Ministry of Trade, Industry and Energy

Korea and Vietnam hold Business Forum in Seoul on occasion of Vietnamese PM's visit

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Vietnam Business Forum, co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Planning and Investment Ministry, on July 1 in Seoul on the occasion of Vietnamese Prime Minister Pham Minh Chinh’s visit to Korea (June 30–July 3).   The Forum was also attended by approximately 500 attendees comprising the two countries’ government officials, related institutions’ representatives and business leaders, including Minister-Chairman of the Government Office Tran Van Son, Korea’s Hyosung Group Vice Chairman Cho Hyun-sang, and Supex Pursuit Council Chairman Choi Chang-won to discuss measures for bilateral economic cooperation.   In his welcome address, Minister Ahn congratulated the launching of the Forum in Seoul this year with the participation of both countries’ business leaders following last year’s in Hanoi, and proposed directions for bilateral economic cooperation and more vigorous exchanges through larger-scale trade and investment, stronger supply chain cooperation, and energy collaboration.   At the Forum, a total of 23 memorandums of understanding (MOUs) were sealed in not only traditional areas of Korea-Vietnam cooperation, but also in energy solution, bio, semiconductors, artificial intelligence (AI), education, healthcare, building anticipation for a more active collaboration between the two countries’ private sectors. date2024-07-01

Trade Minister speaks at decennial anniversary ceremony of Ewha-Syensqo R&I Center

Minister for Trade Inkyo Cheong gave a congratulatory message at the decennial anniversary ceremony of Ewha-Syensqo Research & Innovation (R&I) Center on June 27 in Seoul in commemoration of the 10-year academia and industry cooperation between Ewha Womans University and leading global materials company Syensqo.   The ceremony was attended by Syensqo CEO Ilham Kadri and Ewha Womans University President Kim Eun-mi, as well as representatives from embassies of various countries to Korea. date2024-06-28

Korea-U.S.-Japan Business Dialogue

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S.-Japan Business Dialogue on June 26 in Washington D.C. and gave a keynote speech to the 50 attendees, including U.S. Deputy Secretary of Commerce Don Graves, Japan’s Economy, Trade, and Industry Minister Saito Ken and other representatives of related associations and major companies. date2024-06-28

Ewha Womans University and Syensqo celebrate 10 years of industry-academia cooperation

Minister for Trade Inkyo Cheong attended the decennial anniversary ceremony of Ewha-Syensqo Research & Innovation (R&I) Center on June 27 in Seoul in commemoration of the 10-year academia and industry cooperation between Ewha Womans University and leading global materials company Syensqo.   Formerly known as Solvay, Syensqo established the Rhodia Silica Korea in Incheon in 1975 and the specialty chemicals business headquarters in Korea in 2011, followed by its global R&I Center at Ewha Womans University in 2014.   The Ewha-Syensqo R&I Center is a successful case of foreign direct investment (FDI) attraction based on trilateral cooperation among the Government, university, and businesses, which contributes to creating quality jobs in automobile and electronics related industries through R&D in battery and green hydrogen, ultimately building up Korea’s future industrial competitiveness.   At the ceremony, Ewha Womans University and Syensqo sealed a memorandum of understanding (MOU) on the pledged support of over KRW 5 billion in science, technology, engineering, and mathematics (STEM) areas, and held a symposium for both looking back on the outcomes from the past and looking forward to those of another coming decade. Syensqo has thus far invested over ₩6.6 billion in research and scholarship funding.   In his congratulatory message, Trade Minister Cheong said that the Korean government has newly launched an R&D project exclusively for foreign-invested firms in order to better support global companies’ R&D investments, and that the project will be further expanded to allow more foreign-invested firms to participate in the advanced industrial technology innovations in Korea. date2024-06-27

Minister Ahn receives investment declarations from U.S. companies

Trade, Industry and Energy Minister Dukgeun Ahn received the investment declarations from U.S. companies Corning and Pacifico Energy on June 26 in Washington D.C. on the margins of the first Korea-U.S.-Japan industry ministers’ meeting. date2024-06-27

U.S.-based advanced industry & energy firms pledge $0.6 bln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 26 that three U.S companies (ON Semiconductor, Corning, Pacifico Energy) submitted declarations of investment in Korea totaling USD 0.6 billion (KRW 850 billion) on the occasion of Minister Dukgeun Ahn’s visit to Washington D.C for the inaugural Korea-U.S.-Japan trilateral industrial ministers' meeting.   ON Semiconductor is a leading power semiconductor company that completed the expansion of its silicon carbide (SiC) fabrication plant in Bucheon last October, with plans to further expand production facilities through this investment. SiC is a high voltage- and high temperature-durable next-generation material in which ON Semiconductor holds expertise. The company has been making large-scale investments in Korea since 2022 after choosing the Bucheon plant as its SiC power semiconductor manufacturing hub.   Corning is a global firm in advanced materials like specialty glass, ceramics, and fiber-optic cable for displays and mobile devices. Having invested over an estimated $9.3 billion (₩13 trillion) in Korea over the past five decades, Corning plans to invest in upgrading its Corning Precision Materials facility located in Asan, South Chungcheong Province, for next-generation processing technology applications.   Based in California, Pacifico Energy currently operates solar and wind power projects in the U.S., Japan, and Vietnam, and is aiming to build a large-scale 3.2GW offshore wind power complex in South Jeolla Province of Korea. The first U.S. energy firm to enter Korea’s offshore wind power market, Pacifico Energy’s investment success is anticipated to become the symbol of Korea-U.S. clean energy cooperation.   Minister Ahn stated that full measure will be given to make sure the investments help strengthen the two countries’ advanced industrial supply chain cooperation and energy security. date2024-06-27

Minister Ahn attends Korea-U.S. Networking Reception

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Networking Reception on June 25 in Washington D.C. and gave a congratulatory message in the presence of 130 attendees, including U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries’ governments, related associations, and business figures. date2024-06-26

Minister Ahn meets Special Presidential Advisor for the Americas

Trade, Industry and Energy Minister Dukgeun Ahn met former U.S. senator and incumbent Special Presidential Advisor for the Americas Chris Dodd on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea-U.S. trade, investment, supply chain and economic cooperation. date2024-06-26

Minister Ahn discusses Korea-U.S. cooperation with former U.S. representative

Trade, Industry and Energy Minister Dukgeun Ahn met with former U.S. representative Edwin Perlmutter on June 24 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed measures for Korea-U.S. trade, investment, and supply chain cooperation. date2024-06-26

Korea's corporate R&D investment grows 8.7% in 2023

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Institute for Advancement of Technology (KIAT) announced on June 24 the top 1,000 Korean R&D investor companies of 2023.   The sales of 1,000 top R&D investor companies declined 2.8 percent year-on-year in 2023, but their R&D investment increased 8.7 percent to KRW 72.5 trillion, up ₩5.8 trillion compared to that of 2022. Accordingly, the ratio of R&D investment to sales advanced from 3.9 percent to 4.4 percent.   The top 10 and top 50 investor companies’ R&D investment add up to ₩45.5 trillion and ₩56.6 trillion, respectively, each taking up 62.7 percent and 78.1 percent of the total 1,000 companies’ R&D investment. Samsung Electronics, Hyundai Motor, SK Hynix, and LG Electronics are among the nine companies that invested over ₩1 trillion, with Samsung Electronics’ R&D investment (₩23.9 trillion) taking up 32.9 percent of the total R&D investment of the top 1,000 investor firms.   The top 1,000 list consists of 171 large corporations, 491 middle-market companies, and 338 SMEs, with the number of middle-market companies rising by 84 in comparison with that of 2014. The top 100 list includes 33 middle-market companies, indicating their increasingly central role in the innovation ecosystem.   The top 1,000 companies expanded their average annual R&D investment by at least 6.6 percent over the last 10 years and the number of Korean firms among the top 2,500 global R&D investor companies is 47 in total as of 2022, ranking ninth by country.   Director General for Industrial Technology Convergence Policy Lee Min-woo stated that growing corporate R&D investment is leading industrial technology innovation, but that Korea’s R&D investment levels are quite low compared to other global companies. He added that a government jumpstart investment is necessary in next-generation technology and innovative areas in view of private investment challenges. date2024-06-24