Ministry of Trade, Industry and Energy

Korean government holds 3rd supply chain stabilization committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the Korean government held the third Supply Chain Stabilization Committee meeting today in Seoul and finalized the “First Supply Chain Stabilization Basic Plan (2025–2027).” The First Supply Chain Stabilization Basic Plan (“Basic Plan”) was established based on the Supply Chain Stabilization Act (“Stabilization Act”) (enforced June 27, 2024), under which four major policy directions and 10 policy tasks will be pushed with an aim to reduce Korea’s economic security items’ dependence on certain countries to 50 percent or below by 2030. In his opening message, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated that even in the midst of escalating global supply chain uncertainties, the Government has already laid down a legal foundation through the enforcement of the Stabilization Act and launching of a supply chain committee, and with today’s establishment of the Basic Plan, Korea has completed setting up its response system against the tide of global supply chain risks. By 2027, the Government plans to pour over KRW 55 trillion into expanding domestic production, diversifying imports, advancing public stockpiling, and strengthening and protecting key technologies. Moreover, it will make special effort next year to leverage all possible means even amid difficult internal and external conditions to prepare against unexpected supply chain risks.   date2024-12-19

KHNP consortium wins Romanian reactor refurbishment project

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea Hydro & Nuclear Power (KHNP)’s tripartite consortium with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare SpA won the bid for Romania’s refurbishment project of its Cernavoda nuclear power plant (NPP) Unit 1. Accordingly, KHNP and Romania’s Societatea Nationala Nuclearelectrica (SNN) signed a contract on the Cernavoda NPP Unit 1 refurbishment project today (local time) in Bucharest, Romania. The Cernavoda Unit 1 is a CANDU reactor with an operating license set to expire by 2027 and SNN is pushing the refurbishment project with aim for continued operation by 2030 through the replacement of old equipment. Of the total project cost of roughly KRW 2.8 trillion, KHNP’s portion of the scope of work is valued at approximately ₩1.2 trillion. Candu Energy is responsible for the reactor system and Ansaldo Nucleare will oversee the turbine system design and procurement of materials, while KHNP is in charge of replacing the main and auxiliary components as well as construction of radioactive waste storage facilities and other infrastructure. Korea Electric Power Corporation Plant Service & Engineering (KEPCO KPS), Doosan Enerbility, Hyundai E&C, and Samsung C&T will also participate in the construction process as KHNP’s subcontractors. With today’s contract signing on the Cernavoda refurbishment project, Korea will be taking part in an overseas continued operation project for the first time, which is anticipated to help diversify the country’s NPP exports going forward.   date2024-12-19

Minister Ahn chairs foreign investment strategy meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired a foreign investment strategy meeting today in Seoul with representatives of the foreign chambers of commerce in Korea and foreign-invested companies. The above representatives expressed their overall confidence in the Korean economy despite the recent political situation and asked for regulatory improvement and increased incentives in line with global standards, as well as measures for minimum negative impact from domestic uncertainties. Noting that this year’s foreign investment pledges recorded USD 33 billion and surpassed the annual investment pledges of 2023 ($32.7 bln), Minister Ahn assessed that high amounts of investment in high-tech and MPE (materials, parts, equipment) industries are especially encouraging. He added that this year’s M&A investments were outdone by greenfield investments, which are known to substantially contribute to production and employment. Moreover, investment growth in manufacturing outpaced that of services, leading to expectations of Korea’s further industrial advancement. The minister highlighted that the Korean economic system is operating stably despite recent internal and external environment changes and that the Government will make effort to nurture a more investor-friendly environment and carry out policy tasks according to plan. He added that the ministry will push stronger foreign investment support and regulatory innovation next year, while boosting communication with foreign-invested companies.   date2024-12-19

Korea and Middle East to keep strengthening trade & industry cooperation network in 2025

Deputy Minister for Trade Park Jong-won of the Republic of Korea chaired the Korea-Middle East Trade and Industry Cooperation Forum (“Forum”) today in Seoul with the participation of over 150 attendees composed of related companies, institutions, and diplomatic delegations from eight Middle Eastern countries including the United Arab Emirates (UAE), Oman, and Bahrain. Middle Eastern countries are showing increased interest in strengthening wide-ranging trade and economic cooperation with Korea for partnership in climate change response and strategic industrial diversification. At the Forum, Deputy Minister Park proposed that both sides make joint effort to facilitate the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)’s entry into force next year and emphasized that today’s Forum is held to deepen Korea and Middle Eastern countries’ joint vision for shared growth through mutually beneficial cooperation and to seek measures to further expand and develop this cooperation model. The Forum also included sessions for presentations and discussions on issues such as widening their cooperation network through the Korea-Middle East FTA, stabilizing the energy supply chain, and joint projects in plant construction.   date2024-12-19

Korea and Nepal sign TIPF & launch business forum marking half-century of diplomatic relations

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Nepal Business Forum and the Korea-Nepal Trade and Investment Promotion Framework (TIPF) MOU signing ceremony today in Seoul at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, held on the occasion of Nepalese Minister of Industry, Commerce and Supplies Damodar Bhandari’s visit to Korea. Co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Nepal’s Ministry of Industry, Commerce and Supplies through joint organization by the KCCI and the Embassy of Nepal in Korea, today’s events were held with the participation of approximately 80 business leaders of both countries and served as a venue for discussions on the investment environment in Nepal, market entrance strategies, and bilateral cooperation measures. In his congratulatory message, Trade Minister Cheong stated that this year is a prime time to advance the bilateral economic cooperation a step further as it marks the 50th anniversary of the two countries’ establishment of diplomatic ties, proposing that Korea and Nepal step up exchanges for trade and investment expansion as well as the diversification of industrial collaboration based on the TIPF signed today. The TIPF with Nepal is Korea’s 29th in total and second with a Southwest Asian country following the one with Bangladesh, and is believed to help widen investment and trade with the Global South countries. Today’s Korea-Nepal Business Forum is significant in that both countries can secure fresh momentum for economic cooperation in commemoration of the 50th anniversary of diplomatic relations. Going forward, MOTIE plans to leverage various government channels to help Korean firms engage in stable business activities in Nepal.   date2024-12-19

KORAD selects Taebaek City as site for underground high-level radioactive waste research facility

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that the site evaluation committee under the Korea Radioactive Waste Agency (KORAD) has made the final selection of Taebaek City, Gangwon Province, as the site for underground high-level radioactive waste research facilities during today’s committee meeting. The call for the radioactive waste research facility site proposal was announced in June this year, to which Taebaek City became the sole applicant. Composed of 20 private sector committee members, the site evaluation committee confirmed Taebaek City as the research facilities site through a fair and objective review process based on eight assessment criteria. The underground research facilities are for conducting studies on Korea’s rock mass properties and disposal system performance at 500m underground, at a depth similar to that of disposal facilities. Radioactive waste or used nuclear fuel will not be admitted inside the area. Technologies developed in the facilities will be utilized in the process of site selection, construction, and operation of radioactive waste disposal facilities following the legislation of the Special Act on High-Level Radioactive Waste Management (“Special Act”). After completion, the research facilities will be open to the general public to provide the opportunity to experience an environment quite similar to that of a high-level radioactive waste disposal facility. MOTIE plans to commence construction of the facilities beginning in 2026 ensuing a prefeasibility study in 2025 and other necessary procedures and make continued effort for the pending Special Act to swiftly pass the National Assembly.   date2024-12-18

Korea launches CF Alliance International Conference 2024

The Ministry of Trade, Industry and Energy (MOTIE), Korea Chamber of Commerce and Industry (KCCI), and the Carbon Free (CF) Alliance held the CF Alliance International Conference 2024 today in Seoul with the participation of MOTIE Minister Dukgeun Ahn, CF Alliance Chairman Hoesung Lee, former Executive Director of the International Energy Agency (IEA) Nobuo Tanaka, and former Assistant Secretary to the U.S. Department of Energy (DOE) David Sandlow among a number of other climate, energy, and industry experts. The Carbon-Free Energy (CFE) Initiative, introduced by Korea to the international community in September 2023, is a technology-neutral campaign aiming at carbon reduction without targeting specific energy sources. Conference attendees shared the view that the CFE Initiative is advantageous for companies in terms of supply stability and cost effectiveness considering the rapidly increasing power demand driven by the rise of artificial intelligence (AI) and high-tech industries. In his congratulatory message, MOTIE Minister Ahn said that within the one year since Korea’s proposing the CFE Initiative, it has won the support of the IEA and 11 countries and launched the CFE Global Working Group (October 2024) in which the Czech Republic, Japan, the United Arab Emirates (UAE), Korea, and the IEA are taking part. He added that these achievements were made possible thanks to the international community’s shared consensus on the need to utilize diverse carbon-free energy sources as shown at the United Nations Climate Change Conference COP28 in November 2023. MOTIE and the CF Alliance are committed to establishing a CFE certification system for Scope 1 and 2 through the Global Working Group next year to expedite the CF Initiative’s diffusion across major governments and private sectors worldwide.   date2024-12-18

MOTIE holds emergency real economy meeting to fully manage domestic & external uncertainties

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the “Public-Private Emergency Strategic Meeting on the Real Economy” at the Korea International Trade Association (KITA) today in Seoul with the participation of the Trade, Industry and Energy Ministry (MOTIE)’s vice ministers and trade minister as well as economic groups and representatives of major industry associations for discussions on measures to effectively respond to internal and external uncertainties amid the recent passing of the impeachment motion against the incumbent president and the upcoming change of the U.S. administration. Minister Ahn highlighted that MOTIE is firmly committed to carrying out trade and industrial policies according to plan to support Korean businesses and respond to uncertainties through public-private joint efforts. He added that a real-time communication system will be established among the Government, relevant associations, and companies to swiftly resolve issues. As for the upcoming inauguration of the new U.S. administration, the minister shared plans to closely communicate with companies with an aim to reinforce mutually beneficial Korea-U.S. relations. In view of the situation, MOTIE will be closely monitoring the real economy and continue to push its ongoing industrial policies such as nurturing high-tech industries and strengthening the supply chain. Moreover, it will make full preparations against unexpected export setbacks by bolstering trade finance resilience, while maintaining efforts to improve regulations and establish a business support system to encourage both proactive and foreign investments. The ministry also plans to monitor domestic energy prices alongside exchange rates, while thoroughly inspecting the energy supply and related facilities’ operations on a daily basis to prevent disruptions. Attendees shared the understanding that establishing a real-time government-industry communication channel is crucial, with industry representatives expressing commitment to engaging in close information exchanges with the Government and consulting on response measures in an effort to make various endeavors to overcome current uncertainties. date2024-12-17