Ministry of Trade, Industry and Energy

MOTIE holds conference with KCCI and foreign-invested companies

Minister for Trade Inkyo Cheong held a conference today at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel on measures to expand foreign direct investment (FDI) under the aim of nurturing Korea into a business and investment hub amid the vastly changing paradigm of the global trade order. Trade Minister Cheong noted how the Yoon administration is achieving fresh FDI highs each year since taking office, with this year’s advanced manufacturing sector enjoying an all-time high FDI for the first half (H1), displaying Korea’s potential as a supply chain hub. Introducing the Trade Policy Roadmap announced by the Government last month, the trade chief shared plans to drastically expand markets accessible to Korea-based firms and foster an attractive trade and investment environment suitable for the stable development of management strategies. Next, he introduced the Korea Trade-Investment Promotion Agency (KOTRA)’s Foreign Investment Ombudsman and Foreign Investor Support Office (FISO) services, as well as the amendment (January 2024) permitting the lease and sale of state and public property in Korea’s free economic zones (FEZs) to foreign-invested businesses.  Foreign-invested companies attending the conference expressed appreciation over the Korean government’s efforts to create a business-friendly environment and suggested incentives like tax credit, deregulation, and increased funding to promote freedom of management activities and expand investment. Based on suggestions from this conference, the Ministry of Trade, Industry and Energy (MOTIE) will continue efforts to improve the foreign investor environment. On the occasion of the Invest KOREA Summit slated for November, the ministry also plans to actively promote Korea’s investment environment and build up networking among foreign investors and Korea’s public-private entities with aim to broaden the base for foreign investment attraction.   date2024-09-05

Trade Minister Cheong and U.S. thinktank leader discuss Korea’s response measures to global uncertainties

Korea’s Minister for Trade Inkyo Cheong met with Woodrow Wilson International Center (“Wilson Center”) President and CEO Mark Green today and discussed response measures for Korea in the midst of intensifying geopolitical uncertainties and rising protectionism across the trade landscape in this super election year. The Wilson Center is a U.S.-based thinktank and a renowned source of various ideas in establishing U.S. foreign policies. It is considerably interested in U.S.’ cooperation with Korea and the Indo-Pacific region. The bilateral talks were convened on the margins of President Green’s visit to Korea to discuss cooperation with business leaders of Korea and Japan through a trilateral Korea-U.S.-Japan meeting. Trade Minister Cheong conveyed Korea’s interest in the coming presidential elections and ensuing U.S. foreign policy shifts, highlighting that their bilateral alliance is critical and requires close cooperation in areas of industry, economy, diplomacy and national security, irrespective of election outcomes. With regard to future policy recommendations, he requested that the Wilson Center consider Korean companies’ increased investments and trust in the U.S. government, while also taking account of the international relations of U.S. allies. They further discussed the possible impact from key trade issues, such as the U.S.’ additional tariff measures on Chinese-origin goods, the Russia-Ukraine war, and energy supply chain anxieties caused by Middle East tensions and exchanged views on Korea’s response measures.   date2024-09-05

Minister Ahn meets with U.S. lawmakers

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held a luncheon meeting with a bipartisan group of seven U.S. lawmakers on September 3 in Seoul and discussed measures to strengthen Korea-U.S. economic and national security cooperation. date2024-09-03

45th Korea-Australia Economic Cooperation Committee (ECCC) meeting

Minister for Trade Inkyo Cheong attended the 45th Korea-Australia Economic Cooperation Committee (ECCC) meeting opening ceremony on September 2 in Perth and gave a congratulatory message.   The event was attended by representatives of both countries’ governments and relevant companies. date2024-09-03

Minister Ahn and bipartisan U.S. lawmaker group discuss stronger Korea-U.S. economic cooperation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held a luncheon meeting with a bipartisan group of U.S. lawmakers today in Yeouido, Seoul, and discussed measures for stronger Korea-U.S. cooperation in advanced industries and other wide-ranging areas. Led by Republican Senator Bill Hagerty from Tennessee, the group consisted of seven U.S. Senators, including Republican Senator Katie Britt from Alabama, Republican Senator Dan Sullivan from Alaska, Democratic Senator Chris Coons from Delaware, Democratic Senator Gary Peters from Michigan, Republican Senator Eric Schmitt from Missouri, and Republican Senator John Thune from South Dakota. Minister Ahn remarked that amid recently intensifying changes in the global economy, Korea and the U.S. can secure both national prosperity and global supply chain stability through continued bilateral cooperation. He also highlighted the need for the two economic partners to solidify their shared understanding through various channels across diverse areas based on close communication and trust. Moreover, the minister noted that Korean businesses have sharply increased investments in the U.S.’ advanced industries like semiconductors, batteries, and electric vehicles (EVs), playing a major part in nurturing the U.S.’ industrial ecosystem. Requesting interest and support at the Congress-level, he asked that U.S. trade policies be carried out in ways favorable to Korean businesses in the local market so that Korean firms can further contribute to strengthening the U.S. supply chain while maintaining smooth business operations.   date2024-09-03

Korea’s exports climb 11.4% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s August monthly exports and imports climbed 11.4 percent and 6.0 percent year-on-year to USD 57.9 billion and $54.1 billion, respectively, and the trade balance stood at a surplus of $3.8 billion. The export value for August reached a record high for the month, increasing at a double-digit pace despite the lower number of working days (-1 weekday) year-on-year.  By item, seven out of 15 major export items posted growth. Semiconductor exports came in at a historic $11.9 billion (up 38.8 percent) for the month, entering the $11 billion thresholds for the fourth consecutive month and growing for the 10th.   Computer exports skyrocketed 183 percent to $1.5 billion, growing for the eighth consecutive month. Wireless communication devices soared 50.4 percent to $1.8 billion, growing for the sixth consecutive month. Automobile exports dropped 4.3 percent to $5.1 billion as a result of the production line modernization and operating rate decline from wage and collective bargaining agreement (CBA) negotiations at some automakers. Meanwhile, ship exports snapped the three-month losing streak, surging 80 percent to $2.8 billion. Petroleum products and petrochemicals each amounted to $4.5 billion (up 1.4 percent) and $4.2 billion (up 6.9 percent), rising for the sixth and fifth consecutive month, respectively. Bio-health jumped 39 percent and logged an all-time high $1.3 billion for August monthly exports, growing for the second consecutive month. By region, Korea’s exports to eight of nine major destinations increased.  Exports to China grew 7.9 percent to $11.4 billion, advancing for the sixth consecutive month, as demand for semiconductors and wireless communication devices heightened on the backs of China’s revitalized IT industry.  U.S.-bound exports hit a record $10 billion (up 11.1 percent), renewing each all-time monthly record for 13 months straight. Exports to the EU enjoyed sharp demand for ships, wireless communication devices, computers, and other IT items, breaking the seven-month downward streak and logging $6.4 billion (up 16.1 percent) overall. Notably, the August export value surpassed the previous high ($6.3 billion) set in March 2021 for the first time in 41 months. Exports to ASEAN and India each increased 1.7 percent and 2.3 percent to $9.8 billion and $1.6 billion, respectively, both expanding for the fifth consecutive month. Exports to Japan (up 6.8 percent to $2.5 billion), Latin America (up 29.4 percent to $2.6 billion), and the Commonwealth of Independent States (up 11.2 percent to $1.0 billion) all increased for the second consecutive month. Meanwhile, the country’s energy imports increased 17.3 percent to $12.6 billion in August as demand hiked for crude oil (up 30.1 percent) and gas (up 5.7 percent). Korea’s total trade balance recorded a surplus for the 15th consecutive month. The accumulated trade balance through January–August this year reached $30.6 billion in surplus, three-fold of last year’s entire trade deficit.   date2024-09-02

Minister Ahn speaks at special meeting with AMCHAM Korea

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn attended the special meeting on August 29 held at the American Chamber of Commerce in Korea (AMCHAM Korea) to discuss measures to enhance Korea-U.S. trade cooperation and bolster Korea’s role as Asia’s business hub, held with the participation of AMCHAM board members and roughly 100 domestic and overseas business leaders operating in Korea.   The meeting proceeded in the form of a Q&A session led by Minister Ahn and AMCHAM Korea Chairman James Kim on measures for expanding trade and investment amid changes in the global trade environment. date2024-08-30

MOTIE and AMCHAM Korea discuss measures to expand trade and investment amid changing global trade landscape

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn attended the special meeting on August 29 held at the American Chamber of Commerce in Korea (AMCHAM Korea) to discuss measures to enhance Korea-U.S. trade cooperation and bolster Korea’s role as Asia’s business hub. The meeting proceeded in the form of a Q&A session led by Minister Ahn and AMCHAM Korea Chairman James Kim, with the participation of AMCHAM board members and roughly 100 domestic and overseas business leaders operating in Korea.   In answering questions, Minister Ahn articulated that amid the intensifying emergence of economic blocs, supply chain realignment, and other structural changes worldwide, Korea can turn these challenges into opportunities to establish itself as the regional hub by promoting foreign investment, reinforcing manufacturing competitiveness with focus on advanced industries, and mitigating trade risks for Korea-based companies. To the U.S. representatives of Korea-based businesses, Minister Ahn expressed appreciation for contributing to creating quality jobs and invigorating local economies in Korea, founded on their deep trust and investment in the Korean market. He added that the U.S. is Korea’s key ally and economic partner, conveying hope that the two countries’ economic cooperation strengthens going forward and asked for continued investment and interest in Korea. Driven by the all-time high foreign direct investment (FDI) Korea attracted last year, the Ministry of Trade, Industry and Energy (MOTIE) is aiming to reach its FDI target of USD 35 billion in 2024.   date2024-08-29

Trade Minister Cheong chairs International Seoul Symposium 2024

Korea’s Minister for Trade Inkyo Cheong chaired the International Seoul Symposium 2024 on August 28 at the Lotte Hotel Seoul under the theme of rebuilding the WTO dispute settlement system amid the changing trade environment.   The Symposium had the world’s top experts speak on the topic, including Petros Mavroidis (Professor of Law at Columbia Law School), Mark Wu (Henry L. Stimson Professor at Harvard Law School), Joost Pauwelyn (Professor of International Law at the Graduate Institute of International and Development Studies in Geneva), and Kathleen Claussen (Professor of Law at Georgetown University Law Center). The Ottawa Group ambassadors to Korea and other experts also engaged in the discussions and Q&A sessions following the keynote speeches.   Trade Minister Cheong stated that Korea will continue to proactively take part in the work on reforming the WTO’s dispute settlement body and other major functions, so that it can keep playing a relevant role in accordance with the changing trade landscape. date2024-08-29

Korea hosts Seoul Symposium 2024 on rebuilding WTO dispute settlement system

Korea’s Minister for Trade Inkyo Cheong chaired the Seoul Symposium 2024 (“Symposium”) today at the Lotte Hotel Seoul under the theme of rebuilding the WTO dispute settlement system amid the changing trade environment. Now in its second year since launching in 2023, the Symposium had the world’s top experts speak on the topic, including Petros Mavroidis (Professor of Law at Columbia Law School), Mark Wu (Henry L. Stimson Professor at Harvard Law School), Joost Pauwelyn (Professor of International Law at the Graduate Institute of International and Development Studies in Geneva), and Kathleen Claussen (Professor of Law at Georgetown University Law Center). The Ottawa Group ambassadors to Korea and other experts also engaged in the discussions and Q&A sessions following the keynote speeches.  In a video message, Director-General of the WTO Ngozi Okonjo-Iweala expressed high recognition for the constructive contribution to the reform discussions process shown by Korea, an active user of the dispute settlement body. She especially highlighted the Symposium’s significance in terms of covering the reform challenges in depth.  Trade Minister Cheong stated that, in line with the reform discussions, the Symposium serves as a venue for timely discussions on seeking efficient measures to realign the system. He added that Korea will continue to proactively take part in the work on reforming the WTO’s dispute settlement body and other major functions, so that it can keep playing a relevant role in accordance with the changing trade landscape. The Korean government plans to host more such international symposiums so that Korea can take a strong part in the discussions for reforming the WTO’s key functions and take the initiative in related talks with the Ottawa Group and other like-minded countries.   date2024-08-28