Ministry of Trade, Industry and Energy

Korea Trade Commission issues determination on patent infringement investigations

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 449th KTC meeting on June 20 and issued the decision regarding patent infringement investigations on age-related macular degeneration treatment and disposable medical gowns.   KTC commenced investigations upon the request of U.S.-based Regeneron Pharmaceuticals’ claim that Korean companies “A” and “B” are producing and exporting age-related macular degeneration treatments that allegedly infringe its patent.   Based on investigations launched August 9, 2023, and the following technical briefing session and visits to production facilities and laboratories, KTC gave the determination that companies “A” and “B” have not committed patent infringement and therefore have not violated unfair trade practice laws.   Investigations on disposable medical gowns were launched upon the request made by a domestic company in November 2023 claiming that another domestic company “C” is allegedly infringing on its patent by importing and selling disposable medical gowns.   After investigations launched November 13, KTC issued the decision that the medical gowns imported and sold by company “C” do not infringe on the plaintiff’s patent and therefore "C" has not committed acts of unfair trade practice. date2024-06-21

6th Korea-Jiangsu Economic and Trade Cooperation Exchange

Minister for Trade Inkyo Cheong attended the 6th Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 in Seoul, co-hosted by the Ministry of Trade, Industry and Energy (MOTIE) and the Jiangsu Provincial People's Government, and gave a congratulatory message to approximately 500 attendees from both countries’ governments, related institutions, and companies. date2024-06-20

Korea and China's Jiangsu province to expand cooperation in investment and new industries

The Ministry of Trade, Industry and Energy (MOTIE) and the Jiangsu Provincial People's Government co-hosted the sixth Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 in Seoul and discussed measures for stimulating Korea-China mutual investment and expanding cooperation in advanced manufacturing, and new energy areas.   Based on the memorandum of cooperation (MOU) for strengthening Korea-Jiangsu economic and trade cooperation signed in 2016 between Korea’s MOTIE and the Jiangsu Provincial People's Government of China, the two countries have alternately hosted the Exchange since 2019. This year, the Exchange was held in Seoul on the occasion of Jiangsu Party Secretary Xin Changxing’s visit to Korea.   Held under the theme of “Shared Growth through Stronger Economic and Trade Cooperation,” this year’s Exchange was launched with the participation of 500 attendees, composed of both countries’ government representatives and business leaders.   Trade Minister Cheong highly assessed the growth of Korea-Jiangsu trade and investment amid the rapidly changing global trade environment and maintained that the two countries expand cooperation in heightening the existing supply chain’s stability, while also expanding cooperation in new industries, assuring the Korean government’s support towards creating synergy between the two countries’ companies.   During the program, speakers also presented on ways to promote bilateral investment through Korea's Saemangeum National Industrial Complex and the Yancheng China-Korea Industrial Cooperation Complex, as well as measures for bolstering bilateral cooperation in advanced manufacturing and new energy areas in Wuxi and Changzhou, cities in the Jiangsu province. date2024-06-20

Minister Ahn meets China's Jiangsu province party secretary

Trade, Industry and Energy Minister Dukgeun Ahn met with Xin Changxing, the party secretary of China's Jiangsu province, on June 19 in Seoul to discuss measures for stimulating trade and investment, supporting firms’ local market entry, and stabilizing Korea-China supply chains. date2024-06-20

Trade Minister meets The Korea Society leaders

Minister for Trade Inkyo Cheong met Kathleen Stephens, The Korea Society Board Chair Ambassador, and Thomas Byrne, The Korea Society President and CEO and Honorary Ambassador for Foreign Investment Promotion for Korea, on June 19 in Seoul and discussed Korea-U.S. trade issues and measures for strengthening bilateral relations. date2024-06-20

Minister Ahn discusses supply chain cooperation with China's Jiangsu province party secretary

Trade, Industry and Energy Minister Dukgeun Ahn met with Xin Changxing, the party secretary of China's Jiangsu province, on June 19 in Seoul to discuss measures for stimulating trade and investment, supporting firms’ local market entry, and stabilizing Korea-China supply chains.   Jiangsu has the second highest gross regional domestic product (GRDP) among China’s 31 provinces and is Korea’s largest trade and investment partner region, with last year’s bilateral trade between Korea and Jiangsu reaching USD 72.3 billion. Major manufacturers of automobiles, semiconductors, and batteries make up the 3,000 Korean firms that have entered the Jiangsu market and serve as links in the bilateral supply chain.   Mentioning Jiangsu’s critical role in the two countries’ supply chain cooperation, Minister Ahn requested the Jiangsu Provincial People's Government’s strong support concerning future supply chain issues and asked for China’s support in facilitating a stable and predictable business environment for Korean firms. Party Secretary Xin Changxing responded in agreement on continuing these exchanges for expanding mutual trade and investment with aim to advance the two countries’ economic cooperation.   MOTIE and the Jiangsu Provincial People's Government plan on holding the sixth Korea-Jiangsu Economic and Trade Cooperation Exchange on June 20 to discuss ways for invigorating mutual investment and for increasing collaboration in new industries like advanced manufacturing and new energy areas. date2024-06-20

Trade Minister discusses deeper Korea-U.S. cooperation with The Korea Society leaders

Minister for Trade Inkyo Cheong met Kathleen Stephens, The Korea Society Board Chair Ambassador, and Thomas Byrne, The Korea Society President and CEO and Honorary Ambassador for Foreign Investment Promotion for Korea, on June 19 in Seoul to discuss measures for strengthening the Korea-U.S. relations, bilateral trade issues, and The Korea Society’s wide-ranging activities across politics, diplomacy, and culture.   Trade Minister Cheong expressed gratitude for their interest and affection towards Korea as shown in their service via the Peace Corps and volunteer teaching in the 1970s, and held The Korea Society in high regard with respect to advancing the Korea-U.S. relations.   Ambassador Stephens mentioned the rising level of exchanges as of late, including President Yoon Suk Yeol’s state visit to the U.S. and the Korea-U.S.-Japan trilateral summit, vowing The Korea Society’s ongoing and future support for furthering the shared cultural understanding between Korea and the U.S.   In view of the recently increasing trade uncertainties, Trade Minister Cheong noted how the Korea-U.S. alliance has moved on from the traditional area of security to advanced industries and supply chains, and asked The Korea Society’s continued interest and support for Korean firms’ establishment of a mutually beneficial industrial ecosystem through stable investment in the U.S. date2024-06-19

MOU signing for SMEs and middle-market companies’ trade financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 in Seoul for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March. date2024-06-17

K-SURE and Shinhan Bank sign MOU on ₩1 tln export financing support

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March.   According to the MOU, Shinhan Bank and K-SURE are to provide preferential loans of KRW 1 trillion ($720 mln) as export financing to support the overseas production facility establishment of SMEs and middle-market companies entering foreign markets in response to global supply chain realignment. Such companies will be offered loans at preferred rates from Shinhan bank and guarantee fee discounts and feasibility study expense grants from K-SURE.   Shinhan Bank and K-SURE are to cooperate in nurturing tech export businesses with high potential in terms of technology, growth, and innovativeness by selecting and giving catered support to 100 companies over the next three years for them to grow into unicorn companies. To this end, Shinhan Bank plans to give preferential investment funding assistance via Future’s Lab, its startup nurturing program, and K-SURE plans to offer special guarantees up to ₩10 billion maximum per company as well as a 90 percent discount on insurance premiums and guarantee fees.   Minister Ahn stated that the MOUs signed this day are part of a leading financial cooperation model to boost SMEs and middle-market companies’ exports and overseas entry amid protracted high interest rates and intensifying supply chain realignments worldwide. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs

Trade, Industry and Energy Minister Dukgeun Ahn and Uzbekistan's Investment, Industry and Trade Minister Laziz Kudratov attended the Korea-Uzbekistan Business Forum on June 14 in Toshkent, inking 30 new joint projects in global supply chains, energy, and infrastructure in the attendance of both countries’ government officials and business representatives. date2024-06-17