Ministry of Trade, Industry and Energy

Korea launches 28th New Technology Commercialization Promotion Competition

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the New Technology Commercialization Promotion Competition (“Competition”) on December 11 in Seoul to encourage new technology development and catalyze the expansion of sales channels and investment support. At the Competition, government awards were presented to 47 persons and institutions of merit for their contribution to developing and commercializing new and innovative technologies in addition to expanding sales channels. Moreover, a total of 35 new technology and new product certificates were awarded for the second half of this year. This year’s Silver Tower Order of Industrial Service Merit went to JNG CEO Park Jong-woo for the groundbreaking contribution to improving the air conditioning and heating efficiency of geothermal heat pump systems through air-conveying power reduction technology. The Industrial Service Medal went to Park Chang-joo, a department head at DL E&C for contributing to enhancing fire safety and the firefighting industry by developing the two-way intake and exhaust control system. On the margins of the Competition, three memorandums of understanding (MOUs) were signed among certified firms, venture capital firms, and a technology evaluation institute to accelerate the initial follow-up investment outcomes of the agreement signed last year to promote investment for new product- and technology-certified firms.   date2024-12-12

Ttrade experts discuss strategic measures in response to incoming U.S. administration’s trade policies

Minister for Trade Inkyo Cheong of the Republic of Korea convened a conference on December 10 at the Korea Security Agency of Trade and Industry (KOSTI) in Seoul with trade and international relations experts. With the inauguration of the new U.S. administration a month away, the conference was held to share the Korean government’s progress in preparations and to facilitate in-depth discussions among trade experts and related leaders on strategic response measures. Trade Minister Cheong stated that, powered by large-scale investments, the two countries are highly interconnected in advanced technology and supply chain areas, based on which efforts will continue to maintain mutually beneficial cooperative relations and minimize negative impact on Korean businesses. Korea’s Ministry of Trade, Industry and Energy (MOTIE) plans to closely communicate with businesses while making whole-of-the-government efforts to prevent the recent domestic situation from affecting preparations with respect to the upcoming U.S. regime change.   date2024-12-11

Trade Minister Cheong Discusses Investment Cooperation with AMCHAM Korea to Address Changing Trade Landscape

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) today in Seoul to discuss measures for promoting foreign investment, propelling Korea as Asia’s leading business hub, and strengthening Korea-U.S. trade cooperation. AMCHAM Korea Chairman and CEO James Kim noted U.S. companies’ strong interest in the Korean market, highlighting the need for Korea to undergo regulatory reforms in labor markets, tax administration, and the digital economy among other areas to take the opportunity amid the recent global supply chain realignment and economic fragmentation to develop into a major business hub in the Asia-Pacific. Trade Minister Cheong expressed appreciation towards AMCHAM Korea’s confidence in the Korean market as well as its contribution to creating quality jobs and boosting local economies, vowing that government policies will be carried out according to plan despite the recent domestic situation so that foreign-invested companies can freely focus on business activities. Starting with today’s talks, the Ministry of Trade, Industry and Energy (MOTIE) plans to maintain communication with other foreign Chambers of Commerce in Korea as well in order to boost foreign investment.   date2024-12-11

Minister Ahn Discusses Korea-U.S. Economic Cooperation with NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. During the talks, Minister Ahn highlighted the need to enhance bilateral economic cooperation and to minimize business uncertainties for Korean firms engaging in close collaboration with U.S. companies through building trust and positive anticipation by maintaining the continuity of major U.S. policies throughout the change of administration. The two sides concurred on the importance of the Korea-U.S. cooperative relations in strengthening their respective industrial ecosystems and stabilizing the global supply chain, agreeing to make concerted efforts to establish constructive and stable Korea-U.S. ties. In addition, Minister Ahn suggested that the two sides seek concrete cooperation measures in view of the considerable potential for synergy from Korea’s aim to secure diverse energy sources to foster a stable energy ecosystem and Oklahoma’s abundance in resources like petroleum, gas, and renewable energy. He asked the NGA Vice Chair’s interest and support towards creating a consistent and stable investment and business environment to encourage Korean companies’ investment in the U.S.   date2024-12-11

Korea and China launch 6th FTA Joint Commission meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and China International Trade Representative and Vice Minister of Commerce Wang Shouwen led their respective delegations for the sixth Korea-China Free Trade Agreement (FTA) Joint Commission (“Commission”) meeting today in Seoul. A follow-up to the Korea-China highest-level talks held this May in Seoul and the summit talks convened this November in Peru, today’s Commission meeting aims to assess the implementation progress of the Korea-China FTA that came into effect in December 2015.  During the meeting, the two sides agreed to accelerate negotiations on services and investment and foster a more predictable business environment. In view of the FTA’s substantial contribution to the two countries’ bilateral trade and investment over the last decade, both sides will keep utilizing the FTA as a major platform for enhancing their mutually beneficial economic cooperation going forward. Moreover, the joint research on Korea-China FTA implementation conducted by the Korea Institute for International Economic Policy (KIEP) and China’s University of International Economics and Trade in commemoration of the upcoming 10th anniversary of the bilateral FTA found that as of 2023, the two countries’ FTA utilization rate reaches 73.3 percent and 85.8 percent for exports and imports, respectively, and that their bilateral trade volume has increased on an average of 4.5 percent per year from 2015 to pre-COVID 2021. The two sides are planning to launch further sessions of the briefing on China’s export controls for Korean companies and the Korea-China supply chain hotline meeting next year to continue cooperation on stabilizing supply chains. date2024-12-09

Korea and Sweden to enhance cooperation in strategic industries

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Sweden Strategic Industry Summit (“Summit”) today in Seoul. Co-hosted by the Korea International Trade Association (KITA) and Business Sweden, the Summit was first launched in 2019 following the two countries’ mutual state visits and convenes on an annual basis to promote bilateral economic cooperation. Attending the Summit were approximately 140 business leaders of both countries to engage in presentations and discussions under the following themes: stronger industrial and technological competitiveness; advancing strategic technological collaboration among industries, academia, and research institutions to bolster economic security; and sustainable mobility and energy industries. In his congratulatory address, Trade Minister Cheong stated that Korea is making careful preparations against crisis factors through close monitoring for possible changes across the trade landscape, highlighting the importance of international cooperation in strategic industries. He also expressed anticipation for this Summit to spur synergy over various areas in view of Korea’s designation of special complexes to innovate its high-tech strategic industrial ecosystem and Sweden’s strategic push to boost trade, investment, and global competitiveness. During the Summit opening ceremony, the two countries signed four memorandums of understanding (MOUs) for deeper cooperation in industrial digital transformation, small modular reactors (SMRs), e-fuel, and green energy areas.   date2024-12-05

Korea to build on momentum as rising trade power

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the 61st Trade Day today at COEX in Seoul with the participation of over 1,000 attendees composed of government and related institutions’ representatives and recipients of various awards for their contribution to advancing Korea’s trade achievements. Despite high interest rates, high prices, the Russia-Ukraine war, and various other global uncertainties, Korea’s exports snapped the losing streak in October 2023 to overcome related challenges comparatively earlier than other major exporting countries. Carrying the momentum forward, Korea’s exports as of November posted growth for the 14th consecutive month this year and maintained a trade surplus for the 18th consecutive month, logging the highest export growth rate among top exporting nations around the world. Korea’s accumulated exports through this January–November jumped 8.3 percent year-on-year to USD 622.2 billion and the trade balance stood at a surplus of $45.2 billion. Overall, exports contributed to 99 percent of Korea’s economic growth. Semiconductors, the nation’s leading export item, surpassed last year’s annual exports with January–September exports alone and this year’s target is $140 billion. Automobile exports are anticipated to renew annual highs for the second year in a row and ship exports surged 24 percent this year from the tailwind provided by demand for high value-added ships.  By region, exports to Korea’s three major destinations—China, U.S., ASEAN—and emerging markets like Latin America, Middle East, India, and other Global South countries kept up their growth pace, helping to diversify Korea’s export structure. As of this year’s third quarter, the number of exporting SMEs in Korea continually increased to reach an unprecedented 87,000 and e-commerce driven by in-person shopping trends are broadening Korea’s export base with an all-time high export value of $1 billion. On the backs of the global popularity of Hallyu, cosmetic products recorded $9.3 billion in export value as of November, already outperforming their previous highs of $9.2 billion set in 2021, and Korean ramyeon also entered the historic $1 billion export threshold. “K-beauty” and “K-food” products are rising as leading consumer goods, while biosimilars and contract manufacturing organization (CMO) outsourcing are showing potential as the next growth engines.  Moreover, Korea’s defense, plant, and nuclear energy industries have firmly established themselves as fresh drivers of export growth, thanks to the annual average of $15 billion in defense exports, the $7.3 billion Saudi Fadhili gas plant expansion project win, and selection as preferred bidder for the KRW 24 trillion Czech new reactor project. This year marks the 61st anniversary of commemorating Korea’s first $100 million in exports in 1964. At the 61st Trade Day, 597 persons of merit and 1,545 companies were awarded for their contribution to Korea’s trade accomplishments. The following are the key takeaways of this year’s awards trends.  First, Korea’s major export items are going strong regardless of trade conditions. The Gold Tower Orders of Industrial Service Merit went to five companies, including a semiconductor company exporting high bandwidth memory (HBM) chips to a global big tech company based on its accurate prediction of the AI semiconductor market. Another winner is an automaker that helped to dramatically increase U.S.-bound exports by developing an electric vehicle (EV)-specialized model upon securing its local U.S. production base. Second, the K-battery industry has kept up its solid global competitiveness. One of the Bronze Tower Order of Industrial Service Merit winners is a battery exporter that fared well amid th date2024-12-05

Korean gov’t awards 597 persons of merit on 61st Trade Day

The Korean government is launching the 61st Trade Day on December 5 at COEX in Seoul to award persons of merit for contributing to Korea’s trade achievements. This year, a total of 597 persons of merit are to receive government awards, including 33 orders of merit, 31 medals of honor, and 533 commendations. Approximately 89 percent of the awardees work at either SMEs or middle-market companies. The five winners of this year’s Gold Tower Orders of Industrial Service Merit are in businesses specializing in special bolts, semiconductors, automobiles, logistics, and car parts.  The Export Tower Award was first awarded in 1973 to a company for achieving the then-historic USD 100 million in exports. Receiving the prize this year are a total of 1,545 companies, composed of 20 large-sized companies, 92 middle-market companies, and 1,433 SMEs.  The $25 Billion Export Tower Award goes to Kia this year, followed by 55 companies receiving the $100 Million Export Tower Award and 313 more receiving the $1 Million Export Tower Award. Award winners are selected based on the accumulated export value through July 2023–June 2024.   date2024-12-04