engineering. date2024-05-20

Government to give strong backing to corporate investment

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the Corporate Investment Conference on May 16 and reviewed the first quarter’s investment situation and corporate issues. The conference is a follow-up to the Industrial Investment Strategy Meeting held in February this year.   Korea’s top 10 manufacturing sectors, namely semiconductors, automobiles, displays, secondary batteries, shipbuilding, bio, machinery/robotics, steel, petrochemicals, and textiles, were found to have implemented approximately 96 percent of the annual investment plan of 100 trillion won in 2023, and implemented 20 percent of the 10 percent-upped 110 trillion-won investment plan for 2024 during its first quarter.   Companies attending the conference voiced suggestions for stronger government support, such as heightening investment tax credit for securing advanced industrial super gaps and for the green transitioning of major industries, securing investment for advanced industries, and enhancing cost competitiveness. They also proposed measures for creating a sound industrial ecosystem through imposing stricter punishment on tech leaks and nurturing materials, parts, and equipment (MPE) manufacturers.   The Korea Chamber of Commerce and Industry (KCCI) suggested that it is necessary to introduce investment policies in line with global standards to address the issue of funding shortages, such as extending sunset-due investment tax credit incentives and expanding the subject scope to include buildings, introducing direct payment of tax credits, and improving the corporate inheritance tax system. date2024-05-17

MOTIE and steel companies take stock of global trade issues impacting domestic industry

Industrial Policy Deputy Minister Lee Seung-ryeol at the Ministry of Trade, Industry and Energy (MOTIE) chaired a meeting on May 17 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with major steel companies to review trade issues.   Korea’s steel industry is currently up against a number of challenges, including the 40 percent jump in China’s steel exports, Latin American countries’ heightened steel import duties, and the U.S.’ announcement on imposing a three-fold increase in the Section 301 tariff rate for Chinese steel imports. The “super low yen” and its impact on the domestic steel industry is yet another factor to watch.   Based on opinions gathered from the conference, MOTIE plans to establish detailed measures to support Korea’s steel businesses build competitiveness amidst the global oversupply and rising protectionism.   Deputy Minister Lee stated that “the Government will actively engage in dialogue with major countries on trade issues impacting our steel industry, while in the mid-to-long term, establish a system for domestic steel companies’ fair competition against foreign steel companies.” date2024-05-17

Korea to push state-led expansion of renewable energy distribution

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on May 16 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with renewable energy generator, manufacturer, and buyer companies and announced the strategy on widening renewable energy distribution and strengthening the supply chain.   In step with the global shifts, the Korean government has been making effort to expand renewable energy by balancing out the utilization of nuclear, hydrogen, and other carbon-free energy sources. Moreover, it has also concentrated on solving issues arising in the process of expanding renewable energy distribution, such as those concerning electric power systems and cost, in order to nurture an environment suitable for the sustainable distribution of renewable energy.   As a result, the energy market ecosystem has been showing signs of recovery, and the Ministry of Trade, Industry and Energy (MOTIE) intends to push a more orderly expansion for the renewable energy market. First, the Government will be taking up a leading role in the distribution process. For offshore wind power development, laws on providing state support for site location, licensing, and local consensus building are to be swiftly put in place. For solar power, public demonstration projects and regulatory improvements will be rolled out with focus on agrivoltaics and around industrial complexes to reduce challenges in local consensus building and electric power system capacity.   In line with domestic distribution expansion, preemptive efforts will be made to bolster the overall industrial base. Through widening and strengthening the competitive tendering of solar and wind power facilities, supply chain and security factors will be thoroughly addressed. Moreover, early securing of next-generation technology is another key task for future market dominance. By tackling technology development issues and strengthening support for shared infrastructure utilization, Korea aims to achieve early commercialization of tandem solar cells by 2026 and 35 percent efficiency rate by 2030.   The Government also plans to lower public burden while strengthening the state’s role in renewable energy supply by improving the renewable portfolio standards (RPS) program in accordance with market and policy landscape changes through extensive discussions with the National Assembly, industries, and experts on the subject. Furthermore, power purchasing regulations will be eased and transaction convenience enhanced to expand the market for companies’ direct power purchases from renewable energy power generators, while opening separate brokerage markets on the side.   Stronger support will go towards companies looking to penetrate overseas renewable energy markets. Korean firms have won a total of 41 overseas renewable energy projects over the last four years, worth USD 14.3 billion and equivalent to 20.4GW. The Government plans to establish a cooperative system between companies and assisting institutions, while launching locally tailored support programs as well.   MOTIE will be designing follow-up policies with other related ministries per each specific task and continue to seek measures for nurturing a balanced energy mix development plan among renewable energy and other carbon-free energy sources like nuclear and hydrogen. date2024-05-17