Ministry of Trade, Industry and Energy

Minister Ahn visits Washington D.C. for 1st Korea-U.S.-Japan industry ministers' meeting

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the U.S. through June 24–28 on the occasion of attending the first Korea-U.S.-Japan trilateral industry ministers’ meeting on June 26 in Washington D.C.   In accordance with the agreement made during the Trilateral Leaders' Summit held at Camp David in August 2023 on launching and regularizing the trilateral industry ministerial, the three countries will discuss measures to strengthen economic security and industrial cooperation during the inaugural meeting. They also plan to launch a business conference led by their major economic groups to extend the scope of trilateral cooperation to private sectors.   On the margins of this visit to Washington D.C., Minister Ahn will be meeting with the U.S. Secretary of Commerce and other key figures in industrial and energy areas for wider bilateral cooperation. Following the first meeting held last year, Korea and the U.S. will hold the second Supply Chain and Commercial Dialogue (SCCD) on June 27 to seek concrete outcomes in semiconductors, bio, and such advanced industries. In addition, the two sides will be holding the Korea-U.S. SCCD Semiconductor Forum (June 27), the Korea-U.S. Advanced Industry and Technology Cooperation Forum (June 27), and the Clean Energy Business Forum (June 25) to facilitate business collaboration and networking between the two countries.   Minister Ahn stated that this visit is significant in terms of laying down the private-public institutional groundwork to deepen Korea-U.S. cooperation and to expand the cooperation among Korea, the U.S., and Japan, adding that he looks forward to seeing wide-ranging and active discussions for stronger bilateral and trilateral cooperation in advanced industries and clean energy. date2024-06-24

Korea and Germany discuss economic cooperation for building future industrial competitiveness

Trade, Industry and Energy Minister Dukgeun Ahn met Germany's Vice Chancellor and Federal Minister for Economic Affairs and Climate Action Robert Habeck on June 21 in Seoul in the attendance of the German economic delegation comprising representatives of 13 German companies and discussed global economic issues and bilateral cooperation measures for strengthening future industrial competitiveness.   In his welcome address, Minister Dukgeun Ahn stated that “Cooperation among like-minded countries is all the more important amid the recently rising global economic uncertainties” and underscored the strong potential synergy of the two countries’ partnership in industrial competitiveness, digital, and decarbonization owing to their solid manufacturing base.   With Germany being Korea’s largest trading partner in Europe, the two sides reaffirmed their close economic cooperative ties in view of the all-time high bilateral trade volume recorded last year. Both sides agreed to continue joint efforts in areas like standards and data sharing for the digital transition and acceleration of industrial AI utilization and to maintain their cooperation and understanding on energy policies through the Korean-German Energy Partnership. Furthermore, they decided to bolster mutually complementary relations through joint R&D projects in future mobility areas as well. date2024-06-21

Korea Trade Commission issues determination on patent infringement investigations

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 449th KTC meeting on June 20 and issued the decision regarding patent infringement investigations on age-related macular degeneration treatment and disposable medical gowns.   KTC commenced investigations upon the request of U.S.-based Regeneron Pharmaceuticals’ claim that Korean companies “A” and “B” are producing and exporting age-related macular degeneration treatments that allegedly infringe its patent.   Based on investigations launched August 9, 2023, and the following technical briefing session and visits to production facilities and laboratories, KTC gave the determination that companies “A” and “B” have not committed patent infringement and therefore have not violated unfair trade practice laws.   Investigations on disposable medical gowns were launched upon the request made by a domestic company in November 2023 claiming that another domestic company “C” is allegedly infringing on its patent by importing and selling disposable medical gowns.   After investigations launched November 13, KTC issued the decision that the medical gowns imported and sold by company “C” do not infringe on the plaintiff’s patent and therefore "C" has not committed acts of unfair trade practice. date2024-06-21

Korea’s automobile exports hit all-time high for May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 20 that Korea’s automobile exports logged in the past month climbed 4.8 percent year-on-year to USD 6.5 billion, a historic high for the month of May. The accumulated value from January to May this year is another all-time high for the period at $30.8 billion (up 4.7 percent year-on-year).   In May, eco-friendly vehicle exports grew 4 percent to $2.2 billion, driven by the steep growth of hybrid electric vehicles (HEVs) (up 48 percent) and surpassing $2 billion for three months straight.   By destination, automobile exports to North America advanced 36 percent to $4 billion, whereas those to the EU declined. Exports to Oceania improved 7 percent on the backs of new Korean model releases in the Australian market.   May’s automobile production volume amounted to 372,810 units (down 2 percent) and domestic sales recorded 141,313 units (down 7 percent). Domestic sales of eco-friendly vehicles rose 10 percent to 52,335 units as demand for HEVs climbed 19 percent to 38,134 units, while sales of battery electric vehicles (BEVs) marked a 3 percent downtick to 13,255 units. date2024-06-20

Korea and China's Jiangsu province to expand cooperation in investment and new industries

The Ministry of Trade, Industry and Energy (MOTIE) and the Jiangsu Provincial People's Government co-hosted the sixth Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 in Seoul and discussed measures for stimulating Korea-China mutual investment and expanding cooperation in advanced manufacturing, and new energy areas.   Based on the memorandum of cooperation (MOU) for strengthening Korea-Jiangsu economic and trade cooperation signed in 2016 between Korea’s MOTIE and the Jiangsu Provincial People's Government of China, the two countries have alternately hosted the Exchange since 2019. This year, the Exchange was held in Seoul on the occasion of Jiangsu Party Secretary Xin Changxing’s visit to Korea.   Held under the theme of “Shared Growth through Stronger Economic and Trade Cooperation,” this year’s Exchange was launched with the participation of 500 attendees, composed of both countries’ government representatives and business leaders.   Trade Minister Cheong highly assessed the growth of Korea-Jiangsu trade and investment amid the rapidly changing global trade environment and maintained that the two countries expand cooperation in heightening the existing supply chain’s stability, while also expanding cooperation in new industries, assuring the Korean government’s support towards creating synergy between the two countries’ companies.   During the program, speakers also presented on ways to promote bilateral investment through Korea's Saemangeum National Industrial Complex and the Yancheng China-Korea Industrial Cooperation Complex, as well as measures for bolstering bilateral cooperation in advanced manufacturing and new energy areas in Wuxi and Changzhou, cities in the Jiangsu province. date2024-06-20

Minister Ahn discusses supply chain cooperation with China's Jiangsu province party secretary

Trade, Industry and Energy Minister Dukgeun Ahn met with Xin Changxing, the party secretary of China's Jiangsu province, on June 19 in Seoul to discuss measures for stimulating trade and investment, supporting firms’ local market entry, and stabilizing Korea-China supply chains.   Jiangsu has the second highest gross regional domestic product (GRDP) among China’s 31 provinces and is Korea’s largest trade and investment partner region, with last year’s bilateral trade between Korea and Jiangsu reaching USD 72.3 billion. Major manufacturers of automobiles, semiconductors, and batteries make up the 3,000 Korean firms that have entered the Jiangsu market and serve as links in the bilateral supply chain.   Mentioning Jiangsu’s critical role in the two countries’ supply chain cooperation, Minister Ahn requested the Jiangsu Provincial People's Government’s strong support concerning future supply chain issues and asked for China’s support in facilitating a stable and predictable business environment for Korean firms. Party Secretary Xin Changxing responded in agreement on continuing these exchanges for expanding mutual trade and investment with aim to advance the two countries’ economic cooperation.   MOTIE and the Jiangsu Provincial People's Government plan on holding the sixth Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 to discuss ways for invigorating mutual investment and for increasing collaboration in new industries like advanced manufacturing and new energy areas. date2024-06-20

Trade Minister discusses deeper Korea-U.S. cooperation with The Korea Society leaders

Minister for Trade Inkyo Cheong met Kathleen Stephens, The Korea Society Board Chair Ambassador, and Thomas Byrne, The Korea Society President and CEO and Honorary Ambassador for Foreign Investment Promotion for Korea, on June 19 in Seoul to discuss measures for strengthening the Korea-U.S. relations, bilateral trade issues, and The Korea Society’s wide-ranging activities across politics, diplomacy, and culture.   Trade Minister Cheong expressed gratitude for their interest and affection towards Korea as shown in their service via the Peace Corps and volunteer teaching in the 1970s, and held The Korea Society in high regard with respect to advancing the Korea-U.S. relations.   Ambassador Stephens mentioned the rising level of exchanges as of late, including President Yoon Suk Yeol’s state visit to the U.S. and the Korea-U.S.-Japan trilateral summit, vowing The Korea Society’s ongoing and future support for furthering the shared cultural understanding between Korea and the U.S.   In view of the recently increasing trade uncertainties, Trade Minister Cheong noted how the Korea-U.S. alliance has moved on from the traditional area of security to advanced industries and supply chains, and asked The Korea Society’s continued interest and support for Korean firms’ establishment of a mutually beneficial industrial ecosystem through stable investment in the U.S. date2024-06-19

MOTIE and KORAD call for site proposals for underground high-level radioactive waste research facility

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Radioactive Waste Agency (KORAD) are calling for site proposals for underground facilities for high-level radioactive waste research beginning June 18 in accordance with the radioactive waste management technology development measures specified in the Korean government’s second high-level radioactive waste management basic plan (December 2021) and the High-Level Radioactive Waste R&D Roadmap (February 2024).   The underground research facilities are for conducting studies on Korea’s rock mass properties and disposal system performance at 500m underground, at a depth similar to that of disposal facilities. The research facility will be built at a site entirely separate from high-level radioactive waste disposal facilities, without admitting any radioactive waste or used nuclear fuel inside the area, and is for only research purposes. The U.S., Germany, Sweden, Switzerland, Canada, Belgium, France, and Japan have in the past operated or are currently operating such facilities in their territories.   The focus of the research facilities will be on specialized manpower training and development of disposal technologies suitable for the domestic geological environment, while also providing the general public the opportunity to experience an environment quite similar to that of a high-level radioactive waste disposal facility. Technologies developed in the facility will be utilized in the process of site selection, construction, and management of the high-level radioactive waste disposal facility upon the legislation of the Special Act on High-Level Radioactive Waste Management.   For siting, a site evaluation committee under KORAD will evaluate the site proposals submitted by local governments in terms of geological suitability and such eight criteria with aim to complete the selection process by the end of the year. Construction is to commence in 2026 with completion targeting 2032, and the operation period is approximately 20 years starting from 2030.   MOTIE and KORAD are holding a briefing on June 25 to explain the site selection process to interested local government bodies. Letters of intent and site proposals, respectively, must be submitted by July 19 and August 2, to KORAD. date2024-06-18