Ministry of Trade, Industry and Energy

Vice Minister attends Bioplus Interphex Korea (BIX) 2024

Vice Minister Kang Kyungsung gave a congratulatory message at the Bioplus Interphex Korea (BIX) 2024 opening ceremony on July 10 at COEX in Seoul, held with the participation of 15 countries’ 250 companies and their 450 booths.   The event was attended by representatives of participating organizations and companies, including Kbio Chairman Ko Han-seung and Türkiye’s Industry and Technology Deputy Minister Çetin Ali Dönmez. date2024-07-11

MOTIE lays out initial blueprint for K-design and AI convergence

Trade, Industry and Energy Minister Dukgeun Ahn held the AI Design Conference on July 9 at LG Science Park in Seoul with design companies and experts and announced the AI Design Diffusion Strategy. Based on a shared understanding of the need to enhance across-the-board industrial competitiveness through design innovation, the AI Design Diffusion Strategy was established over a four-month process of discussions and opinion gathering. This process involved design working group committee members, relevant organizations, and AI and design companies. On May 8, the Ministry of Trade, Industry and Energy (MOTIE) launched the Committee on New Industrial Policies for the AI Era, aiming to establish strategies for six major areas. The AI Design Diffusion Strategy is MOTIE’s second in its series of AI utilization strategies. MOTIE’s execution of the AI Design Diffusion Strategy will center around four main initiatives: launching flagship projects; gaining competitive edge; creating new markets; and institutionalizing AI design systems and norms. By increasing the rate of design utilization to 60 percent (from the current 37 percent), the strategy aims to raise design firms’ AI adoption rate to 50 percent and nurture 10,000 AI designers and 500 innovative design firms. The ministry will first roll out the AI Design Flagship Project across seven major areas. Currently, the AI utilization rate is low (5.5 percent), with the initial market primarily built around global design solution companies. This year, the Korea Institute of Design Promotion (KIDP) will lead the development of AI services in three major areas: trend analysis, design similarity search, and smaller Large Language Model (sLLM). By 2025, MOTIE intends to identify demands in four key areas with high AI design synergy prospects (consumer goods design, optimal design of engineering components, automated design of manufacturing process, and automation of digital generative design) and support the development of 20 AI design models over three years. Secondly, aiming to secure AI design competitiveness (technology, company, data, and talent), the ministry will announce the AI design technology roadmap for the following five major areas by the end of this year and provide R&D assistance beginning in 2025: design concept, generative design, prototyping, design-production synchronization, and design knowledge and protection. For each of the country’s six major regions, a design creation lab and a company-catered support system will be established. The latter will focus on AI transition and nurturing AI design software companies. Moreover, MOTIE will seek measures for design funding and financial assistance. Furthermore, through collaboration with design promotion institutions and overseas entities, a K-design big data hub will be set up around four areas: design archive, K-heritage design, color, materials, finish (CMF), and human data. The Industrial Skills Council will lead the development and distribution of AI design education programs, open five design-AI convergence major tracks, and run an online education program, “Design Ground,” for teaching AI design trends and design tool utilization. Third, MOTIE will contribute to invigorating the AI design market by selecting and supporting 150 joint projects in market analysis, product design, design automation, and service prototype generation based on generative AI technology with a special focus on four major industrial sectors: manufacturing, nudge, engineering, and packaging. The ministry will also provide support for the establishment of a marketplace for user and supplier companies while extending comprehensive assistance to manufacturers via engineering big data platforms established at the Korea Institute of Industrial Technology (KITECH). Fourth, MOTIE will establish a design rules system that aligns with the AI era. In the second half of this year, i date2024-07-10

Minister Ahn attends AI Design Conference

Trade, Industry and Energy Minister Dukgeun Ahn attended the AI Design Conference on July 9 at LG Science Park in Seoul where he announced the AI Design Diffusion Strategy and exchanged views with industry insiders. Prior to the conference, he had the opportunity to experience firsthand the latest generative AI technologies at the Gen AI Studio.   The conference was attended by design experts and representatives of relevant organizations and companies, including Lotte Holdings, LG CNS, Korea Agency for Technology and Standards (KATS), and Korean Federation of Design Association (KFDA). date2024-07-09

World Accreditation Day 2024

Korea Agency for Technology and Standards (KATS) President Jin Jong-wook attended the World Accreditation Day 2024 on July 9 at aT Center in Seoul to give a congratulatory message and award individuals and organizations for contributing to the development of the testing, inspection and certification industry.   The event was attended by representatives of related academia, industries, and research institutions. date2024-07-09

Electric power equipment industry gearing up as Korea's new export growth engine

Trade, Industry and Energy Minister Dukgeun Ahn visited HD Hyundai Electric on July 4 in Gyeonggi Province to discuss export assistance measures for the electric power equipment and materials industry.   As vast amounts of electric power are needed in the recent expansion of artificial intelligence (AI) datacenters and the diffusion of carbon-free power sources like renewables and nuclear power, the electric power equipment and materials market has recently been enjoying its supercycle. The industry’s exports are likewise on the rise, competing with bio health and secondary batteries after surpassing home appliances and textiles in 2023. Should electric power equipment and materials attain this year’s export and bid targets of USD 16.2 billion and KRW 20 trillion, respectively, they will rank among Korea’s top 10 export items.   At HD Hyundai Electric, Minister Ahn toured the exhibition hall showcasing the world’s first direct current (DC) distribution facilities for 1 megawatt-class buildings. This was followed by the signing of the “K-grid Export Cooperation MOU” among Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), and K-SURE. Viewed as a leading export business model for energy sectors, the MOU is significant in that it brings public companies in electrical power and export assistance together for collaboration.   With aim to support power equipment and materials exports, the Government plans to supply the industry with a ₩2.7 trillion special preference trade insurance program this year. Moreover, for the North American, European, and ASEAN markets where power grid demands are forecast to surge, trade centers will be designated with emphasis on power materials and equipment. Overseas marketing support will be strengthened through increased matching opportunities with domestic and overseas clients via trade shows. In the latter half of this year, the Government will establish measures for expediating the export of power equipment and materials with plans for a stronger ecosystem, export committee, and increased R&D.   Minister Ahn stated that the public and private sectors will work in tandem to support not only “K-grid”, but also energy sectors like renewables, energy efficiency, and energy storage systems (ESS) to grow into pillar export industries. date2024-07-05

Lotte Biologics’ biopharma plant groundbreaking ceremony

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Health and Welfare Vice Minister Park Min-soo, Lotte Group Chairman Shin Dong-bin, Lotte Biologics CEO Richard Lee, and global pharmaceutical companies. date2024-07-04

Lotte Biologics' biopharma plant breaks ground in Songdo

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Lotte Group Chairman Shin Dong-bin, major domestic and overseas pharmaceutical companies, and government officials, including Prime Minister Han Duck-soo, whose congratulatory message was shared via video.   In view of the announcement by Ministry of Trade, Industry and Energy (MOTIE) on June 27 on the designation of five strategic high-tech bio industrial complexes, Lotte Biologics is investing KRW 4.6 trillion for the establishment of a large-scale biopharma production plant in Songdo, Incheon.   With the goal of ranking among the global top 10 biopharma contract development and manufacturing organizations (CDMO), Lotte Group launched Lotte Biologics in June 2022. With the acquisition of an overseas biopharma manufacturing plant (BMS) in 2023, it officially entered the CDMO market within one year of launch. Starting this year, it plans to build up its global biopharma manufacturing competitiveness through a ₩4.6 trillion investment in the establishment of three biopharma plants with a total manufacturing volume of 360,000L by 2030.   The completion and operation of the plants are anticipated to create an economic effect of ₩7.6 trillion and 37,000 related jobs, according to the company’s estimation. Moreover, Lotte Group will actively support the provision of tenant space for biotech venture capital firms entering the site and nurture professional talent through industry-academia joint programs.   With Korea’s biopharma exports achieving 8.8 percent year-on-year growth to USD 7.4 billion in H1 2024, MOTIE aims to continue supporting the bio sectors become future economic growth engines through the expansion of the national strategic high-tech bio industrial complexes. date2024-07-04

Nano Korea 2024 opening ceremony

Industry Policy Deputy Minister Lee Seung-ryeol attended the opening ceremony of Nano Korea 2024 on July 3 at KINTEX in Ilsan and in the ribbon cutting ceremony after giving congratulatory remarks, then toured the exhibition booths. The event was also attended by Science and ICT Ministry Vice Minister Lee Chang Yune and lawmaker Choi Soo-jin. date2024-07-04

Vice Minister attends 1st General Assembly of SMR Alliance

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, and gave a congratulatory message to 200 attendees, vowing that utmost priority will be placed on safety in invigorating the SMR industry, while also strongly supporting private sector’s flexible and efficient performance. date2024-07-04

SMR Alliance to push for incorporation into formal association in 2025

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, where he shared the strategy for global SMR leadership.   MOTIE’s policy directions on building global SMR leadership includes the following key strategies: supporting the construction and operation of Korea’s unique i-SMRs; accelerating SMR-based private businesses; establishment of foundries; and maintenance of infrastructure. The ministry plans to nurture a KRW 80 billion policy funding necessary for the construction and management of the ongoing development of the first-of-a-kind SMR (i-SMR), establishment of a private-led corporation, backing related demonstration projects, and for investment in SMRs and nuclear power industries. It is anticipated that the expansion of SMRs will lead to more opportunities for private sector creativity in areas of project development and marketing across Korea’s nuclear power industry.   Meanwhile, the SMR Alliance’s 44 member companies announced the plan of incorporating the Alliance into a formal association with aim to better support its SMR project developments. As the 11th Basic Plan on Electricity Supply and Demand takes SMRs into consideration and conditions for commercialization have improved, member companies declared the vision to launch preparations this year to convert the SMR Alliance into a form of an association by H1 2025, which would enable the private sector to take the reins while serving as a communication channel with the Government authorities and lawmakers. date2024-07-03