Ministry of Trade, Industry and Energy

Trade Minister chairs public-private conference to take stock of changing business landscape

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul with related ministries, institutions, and companies on response measures for the U.S.’ shifts in trade policy regarding Mexico to take stock of the possible impact on Korean businesses operating in the local Mexican market. Home to numerous Korean automakers and car parts manufacturers, Mexico is a favorable destination for nearshoring investments as companies can benefit from duty-free trade and subsidies upon fulfilling related requirements. Meanwhile, it is projected that possible policy shifts under the new U.S. regime may considerably impact Korean businesses operating in the Mexican market. Trade Minister Cheong stated that the Korean government will make efforts to minimize business uncertainties by activating intergovernmental cooperation channels with Mexico. The ministry plans to hold further meetings to seek public-private joint measures and assess the situation through the Global Trade Strategy Meeting and other platforms.   date2024-11-22

Korea Trade Commission launches investigation on alleged patent infringement of uninterruptible power system

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on November 21 during its 454th KTC meeting the decision to launch investigations on the alleged uninterruptible power system (UPS) patent infringement of Japanese supplier “A” at the request of another Japanese company TMEIC. As for investigations requested by Japanese company Semiconductor Energy Laboratory on the alleged smartphone secondary battery patent infringement by a Chinese smartphone manufacturer and a Korean importer, the KTC issued the determination that the respective respondents have not committed patent infringement. Meanwhile, the KTC overturned its previous judgment (January 20, 2017) ruling in favor of investigation requestor Infineum Korea on the alleged infringement of its patent on lubricant additives upon the patent being found invalid, determining that infringement was not committed.  At the request of camping equipment company Naturehike, the KTC has also launched investigations on a domestic camping gear importer’s alleged infringement of Naturehike’s tent and sleeping gear trademark.   date2024-11-22

Korea Industry Expo 2024 takes off at record scale in India

The Ministry of Trade, Industry and Energy (MOTIE) announced today the launching of the Korea Industry Expo 2024 (“Expo”) through November 21–23 in New Delhi, India. Held with the participation of 233 Korean companies alongside those currently operating in the local Indian market such as Hyundai Motor and LG Electronics, the Expo is Korea’s largest-scale trade show to be convened overseas by a domestic exhibition company. The expo site is the Yashobhoomi India International Convention and Expo Center (IICE), of which Korea International Exhibition Center (KINTEX) won the 20-year operation license last year from the Indian government. It is anticipated that this will serve as an occasion to provide catered export promotion opportunities to Korean businesses. The Korea Trade-Investment Promotion Agency (KOTRA) and Gyeonggi Business & Science Accelerator are supporting companies’ buyer attraction efforts to facilitate business consultations during the Expo, targeting 1,500 prospective buyer companies of India and other neighboring countries. Visitors will be able to take part in various Expo programs including kimchi making and a K-pop singing and dance contest, organized through collaboration with the Korean Cultural Center India to share the Korean culture with local citizens and promote the Expo. On the 22nd, the Korea-India Business Forum will be launched through co-organization by the Herald Media Group and the Confederation of Indian Industry (CII) with the participation of roughly 300 persons composed of the two countries’ governments, economic groups, and business leaders. Korea’s Deputy Minister for Trade and Investment Kim Dae-ja is to give a keynote speech at the Forum under the theme of Korea and India’s path to shared economic prosperity. Deputy Minister Kim stated that an expo is the SMEs’ most favored means of export marketing and this Expo’s direct launch by a Korean exhibition firm in the mega-sized Indian market is spurring expectations of substantial export outcomes, adding that the ministry plans to actively back the domestic exhibition industry’s global market penetration by leveraging Korea’s established overseas network.   date2024-11-21

Korea-Africa Trade and Industry Cooperation Forum 2024

Deputy Minister for Trade Park Jong-won of the Republic of Korea attended the Korea-Africa Trade and Industry Cooperation Forum 2024 (“Forum”) on November 19 at the Trade Tower in Seoul, the first large-scale economic cooperation event for the two sides following the Korea-Africa Summit 2024 in June, which was the first and largest multilateral summit meeting between Korea and Africa. In his congratulatory message, Deputy Minister Park stated that the Korea-Africa Summit 2024 is an invaluable culmination of Korea and Africa’s joint efforts and highlighted the importance of concretizing and developing its outcomes. Along this vein, he shared plans to actively support measures for implementation and new joint project discovery through platforms like the Public-Private Committee for Korea-Africa Economic Cooperation, while also reinforcing the institutional basis for economic cooperation via schemes such as the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF). The Forum convened with the participation of roughly 200 persons including Moroccan Ambassador to Korea Chafik Rachadi, ambassador-level figures of 12 African countries, business leaders, and related experts. date2024-11-20

Trade Minister meets Singapore’s Minister-in-charge of Trade Relations

Korea’s Trade Minister Inkyo Cheong met Singapore’s Minister-in-charge of Trade Relations Grace Fu on margins of the 2024 APEC Ministerial Meeting (AMM) on November 14 in Peru and discussed bilateral trade issues. date2024-11-20

Trade Minister meets Australian Minister for Small Business

Korea’s Trade Minister Inkyo Cheong met Australian Minister for Agriculture, Fisheries and Forestry and Minister for Small Business Julie Collins on margins of the 2024 APEC Ministerial Meeting (AMM) on November 14 in Peru and discussed bilateral trade issues. date2024-11-20

Trade Minister meets New Zealand’s Associate Minister of Foreign Affairs

Korea’s Trade Minister Inkyo Cheong met New Zealand’s Associate Minister of Foreign Affairs Todd McClay on margins of the 2024 APEC Ministerial Meeting (AMM) on November 14 in Peru and discussed bilateral trade issues. date2024-11-20

Trade Minister meets Indonesian Trade Minister

Korea’s Trade Minister Inkyo Cheong met Indonesian Trade Minister Budi Santoso on margins of the 2024 APEC Ministerial Meeting (AMM) on November 13 in Peru and discussed bilateral trade issues. date2024-11-20

Trade Minister meets Thai Minister of Commerce

Korea’s Trade Minister Inkyo Cheong met Thai Minister of Commerce Pichai Naripthaphan on margins of the 2024 APEC Ministerial Meeting (AMM) on November 13 in Peru and discussed bilateral trade issues. date2024-11-20

Korea and Africa hold Trade and Industry Cooperation Forum 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Africa Trade and Industry Cooperation Forum 2024 (“Forum”) today at the Trade Tower in Seoul, the first large-scale economic cooperation event for the two sides following the Korea-Africa Summit 2024 in June, which was the first and largest multilateral summit meeting between Korea and Africa. The Forum convened with the participation of roughly 200 persons including Korea’s Deputy Minister for Trade Park Jong-won, Moroccan Ambassador to Korea Chafik Rachadi, ambassador-level figures of 12 African countries, business leaders, and related experts. The Forum consisted of keynote presentation sessions, panel discussions, and one-on-one consultations.   In his congratulatory message, Deputy Minister Park stated that the Korea-Africa Summit 2024 is an invaluable culmination of Korea and Africa’s joint efforts and highlighted the importance of concretizing and developing its outcomes. Along this vein, he shared plans to actively support measures for implementation and new joint project discovery through platforms like the Public-Private Committee for Korea-Africa Economic Cooperation, while also reinforcing the institutional basis for economic cooperation via schemes such as the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF).   During the first presentation session, the Korea Institute for International Economic Policy (KIEP) and the European-African Institute at Hanyang University covered the economic value of the Korea-Africa Summit 2024, current bilateral cooperation, and promising future collaboration areas. In the second session, the Institute of African Knowledge Sharing and DR & AJU Law Group LLC briefed the audience on key factors of consideration in entering the African market such as Africa’s legal system and business culture. After the Forum, Korean companies engaged in one-on-one consultations where they sought advice on business issues of interest. date2024-11-19