Ministry of Trade, Industry and Energy

Korea Energy Terminal starts commercial operation

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Korea Energy Terminal (KET) completion ceremony today in Ulsan with the attendance of executive leaders and employees from the Korea National Oil Corporation (KNOC), SK Gas, Ulsan Metropolitan City, and Ulsan Port Authority (UPA), among other project contributors. The completion of KET is significant in three main aspects. First, KET is a key project under Korea’s Northeast Asia Energy Hub Project and the second domestic energy hub to be completed following the Oilhub Korea Yeosu Co. (OKYC) completed in 2013. Based on Korea’s favorable geopolitical location and port environment, OKYC is currently in successful operation, leading to anticipation of Ulsan KET’s smooth operation as well. Second, KET is Korea’s first mixed terminal for storing both petroleum and gas. In accordance with the recent changes in the global energy paradigm, the design for KET has evolved from the initial petroleum-centered model to a mixed terminal capable of dealing with other sources like natural gas. An innovative model built to address changing needs, KET has the potential and capacity to function as a terminal for storing various clean energy sources such as hydrogen and ammonia, and for carbon capture and storage (CCS) going forward. Third, KET is a culmination of public-private cooperation. The government has been concentrating effort on improving the institutional framework to expand the terminal’s scope of use by newly installing the international petroleum trading business under the Petroleum Business Act and permitting the blending of domestic oil products within the general bonded area. KNOC has contributed to designing and building a safe terminal facility based on its experiences in large-scale oil stockpile facility projects. In the private sector, SK Gas responded swiftly to Ulsan’s private sector demand for liquefied natural gas (LNG) by proposing the establishment of the city’s first LNG terminal, thereby dramatically boosting KET’s commercial value. With companies around the world showing heated interest in KET, its 4.4 million barrels of storage space for oil and gas are fully rented out at the moment. Oil storage space of 1.7 million barrels is to be used for trading of overseas companies’ petroleum products, while 2.7 million barrels—equivalent to 200,000 metric tons—of gas storage are to be provided to domestic companies for new power generation and industrial fuel purposes. Vice Minister Choe stated that KET is an example of best practice of synergy between values of public benefit and private sector creativity. During the completion ceremony, he presented government awards to KNOC, SK Gas, and UPA for their contribution to KET completion.   date2024-11-14

Korea and Indonesia discuss energy cooperation including renewal of critical minerals MOU

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Ministry of Energy and Mineral Resources of Indonesia held the 15th Korea-Indonesia Energy Forum (“Forum”) today in Seoul to share energy policy directions and investment support measures, with the participation of a total of 60 attendees from both countries’ governments, public companies, and energy firms. Launched in 1979 as a bilateral resources cooperation committee, the Forum has convened on an annual basis since 2007 and helped to enhance Korea-Indonesia energy cooperation and create business opportunities.  At today’s Forum, MOTIE proposed to the Indonesian government that the two countries renew their memorandum of understanding (MOU) on critical minerals supply chain cooperation, which was inked in 2022 and expired this February. The ministry also asked for the Indonesian government’s special attention so that Korean companies operating in the local Indonesian market or buying liquefied natural gas (LNG) from Indonesia are granted stable LNG supply at a reasonable price.  With regard to the Korea-Indonesia small modular reactor (SMR) cooperation proposed by the Indonesian president at the G7 summit in 2023, the two sides discussed follow-up measures to the SMR collaboration MOU entered between Korea Hydro & Nuclear Power (KHNP) and Indonesia’s PLN NP. As for Korea Gas Safety Corporation’s safety management support program, Korea requested that the two countries share bilateral data on safety management and that Indonesia provide the main gas facilities and training venue. Meanwhile, an investment business session was also held on the margins of the Forum to facilitate investment cooperation between Korean companies and the Indonesian government.   date2024-11-13

JSR Corporation to establish EUV metal oxide resist production base in Korea

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the groundbreaking ceremony of Japanese company JSR Corporation’s metal oxide resist (MOR) production plant today in Cheongju, North Chungcheong Province. Established in 1957, JSR Corporation is a world-leading semiconductor photoresist manufacturer, and has been steadily increasing investment in Korea since building its display materials plant in Ochang in 2003. Today’s groundbreaking ceremony makes JSR Corporation the first company in the world to establish a production base in Korea to manufacture metal oxide resists for extreme ultraviolet lithography (EUV) processing. Capable of replacing low-end chemically amplified resists, EUV metal oxide resists play a key role in securing competitiveness in ultra-fine processes, on which major chip producers are concentrating all their effort. JSR Corporation plans to complete the plant construction and begin mass-producing metal oxide resists by 2026, through which Korea expects to better meet domestic demand and boost its semiconductor industry competitiveness.    date2024-11-12

Samsung Electronics shares 128 patented technologies with 85 companies in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the MOTIE-Samsung Electronics technology sharing event today in Seoul with the attendance of beneficiary companies’ representatives. Since first taking part in the technology giveaway in 2015, Samsung Electronics has shared a total of 6,808 patented technologies, 1,210 of which have been transferred free of charge to 673 firms. By the accumulated number of technology giveaways, transfers, and number of beneficiary companies, Samsung Electronics is Korea’s top technology sharer and exemplary leader in establishing the shared growth system for SMEs and large-sized businesses. Shared on this occasion were various technologies including geographic and biometric data-based routing, eye-tracking display control, and smart devices’ RFID-based content-sharing. According to MOTIE, the ministry plans to continue supporting the technology sharing so that SMEs and middle-market firms can gain opportunities for innovative growth such as product development and new business launching.   date2024-11-12

MOTIE holds 41st Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 41st Trade Promotion Committee meeting today in Seoul with the participation of relevant ministries, focusing on ways to stably manage Korea-U.S. trade issues in view of the U.S.’ recent presidential election results and future policy shift prospects. In his opening message, Trade Minister Cheong noted that it is most important to take stock of pending Korea-U.S. trade issues and seek response measures, for which he asked the cooperation of related ministries.  Moreover, he emphasized that whole-of-the-government efforts will be made to ease uncertainties for Korean businesses and ensure that the two countries’ mutually beneficial trade relations continue.   date2024-11-11

Korea and UK launch third official negotiating round for upgrading bilateral FTA

Director General for FTA Negotiations Kwon Hye-jin at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is heading the Korean delegation in the third official round of negotiations for an upgraded Korea-UK Free Trade Agreement (FTA) through November 11–14 in Seoul. The UK delegation is led by Adam Fenn, Chief Negotiator at the UK's Department for Business and Trade. Having inked the bilateral FTA in 2019 and seen its entry into force in 2021, the two countries declared the launch of negotiations for an upgraded Agreement on the occasion of Korean President Yoon Suk Yeol’s state visit to the UK in November 2023. The first two rounds of negotiations for the upgraded Agreement were held this January and March, in Seoul and London, respectively. With this third negotiating round being the first to convene since the UK Labor Party’s inauguration in July, the Korean government is aiming to accelerate discussions across services, supply chains, digital, bio, and other areas. Highlighting that the UK is Korea’s key friendly nation and economic cooperation partner in new trade areas like advanced industries and energy, Director General Kwon expressed anticipation towards not only upgrading the existing Agreement, but also the introduction of emerging norms in supply chains, gender, and bio.   date2024-11-11

Trade Minister Cheong chairs conference with U.S.-invested firms to discuss public-private cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea held a conference today in Seoul with Korean businesses investing in the U.S. to take stock of the post-election investment situation and future public-private joint outreach measures. The conference was attended by representatives of major U.S.-invested companies specializing in semiconductors, electronics, automobiles, battery, renewable energy, and materials chemistry areas. Attendees discussed the future impact on U.S.-invested domestic companies in view of election results, sharing the understanding that public and private sectors need to cooperate to respond effectively to market changes. Trade Minister Cheong stated that the ministry plans to establish a system for close cooperation with industries to share relevant information and ensure timely consultations with the incoming U.S. administration and key industry figures. MOTIE intends to hold relay meetings per each industry to maintain public-private communication and stable trade relations.   date2024-11-08

Korea’s business leadership eyeing standards as means to secure super gaps in advanced industries

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the fourth Standards Leadership Forum on the high-tech industry today in Seoul with the participation of International Electrotechnical Commission (IEC) President Jo Cops, Korea’s chief technology officers (CTOs) and other standards leaders. The forum was held to discuss the importance of Korean businesses’ participation in international standards activities and response measures with regard to the intensifying global standards race to claim the rule-maker position in artificial intelligence (AI), semiconductors, and such future industries. During discussions, CTOs agreed that international standards provide important guidance for emerging technologies and expressed commitment to taking part in the effort toward building global standards leadership to achieve super gaps in advanced industries. The IEC president gave a keynote lecture on the impact of international standards on Korean businesses, noting the rapid pace of innovation that AI and digital transformation are driving, and maintained the need for Korean firms to actively participate in standards activities in order to stay ahead in the race. The lecture was followed by experts’ presentations introducing cases of global standards set by Korean companies in high-tech industry areas including those for wearable devices’ monitoring of heart rate and step count, explainable AI technology, and neuromorphic devices. KATS President Jin Jong-wook assured continued support for Korean companies’ endeavors to gain a competitive edge in global standards based on the National Standardization Strategy for Advanced Industries established this May.   date2024-11-07