Ministry of Trade, Industry and Energy

Boao Forum for Asia 2024 hosts discussions for Asian countries' intraregional cooperation

Deputy Minister for Trade Yang Byeong-nae attended the Boao Forum for Asia (BFA) Annual Conference 2024 held in Boao, China's Hainan Province, through March 26-29 under the theme of "Asia and the World: Common Challenges, Shared Responsibilities.”   Launched in 2001, BFA is a venue where Asia’s key figures in governments, corporations, and academia gather to discuss measures for economic development. This year’s conference was attended by the representatives of 29 Asian countries.   In the panel session on “Asia: Building an Epicentrum of Growth,” Deputy Minister Yang discussed measures for enhancing intraregional economic cooperation with other experts, presenting the following three key tasks for Asia to identify new opportunities for growth amid recent global trade uncertainties and exercise global leadership: enhancing the quality of intraregional economic cooperation; proposing a vision for global agendas like climate change response and digital economy; and heightening the utilization of the Regional Comprehensive Economic Partnership (RCEP) that entered into force in 2022.   He further emphasized Korea’s plan to utilize the intraregional cooperation platform like RCEP and ASEAN-Plus Three (APT) for facilitating trade and investment, stabilizing the supply chain, and diffusing new trade norms, including green and digital. date2024-03-28

Korea and Uzbekistan step up cooperation on TBTs

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) invited the delegation from the Uzbek Agency for Technical Regulation to Korea for discussions on technical barriers to trade (TBTs) between the two countries, and visited the certification and testing sites of Korean companies exporting to Uzbekistan to discuss measures for resolving TBTs.   As of this January, the Uzbek government has mandated that one institution be in charge of conducting tests and issuing certifications to all imported home appliances as part of additional measures for enhancing the country’s electrical power industry productivity and export potential. However, Korean firms exporting to Uzbekistan reported certification and customs bottleneck issues, on which KATS and the Uzbek delegation gathered information and opinions and agreed to review the possibility of conducting on-site inspections on Korean exporters and issuing an import certification effective for a three-year period instead of testing each unit product.   In view of Uzbekistan’s active preparation for accession to the World Trade Organization (WTO), KATS Director General Changsoo Lee said that strengthening bilateral cooperation between KATS and the Uzbek Agency for Technical Regulation will serve as the future base for joint efforts in responding to TBTs through the WTO. date2024-03-28

Korea and Cambodia to strengthen bilateral economic cooperation

Minister for Trade Inkyo Cheong met with Cambodia’s Acting Minister of Commerce and Secretary of State Kem Sithan on March 27 in Phnom Penh, Cambodia, to discuss measures to strengthen bilateral cooperation in commemoration of the third anniversary of the two countries’ Free Trade Agreement (FTA)’s entry into force (December 2022), with aim to review FTA implementation and uncover promising areas for cooperation.   The talks held this day covered a broad range of topics, including measures for expanding trade and investment, infrastructure, and carbon neutrality, and the two sides agreed to seriously push forward the establishment of a TASK center on food processing, as well as cooperation in NDCs (nationally determined contributions).   The two sides reviewed the current trends and outcomes of bilateral trade and discussed measures for efficient management of rules of origin and customs procedures. Moreover, they agreed to hold the first Korea-Cambodia FTA Joint Committee meeting during the first half of this year and to make efforts for diversifying trade items, strengthening the value chain and enhancing companies’ utilization of FTA.   Trade Minister Cheong stated that he looks forward to seeing Cambodia become one of the key partners for Korea’s economic cooperation with ASEAN through the bilateral FTA. date2024-03-28

Korea and Thailand declare launch of negotiations for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on March 28 in Bangkok to declare the launch of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA).   The two countries agreed to push for negotiations in areas of mutual interest, including economic cooperation, digital, and government procurement, and attain a high level of market access in goods and services through the EPA.   Once concluded, the Korea-Thailand EPA is anticipated to: increase bilateral trade in automobiles, EVs, and car parts; create opportunities in construction, manufacturing, and visual and auditory service markets; strengthen economic cooperation in supply chains, bio, and clean economy; and build forward-looking strategic trade relations between the two countries.   Korea and Thailand have both completed all required procedures for launching negotiations and plan to hold the first official negotiating round in the near future once prior consultations make headway in the first half of this year. date2024-03-28

Korea’s first solar power joint utilization R&D center in full operation

Trade, Industry and Energy Ministry's Deputy Minister for Energy Policy Lee Ho-hyeon attended on March 27 in Daejeon the completion ceremony for Korea’s first solar power joint utilization R&D center equipped with a 100MW pilot line for solar photovoltaics (PV) research.   At companies’ request for a facility that would enable the testing of solar PV products prior to mass production, the joint utilization R&D center was established through joint investment of MOTIE, Daejeon Metropolitan City, and the Korea Institute of Energy Research (KIER).   The completion ceremony was attended by approximately 100 representatives of relevant industries, academia, and research institutions, including the Chairman of the Presidential Commission on Carbon Neutrality and Green Growth and Deputy Mayor of Daejeon City for Economics and Science.   The center is equipped with a cutting-edge 50MW solar cell line and a 100MW module line that enables the development and verification of cells of various structures and sizes. Companies and R&D institutions will be able to access certification service by utilizing the center’s advanced equipment for assistance in cell and module efficiency measurement, certification, and analysis. The center is also expected to enhance companies’ productivity by allowing product development and inspection without having to halt their own production lines. date2024-03-28

“Smart Factory + Automation World 2024” showcases leading solutions for digital transition

Trade, Industry and Energy Vice Minister Kang Kyungsung and SMEs and Startups Vice Minister Oh Kee-woong attended the “Smart Factory + Automation World 2024” on March 27 in COEX, Seoul, the largest exhibition in Korea showcasing various products and solutions for digital transition of 500 domestic and overseas companies, including automation parts, internet of things (IoT), and AI-based industrial robots. The exhibition is held for three days (March 27-29) and garners approximately 70,000 visitors.   On the sidelines of the exhibition, over 100 sessions will be held to show the latest technologies related to digital transition and the successful application cases from around the world. New products and technologies will be introduced in seminar format, while buyer companies and suppliers in digital transition technology can meet via one-on-one business matchings through an online exhibition booth.   Vice Minister Kang Kyungsung emphasized that “Digital technology is a practical means for heightening onsite safety, resolving the issues of skilled manpower shortage, and advancing companies’ competitiveness.” He added that “MOTIE and the Ministry of SMEs and Startups (MSS) will join hands as ‘one team’ to assist our companies take up the challenge of utilizing digital transition technologies.” date2024-03-27

Korea to push tailored measures in establishing high-tech strategic industry specialization complexes

Trade, Industry and Energy Minister Dukgeun Ahn attended the fifth meeting of the National High-Tech Strategic Industry Committee, chaired by Prime Minister Han Duck-soo on March 27 at the Government Complex Seoul, where members discussed agenda items and measures for comprehensive support on the establishment of the seven high-tech strategic industry specialization complexes designated in July 2023.   The Korean government established the High-Tech Strategic Industry Specialization Complex Comprehensive Support Measures to nurture the specialization complexes in step with the plan for KRW 681 trillion in private investment by 2047.   First, the Government plans to concentrate support towards establishing infrastructure for high-tech strategic industry specialization complexes through state funding and public institutions. Succeeding the 100 billion won state funding for the Yongin and Pyeongtaek specialization complexes granted in 2023, 43.9 billion won in 2024 will go towards building the specialization complexes in Pohang, Gumi, Saemangeum and Ulsan, while also pushing for over 10 trillion won worth of projects exempt from public-led prefeasibility studies for the Yongin National Industrial Complex. The current limit on government expense support (up to two) for infrastructure is to be abolished, and according to investment size and region, the government expense support ratio will be enlarged by up to 10 percentage points.   With aim to establish a high-tech ecosystem within the specialization complex, 4.5 billion won will be placed toward R&D in 2024, and a large-scale R&D project is to be planned within the year to push forward prefeasibility exemptions, fast tracks, and other related early implementations.   Second, nine related ministries, including MOTIE, the Ministry of Economy and Finance (MOEF) and the Ministry of Education (MOE), jointly presented the implementation plan for 2024 as a follow-up to the first basic plan (May 2023) on nurturing and protecting national high-tech strategic industries. The plan includes a 10 percent raise in the R&D budget in 2024 for semiconductors, displays, secondary batteries and bio, the four major high-tech strategic industries.   Third, more specialization courses will be offered at universities and graduate schools to nurture high-tech strategic industry talent. In 2023, three schools were designated to offer master's and doctoral semiconductor specialized courses to train 261 professional talents, and eight specialization project groups, consisting of 12 schools, launched bachelor’s degree programs to train 865 professional talents. MOTIE plans to further designate three more semiconductor-focused graduate schools and additional graduate schools for specialization in secondary batteries (3), displays (1), and bio (1) in April 2024.   Lastly, in accordance with the fourth Committee meeting outcomes, an open call was announced for the designation of the bio specialization complex, drawing a total of 11 designation applications through December 2023 to February 2024 from Korea’s metropolitan local authorities. The final results will be announced by the first half of this year following the relevant ministries and experts’ evaluation process. date2024-03-27

MOTIE and FEZs share resolve for $1.1 bln foreign investment target in 2024

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on March 27 at K-SURE in Seoul to discuss measures for cooperation between MOTIE, Free Economic Zones (FEZs), and tenant businesses in promoting foreign investment.   At the meeting, tenant businesses presented opinions on FEZ experience and business environment. FEZs assessed working plans for investment promotion and shared success cases of foreign investment promotion in advanced industries like bio, secondary batteries, displays, requesting that the Government provide support concerning various onsite issues.   Moreover, the nine FEZs of Korea pledged to securing this year’s foreign investment target of USD 1.1 billion, up 11 percent from the $994 million drawn in 2023, through attracting advanced and core strategic industry businesses, for which they proposed to the Government several measures like deregulation, stronger incentives, and additional FEZ designations. date2024-03-27