Ministry of Trade, Industry and Energy

Commendations awarded to 14 industry contributors on 17th Nonferrous Metals Day

Industry Policy Deputy Minister Lee Seung-ryeol attended the 17th Nonferrous Metals Day on June 3 at Grand Intercontinental Seoul Parnas, along with 80 industry representatives and awarded government commendations to the top 14 contributors to Korea’s nonferrous metals industry development.   Im Won-sik of Poongsan Corp. was awarded the Presidential Commendation for boosting Korea’s export of semiconductor metal wafer materials. So Soon-hwan of Seoul Metal Corporation and Lee Sang-ho of Ulsan Aluminum were each presented the Prime Minister’s Commendation for promoting exports of aluminum conductor steel reinforced (ACSR) cables and localization of previously import-dependent aluminum can materials, respectively.   In his congratulatory message, Deputy Minister Lee commended the nonferrous metals companies' representatives for strengthening the industry’s global competitiveness and asked for their active response and communication with regard to the Government’s plans to support the low carbon transition through carbon neutrality R&D and establishment of a stable supply chain for rare metals and critical nonferrous metals. date2024-06-04

Vice Minister attends seminar on measures for supporting SMEs' scale-up

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the seminar on measures for “building the corporate growth ladder” on June 3 at the FKI Tower in Seoul, with focus on measures for supporting SMEs’ scale-up to middle-market tier.   The seminar was attended by around 80 persons, including representatives of related associations like the Federation of Korean Industries (FKI) and Federation of Middle Market Enterprises of Korea (FOMEK). date2024-06-04

Government to build corporate growth ladder for supporting SMEs' scale-up to middle-market tier

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 3 that the Korean government announced measures for “building the corporate growth ladder” during the cabinet ministers' meeting for economic matters with focus on supporting SMEs’ transitional growth to middle-market tier.   First, the Government will increase support for middle-market companies that just graduated from SME status. These companies will be able to receive “SME incentive” tax credit for up to five instead of the current three years after growing out of SME tier. SMEs listed on KOSPI or KOSDAQ will be granted an additional two-year grace period, receiving a seven-year period in total for SME incentive eligibility. For companies that are past the grace period and have entered the middle-market tier, high rates of R&D and investment tax credit will be provided to induce corporate growth.   Moreover, the Government will roll out the “Growth Ladder Jump Up Program (tentative)” and select 100 promising SMEs to provide support over a three-year period. A public-private network pool consisting of experts with corporate work experience and venture capital knowhow will formulate catered strategies and conduct exclusive director matchings for company-tailored scale-ups. Firms will have access to various growth service vouchers and receive preferential treatment with regard to existing government assistance programs for promoting export and R&D.   Third, the Government aims to resolve SMEs’ growth obstacles and aid entry into new markets and businesses. SMEs that had previously been leveraging policy funding will be connected to low interest loans exclusively for middle-market companies. A primary collateralized bond obligation (P-CBO) of KRW 600 billion and guarantee of 500 billion won will be supplied to promising SMEs. A 50 billion won joint investment fund composed of a fund of funds (FOF) and corporate venture capital (CVC) will be launched under the “Tech Investor Program for Scale-up (TIPS)” in 2024 to strengthen support for private investment securing firms’ R&D.   From 2025 on, an M&A center will be established at Korea Technology Finance Corporation (Kibo) to provide joint support with the Industrial Bank of Korea (IBK)’s M&A platform to companies aiming for new business entry. To scale-up companies posting qualified levels of investment and growth, the Government will mull the granting of family-owned business inheritance tax exemption incentives.   Lastly, infrastructure for public information utilization will be reinforced by releasing Kibo’s SME technical evaluation data and the financial data analytics owned by Korea Credit Information Services (KCIS) to offer access to private banks. By 2025, an integrated platform will be established to facilitate firms’ better understanding and easier use of policy funding. date2024-06-04

25th Steel Day

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Iron & Steel Association (KOSA) held the 25th Steel Day on June 3 at the POSCO Center in Seoul, attended by MOTIE Minister Dukgeun Ahn, Minister for Trade Inkyo Cheong, and representatives of steel industries and companies, including POSCO Group Chairman Jang In-hwa.   Meanwhile, MOTIE awarded orders of merit and government commendations to 31 persons for their contribution to the steel industry’s growth. The Silver Tower Order of Industrial Service Merit went to Hankum CEO Ryu Ho-chang for contributing to the localization of high carbon steel and technological development of automobiles and shipbuilding materials. POSCO’s Executive Director Lee Sang-ho was awarded the Bronze Tower Order of Industrial Service Merit for the local optimization of the company’s integrated steel mill system in Indonesia. date2024-06-03

Government and steel industries join hands to achieve carbon neutrality goals

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Iron & Steel Association (KOSA) held the 25th Steel Day on June 3 at the POSCO Center in Seoul, attended by MOTIE Minister Dukgeun Ahn, Minister for Trade Inkyo Cheong, and representatives of steel industries and companies, including POSCO Group Chairman Jang In-hwa. Steel Day was launched in 2000 to commemorate the POSCO Pohang steel plant’s inaugural batch of molten iron tapped on June 9, 1973.   In his congratulatory message, Minister Ahn held the steel industry in high regard for its efforts toward shared growth and innovation, assuring that the Government will also work in tandem with the industry for carbon neutrality and supply chain stabilization goals through a number of measures, such as establishing a steel scrap processing industry nurturing plan for securing steel resources, conducting hydrogen-reduced steel demonstrations, actively responding to steel trade barriers, and improving investment conditions.   Trade Minister Cheong attended the Steel ESG Win-Win Fund agreement ceremony held on the sidelines of Steel Day. The Steel ESG Win-Win Fund is a private fund created in 2020 by POSCO, Hyundai Steel, and Industrial Bank of Korea to raise the competitiveness of steel SMEs, middle-market companies, and contractors, and support their carbon reduction endeavors. In accordance with the agreement, the fund will expand from the initial KRW 150 billion to 200 billion won. Moreover, starting this year, support can go towards facility funding and steel scrap processors are ach eligible to apply for assistance.   Meanwhile, MOTIE awarded orders of merit and government commendations to 31 persons for their contribution to the steel industry’s growth. The Silver Tower Order of Industrial Service Merit went to Hankum CEO Ryu Ho-chang for contributing to the localization of high carbon steel and technological development of automobiles and shipbuilding materials. POSCO’s Executive Director Lee Sang-ho was awarded the Bronze Tower Order of Industrial Service Merit for the local optimization of the company’s integrated steel mill system in Indonesia. date2024-06-03

Korea and U.S. hold Telehealth / Telemedicine Showcase

The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) held a Korea-U.S. Telehealth / Telemedicine Showcase (“Showcase”) on May 30 with aim to enhance mutual understanding and cooperation between the two countries’ digital health and telehealth industries as part of follow-up measures to the bilateral Supply Chain and Commercial Dialogue (SCCD) held this March. Spurred by rapid aging and heightened quality of life, the global digital healthcare industry is forecast to reach USD 4.09 trillion by 2032 and mobile-based contactless healthcare is also gaining traction.   The Korea-U.S. joint Showcase was held with the participation of both countries’ digital health associations and companies, including the Korea Digital Health Industry Association, American Telemedicine Association, Korea’s contactless healthcare application and platform leaders Carelabs and LULUMedic, U.S.’ contactless healthcare leader Teladoc, and global healthcare company Baxter. The companies shared their business achievements and future plans, followed by a Q&A session.   A MOTIE official stated that the ministry is currently pushing policies for product and service commercialization support and talent training to nurture the digital health industrial ecosystem and that this Showcase will be an opportunity to build on the two countries’ digital health cooperation, adding that “Through the upcoming Bio 2024 (June 3-6), Korea and the U.S. will strengthen across-the-board cooperation in bio, including pharmaceuticals, medical devices, and MPE (materials, parts, equipment).” date2024-05-30

Korea's retail industry grows 10.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 28 that Korea’s retail industry grew 10.8 percent year-on-year in April 2024, with offline sales inching down 0.2 percent and online sales soaring 22.2 percent, respectively.   MOTIE releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 12 are online retailers.   Offline sales slid as supermarket discount promotions that were concentrated in April 2023 became relatively dispersed this year. Online sales increased on the backs of strong demand for convenience food products, travel packages, delivery services, and other various discounts.   By offline retail channel, hypermarket sales dropped 6.7 percent, as most items like home/living (down 13.9 percent), home appliances/culture (down 13.2 percent), miscellaneous goods (down 11.7 percent), and sports (down 10.8 percent) decreased, while sales of clothing (up 2.7 percent) increased.   Department store sales fell 2.0 percent as men’s clothing (down 7.8 percent), women’s suits (down 5.1 percent), kids/sports (down 3.7 percent), and foreign designer labels (down 3.3 percent) declined. Sales of household goods (up 2.9 percent) improved.   Convenience (up 5.9 percent) stores enjoyed growth across all items, especially for tobacco/other (up 5.5 percent), miscellaneous goods (up 3.7 percent), beverages/processed food products (up 7.3 percent), and instant food products (up 3.5 percent).   SSM operators gained 3.2 percent despite the shrink in daily necessities (down 8.2 percent), as sales of food products like agriculture, fishery, and livestock products (up 7.8 percent) and processed food products (up 1.0 percent) expanded.   Online sales jumped 22.2 percent, driven by the steep ascent of food products (up 28.1 percent), living/furniture (up 19.0 percent), and service/other (up 54.4 percent) with the rollout of various discounts. Meanwhile, sales of fashion/clothing (down 4.1 percent) decreased. date2024-05-28

Korea holds JTC3 Inaugural Plenary Meeting

Standards Policy Director General Oh Kwang-hae attended the Inaugural Plenary Meeting of the IEC/ISO JTC 3 (“JTC3”), to be held from May 28–30 at the Plaza Hotel Seoul, where approximately 100 representatives from 22 countries, including the U.S., UK, Germany, and China, gathered to discuss quantum technology development and standards strategies. date2024-05-28

Korea hosts Inaugural Plenary of JTC3 for standards development in quantum technology

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) is holding the Inaugural Plenary Meeting of the IEC/ISO JTC 3 (“JTC3”) from May 28–30 at the Plaza Hotel Seoul with the participation of approximately 100 representatives from 22 countries, including the U.S., UK, Germany, and China.   Aware that quantum technology is key to future advanced industries, the International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO) jointly established JTC3 in December 2023 with aim to catalyze both R&D and industrialization of quantum computing, communications, materials, and sensing through standardization, which comes 37 years since launching the ISO/IEC JTC 1 in 1987 as a joint technical committee (JTC) for information technology (IT) like artificial intelligence (AI) and information security. Korea is serving as the inaugural JTC3 Chair since this February and is now holding the first Plenary in Seoul.   The Inaugural Plenary saw the gathering of representatives from various affiliations, including companies like IBM, Microsoft, LG Electronics, and Huawei, research institutes like the UK’s National Physical Laboratory (NPL) and the U.S.’ National Institute of Standards Technology (NIST), as well as government authorities like Japan’s Ministry of Economy, Trade, and Industry (METI) and China’s Ministry of Industry and Information Technology (MIIT).   Over the three-day period, experts will discuss standards development in quantum computing, quantum sensing, basic terminology, and quantum technology classification. The second day will proceed with an international symposium, where countries can share standards strategies and their respective quantum technology development progresses. date2024-05-28

2nd Carbon Composites Jump Up Partnership Meeting

Deputy Minister for Industrial Policy Lee Seung-ryeol chaired the second meeting of the Carbon Composites Jump Up Partnership on May 22 at the Korean Federation of Science and Technology Societies (KOFST), where representatives of related supplier and buyer companies and certification authorities gathered to share and discuss the Domestic Aerospace Carbon Composites Technology Development and Certification Roadmap. date2024-05-24