Ministry of Trade, Industry and Energy

Japan's advanced materials companies pledge $120 mln investment in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 22 that on the occasion of Minister Dukgeun Ahn’s visit to Tokyo, Japan’s Toray Industries and another semiconductor materials company confirmed a pledge for combined investment of USD 120 million and submitted their investment declarations.   Japan’s largest investor to Korea in the manufacturing industry, Toray Industries has invested over KRW five trillion in Korea since entering the market in 1963 and has continued to expand its business scope. The company produces high-performance materials like carbon fibers, super engineering plastic, and aramid fibers for secondary battery separators and other advanced components.   Toray Industries has plans for large-scale investment in Korea in line with its business outlook of augmenting the production line by 2025. Once the aramid fibers manufacturing facility is completed in 2025, Toray Industries will start producing highly heat resistant meta-aramid fibers for electric vehicle (EV) motors.   On the heels of the investment declaration ceremony, Minister Ahn met with a major Japanese chemical company to discuss investment in anodes production facilities, and Toshiki Kawai, the CEO of global semiconductor equipment manufacturer Tokyo Electron Ltd., for bilateral talks.   The minister also chaired a meeting with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports. date2024-04-23

Experts from 40 countries gather in Seoul to further AI global standards development

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) is hosting the 13th Plenary of ISO/IEC JTC 1/SC 42 Artificial Intelligence through April 22-26 in Seoul at the Korea Chamber of Commerce and Industry (KCCI) with the attendance of approximately 270 global AI experts from 40 countries, including the U.S., UK, Germany, and Japan, and companies like Google, Microsoft, NVIDIA, KT, and Naver.   The plenary meeting will cover issues in Generative AI ethics, AI credibility evaluation, maturity model for evaluating the performance of AI system development, and AI management system guidelines. Experts from Thailand, Cambodia, and five other Southeast Asian countries are also attending the sessions for the first time to experience the AI standardization process.   At the meetings, KATS will be proposing two new types of international standards concerning the AI ethics review format and AI maturity model, as well as the installation of a “standardization advisory group” for expanding the scope of AI application across all industries.   Meanwhile, an AI Standards Open Workshop and a “Korean-English AI for All” panel discussion will be held online for public viewing on the sidelines of the plenary sessions on April 24 and May 2, respectively. date2024-04-22

Korea and Japan hold 21st bilateral Steel Dialogue

Korea's Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held the 21st Korea-Japan Steel Dialogue meeting on April 19 at Lotte Hotel Busan.   Launched in 2001, the bilateral Steel Dialogue is a regular communication channel for Korean and Japanese steel industries, with the 20th meeting held last year in Tokyo after a hiatus of almost five years. The 21st meeting was attended by representatives of MOTIE, METI, Korea Iron and Steel Association (KOSA), Japan Iron and Steel Federation (JISF), and both countries’ major steelmakers.   The two sides shared their overall economic and industrial trends and discussed the future direction for carbon regulations and trade issues. Both sides’ industry representatives noted the toughening trade conditions from slow demand for steel and oversupply, intensifying trade barriers, and geopolitical volatilities, and agreed that cooperation is needed for greater synergy.   They also decided to strengthen coordination in carbon reduction technology development, securing steel scrap and green hydrogen among other key raw materials and fuel for carbon neutrality, and in establishing international standards for low carbon steel, agreeing to further talks during the second Korea-Japan Green Steel Joint Seminar slated for the latter half of 2024.   Participants concurred that bilateral cooperation is all the more necessary amid difficult industry circumstances and agreed to continue uncovering prospective joint projects in view of Korea and Japan’s shared stance on key issues, including decarbonization and trade barriers. date2024-04-20

Defense industry spearheading Korea’s exports with $20 bln target in 2024

Trade, Industry and Energy Minister Dukgeun Ahn visited the Korea Aerospace Industries (KAI) headquarters in Sacheon on April 18 to inspect the production site of FA-50s and the Korean Utility Helicopter (KUH) Surion and discussed export issues with defense industry representatives.   Inking over USD 30 billion in business deals over the last two years, the domestic defense industry is leading Korea’s sprint towards this year’s total export target of $700 billion.   Based on competitive pricing and after-sales support, KAI has supplied 220 aircrafts, including FA-50s, to countries like Indonesia and Poland. Following the deal sealed with Malaysia on 18 FA-50s last year, KAI is eyeing exports to Africa and other new markets. First developed in 2013 for the purpose of replacing the aging fleet of military helicopters, the Surion is looking forward to taking flight in the Middle Eastern markets this year.   Along with the defense budget beef-up across major countries, the defense market is forecast to burgeon into a KRW 900 trillion market by 2027 and the Government plans to provide sweeping support to Korea’s defense industry in attaining this year’s $20 billion target through stronger trade financing and overseas marketing assistance. Measures will include injecting more than 10 trillion won in trade financing for defense exports and global bid projects, expanding the number of defense hub trade centers around the world, hosting trade shows, and pouring over 400 billion won this year alone into the research and development of advanced defense materials, parts, and equipment. Moreover, with a 29-billion won funding for military advancements like the single-seat FA-50 for increased range, the Government will support global market penetration and export portfolio diversification to include light armed helicopters and next-generation fighter aircrafts like the KF-21. date2024-04-20

Minister Ahn visits KAI

Trade, Industry and Energy Minister Dukgeun Ahn visited KAI on April 18 in Gyeongnam and held talks on Korean defense industry issues with representatives of related institutions and companies, and inspected the production site for Korean Utility Helicopter, “Surion.” date2024-04-19

Minister Ahn attends naming ceremony for LNG carrier ORION SPIRIT

Trade, Industry and Energy Minister Dukgeun Ahn attended the naming ceremony for the LNG carrier ORION SPIRIT on April 18 at Samsung Heavy Industries’ Geoje Shipyard. Marking the 30th anniversary of Korea's first LNG carrier built in 1994, the ORION SPIRIT is the 500th vessel to be exported and will be handed over to J.P. Morgan Chase & Co. date2024-04-18

ORION SPIRIT to set sail as Korea's 500th LNG carrier exported since 1994

Trade, Industry and Energy Minister Dukgeun Ahn attended the naming ceremony for the LNG carrier ORION SPIRIT on April 18 at Samsung Heavy Industries’ Geoje Shipyard. Marking the 30th anniversary of Korea's first LNG carrier built in 1994, the ORION SPIRIT is the 500th LNG tanker to be exported and will be handed over to J.P. Morgan Chase & Co.   LNG carriers must be able to safely transport liquid gas at temperatures below minus 163 degrees Celsius and require highly advanced technology, costing over KRW 300 billion per vessel. Only nine countries around the world have successfully built the cutting-edge fleet. There are 680 LNG carriers presently in the water, three-fourths of which were built by Korean shipyards, and construction of another 256 vessels are underway.   Korean shipyards raked in USD 13.6 billion worth of global ship orders in the first quarter of 2024, winning 100 percent of total LNG and ammonia carrier orders. The high-value orders won in 2021 have entered the export stage this year as well. date2024-04-18

Top experts gather for first AI semiconductor working group meeting

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT), on April 16, jointly convened the first meeting of the AI semiconductor Working Group under the AI Strategy High-Level Committee, launched April 4, to gather opinions of top experts in the field of AI and semiconductors regarding the AI Semiconductor Initiative, which was first introduced during the President-chaired discussions on pending chip issues held April 9.   The AI Strategy High-Level Committee was created under the ministries’ shared understanding that a whole-of-the-government governance is needed to lead Korea’s AI innovation from an interconnected and integrative perspective. Co-chaired by the MSIT minister and a private-sector expert (Taejae University President Yeom Jae-ho), the Committee is composed of 23 top AI private sector experts and seven deputy ministerial-level officials from the Ministry of Economy and Finance (MOEF), Ministry of SMEs and Startups (MSS), Ministry of Education (MOE), Personal Information Protection Commission (PIPC), Korea Communications Commission (KCC), and MOTIE. The Committee will be running six working groups.   Attending the meeting were Professor Yoo Hoi-jun at the Korea Advanced Institute of Science and Technology (KAIST), Head of the AI Semiconductor Working Group, along with experts from related companies like Samsung, SK Hynix, KT, NHN Cloud, LG AI Lab, Sapeon, FuriosaAI, as well as academia and R&D experts in AI and AI chips. date2024-04-17

MOTIE and Boeing discuss aerospace and defense cooperation

Industry Policy Deputy Minister Lee Seung-ryeol met with Boeing’s Research & Technology (BR&T) Vice President and General Manager Patty Chang-Chien on April 16 in Seoul to discuss measures for advancing Korea-Boeing cooperation in aerospace and defense. date2024-04-16

MOTIE and Boeing discuss global R&D projects and aerospace supply chain cooperation

Industrial Policy Deputy Minister Lee Seung-ryeol met with Boeing’s Research & Technology (BR&T) Vice President and General Manager Patty Chang-Chien on April 16 in Seoul to discuss measures for advancing cooperation in aerospace and defense.   Deputy Minister Lee asked Boeing’s continued support regarding the development of the smart cabin and aircraft health diagnosis AI system for civil aircrafts, ongoing projects on which Korean firms and Boeing are collaborating.   Boeing’s Vice President Chang-Chieng said that the Boeing Korea Engineering and Technology Center (BKETC) established in Korea in 2019 was a good investment in terms of mutually beneficial cooperation and explained Boeing’s plans for AI and software related job openings and international joint R&D expansion in Korea in accordance with the R&D cooperation memorandum of understanding (MOU) Boeing and MOTIE entered last year in April.   Deputy Minister Lee replied that increasing new hires in Korea will enable Boeing to leverage Korea’s competitive edge in software, information and communications technology (ICT), and manufacturing technology. He also proposed that the Boeing Suppliers’ Day held last year in Busan be established as a regular event backed by MOTIE. date2024-04-16