Ministry of Trade, Industry and Energy

Korea lays out Aerospace Carbon Composites Technology Development and Certification Roadmap

Deputy Minister for Industrial Policy Lee Seung-ryeol chaired the second meeting of the Carbon Composites Jump Up Partnership (“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 (“Roadmap”).   As per the memorandum of understanding (MOU) signed in July 2023 during the first Partnership meeting, the Roadmap has been established with the participation of Korea Carbon Industry Promotion Agency, Korea Carbon and Nano Industry Association, Hankuk Carbon, four buyer companies, and 11 carbon material companies. It contains the technology development and certification application plans required for a vigorous utilization of domestic carbon composites in aerospace areas, laid out in line with homegrown aerospace firms' upcoming product development timelines.   Korea’s carbon composites have thus far faced difficulty entering overseas markets due to their lacking track record in aerospace utilization. It is anticipated that they can gain the opportunity to penetrate global markets via certification and technological development through the newly established Roadmap. The Aerospace and Defense Working Group run within the Partnership is to monitor the Roadmap’s progress for smooth implementation. date2024-05-22

Korea and Chile to push forward cooperation in critical minerals supply chain

Resources Industry Policy Director General Yoon Chang-hyun at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the fifth Korea-Chile Resources Cooperation Committee meeting on May 15 (local time) in Santiago for discussions on bilateral collaboration in supply chains of lithium and such critical minerals. The Chilean delegation was led by Chile’s Mining Minister Aurora Williams.   The world’s largest lithium reservoir (9.3 million metric tons), Chile takes up 33.2 percent of global lithium reserves and is one of Korea’s key partner countries for building a stronger supply chain on critical minerals like lithium for batteries and other advanced industries. LG Energy Solution and Samsung SDI are some of the Korean firms importing lithium carbonate from Chile.   The fifth Resources Cooperation Committee meeting is a follow-up to the two countries’ agreement to discuss detailed lithium cooperation measures on the occasion of the Asia-Pacific Economic Cooperation (APEC) Summit held November 2023. Both sides shared their critical minerals strategies and discussed prospects of collaboration, including Chile’s tailings reprocessing technology development and Korea’s eco-friendly lithium extraction technology.   On the margins of the Committee meeting, MOTIE held a Korea-Chile symposium for business exchanges and networking, where Korean firms like LX International and POSCO Holdings and Chilean critical minerals firms like Sociedad Química y Minera (SQM) and Chilean national mining company ENAMI (Empresa Nacional de Minería) gathered to discuss bilateral lithium development, trade, and technology development.   Meanwhile, Director General Yoon and Minister Williams also discussed the Chilean government’s lithium salt flat development bid project among other areas of interest to Korean companies, as well as measures for strengthening the bilateral critical minerals supply chain. date2024-05-16

MOTIE-shipyards joint TF aiming to lead global standards in autonomous ship navigation

The Ministry of Trade, Industry and Energy (MOTIE) announced that its public-private joint task force (TF) on autonomous ship navigation attended on May 14 the Symposium "Sailing together: Striving for a Future-Proof IMO MASS Code,” co-sponsored by Korea and the International Maritime Organization (IMO).   Now in its second year, the symposium aims to promote the sharing of research and technology trends on autonomous ship navigation, in line with the 108th session of the Maritime Safety Committee beginning May 15. This year’s symposium is all the more significant in terms of the IMO’s non-mandatory goal-based MASS Code approval slated for this year.   Composed of MOTIE officials and domestic shipyards’ representatives, the public-private joint TF introduced Korea’s autonomous navigation system, technological development progress (led by Korean government and KASS), and commercialization program (led by HD Hyundais’ Avikus and Samsung Heavy Industries, etc.).   On the margins of the symposium, MOTIE officials held bilateral talks with the IMO’s Marine Technology Head Sascha Pristrom and shared Korea’s systems and technology environment that facilitates demonstrations for the world’s first autonomous ship navigation laws and regulatory sandboxes. Moreover, they visited the UK’s Department for Business and Trade to discuss measures for bilateral synergy through the combination of UK’s eco-friendly technologies and Korea’s shipbuilding capacity. date2024-05-14

MOTIE and Airbus D&S sign ITC MOU

Industry and Policy Deputy Minister Lee Seung-ryeol at the Ministry of Trade, Industry and Energy (MOTIE) met with Airbus Defense and Space (D&S) Chief Operating Officer (COO) Francisco Sánchez Segura on May 10 for the signing of the memorandum of understanding (MOU) between MOTIE and Airbus D&S on the establishment of Airbus’ International Technology Center (ITC) in Korea and discussed measures for wider international cooperation in aerospace and defense. date2024-05-10

MOTIE and Airbus D&S seal MOU on establishing International Technology Center

Industrial Policy Deputy Minister Lee Seung-ryeol at the Ministry of Trade, Industry and Energy (MOTIE) met with Airbus Defense and Space (D&S) Chief Operating Officer (COO) Francisco Sánchez Segura on May 10 for the signing of the memorandum of understanding (MOU) between MOTIE and Airbus D&S on the establishment of Airbus’ International Technology Center (ITC) in Korea.   A closed-door roundtable was also held on the margins of the MOU signing ceremony, attended by representatives of government-funded research institutes and companies, for discussions on expanding international cooperation in aerospace and defense.   An outcome of bilateral working level meetings following talks held between the MOTIE minister and Airbus D&S CEO in November 2022, the MOU articulates MOTIE-Airbus cooperation on the ITC establishment and joint global research and development (R&D) projects. Airbus is aiming to establish the ITC as part of a greenfield investment project and select the site for the ITC’s location by the end of this year.   During the MOU period, the two sides will develop an operating model to secure ITC’s self-reliance, catalyze innovation and collaboration across their aviation industries, and uncover projects in line with the ITC’s strategic vision. The ITC is Airbus’ first R&D center to be built in Korea and will serve as a joint platform for bilateral R&D. date2024-05-10

Korea's automobile exports advance 10.3% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 8 that Korea’s automobile exports for April climbed 10.3 percent year-on-year to a monthly high of USD 6.8 billion, breaking the previous record set in November 2023 at $6.5 billion.   The accumulated export value through January to April this year rose 4.7 percent year-on-year to $24.3 billion, likewise an all-time high for the period. The expansion is attributable to high demand for eco-friendly vehicles and growing U.S.-bound exports of sport utility vehicles (SUVs).   As for eco-friendly vehicles, their major destinations like the U.S. and Europe showed increased demand for hybrid electric vehicles (HEVs) in April, achieving a record-breaking $2.3 billion (up 11.6 percent year-on-year) in export value.   April’s automobile production amounted to 394,457 units (up 3.5 percent year-on-year), the highest in 13 months since reaching 410,000 unit thresholds in March 2023, thanks to the added number of working days (+1) compared to last April.   Domestic sales declined 5.5 percent to 141,110 units. Meanwhile, HEV sales leaped 35 percent year-on-year to 39,576 units as domestic preference for HEVs also strengthened. date2024-05-09

AI Industrial Policy Committee inauguration ceremony

Trade, Industry and Energy Minister Dukgeun Ahn attended a ceremony on May 8 inaugurating the “AI Industrial Policy Committee,” launched to take on industrial policies for the artificial intelligence (AI) era. Attending the event were National Academy of Engineering of Korea (NAEK) President Kim Kinam and other AI experts in business, academia, and related institutions. date2024-05-08

MOTIE launches AI Industrial Policy Committee, laying out roadmap for AI era

Trade, Industry and Energy Minister Dukgeun Ahn attended the ceremony on May 8 inaugurating the “AI Industrial Policy Committee,” launched to take on industrial policies for the artificial intelligence (AI) era. Attending the event were National Academy of Engineering of Korea (NAEK) President Kim Kinam and other AI experts in business, academia, and related institutions.   Based on the forecast that AI will serve as a gamechanger across industries, MOTIE launched the Committee with aim to generate meaningful forecast for industrial shifts and sort out policy tasks for AI-based industrial innovation. Over the next six months, the Committee will focus on establishing the new industrial policies for the AI era through joint efforts of 200 industrial, academia, and research experts. The Committee’s private-led working group will be composed of four parts, namely AI technology development forecast, future industry changes, standards, and policy proposals.   In parallel, the Committee will be establishing strategies for six major areas (autonomous manufacturing, design, R&D, energy, retail, AI chips) on a monthly basis, led by MOTIE. New legal frameworks for AI’s industrial utilization will be designed as well.   On the heels of the inauguration ceremony, MOTIE announced the “AI Autonomous Manufacturing Strategy 1.0” as part of the first task project of the six major areas. Under the strategy, this year alone will see over KRW 100 billion poured into the following: diffusion of AI autonomous manufacturing; securing AI autonomous manufacturing capacity; and the nurturing of a relevant ecosystem. Through these measures, MOTIE is targeting to achieve, by 2030 a 30 percent growth in AI autonomous manufacturing diffusion (9 percent at present) and a 20 percent jump in manufacturing productivity.   First, MOTIE will push forward 200 anchor projects on AI autonomous manufacturing with aim to upgrade the degree of digital transition across manufacturing sites. Accordingly, MOTIE will be supporting the establishment of software, robots, and systems after a thorough assessment of AI application prospects and effectiveness based on a detailed process analysis. This year, 10 priority projects will be selected through local authorities’ open call for 10 billion won in funding.   MOTIE will also be establishing an AI autonomous manufacturing testbed for robotics and software that companies can utilize in establishing their own AI autonomous manufacturing systems. To note, 200 billion won will go towards nurturing a national robot testbed project (2024–2028).   Second, over one trillion won will be secured in private investment to be spread over a five-year period for obtaining core technologies and capacity required for AI autonomous manufacturing, mainly concentrating on the process automation of key manufacturing sectors like machinery, robots, shipbuilding, secondary batteries, and semiconductors, as well as on virtual manufacturing and flexible production, such as digital twins.   In addition, active support will go towards nurturing an AI autonomous manufacturing-friendly industrial ecosystem, 13,000 professional talents, and over 250 firms specializing in AI autonomous manufacturing solutions. A public-private “AI Autonomous Manufacturing Alliance” will be launched in the first half of this year through participation of ministries, research institutions, associations, companies and relevant groups for sharing and utilization of industrial data and the improvement of relevant laws and systems. date2024-05-08

Minister discusses support measures for reshored companies

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with reshored companies on May 7 at the Government Complex Sejong, where he announced the ministry’s “Reshoring Company Support Strategy 2.0” and discussed success cases and support measures.   The meeting was attended by representatives of reshored companies and relevant organizations, including Simmtech, Derkwoo, and Korea Trade-Investment Promotion Agency (KOTRA). date2024-05-07

Government and refineries to join hands for stabilizing domestic oil prices

Amid rising geopolitical tensions in the Middle East, Trade, Industry and Energy Minister Dukgeun Ahn convened a meeting on May 3 with representatives of refineries, thrift gas station operators, and the Korea National Oil Corporation (KNOC) to discuss measures for stabilizing domestic oil prices.   Minister Ahn remarked that despite the April tailwind of reduced prices and increased exports, the general public is still experiencing financial difficulties. Refinery industry representatives shared the view that public livelihood is in difficulty and agreed to raise the petroleum product supply prices by a minimum, while minimizing price hikes. Thrift gas stations agreed to join in on efforts to lower the sale price of petroleum products to help mitigate the public’s financial burdens.   With aim to crack down on market actors attempting to make illicit gains by taking advantage of high oil prices, the Ministry of Trade, Industry and Energy (MOTIE) jointly launched the “Pan-Ministerial Petroleum Market Inspection Group” in October 2023 with the Ministry of Economy and Finance (MOEF), Ministry of Land, Infrastructure and Transport (MOLIT), Korea Fair Trade Commission (KFTC), National Tax Service (NTS) and other organizations.   The thrift gas stations run by KNOC currently sell oil priced at an average of KRW 40 per liter lower compared to other gas stations nationwide. An additional 40 gas stations are to be further designated as thrift gas stations around the capital area and major cities. date2024-05-03