Ministry of Trade, Industry and Energy

Trade Minister monitors Korea’s exports to major destinations

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports with officials in charge of major destinations, including the U.S., China, ASEAN, EU, and the Middle East. Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27

Korea's exports to major destinations on upward trajectory

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports per major destination with officials in charge of each region.   Korea’s exports in 2024 are continuously increasing across key destinations like the U.S., China, and ASEAN, with six out of nine major regions showing growth through January–April in accumulation. Notably, exports to the U.S. (up 17.7 percent year-on-year to USD 42.4 billion) and India (up 4.0 percent to $6.1 billion) set record highs for the period.   U.S.-bound exports advanced, driven by demand for automobiles (up 28.2 percent), general machinery (up 46.6 percent), and semiconductors (up 212.5 percent). To China, the information technology industry’s recovery spurred the expansion of semiconductors (up 34.4 percent) and displays (up 26.7 percent), which boosted the entire China-bound exports by 5.7 percent. Exports to ASEAN (up 3.8 percent) maintained their growth pace on the backs of semiconductors (up 19.0 percent), petroleum products (up 8.6 percent), and petrochemicals (up 20.1 percent). Exports to Latin America increased as those of machinery (up 22.2 percent), steel (up 2.5 percent), and automobile parts (up 4.6 percent) rose, marking the steepest climb (up 25.4 percent) among all destinations.   Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27

Minister Ahn meets with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul concerning Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition. date2024-05-24

39th Trade Promotion Committee discusses Trade Policy Roadmap

Minister for Trade Inkyo Cheong chaired the 39th Trade Promotion Committee meeting on May 24 at the Korea Chamber of Commerce and Industry (KCCI) with related ministries to discuss the “Trade Policy Roadmap.”   The trade minister stated that “Over the last two years, the Government has actively responded to trade issues like the U.S.’ Inflation Reduction Act (IRA) and the EU’s Carbon Border Adjustment Mechanism (CBAM) to protect domestic companies’ interests, while expanding Korea’s trade network through various agreements like the Free Trade Agreement (FTA), the Trade and Investment Promotion Framework (TIPF), and the Economic Partnership Agreement (EPA) and achieving trade surpluses and new records in foreign investment.” He further requested the proactive cooperation of relevant ministries in establishing the abovementioned Roadmap, which is to lay out the vision and goals of Korea’s trade policies for the next three years.   At the meeting, the Ministry of Trade, Industry and Energy (MOTIE) and other ministries discussed measures for strengthening multi- and bilateral cooperation with major countries, taking the initiative in new trade norms formulation and multilateral consultative groups, entering new markets through wider cooperation with the Global South, enlarging the trade network, pushing industrial and trade convergence policies for industrial competitiveness, and promoting exports and foreign investment.   MOTIE plans to announce the Trade Policy Roadmap after further consultation with related ministries. date2024-05-24

Minister Ahn discusses response measures amid global uncertainties with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul.   Held on the occasion of President Matheny’s visit for meetings with Korean companies and experts concerning cooperation in defense, technology, and security, the talks covered Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition.   They also discussed the impact on Korea from the U.S.’ recent announcement to levy new tariffs on Chinese imports and China’s complaint filed to the World Trade Organization (WTO) over U.S. subsidies under the Inflation Reduction Act (IRA). date2024-05-24

Trade Minister meets MEDEF France-Korea Business Council Chairman

Minister for Trade Inkyo Cheong met with François Jackow, Chairman of the France-Korea Business Council of MEDEF International, on May 23 at the FKI Tower in Seoul to discuss measures for advancing bilateral economic cooperation. date2024-05-24

Trade Minister speaks at 1st “Korea-France Business Dialogue for Our Future”

Minister for Trade Inkyo Cheong spoke at the first “Korea-France Business Dialogue for Our Future” jointly launched by the Movement of the Enterprises of France (MEDEF) and the Federation of Korean Industries (FKI) on May 23 in Seoul and discussed measures for bilateral cooperation in aerospace, future mobility, low carbon and other advanced technology and future strategic industry areas. date2024-05-24

Korea and France hold 1st "Business Dialogue for Our Future"

Minister for Trade Inkyo Cheong met with the Movement of the Enterprises of France (MEDEF), France’s largest employer federation, on May 23 in Seoul to discuss measures for Korea-France cooperation in aerospace, future mobility, low carbon and other advanced technology and future strategic industry areas.   Air Liquide CEO and France-Korea Business Council Chairman François Jackow led the French economic delegation composed of 32 representatives of 19 major French global companies, institutions, and organizations, including Airbus, TotalEnergies, and OPmobility, to jointly launch the first “Korea-France Business Dialogue for Our Future” with the Federation of Korean Industries (FKI) to build on the bilateral economic cooperative momentum spurred by Korea's two summit-level visits to France in 2023.   Trade Minister Inkyo Cheong held talks with French business leaders on investment in Korea and related issues, introducing the Korean government's investment attraction efforts and measures for greater cooperation between the two countries. In his congratulatory address, the trade chief noted that the Korea-France bilateral trade value last year hit a record high of USD 13.6 billion, surpassing $10 billion for the third consecutive year, as their cooperation is increasingly expanding to advanced and future strategic industries like aerospace, future mobility, and low carbon.   Addressing the rapidly changing economic and trade landscape, he also stated that solid private sector partnerships will serve as the backbone for not only successful business pursuits, but also for strengthening cooperation across a wide range of areas like politics, economy, society, culture, and security, and highlighted the proactive role of both countries’ entrepreneurs. date2024-05-24

MOTIE, North Gyeongsang Province & Gumi City enter MOU with Toray Industries

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 22 that it entered an investment cooperation memorandum of understanding (MOU) on May 22 in Seoul with Gumi City, North Gyeongsang Province, and Japan’s Toray Industries on the establishment of an advanced materials production plant.   Attendees included Korean lawmakers Kim Young-sik and Koo Ja-geun, North Gyeongsang Province Governor Lee Cheol-woo, Gumi City Mayor Kim Jang-ho, and Toray Industries President Mitsuo Ohya. date2024-05-24

Deputy Trade Minister chairs “Joint Nurturing of Global South Industrial Talent” seminar

Deputy Minister for Trade Yang Byeong-nae chaired a seminar on May 22 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on “Joint Nurturing of Global South Industrial Talent” and discussed measures for training and utilizing local talents in the Global South.   Attending the meeting were representatives of Korea Institute for Advancement of Technology (KIAT), Korea Institute of Industrial Technology (KITECH), and Korea Association of Machinery Industry (KOAMI) among other relevant industries, academia, and institutions. date2024-05-24