Ministry of Trade, Industry and Energy

Trade Minister chairs 58th Industrial Technology Protection Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 58th Industrial Technology Protection Committee (“Committee”) meeting today in Seoul for deliberation and resolution on six agenda items, including the fifth Comprehensive Plan on Prevention of Divulgence and Protection of Industrial Technology and the proposed export permit on national high-tech strategic technologies and national core technologies, as well as measures for usage of cloud service for national core technologies. First, the Committee established and passed the fifth Comprehensive Plan on Prevention of Divulgence and Protection of Industrial Technology in view of the growing importance of technology protection amid the intensifying global race for technological hegemony and development of advanced technologies. With aim to enhance management of technologies for protection and technology-holding institutions, the Committee decided that technologies with a high need for protection are to be newly designated as national core technologies. These include promising technologies highly connected with national security and the national economy such as those for designing and manufacturing multilayer ceramic capacitors (MLCC) and synthetic aperture radars (SAR). Meanwhile, national core technologies will be included in the scope of industrial technologies for protection under the Act on Special Measures for Strengthening the Competitiveness of Materials, Components, and Equipment Industries. Institutions holding national core technologies will also be closely managed. Companies projected to hold national core technologies will be swiftly distinguished through the technology holder confirmation and registration system, while the transfer of national core technologies will be systematically monitored. Second, areas under the current evaluation system deemed inadequate will be modified to proactively respond to the ever diversifying and evolving means of technology leakage. An expert committee for industrial technology protection will oversee the evaluation on M&A areas and modified rules will allow the Korean trade, industry and energy minister to issue ex officio orders for suspension, prohibition, and restitution with regard to unauthorized or undeclared exports. As Korean companies’ exports of national core technologies are on the rise, modifications on the export deliberation system will be made to a limited extent to avoid aggravating burden on exporters. For the export of core technologies with low risk of technology leakage, the process will either be partially streamlined or exporters will be granted exemption from deliberation procedures. Moreover, to shorten the period of export deliberation, the technical evaluation period will be capped to 45 days with allowance for a one-time extension of another 45 days. Third, the existing laws for punishment on technology leakage will be strengthened while legal grounds will be laid down for punishment on acts of introducing, brokering, and attracting technology leakage in order to eliminate all blind spots. Fourth, efforts will be made to bolster the security level of relatively more vulnerable universities and SMEs through catered support like the development of security infrastructure and security consulting services. In addition, relevant ministries will join hands to establish a more substantial protection system for better national R&D management and stronger protection of startups. As most technology leakages manifest through human resources, effort will go toward enhancing the management and support of key talents. Key talents in charge of national core technologies will be distinguished using big data analysis and information will be swiftly shared with relevant institutions in the case of technology leakage emergency. The Committee also discussed measures on the usage of cloud service for national core technologies to resolve i date2024-12-27

Trade Minister chairs foreign investment policy consultation meeting with local governments

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting today at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. Trade Minister Cheong noted that this year’s foreign direct investment (FDI) pledges to Korea surpassed an all-time high USD 33 billion despite internal and external uncertainties, highlighting that more foreign investment can be drawn to boost Korea’s national and local economies through combining the central government’s preemptive response capacity and local governments’ local-specific foreign investment promotion strategies. Local government representatives at the meeting agreed on the importance of effective trade countermeasures and foreign investment attraction, expressing commitment to making multifaceted efforts to overcome the domestic and external crises while working closely with the central government through information sharing and consultations on countermeasures. The key points discussed today will be incorporated into establishing the foreign investment policy directions for 2025 and the Government will be giving full measure to increase incentives, improve regulations, and build a business support system so that foreign investment flowing into Korea can go towards strengthening industrial competitiveness and stimulating local economies. The Ministry of Trade, Industry and Energy (MOTIE) plans to convene policy consultation meetings with local government bodies on foreign investment and trade issues on at least a semiannual basis to enhance communication between the central and local governments.   date2024-12-26

Korea’s retail industry rises 8.0% in November

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry grew 8.0 percent year-on-year for the month of November 2024, with offline and online sales advancing 3.9 and 11.8 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales increased 5.7 percent, with demand for home dining and kimchi-making driving sales of food products (up 10.2 percent), while home/living (down 2.1 percent) and non-food categories (down 3.7 percent) fell. Department store sales improved 1.4 percent on the backs of food products (up 3.8 percent) and foreign designer labels (up 7.8 percent), while fashion categories like miscellaneous goods (down 3.5 percent) and women’s suits (down 7.1 percent) continued to drop. Convenience store sales saw growth across both food (up 5.9 percent) and non-food products (up 4.1 percent), increasing 5.1 percent overall. SSM operators enjoyed sales growth of 6.8 percent centering on demand for food products (up 7.5 percent) thanks to the home dining trend and kimchi-making, but non-food products (down 0.6 percent) maintained their downward slope. Online retail sales surged 11.8 percent overall as food products (up 19.1 percent) and service/other (up 70.7 percent) achieved steady growth on the backs of robust demand for processed food products, convenience foods, food delivery services, travel packages, and e-coupons. Meanwhile, home appliances/electronics (down 9.9 percent), fashion/clothing (down 9.1 percent), and sports (down 10.7 percent) experienced declines due to impact from overseas direct purchases (ODP).   date2024-12-23

Korea and Australia sign Green EPA for stronger cooperation in clean energy & supply chains

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a Green Economy Partnership Arrangement (Green EPA) with Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW), Department of Foreign Affairs and Trade (DFAT), and Department of Industry Science and Resources (DISR) on December 20 with aim to widen trade and investment in clean economy sectors and to bolster energy security and supply chain cooperation.  The bilateral Green EPA is a comprehensive cooperation platform assessed to have upgraded Korea-Australia collaboration in relevant areas, based on which the two countries’ businesses can anticipate more far-ranging and concrete cooperation. With Australia playing a key role in the Asia-Pacific region’s clean hydrogen supply chain, the Green EPA lays down the groundwork for bilateral cooperation in establishing a stable hydrogen supply system. Moreover, as Australia has recently completed necessary procedures required to conduct cross-border CO2 transport activities in accordance with related international agreements and is actively taking steps in utilizing its depleted gas fields for CO2 storage, the two countries can also look forward to invigorating tangible cooperation in carbon capture, utilization and storage (CCUS) based on the forged arrangement.  In addition, it is assessed that the Green EPA will contribute to diversifying the energy supply chain and bolster Korea and Australia’s energy security while expanding cooperation in clean energy and low-carbon technology development, propelling the two countries’ sustainable economic growth forward by catalyzing trade and investment as well as the creation of jobs. MOTIE Minister Dukgeun Ahn viewed that the Korea-Australia Green EPA is a comprehensive and strategic cooperative system surpassing their existing level of cooperation, adding that cooperation with Australia’s three government departments will not only boost clean energy industries and supply chains but also open doors to new opportunities for Korean companies in securing technologies and overseas market entry. Australia’s DCCEEW Minister Chris Bowen remarked in view of the two countries’ shared Net Zero 2050 target that Korea and Australia will be able to deepen and expand the scope of bilateral cooperation in hydrogen and clean minerals, which will further drive new employment and export opportunities in the region.   date2024-12-23

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