Ministry of Trade, Industry and Energy

MOU for Supporting IP-Owning Export Enterprises

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the ceremony for the signing of the Memorandum of Understanding (MOU) on Supporting IP-Owning Export Enterprises between the Korea Intellectual Property Office (KIPO) and the Korea Trade Insurance Corporation (K-SURE) today in Seoul prior to the related conference. Attendees, comprising representatives of related institutions and companies, discussed measures to help promising startups and SMEs leverage their intellectual properties (IPs) to enlarge global market presence and provide them with broader export financing support. date2024-11-27

KIPO and K-SURE to Nurture IP-Owning Export Enterprises

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the ceremony for the signing of the Memorandum of Understanding (MOU) on Supporting IP-Owning Export Enterprises between the Korea Intellectual Property Office (KIPO) and the Korea Trade Insurance Corporation (K-SURE) today in Seoul. The MOU aims to help promising startups and SMEs leverage their intellectual properties (IPs) to enlarge global market presence and provide them with broader export financing support. Under the MOU, KIPO and K-SURE agreed to jointly look for promising innovative startups and SMEs with their own intellectual property rights (IPRs), with KIPO providing support for IP valuation costs (up to 90 percent), consulting services for the use of IP financing worth KRW 3 trillion per year, and additional points in evaluation for IP-based overseas expansion support projects. K-SURE will increase the export credit guarantee limit (1.5 times higher), lower guarantee fees (30 percent), provide expert consulting services, and provide export financing worth KRW 2 trillion to around 1,000 companies over the next five years.    Deputy Minister Kim said, “We will work with export support organizations to help promising export startups achieve growth in the global market through the use of IPRs and export financing.”  date2024-11-27

MDB Project Plaza 2024

Director General for International Trade Relations Kim Jong-chul attended the MDB Project Plaza 2024 on November 26 in Seoul and gave a welcoming address. The event was attended by representatives of Korea’s engineering and construction industries, overseas MDBs, and overseas project owners. date2024-11-27

Trade Minister meets Malaysia’s Minister for Investment, Trade and Industry

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz on November 25 in Seoul and discussed the Korea-Malaysia Free Trade Agreement (FTA) and measures for industrial cooperation. date2024-11-27

MDB Project Plaza 2024 launches to enhance global project opportunities for Korean firms

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Economy and Finance (MOEF) of the Republic of Korea are jointly hosting the MDB Project Plaza 2024, organized by the Korea Trade-Investment Promotion Agency (KOTRA), through November 26–27 at the JW Marriott Hotel Seoul. The MDB Project Plaza was first launched in 2013 as a pan-ministerial, international event with the aim to provide Korean businesses with greater opportunities to participate in promising bid projects funded by multilateral development banks (MDBs) and to expand the scope of Korean businesses’ project collaboration with MDBs and other countries’ project owners. This year, the event will take off on the first day with an MDB project forum and briefing sessions on MDB trust funds and promising projects, followed by a one-on-one project consultation session the next day.  Representatives of the World Bank (WB), Asian Development Bank (ADB), Inter-American Development Bank (IDB), African Development Bank (AfDB), Central American Bank for Economic Integration (CABEI), and the European Bank for Reconstruction and Development (EBRD) will be introducing the financing procedures and each MDB’s key projects. Meanwhile, the Export-Import Bank of Korea (KEXIM) will outline the Korean government-contributed MDB trust fund system and the ADB and WB will be giving an overview of the details and project bidding procedures regarding each organization’s trust funds. Relevant authorities from Indonesia, Ukraine, Montenegro, and Oman will also introduce the participation procedures and plan concerning their upcoming projects during the briefing session on promising MDB projects. The second day of the event will have Korean engineering and construction companies engage in one-on-one consultations with overseas MDB-funded project owners over 24 projects worth approximately $47.9 billion in areas like energy, environment, and transport infrastructure.   date2024-11-26

Korea and Malaysia hold trade ministerial talks

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz today in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea (November 24–26) and discussed various pending issues including measures for the swift conclusion of the Korea-Malaysia Free Trade Agreement (FTA), clean energy projects in green hydrogen and carbon capture, as well as local business issues experienced by Korean companies in Malaysia. Notably, the two sides agreed to step up Korea-Malaysia FTA negotiations with the goal of reaching a deal by 2025. Malaysia is Korea’s third largest trading partner and fourth largest investment destination among ASEAN countries. In view of their mutually complementary trade structure, the bilateral FTA is anticipated to serve as a strong trade and investment foundation for Korea in the ASEAN market. On the margins of the Korea-Malaysia summit (November 25), MOTIE and Malaysia’s Ministry of Economy entered a memorandum of understanding (MOU) for cooperation in carbon capture and storage (CCS) with both countries’ leaders present. This agreement establishes the groundwork for cooperation on the smooth implementation of the two countries’ cross-border CCS project, while also facilitating discussions for the bilateral agreement on cross-border transport of carbon dioxide and thereby kicking related companies’ business endeavors into high gear. Korean President Yoon Suk Yeol proposed that the two countries seriously push forward bilateral efforts for greenhouse gas (GHG) reduction based on the CCS cooperation MOU sealed this day. Both leaders agreed that achieving carbon neutrality and transitioning to a green economy are vital for facilitating sustainable development. Meanwhile, Korea’s energy and industry institutions and companies signed three MOUs with their Malaysian counterparts for cooperation in minerals, trade, and hydrogen. MOTIE plans to strongly back these MOUs so that they can translate into tangible outcomes. Prior to the trade ministerial talks, the Korea-Malaysia Business Forum was jointly hosted by the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), attended by approximately 200 representatives of both countries’ governments and institutions. During the forum’s Q&A session, Prime Minister Ibrahim listened to local investment issues facing Korean firms in the Malaysian market.   date2024-11-25

Trade Minister chairs conference assessing trade landscape for firms in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam under the new U.S. administration and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies including KITA, KOTRA, KIEP, Samsung Electronics, and POSCO. date2024-11-25

Trade Minister chairs conference to assess trade landscape for Korean businesses in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies. Following the previous conference on Mexico, today’s conference aims to seek public-private joint measures regarding Vietnam, Korea’s third largest trading partner and home to 9,000 Korean businesses. Korea is Vietnam’s largest investor with firms locally operating in various areas including semiconductors, textiles, and electrical and electronics. Possible policy shifts toward Vietnam under the Trump administration may also impact Korean businesses in the market. MOTIE plans to thoroughly examine global trade environment changes based on today’s discussions to closely communicate with related industries and seek measures for policy assistance so that companies can effectively respond to changes.   date2024-11-25

Trade Minister chairs conference taking stock of trade landscape shifts

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy regarding Mexico and take stock of the possible impact on Korean businesses operating in the local Mexican market. The conference was attended by representatives of Kia Motors, Hyundai Mobis, POSCO, LG Innotek, and other companies and institutions. date2024-11-22

Minister Ahn meets U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg on November 20 on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation. date2024-11-22