Ministry of Trade, Industry and Energy

Minister Ahn discusses stronger economic cooperation with U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg today on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation.  Minister Ahn noted that Korea-U.S. relations are advancing towards an economic alliance centering on semiconductors, batteries, and other high-tech industries based on mutually beneficial cooperation in areas like bilateral trade and investment and asked for the U.S.-Korea Business Council chief’s interest and support towards facilitating the two countries’ investment and cooperation in advanced industries under the new U.S. regime. Moreover, he shared the Korean government’s plans to strengthen direct and indirect communication with the U.S. government and Congress to prepare against possible shifts in the global trade landscape as well as U.S. trade policies, ensuring government-level support to invigorate discussions on measures for boosting private sector economic cooperation via business council exchanges and other channels. Chairman Greenberg replied that active efforts will be made to promote communication and cooperation between the two countries’ governments and businesses with an aim to further solidify the Korea-U.S. alliance, concurring on the importance of nurturing an environment favorable to both sides’ businesses to the end of expanding bilateral trade and investment.   date2024-11-20

MOTIE launches Financial Caravan to lend assistance to MPE-specialized complex businesses

The Ministry of Trade, Industry and Energy (MOTIE) and North Chungcheong Province of the Republic of Korea held the Materials, Parts, and Equipment (MPE)-Specialized Complex Financial Caravan (“Caravan”) today in the MPE-specialized complex in North Chungcheong Province with the participation of roughly 150 representatives from bio and secondary battery MPE industries. The Caravan is a site visit program to facilitate discussions on measures to resolve financial issues for firms in the MPE-specialized complex. Starting with North Chungcheong Province, the ministry plans to launch a site tour with relevant institutions across Gwangju, South Gyeongsang Province, and other regions. At today’s event, a financial assistance agreement was sealed among financial policy institutions, North Chungcheong Province, and MPE-specialized complex’s anchor businesses. Financial institutions pledged robust support for MPE companies through specialization assistance programs and other forms of preferential assistance, to which MPE firms like LG Chem, GC Biopharma, and Celltrion vowed to give full measure to Korea’s MPE localization and establishment of a production base for the global supply chain. In addition, a public-private joint team introduced financial support programs to address the four major financial issues, namely investment, loans, guarantees, and subsidies. Meanwhile, a session for investor relations (IR) and one-on-one investment counseling was held by relevant institutions. Companies interested in investment will be provided with assistance through follow-up measures regarding due diligence and investment negotiations to help reach actual investment deals.   date2024-11-20

Korea and Africa hold Trade and Industry Cooperation Forum 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Africa Trade and Industry Cooperation Forum 2024 (“Forum”) today at the Trade Tower in Seoul, the first large-scale economic cooperation event for the two sides following the Korea-Africa Summit 2024 in June, which was the first and largest multilateral summit meeting between Korea and Africa. The Forum convened with the participation of roughly 200 persons including Korea’s Deputy Minister for Trade Park Jong-won, Moroccan Ambassador to Korea Chafik Rachadi, ambassador-level figures of 12 African countries, business leaders, and related experts. The Forum consisted of keynote presentation sessions, panel discussions, and one-on-one consultations.   In his congratulatory message, Deputy Minister Park stated that the Korea-Africa Summit 2024 is an invaluable culmination of Korea and Africa’s joint efforts and highlighted the importance of concretizing and developing its outcomes. Along this vein, he shared plans to actively support measures for implementation and new joint project discovery through platforms like the Public-Private Committee for Korea-Africa Economic Cooperation, while also reinforcing the institutional basis for economic cooperation via schemes such as the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF).   During the first presentation session, the Korea Institute for International Economic Policy (KIEP) and the European-African Institute at Hanyang University covered the economic value of the Korea-Africa Summit 2024, current bilateral cooperation, and promising future collaboration areas. In the second session, the Institute of African Knowledge Sharing and DR & AJU Law Group LLC briefed the audience on key factors of consideration in entering the African market such as Africa’s legal system and business culture. After the Forum, Korean companies engaged in one-on-one consultations where they sought advice on business issues of interest. date2024-11-19

Korea and Peru to bolster critical minerals supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a memorandum of understanding (MOU) on critical minerals cooperation with the Ministry of Energy and Mines of Peru on November 16 in Lima on the margins of Korean President Yoon Suk Yeol’s state visit to Peru for the Asia-Pacific Economic Cooperation (APEC) Summit 2024. Peru is the only Latin American country to have established a comprehensive strategic partnership with Korea (2012), and the two countries’ economic cooperation is steadily expanding. Their trade volume has doubled since inking a bilateral Free Trade Agreement (FTA) in 2011.  In commemoration of the 60th anniversary of the establishment of diplomatic relations, the two countries held a bilateral summit in San Francisco last year in November on the occasion of APEC Summit 2023, agreeing to bolster cooperation across various areas like defense, supply chains, and infrastructure. The MOU sealed this year is part of the aim to boost supply chain collaboration. The world’s second largest producer of copper and iron, Peru is also richly endowed with lithium and other mineral resources. Korea and Peru have mainly been engaging in official development assistance (ODA) projects for mine hazard prevention and reclamation, but this MOU lays the grounds for cooperation in critical minerals policy and supply chain information sharing, joint exploration and development, and technical exchanges as well. Based on the MOU, MOTIE plans to uncover further minerals collaboration measures and preemptively support Korean businesses’ entry into Peru’s critical minerals projects to catalyze the diversification of the critical minerals supply chain.   date2024-11-18

Korea’s trade and foreign affairs chiefs attend APEC Ministerial Meeting 2024

Minister for Trade Inkyo Cheong and Minister of Foreign Affairs Cho Tae-yul of the Republic of Korea attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) on November 14 in Lima, Peru.  This year’s AMM was chaired by Peru’s Minister of Foreign Affairs Elmer Schialer and Foreign Trade and Tourism Minister Desilu León with the participation of the foreign affairs and trade ministers of the 21 APEC member economies. Under this year’s theme of “Empower. Include. Grow.”, attendees discussed innovation and digitalization to promote the transition to a formal and global economy (Session 1), sustainable growth for resilient development (Session 2), and trade and investment for inclusive and interconnected growth (Session 3). In the third session of AMM, Trade Minister Cheong emphasized the need for intraregional cooperation for inclusive, interconnected, and sustainable growth amid economic uncertainties and proposed measures to enhance economic cooperation within APEC such as maintaining the WTO-based multilateral trade system and promoting freer trade and investment through the realization of the Free Trade Area of the Asia-Pacific (FTAAP). The trade chief stated that Korea is aiming to further facilitate the discourse on intraregional sustainable growth to gain tangible outcomes in artificial intelligence (AI), digital trade, and carbon-free energy diffusion.  In preparation of Korea’s hosting of APEC 2025, during the AMM a turnover (promotion) video was played and Foreign Minister Cho introduced the theme and priorities of APEC 2025. The Foreign Minister explained that Korea would lead discussions on sustainable growth in the region under the theme of “Building a Sustainable Tomorrow,” focusing on the priorities of “Connect,” “Innovate” and “Prosper.” In response, member economies expressed keen interest in and support for Korea’s hosting of APEC 2025. date2024-11-15

Trade Minister Cheong attends 2024 APEC Economic Leaders’ Week in Peru

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 2024 APEC Economic Leaders’ Week (AELW) on November 14 in Lima, Peru, to participate in a number of events including the 4th APEC Business Advisory Council (ABAC) Meeting and the APEC CEO Summit, where he convened with CEOs for a breakfast meeting to discuss major outcomes of APEC 2024 as well as preparations for next year’s APEC AELW. Prior to the breakfast meeting, Minister Cheong attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13, where he highlighted the need for stronger collaboration between U.S. and Korean businesses on AI semiconductors and other major supply chain items during talks with Antony Cook, Microsoft’s Regional Vice President for Asia.  During the meeting, the trade chief also explained to the 200 business leaders present the preparations Korea is making for APEC 2025, including the Korean government’s key economic policies on AI application and the Carbon Free Energy (CFE) Initiative. On the margins of these APEC meetings, Trade Minister Cheong held bilateral talks with various member countries regarding trade issues and asked business leaders for their active participation and cooperation for Korea’s successful hosting of APEC events next year.   date2024-11-15

Korea’s auto industry enjoys triple growth in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile production, domestic sales, and exports all posted growth in October, a first in 16 months since June 2023. October automobile production reached 367,624 units (up 7.8 percent year-on-year), which can be attributed to automakers’ new model releases as well as the higher number of working days (+ 1 weekday) in the month compared to last year. Domestic sales snapped the 11-month downward streak and recorded 145,756 units (up 3.1 percent), helped by a new model release and hybrid electric vehicles (HEVs) selling a historic 49,257 units (up 50.3 percent). Meanwhile, exports advanced 5.5 percent to $6.2 billion, selling 243,367 units overseas and coming in at an all-time high for October. HEVs achieved $1.1 billion in export, surpassing the previous record set in August 2024 and driving Korea’s January–October accumulated export value over $59.1 billion (up 2.0 percent year-on-year).   date2024-11-14

Korea’s ICT exports advance 22% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the export and import of Korea’s information and communications technology (ICT) goods for October 2024 logged USD 20.8 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $7.5 billion. ICT exports for the month of October increased 22.0 percent year-on-year to enter the $20 billion thresholds for the third consecutive month on the backs of robust demand for major items like semiconductors, mobile phones, and computers and peripherals.  Semiconductors soared 39.9 percent to an all-time October high at $12.6 billion. Memory chips (up 63.9 percent to $7.4 billion) and system chips (up 13.1 percent to $4.6 billion) both performed strong. Finished mobile phones (up 47.2 percent to $0.4 billion) and parts (up 15.9 percent to $1.4 billion) both advanced, retaining their growth rates since March 2024. Computers and peripherals grew 48.4 percent based on sharp demand for solid-state drives (SSDs) (up 67.9 percent to $0.7 billion). By region, ICT exports to China (including Hong Kong) climbed 9.9 percent to $8.3 billion, achieving growth for the 12th consecutive month, thanks to demand for semiconductors and mobile phones. Exports to Vietnam (up 6.4 percent to $3.4 billion) increased for the 15th consecutive month, with semiconductors and mobile phones at the helm. Exports to the U.S. (up 35.6 percent to $2.4 billion) grew for the 12th consecutive month as semiconductors (up 66.3 percent to $0.8 billion) and computers and peripherals (up 143.8 percent to $0.5 billion) jumped, driven by demand for servers and datacenters. EU-bound ICT exports (up 13.4 percent to $1.0 billion) maintained growth for the eighth consecutive month, led by mobile phones (up 122.9 percent to $0.2 billion) and computers and peripherals (up 44.2 percent to $0.2 billion). Exports to Japan (down 7.3 percent to $0.3 billion) contracted despite growth of semiconductors and displays, owing to decreased mobile phone shipments.   date2024-11-14