Ministry of Trade, Industry and Energy

Korea to accelerate industrial cooperation with Morocco

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Moroccan Minister of Industry and Trade Ryad Mezzour today in Seoul to discuss bilateral industry cooperation and trade issues. A strategic hub connecting Europe and Africa, Morocco is renowned for its growth potential in terms of population, critical minerals, and supply chain competitiveness, and is considered a major emerging Global South country with an FTA network spanning 55 economies.  Also, more and more Korean companies are entering the Moroccan market as of late. Among those is Hyundai Rotem, which won a KRW 2.2 trillion (USD 1.5 billion) train order from the Moroccan National Railways Office (ONCF) this February. In addition, automobile parts manufacturers are diversifying business models by broadening production bases to Morocco and other overseas regions in exporting their goods to third countries in Europe. Today’s bilateral talks are significant in view of the pressing need for Korean companies to expand their export markets amid the rapidly shifting international trade order. Mentioning that Morocco is the only African nation to hold FTAs with both the U.S. and the EU, Minister Mezzour articulated Morocco’s advantageous position as a gateway to Europe, Middle East, and Africa and expressed anticipation towards investment cooperation with Korean companies for industrial development and infrastructure expansion in preparation of Morocco’s co-hosting of FIFA World Cup 2030. Against the backdrop of rising global protectionism and supply chain disruptions, Minister Ahn highlighted the potential for synergy through joint preemptive response and mutual growth between the two countries by combining Korea’s advanced technologies and Morocco’s capacity as a regional production base. At today’s meeting, Minister Ahn proposed that Korea and Morocco launch official negotiations for the swift conclusion of the bilateral Economic Partnership Agreement (EPA) by carrying forward the momentum created on the occasion of the Korea-Africa Summit convened last June, as the EPA can serve as a legal and institutional framework for the two countries’ wider trade and investment cooperation. Minister Ahn further suggested that, prior to the EPA’s conclusion and entry into force, Korea and Morocco ink a bilateral Trade and Investment Promotion Framework (TIPF) as a cooperative platform for close consultations on trade issues so as to expedite their industrial collaborations.   date2025-04-08

Korea and Philippines to boost trade, investment, and supply chain cooperation

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held high-level talks with the Philippine government delegation led by Special Assistant to the President for Investment and Economic Affairs Frederick Go today in Seoul and discussed measures for stronger economic cooperation in areas such as trade, investment, supply chains, and carbon-free energy. Noting the Philippines’ abundant natural resources and young demographic profile, Minister Ahn expressed appreciation towards the Philippine government’s efforts to create a choice investment environment, including the five percent corporate tax cut (from previous 25 percent to 20 percent) for investment companies. Special Assistant Frederick Go responded by stating that Korea is the Philippines’ major trade and investment partner and conveyed anticipation for the two countries to gain meaningful outcomes through the Korea-Philippines Business Forum, with Korea being the Philippines’ first stop of its investment roadshows. Both sides agreed that the two countries should expand cooperation in areas like critical minerals and clean energy amid the rapidly changing global trade environment. Accordingly, they decided to take active steps to implement the memorandum of understanding (MOU) on the feasibility study for resuming construction of the Baatan nuclear power plant as well as the MOU for bilateral cooperation on their critical raw materials supply chain. Following the talks, Minister Ahn attended the Korea-Philippines Business Forum hosted by the Philippine government and organized by the Philippine Embassy in Korea. In his congratulatory address, the minister assessed how the two countries have established a basis for wider economic cooperation with their bilateral relations elevated to a strategic partnership on the occasion of the last Korea-Philippines summit. He added that going forward, the Korean government plans to leverage economic cooperation platforms in making intergovernmental efforts to promote smooth business collaboration between the two countries.   date2025-04-07

Korea-India Insight Forum for shared growth co-hosted by MOTIE and Indian Embassy to Korea

The Ministry of Trade, Industry and Energy and the Indian Embassy to Korea co-hosted the Korea-India Insight Forum at the Residence of the Indian Ambassador to Korea on Friday, April 4, to have in-depth discussions on strategic cooperation between the two countries across the economic and trade sectors.  This Forum was joined by the two governments and private experts, and prepared to devise cooperation directions between the two countries amid the deepening structural shift of international trade orders, such as global supply chains restructuring, technology competition, exports of over-capacities and tariff escalations. Participants agreed on the significance of relations between Korea and India as Special Strategic Partners, and emphasized the need for practical cooperation centered around new industries including development cooperation, digital transformations, advanced manufacturing, infrastructure, clean energy, human resource mobility as well as mutual trade and investment.  Director General of the Bureau of International Trade Relations Jongchul Kim  mentioned that although the outcomes of cooperation between the two countries have been limited compared to the potential, this year will be an opportunity to reshape the existing cooperative framework and pursue substantial cooperation. Concurring with DG Kim, India’s Ambassador to Korea Amit Kumar suggested intensifying bilateral engagement to seize emerging opportunities and establishing sustainable partnerships across multiple sectors based on respective economic structures, growth potential and mutual strategic benefits. In commemoration of the 10th anniversary of Special Strategic Partnership, the Korean and Indian governments will enhance policy communication and cooperation across a wide range of sectors going forward.   date2025-04-04

FDI arrivals to Korea climb 26.4% in Q1 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investments (FDIs) pledged to Korea in the first quarter of 2025 (Jan-Mar, acc.) decreased 9.2 percent year-on-year to USD 6.4 billion, while FDIs that actually arrived in Korea over the same period soared 26.4 percent to $3.5 billion. By type, greenfield investments jumped 20.7 percent to $4.7 billion, recording all-time highs for Q1 despite internal and external uncertainties, raising anticipation for job creation and local economic development. M&A investment pledges shrank 45.4 percent to $1.7 billion, but arrivals surged 31.9 percent to $1.9 billion. By industry, the manufacturing sector saw FDI pledges fall 24.5 percent to $2.3 billion. Pledges for the service sector dropped 7.4 percent to $3.6 billion, whereas arrivals leaped 68.7 percent to $2.8 billion.  By region, FDI pledges coming in from the U.S. rose 15.0 percent to $0.8 billion. Pledges and arrivals from the EU both skyrocketed 163.6 percent and 123.5 percent, respectively, to $1.5 billion and $1.1 billion. Pledges from Japan climbed 8.6 percent to $1.2 billion. Meanwhile, those from China contracted 75.0 percent to $0.3 billion.   date2025-04-03

Korea steps up advanced technology cooperation with Germany and Switzerland

Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee is visiting Hannover, Germany, through April 1–2 on the occasion of the Eureka Global Innovation Summit 2025 for bilateral talks with relevant countries and to seek technology cooperation measures with leading research institutions. Eureka is the world’ largest joint research platform with the participation of 48 countries, of which Korea became the first non-European and Asian country to take part in its Board of Directors (2023) as Eureka’s first non-European and only Asian country with full membership (2022). At the Eureka Global Innovation Summit, Director General Je met with Head of Directorate-General for European and International Cooperation Armin Reinartz from the Federal Ministry of Education and Research (BMBF) of Germany, Eureka’s co-chair, and discussed measures to strengthen Korea-Eureka cooperation and widen Korea-Germany cooperation in cutting-edge areas such as robots and semiconductors.  Director General Je also met with Marc Pauchard, Head of the Knowledge Transfer and International Programmes Division of the Swiss Innovation Agency, Innosuisse, and articulated Korea’s commitment to supporting Switzerland’s successful Eureka chairmanship through July 2025–June 2026. From April 3–4, Director General Je will be visiting the Fraunhofer Society for the Advancement of Applied Research and the German Aerospace Center (DLR) to discuss the uncovering of new projects in industrial AI, quantum computing, robots, and other advanced technology fields, while seeking ways to leverage the Global Industry and Technology Cooperation Center established at the Fraunhofer Institute to further invigorate the global open innovation of domestic industries, academia, and research institutions. Meanwhile, the Ministry of Trade, Industry and Energy (MOTIE) launched the Korea Eureka Day 2025 from April 1–2 in Hannover, Germany. Since joining Eureka in 2009 as associate member, Korea has provided the platform with funding support of KRW 250 billion spanning 250 projects in advanced bio, AI, and semiconductors. Eureka has also served as the primary platform for technology collaboration between Korean industries and the EU. This year’s Korea Eureka Day saw Korean businesses’ participation in various programs such as the Korea-Europe Innovation Forum, technical partner matchmaking, and one-on-one consulting session with Europe-based Korean engineers.   date2025-04-02

Korea’s exports gain 3.1% in March

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports and imports for March 2025 rose 3.1 percent and 2.3 percent year-on-year, respectively, to USD 58.3 billion and $53.3 billion. The trade balance netted a surplus of approximately $5.0 billion. Exports reached a second highest for the month, increasing for two months straight. The number of working days considered, the daily average export value also grew 5.5 percent to $2.7 billion. Seven out of 15 major items advanced in the month, thanks to positive growth seen across all information technology (IT) goods. Semiconductor exports (up 11.9 percent to $13.1 billion) turned to an expansion, boosted by strong demand for high value-added memory chips like HBMs and DDR5s. Computers including solid-state devices (up 33.1 percent to $1.2 billion) and wireless communication devices (up 13.8 percent to $1.3 billion) each rose for the 15th and second consecutive month. Displays gained 2.9 percent to $1.5 billion, ending the seven-month losing streak. Despite the slowdown of some electric vehicle (EV) models, automobile exports progressed 1.2 percent to $6.2 billion on the backs of demand for hybrid electric vehicles (HEVs) and gas-powered vehicles. Ship exports recorded $3.2 billion (up 51.6 percent), a new high since December 2023 ($3.7 billion), snapping the downward streak. Bio-health exports (up 6.9 percent to $1.4 billion) increased for the second consecutive month, led by pharmaceuticals (up 13.2 percent to $0.9 billion). By region, Korea’s exports expanded to six out of nine major destinations. Exports to China (down 4.1 percent to $10.1 billion) faltered from the decline of semiconductor exports, in spite of the robust performance of petrochemicals and wireless communication devices.  U.S.-bound exports climbed 2.3 percent to $11.1 billion and those to ASEAN also surpassed China-bound exports with $10.3 billion (up 9.1 percent) for the second consecutive month. To the EU, ship exports doubled and bio-health items (up 9.8 percent to $6.3 billion) showed solid growth. Exports to the Middle East (up 13.6 percent to $1.8 billion) maintained growth for two months running and those to Japan (up 2.2 percent to $2.2 billion) and the CIS (up 30.1 percent to $1.1 billion) resumed their upward trajectory.   date2025-04-01

Korea and Japan hold trade and industry ministers’ meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a bilateral meeting with Japan’s Minister of Economy, Trade and Industry Muto Yoji on March 30 in Seoul in commemoration of the 60th anniversary of the two countries’ normalization of diplomatic relations and on the margins of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting. A first in nine months since the Korea-U.S.-Japan trilateral convened in June 2024 in Washington D.C., the Korea-Japan trade and industry ministers’ meeting reciprocates the previous bilateral talks that took place in April 2024 in Tokyo. During the meeting, the Ministry of Trade, Industry and Energy (MOTIE) of Korea and the Ministry of Economy, Trade and Industry (METI) of Japan highly appraised the two countries’ active intergovernmental and private-sector dialogue in supply chains, advanced industries, and new energy areas like hydrogen, and agreed to further cooperation to gain tangible outcomes in view of this year marking the 60th anniversary of the normalization of diplomatic relations. The two sides shared views and response measures with regard to the rapidly changing global trade landscape, agreeing to leverage both bilateral and multilateral (Korea-U.S.-Japan, Korea-Japan-China) platforms to share information and seek measures on issues requiring joint response.  Both sides will also be making joint effort towards Korea and Japan’s successful hosting of upcoming major international events including the Osaka-Kansai Expo 2025 (April–October 2025) and the opening ceremony of the Korea Pavilion (April 13, Osaka) and Korea Day (May 13, Osaka), as well as the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial (Jeju Island) and Energy Ministerial (Busan) meetings and the APEC CEO Summit.   date2025-03-31

Korea and China hold commerce ministerial talks on trade and economic cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met China’s Minister of Commerce Wang Wentao on March 29 in Seoul on the occasion of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting (March 30, Seoul) to discuss measures for bilateral cooperation and trade issues in view of the changing global trade landscape. The bilateral meeting is a first since the last commerce ministerial talks held between the two countries in November 2023 in San Francisco.  The two sides exchanged views on the global trade environment and agreed to continue their mutually beneficial cooperation through not only bilateral trade platforms, but also multilateral trade systems such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC). The two countries will also be making joint efforts toward their successful hosting of the APEC Economic Leaders’ Week (AELW) in 2025 (Korea) and 2026 (China). Moreover, the Ministry of Trade, Industry and Energy (MOTIE) of Korea and the Ministry of Commerce of China (MOFCOM) plan to expand the scope of collaboration for the stabilization of the critical minerals supply chain and maintain communication and cooperation to resolve issues for businesses in each other’s markets.  Furthermore, the two sides will continue to share supply chain measures and policies through bilateral director general-level channels like the supply chain hotline and export control dialogue, while also bolstering cooperation between MOTIE and other major local governments in China, including those in regions such as Jiangsu, Guangdong, Shandong, and Liaoning.   date2025-03-31