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Korea and Romania discuss wider industrial, trade, and energy cooperation
Trade, Industry and Energy Minister Dukgeun Ahn and Romania’s Economy, Entrepreneurship and Tourism Minister Ștefan-Radu Oprea held the 10th Korea-Romania Industrial Cooperation Committee Meeting on March 25 in Seoul to discuss measures for wider cooperation in trade, investment, industry, and energy. Launched in 2004, the Committee meeting has been held alternately in the two countries, and the 10th meeting was convened for more in-depth discussions on nuclear energy, defense, and other major bilateral issues. Noting the two countries’ establishment of diplomatic ties in 1990 and emphasis on automotive parts and steel industry cooperation, Minister Ahn proposed in his opening address that they further the strategic partnership ties established in 2008 by building on their manufacturing industrial cooperation to expand into other areas like industrial technology, nuclear energy, defense, and infrastructure. In view of the bilateral trade volume having achieved a record high last year, both sides agreed to expand bilateral trade and investment through exchange of trade data and participation in trade show exhibitions. The Korean delegation stated interest in joint research and development in areas like information and communications, chemicals, and bio, and the Romanian delegation introduced Romania’s energy mix policy on expanding nuclear and renewables. The two sides agreed to work together to achieve their shared goal of carbon neutrality and make joint effort towards the global diffusion of the Carbon-Free Energy (CFE) Initiative. Furthermore, Romania expressed interest in defense cooperation with Korea, to which the Korean delegation highlighted the prospects of creating economic gains through related local investment and technology transfer. date2024-03-25
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Korea and Bangladesh discuss measures for wider economic cooperation
Korean government officials and the public-private joint delegation from Bangladesh are seeking measures for wider economic cooperation in trade, investment, and industries on the occasion of the latter's visit to Korea. Minister for Trade Inkyo Cheong met with Nurul Majid Mahmud Humayun, the Industries Minister of Bangladesh, on March 22 in Seoul to discuss measures to widen economic cooperation by bolstering trade, investment, and industrial ties. During the talks, Trade Minister Cheong proposed that their textile industries incorporate new added value, while digital, carbon neutrality, and other areas of cooperation be diversified to deepen the Korea-Bangladesh economic cooperation still further, for which he underscored the need for the two countries to enter the Trade and Investment Promotion Framework (TIPF) Agreement as a new platform for economic cooperation. Moreover, the trade chief shared some of the issues Korean companies experience in Bangladesh, including those concerning visa, duties, customs, and infrastructure and asked that Korean firms operating locally be given assistance in resolving these challenges. Minister Humayun responded that these concerns will be carefully addressed to help stabilize Korean companies’ business management in Bangladesh. date2024-03-22
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MOTIE announces “Public-Private Joint Strategy on Overseas Resources Development”
Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference with major overseas resources development companies on March 21 at Lotte Hotel Seoul, where he announced the “Public-Private Joint Strategy on Overseas Resources Development”. Amid intensifying energy supply chain uncertainties caused by growing geopolitical risks and the global race for dominance over critical resources, the Korean government is seeking to restore the ecosystem for overseas resources development in order to stabilize the supply chain of key resources as a national policy task. Accordingly, the Ministry of Trade, Industry and Energy (MOTIE) collected opinions from industries, experts, and related ministries in establishing the “Public-Private Joint Strategy on Overseas Resources Development”. Taking note of past policy outcomes and limitations, the above strategy was established in line with the following three policy aims: invigorating the ecosystem of private-led resources development; strengthening national resources security; and securing policy coherence. The Government plans to stimulate private-led resources development by increasing financial and tax incentives, launching project tasks for mid-to-long term technology development and talent training, invigorating domestic resources development, strengthening public companies’ support for private firms, and bolstering resources diplomacy with resource-rich countries. Minister Ahn emphasized that public-private cooperation is of utmost importance in stimulating the ecosystem for overseas resources development, as securing a stable energy resources supply chain is a priority task for economic stability and development of advanced industries. date2024-03-21
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Public-private "One Team" gear up to attain KRW 10 tln NPP export target by 2027
Trade, Industry and Energy Vice Minister Namho Choe chaired a meeting on March 21 at K-SURE in Seoul to review prospective nuclear power plant (NPP) equipment export projects, as a follow-up to the ministry’s measures for achieving the KRW 10 trillion in NPP equipment export target by 2027, announced via the 14th public forum held on February 22. According to the International Atomic Energy Agency (IAEA), 415 NPPs are in operation at present as of March 2024, and demand for NPP equipment is rapidly rising on the backs of the increase in new NPP construction projects and continued operation. The Korean government established the NPP equipment export stimulation measures in March last year, rendering support from multiple angles, such as expanding the budget for NPP export assistance and establishing trade centers across core export destinations. The efforts have added up to striking a total of 4.9 trillion won worth of 105 export contracts over the last 20 months since President Yoon Suk Yeol took office, at least six-fold the amount exported through 2017-2021. While winning mega scale projects like the 3 trillion won El Daaba NPP Project in Egypt and 260 billion won tritium removal facility in Romania, Korea has also been exporting single unit equipment, operation and maintenance service, and small modular reactor (SMR) design, which amount to approximately 750 billion won. To leverage this momentum for expansion, Korea’s public and private sectors have come together to join efforts in achieving the 5 trillion and 10 trillion won export targets for 2024 and 2027, respectively. Vice Minister Choe stated that the Yoon administration’s initiative for normalizing nuclear policies and strong resolution towards NPP export, coupled with close public-private cooperation, have driven NPP exports over the 4 trillion won mark, and asked that “the public and private sectors join hands as ‘one team’ with strong resolve to reach the 10 trillion NPP export target for 2027.” date2024-03-21
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MOTIE to support groundbreaking for cutting-edge memory chip fab slated for March 2025
Trade, Industry and Energy Minister Dukgeun Ahn, on March 21, visited SK Hynix’s Yongin Semiconductor Cluster, a pillar of the semiconductor mega cluster plan announced during the public forum in January. Approximately 35 percent of Fab 1 has been completed so far and site renovation is in smooth progress. By 2046, over KRW 120 trillion in investment will be poured to complete Fabs 1 through 4, and construction of Fab 1’s production line will commence in March next year. Once completed, the infrastructure will rank as the world’s largest three-story fab. Having launched an electrical power supply task force in February this year to support the completion of cluster infrastructure, MOTIE plans to form another task force by March to steer the establishment of the high-tech specialization cluster for chips and other advanced industries. Amid increasing demand for AI chips and high bandwidth memory (HBM), the ministry will aim to swiftly establish a comprehensive strategy for dominance in the AI chip market and devise measures for strengthening chip equipment competitiveness within the first half of this year. MOTIE also plans to push forward the prefeasibility study for minifab projects in the Yongin testbed and inject policy funding to competent fabless and MPE (materials, parts, equipment) companies. date2024-03-21
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Korea and Lithuania discuss bilateral economic cooperation
Deputy Minister for Trade Yang Byeong-nae met with Lithuania’s Vice Foreign Affairs Minister Egidijus Meilūnas on March 19 in Seoul to discuss measures to widen bilateral trade, investment, and economic cooperation. Noting the growth of bilateral exchanges and trade following the establishment of Lithuania’s diplomatic mission in Korea in 2021, Deputy Minister Yang proposed that the two countries make further effort to expand their collaboration with focus on advanced industries, in view of Lithuania’s world-leading technology in laser and bio. The two sides agreed on the importance of R&D cooperation and decided to support business partnering and convene joint seminars to strengthen the two countries' corporate networking and stimulate joint R&D projects. On the margins of the bilateral talks, Korea Institute for Advancement of Technology (KIAT) and Innovation Agency Lithuania entered a memorandum of understanding (MOU) for industry and technology cooperation to seek various measures to deepen and diversify their collaboration. date2024-03-20
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Public and private sectors join efforts to launch preparations for Korea-Africa Summit 2024
Minister for Trade Inkyo Cheong chaired the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation (“Committee”) on March 20 at Lotte Hotel Seoul as part of efforts to bring forth substantial outcomes through the coming Korea-Africa Summit 2024, slated for June in Seoul. Attending the meeting were representatives of major economic groups, public companies and institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Electric Power Corporation (KEPCO). Hosted and organized by five of Korea’s major economic groups to be held in joint tandem with the bilateral summit for maximum outcome, the “Business Summit” is another large-scale event where business figures and government officials of Korea and Africa are to gather to share ideas on major agendas, namely trade, industrial development, infrastructure, farm productivity advancement and climate change response. Trade Minister Cheong emphasized that cooperation with Africa is essential in view of the Global South’s rise as one the future core markets. He highlighted that the joint Committee will serve as a bridge between the two sides’ economic cooperation in order to strengthen support for companies entering the African market and bolstering cooperation with the continent’s business partners. The trade chief also mentioned that efforts will be made to seek measures for producing tangible outcomes through the participation of private companies with prospects for striking business deals and memorandums of understanding (MOUs). On the sidelines of the summit, the two sides will hold the “Korea-Africa Business Partnership” on June 4 in Seoul, hosted by MOTIE and organized by KOTRA, where 50 business leaders are to be invited from Africa to uncover new business opportunities with approximately 200 Korean firms in critical minerals, energy, infrastructure, and other promising areas. date2024-03-20
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Korea and Africa discuss EPA-based economic cooperation
Minister for Trade Inkyo Cheong held a conference with Moroccan and Tanzanian Ambassadors to Korea Chafik Rachadi and Togolani Mavura and the Chargé d'Affaires of Kenyan Embassy in Korea Kipkosgei Toroitich on March 20 to discuss measures for wider Korea-Africa economic cooperation through the Economic Partnership Agreement (EPA). At the conference, Trade Minister Cheong said that “Considering the growth potential and geoeconomic significance of Africa in terms of its rich mineral resources and vast single market of 1.4 billion created upon the launch of the African Continental Free Trade Agreement (AFCFTA), economic cooperation with the continent is becoming increasingly important” and added that the EPA is poised to serve as the framework for the two sides’ economic cooperation in trade, investment, supply chain, digital, clean economy and various other areas. He also asked for the ambassadors’ continued interest and support in future EPA cooperation. Africa’s ambassadors to Korea agreed that the EPA will be a major milestone in developing and expanding bilateral cooperative ties. Both sides are aiming to place strong emphasis on EPA as a framework for strengthening economic relations in light of the numerous upcoming opportunities for building cooperative momentum, including the first Korea-Africa summit slated for June this year in Seoul. date2024-03-20